• DTCC Board Stuffed With Kleptocrat Banks/Funds

    December 30, 2009

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    Posted in: Finance

    The DTCC (Depository Trust and Clearing Corporation) is the largest depository in the world, and, along with its subsidiaries, the place where all transactions in equities, money market funds, corporate and muni bonds, MBSs and derivatives are cleared and settled.  Activists have been demanding detailed release of trades which haven’t been settled or have failed to deliver (FTD), because of the obvious potential for manipulation, A glance at the board of directors, which consists of leading figures from the banks and funds, many of whom profited hugely from the government bail-out, shows that concern is amply warranted.

    From Citizen Economists:

    DTCC BOARD OF DIRECTORS

    The DTCC’s board includes 20 directors.

    Art Certosimo, Senior Executive VP, Bank of New York Mellon
    Norman Malo, President and CEO, National Financial Services LLC; Fidelity Investments
    Stephen P Casper, Partner, Vastardis Capital
    Gerald A. Beeson, Senior Managing Director, COO. Citadel Investment Group
    Donald F. Donahue, Chairman and CEO, DTCC
    William B. Airnetti, President and COO, DTCC
    J. Charles Cardona,  CEO Bank of New York Mellon - Cash Investment Strategies,  President of the Dreyfus Corporation
    Randolph L. Cowen, Co-Chief Administrative Officer, Goldman Sachs Group Inc
    Norman Eaker, CAO, Edward Jones
    Timothy J. Theriault, President - Corporate & Institutional Services, Northern Trust Company
    Neeraj Sahai, Managing Director and Global Business Head, Securities and Fund Services, Citi
    Gerard La Rocca, Chief Administrative Officer, Americas Barclays Capital
    David A. Weisbrod, Managing Director and Risk Executive, JP Morgan Chase Bank
    Stephen Luparellyo, Vice Chairman and Senior Executive Vice President of Regulatory Operations, FINRA
    Mark Alexander, Managing Director, Global Wealth and Investment Management - Bank of America, Merrill Lynch, Head of Technology Operations, Broadcort Clearing
    Ronald Purpora, ICAP Securities USA LLP
    Robert Kaplan, Executive Vice President, State Street Bank and Trust Company
    Michele Trogni, Managing Direcotr and Global Head of Operations, UBS Investment Bank
    Ian Lowitt, Administrative Officer, Lehman Brother

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  • Recent Comments

    • Yet another naked shorting disinformation campaign laid bare | Deep Capture: exposing the crime of naked short selling said...

      1

      [...] Postscript: If you’re at all unclear on why you should be bothered that DTCC seems to have hired former journalist Gary Weiss to cover-up the crime of illegal of naked short selling, I strongly suggest you check out Lila Rajiva’s recent post on the composition of that company’s board of directors. [...]

      12/31/09 4:17 AM | Comment Link

    • honky said...

      2

      i’m wondering if td bank has a cash crunch problem. look at the balance sheet and consider their mortgage portfolio and free cash flow prospects. this might not be confined to just a few institutions and suggests serious immediate operating difficulties.

      01/6/10 4:00 AM | Comment Link

    • DTCC Board Stuffed With Kleptocrat Banks/Funds said...

      3

      [...] Read more… Related Posts:Banks With Political Ties Got Bailouts, Study ShowsPotential For the Fed to HyperinflateFederal Reserve Policy Audit Legislation ‘Gutted,’ Paul Says£4,350 Per Family to Bail Out Britain’s BanksCopenhagen’s Hidden Agenda: The Multibillion Trade in Carbon Derivatives Book Mark it-> del.icio.us | Reddit | Slashdot | Digg | [...]

      01/6/10 9:55 PM | Comment Link

    • JackieG said...

      4

      DTCC is owned by the Federal Reserve.
      DTCC holds all stock certificates in a street name Cede & Co. which is owned by DTCC.
      DTCC claims assets over $30 trillion
      All stocks list you as beneficial owner while Cede & Co. is listed as registered owner.
      DTCC has converted all stock certificates, bonds, derivatives, etc., into bearer bonds.
      The Federal Reserve through its subsidiary DTCC and through its subsidiary DTC is holder in due course of everything.
      The Federal Reserve holds legal title to everything….they own it all.

      05/11/10 11:32 PM | Comment Link

    • pawsunlanny said...

      5

      Faisal Shahzad, of Shelton, Conn., pleaded guilty in federal court in Manhattan to a 10-count indictment that included charges of conspiracy to use a weapon of mass destruction, attempting an act of terrorism and transportation of an explosive. He faces life in prison when he is sentenced.

      Mr. Shahzad is one of a number of home-grown U.S. terrorists who have surfaced over the past two years, posing greater difficulties for antiterrorism officials to track than foreign-born suspects. Mr. Shahzad had no history of support for jihad and had not appeared on the government’s radar, even though he received terror training in Pakistan late last year.

      His case came six months after the deadly shooting rampage at Fort Hood in Texas in November, in which 13 soldiers were killed, allegedly by Army Maj. Nidal Hasan, an American-born Muslim of Palestinian descent who opposed U.S. military efforts in Iraq and Afghanistan. In another recent case, five American students from the Washington, D.C., suburbs were arrested in Pakistan in December after they allegedly developed contacts with al Qaeda via the Internet and tried to go to Pakistan to join a militant-training camp.

      Mr. Shahzad, 30 years old, told the courtroom he would plead guilty “100 times over” until the U.S. pulls its troops from Afghanistan and Pakistan and stops unmanned drone strikes against terror suspects. “I am part of the answer to the U.S. terrorizing the Muslim nations and the Muslim people, and on behalf of that, I’m avenging the attacks,” Mr. Shahzad said.

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      08/24/10 8:56 AM | Comment Link

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