December 16, 2021
As a Retail Investor it's absurd that I cannot find out easily if my broker lends out my share, who has it, if and how much my broker charges for it and how that affects my investment strategy.
How can it be that Fidelity lists 13m shortable shares of a hard to borrow stock ($GME), basically half the current free float and nothing happens to the funds?
It's even more absurd that some of these Fail to Deliver lended stocks then can get registered by other firms, Investors and so on, all while I only own an I.O.U.
Phantom shares are a long time problem and cannot be further ignored. Period.
All debts have to be paid eventually, so there shouldn't be a T+ whatever rule, with extension and conversions.
We are in the 21th century, I ask for verifyable transfers, secured ownership, controlled and informative lending, proceeds splitted and T+0 since crypto can do it as well.
I would like to thank Gary Gensler so far for his words but expect a bit more actions and have to protest against the 2 individuals who voted against Retail intrests:
- Hester Pierce and Elad Roisman
If you cannot and do not want to protect shareholders please leave your positions and make room for better suited candidates.
Thank you