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!
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!