The Unknown $9.1 Trillion Company
The Depository Trust Company (DTC) is the best kept secret in America. Headquartered at 55 Water Street in New York City, this “financial institution” is perhaps the most powerful in the world, yet the public doesn’t have a clue as to who they are or what they do. How can a “bank” hold assets of over 9 trillion dollars and be unknown?
In dealing with the trust department of a major New Jersey bank, one of our staff wanted to transfer his trust assets, comprising of stocks and bonds, to a new trust he had set up in another state. The banks said it would take at least 6 weeks to do so as none of his assets were currently held in his own name or in the name of his trust account! In a panic, he brought this before our entire staff and asked if we could investigate. We did, and the can of worms we’ve opened should frighten every American.
After encountering numerous “no comments” and a myriad of “that’s not my department” EXCUSES, WE EVENTUALLY SPOKE WITH Mr. Jim McNeff, Director of Training at the DTC. He says he’s been employed there for 19 years and was very proud of his employer. By law, he should have disclosed to us that his employer(?) Was recording our telephone conversation (our electronic equipment picked up on this immediately)
He informed us that “DTC is the largest limited trust company in the world with assets of 9.1 trillion.” Can you imagine? An unknown banking company could pay off the national debt and then some! Jeff went on to say “DTC is a brokerage clearing firm and transfer center. We handle the book entry transactions for ALL banks and brokers. Every bank and brokerage firm must secure their membership with us in case they become insolvent, so your assets are secure with DTC.” Yes, you read that correctly. DTC is a PRIVATE entity that processes EVERY stock and bond (paper securities) for ALL U.S. banks and brokerage houses. The big question is, “Just who gave this company such a broad range of financial power and clout?”
The reason the public doesn’t know about DTC is that they’re a private depository bank for institutional and brokerage firms ONLY. They process all of their book entry settlement transactions. Jeff told us, “There’s no need for the public to know about us...it’s required by the Federal Reserve that DTC handle all transactions.” The Federal Reserve Corporation is a private company; not an agency of our federal government. They mandated that DTC process every securities transaction in the U.S. It’s no wonder that the DTC is owned by the same stockholders as the Federal Reserve Corporation. In other words, the Depository Trust Company is really a front for the Federal Reserve Corporation. Now, let’s see how this affects the average working American.
You go to a broker or bank and instruct them you want to purchase 100 shares of IBM stock, for example. They set up an account for you and act as your agent with power of attorney to conduct business on your behalf, upon your buy or sell instructions. The broker will place your stock or bond purchase into their safekeeping(?) Under a “STREET NAME” (According to DTC, no bank or broker can place the stock into their firm’s own name due to Federal Trade Commission and Security and Exchange Commission regulations)
The broker or bank MUST then send the transaction to the DTC for “ledger posting” or “book entry settlement” under mandate by the Federal Reserve Corporation. Remember, since your bank or broker can’t use their name on the certificate, they use a fictitious entity name or “street name.” This artificial entity is always related to the broker or bank. Then, the “street name” stock or bond certificate is automatically transferred to, or credited to, the Depository Trust Company. Since DTC is a bank, they can’t hold the certificate in their name either, so DTC transfers the certificate to their own holding company or “nominee name.” We’re not quite sure of the spelling, but the DTC’s holding company is either “CD and Company” or “CeDe and Company.”
The banks and brokers are merely “custodians.” By federal law, they cannot hold any assets in YOUR name, the customer. The assets MUST be held, eventually, in the name of DTC’s holding company. That’s how DTC has 9.1 trillion dollars of assets in trust...or is it really in “trust” if the private Federal Reserve Corporation is technically holding it in their “unknown” entity’s name? Obviously, if stock and bond certificates you’ve purchased aren’t in your name, then the “holder” (the Federal Reserve Corporation) could theoretically refuse to surrender tem back to you under a “national emergency” according to the 1917 Trading With the Enemy Act. Is this the collateral being held by the private Federal Reserve Corporation to pay off the national debt owed to them by our federal government?
According to Mr. McNeff, the DTC was a former member of the New York Stock Exchange (NYSE), and “Our sister company is the National Securities Clearing Corporation.” Simply put, the Depository Trust Company absolutely controls every paper asset transaction in America, and they physically hold the majority of stock and bond certificates in their name. If you have stock or bonds in your name buried in your back yard or under your mattress, we suggest you keep them there.
Now we’re about to reveal to you the most shocking discovery we’ve ever come across during our research into this matter. Most of us remember a few years back the alleged “computerized” selling of stocks that resulted in “Black Monday.” (And the great fluxations of the market today) The stock exchanges had dramatic record losses, and a record volume of shares was traded on that infamous Monday in October. We all asked ourselves how computers could have done this by themselves without someone knowing about it. After all, someone has to program a computer to tell it what to do and when to do it.
During our telephone conversation, Mr. McNeff was trying to assure our researcher that they have never lost a certificate or made a mistake in a book ledger transaction. In attempting to give us an example of how trustworthy they are, he said, “DTC’s FIRST CONTROLLED TEST WAS 4 OR 5 YEARS AGO. Do you remember Black Monday? There were 535 million transactions on Monday, and 400 million transactions on Tuesday.” He was very proud to inform us that “DTC cleared every transaction without a single glitch!” Read these quotes again. HE STATED THAT “BLACK MONDAY” WAS A CONTROLLED TEST! “Black Monday” WAS A DELIBERATELY MANIPULATED DISASTER FOR MANY AMERICANS AT THE WHIM OF A “CONTROLLED TEST” BY THE DTC AND THEIR FEDERAL RESERVE CORPORATION OWNERS.
What was the purpose of this test? Common sense tells us that you test something before you intend to use it. It’s quite obvious that the stock markets are going to crash and burn at some future date, and for some unknown reason, since the controlled test was so successful. The Great Depression is about to be repeated, and it will be a as deliberate and manipulated as the first one that began with the stock market crash of 1929.
(This article was reprinted in part from North Bridge News, Vol. 1, Issue 14, November 1995, published by The Liberty Tree; And the Gospel News Alert, Gospel Ministries, P.O. Box 9411, Boise, Idaho 83707, April 2000)