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Stock ownership and "CEDE & COMPANY"
Old 01-25-2009, 01:16 PM   #1
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Stock ownership and "CEDE & COMPANY"

I just learned something astonishing this weekend.

We don't own ANY stock.

Think you do? You do not.

All stock is owned by "CEDE & COMPANY".

They are not the custodian of your stock. They are the legal owners.
You are the beneficiary of their ownership - whatever that means.

What is CEDE & COMPANY? According to "Cortera Business Directory":

CEDE & CO Description

CEDE & CO is in the Accounting, Auditing, and Bookkeeping Services industry in NEW YORK, NY. This company currently has approximately 1 to 5 employees and annual sales of Under $500,000.
Contact Information

55 WATER ST
NEW YORK, NY 10041
Phone: (212) 855-1200
Key Facts

Location Type: Single Location
Industry: Accounting, Auditing, and Bookkeeping Services
Year Founded: 1996
Sales Range: Under $500,000
Employees: 1 to 5

The creators of CEDE have a sense of humor.

The legal definition of cede is:To surrender possession of.

I do not own any stock now so I can't do this but,

Would some of you call, email, whatever, your broker tomorrow. Pick a stock that you "own". It can't be in an IRA or tax sheltered account, obviously. And tell them "I don't want to leave it in "Street Name" . Please go ahead and mail the certificates to me."

See what happens.

Report back.

Thanks!
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Old 01-25-2009, 04:53 PM   #2
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Depository Trust & Clearing Corporation - Wikipedia, the free encyclopedia

sounds like more of a "clearing house" to me.

If they own my stock, then they can pay the taxes (back in the days of cap gains that is!).

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The Depository Trust & Clearing Corporation (DTCC)
Old 01-25-2009, 06:54 PM   #3
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The Depository Trust & Clearing Corporation (DTCC)

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Originally Posted by ERD50 View Post
Depository Trust & Clearing Corporation - Wikipedia, the free encyclopedia

sounds like more of a "clearing house" to me.

If they own my stock, then they can pay the taxes (back in the days of cap gains that is!).

-ERD50
Why did you reference The Depository Trust & Clearing Corporation (DTCC)?

My post was about CEDE & COMPANY?

Just askin'.
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Old 01-25-2009, 07:03 PM   #4
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Originally Posted by Hal3 View Post
Why did you reference The Depository Trust & Clearing Corporation (DTCC)?

My post was about CEDE & COMPANY?

Just askin'.
That was the first link google gave. In the wiki:

Quote:
Stocks held by DTC are kept in the name of its partnership nominee, Cede & Co.[23] Not all securities are eligible to be settled through DTC ("DTC-eligible").
To be honest, I don't know what that means. I'm pretty sure (!) I own the stock I think I own though. But I guess it never hurts to ask.

-ERD50
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Old 01-25-2009, 07:05 PM   #5
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Quote:
Originally Posted by Hal3 View Post
I just learned something astonishing this weekend.

We don't own ANY stock.

Think you do? You do not.

All stock is owned by "CEDE & COMPANY".

They are not the custodian of your stock. They are the legal owners.
You are the beneficiary of their ownership - whatever that means.

What is CEDE & COMPANY? According to "Cortera Business Directory":

CEDE & CO Description

CEDE & CO is in the Accounting, Auditing, and Bookkeeping Services industry in NEW YORK, NY. This company currently has approximately 1 to 5 employees and annual sales of Under $500,000.
Contact Information

55 WATER ST
NEW YORK, NY 10041
Phone: (212) 855-1200
Key Facts

Location Type: Single Location
Industry: Accounting, Auditing, and Bookkeeping Services
Year Founded: 1996
Sales Range: Under $500,000
Employees: 1 to 5

The creators of CEDE have a sense of humor.

The legal definition of cede is:To surrender possession of.

I do not own any stock now so I can't do this but,

Would some of you call, email, whatever, your broker tomorrow. Pick a stock that you "own". It can't be in an IRA or tax sheltered account, obviously. And tell them "I don't want to leave it in "Street Name" . Please go ahead and mail the certificates to me."

See what happens.

Report back.

Thanks!
Ok......I'll sum it up, your stock is held in street name, and DTC owns Cede and Company. You can request your certificates if you want them, and you'll get them in a couple weeks. I don't know what your point is
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Old 01-25-2009, 09:21 PM   #6
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"I don't want to leave it in "Street Name" . Please go ahead and mail the certificates to me."
Why in the world would I want to take custody of actual hardcopy shares of stock? I don't even do that for local investments, let alone publicly-traded corporations...

What should the investors of precious-metals funds do?
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Old 01-25-2009, 09:50 PM   #7
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I have requested certificates (for 5-20 shares) a few times to give to friends / relatives kids to get them interested in investing. It was a trivial metter, took a couple weeks, paid a small fee.
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Old 01-26-2009, 09:05 AM   #8
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I had a few certificates for individual stocks and mutual funds in the back of my socks drawer for a quarter century. I redeemed them all in 2006 (except for a few that got lost somewhere along the way) but if I hadn't, I'd still have the certificates.

THANK GOODNESS for recent technological advances.
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Stock Certificates
Old 01-27-2009, 04:32 AM   #9
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Stock Certificates

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I have requested certificates (for 5-20 shares) a few times to give to friends / relatives kids to get them interested in investing. It was a trivial metter, took a couple weeks, paid a small fee.
Was that in the last 10 years!
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Old 01-27-2009, 06:04 AM   #10
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I guess everything is OK.

I was reading these:

THE UNKNOWN TRILLION DOLLAR COMPANY ! >> Four Winds 10 - fourwinds10.com

Ming the Mechanic: The unknown 20 trillion dollar company
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Old 01-27-2009, 06:58 AM   #11
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Are you having fun Hal3?

your references also link to these earth-shattering stories:
Quote:
  • Photos of George W. Bush 'Drunk As A Monkey' At the Olympics
  • Baking Soda and Maple Sirup Cancer Treatment (Updated 7/21/08)
  • Obama to Us: UN To Disarm Americans (Re-post)
But do what you need to do - sell your stocks, sell your house (who holds that deed after all?, hmmmm), cash in your 401Ks, IRAs, buy bottled water and wheat, guns and ammo. I dunno where you are going to live, since we can't trust anyone to hold the deed to your land - a boat on the water?

Enjoy yourself.

-ERD50
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Old 01-27-2009, 08:23 AM   #12
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Was that in the last 10 years!
Yes, maybe 2-3 years ago the last time.
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Old 01-31-2009, 09:39 PM   #13
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It's not easy being a doomsayer.

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buy bottled water and wheat, guns and ammo.
-ERD50
Wheat! I forgot wheat!

Thanks!
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Old 01-31-2009, 09:45 PM   #14
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Wheat! I forgot wheat!

Thanks!
And yeast, hops and malted barley. We are going to need lots of beer after the revolution!

-ERD50
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Old 02-01-2009, 06:34 AM   #15
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And yeast, hops and malted barley. We are going to need lots of beer after the revolution!

-ERD50
Ahhh, but do you know what to do with the actual ingredients in order to make beer? Given some basic ingredients, a fire, and a couple of pots I could make a drinkable beer (can tell that things are at the right temp by touch and sight after all these years - no need for fancy thermometers). I expect my skills will transfer nicely to the post-apocalyptic society.
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Old 02-01-2009, 09:47 AM   #16
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Ahhh, but do you know what to do with the actual ingredients in order to make beer? .
Oh yeah, I got a couple fermenting right now. I "cheated" and used thermometers for the mash, but I could do w/o if pressed.

I'm pretty sure that the main reason the old German "decoction" mash method came about was because it was a predictable way to reach specific temperatures. Experience told them what worked, but decoctions made it predictable. Decoctions also apparently help with the under-modified malts of the day.

For those unfamiliar, decoction means to pull a measured portion of the mash (malted grain and water) and bring it to a boil, and then add it back to the mash. By boiling a measured amount (didn't need thermometers, just containers) the mash would repeatably hit the specific temperatures that are needed for the enzymes in malted grain to convert the starches to sugar (which happens naturally over a period of days/weeks when the seed sprouts in the ground - mashing just speeds it up to an hour by providing the right temperatures).

I'd want a good supply of neutral yeast though, I enjoy some lambics, but a lot of those wild fermentations are outside what I'd want for an every-day beer. No Saisons for Farmhouse Ales for me - I just don't care for 'em.

Pots? You don't need no stinkin' pots! You can do a stein-beer in a wooden half-barrel. That's when they boiled the wort with hot stones dipped into the liquid, because they didn't have big modern iron pots. Gotta try that some day.

-ERD50
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Old 02-01-2009, 10:01 AM   #17
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Its not that hard to yeast ranch or otherwise maintain a culture of yeast. Really all you need is fire and a few basic items.
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Old 02-01-2009, 11:50 AM   #18
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Time to start a new thread. It's looking like maybe this should move to FIRE and Money.
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Old 02-01-2009, 11:54 AM   #19
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Time to start a new thread.
Eh, the original tinfoil hat thread subject should have been started in the "Paranoid Nonsense" forum. Since its here, I don't see any real reason we cannot threadjack as usual.
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Old 02-04-2009, 08:30 AM   #20
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"Paranoid Nonsense" forum - I was looking for that one.
Don't forget that I was the guy who suggested Dow 7800 back in September.
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