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.
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.
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The current infrastructure of the global securities market allows the world’s largest financial institutions to freely pledge all securities as collateral for their own gain. While an open secret at the very highest levels of the financial system, this widespread industry practice has gone unnoticed by even the most sophisticated institutional investors.
This technical report is the first comprehensive legal exposition of the legal risk of loss faced from the failure of your financial intermediaries. Enumerated are the relevant changes to the UCC, bankruptcy law and securities law that undermined property rights to financial securities and expose all investors to risk of loss in event of the insolvency of your financial intermediaries.
Investment funds, investment advisors and fund managers have a fiduciary duty to their clients and share holders, and will face legal claims from their clients should the investments they manage are taken as collateral at a higher level at DTCC and if the central clearing counter-parties fail. Understanding this risk is key to managing it, because the way the law is written, all legal claims of clients will be directed to the customer facing investment advisors. This risk is not accounted for in risk modeling throughout the industry.
The Great Taking Report is free for state legislators in the United States.
DISCLAIMER: The Great Taking Report is the work of James Patrick. David Webb has helped James with the Report but receives no financial benefit form the Report.