STOP IT! The Great Taking
A documentary film about the greatest financial crime story of known history.
The world’s largest banks have put everyone’s stocks and bonds at risk of loss by using them as collateral for their own gain.
This film is about the effort to STOP IT, by removing enabling language in Article 8 of the UCC at the state level around the United States.
For the last 50 years, the biggest banks in the world have been secretly using everyone’s securities as collateral for their own benefit. Little did you know, your life savings have been posted as collateral on speculative bets made up line in the system.
In the next financial collapse, the “Too Big To Fail” Banks have priority to your stocks and bonds ahead of you.
Direct ownership of a security was substituted with a contractual claim on a security in the 1994 Revision of Article 8 of the Uniform Commercial Code. The secured creditors to the derivatives contracts were given legal priority to your assets ahead of you, in the event those contracts go insolvent.
States across the USA are amending Article 8 of the UCC to restore property rights to securities BEFORE the next collapse.
The Great Taking Report
The Great Taking Report is an in-depth legal and economic analysis of the financial service industry’s use of their client’s securities as collateral, the corresponding bubble in derivatives this produced and the unrecognized global systemic risks this inherently caused. The report documents a multi-decade lobbying effort by the financial services industry to make important changes to securities and bankruptcy law which has granted GSIB “to big to fail’ banks super priority to take client securities in the next financial crisis. This diminution of the property rights of individual and institutional investors alike needs broader recognition and to be reformed.
The first 5 reports documents these issues in detail, referencing primary source documents and the remaining 5 reports analyses the level of collateral integration by jurisdiction globally (North & South America, Europe, CIS countries and Asia). Chapters 1 – 5 are available individually and the full report includes the jurisdictional overview.
DISCLAIMER: The Great Taking Report is the work of James Patrick. David Webb has helped James with the Report, but receives no financial benefit from the Report.