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Susanne Trimbath PhD Profile picture
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Nov 8 • 6 tweets • 3 min read
SEC passes meaningless proxy voting rule sec.gov/news/press-rel… while ignoring Broadridge admission of tossing out votes to keep proxy count balanced b4 company sees: “Step 5:…a cap is put in place equal to total bank/broker position identified on record keeper’s file... 1/6
... This cap limits how many shares… [are]…applied to the official tabulation results.”
broadridge.com/article/vote-i… 2/6
Ignoring Feb 2021 letter from @SenToomey & @PatrickMcHenry on Proxy Plumbing. "Concerns about over-voting & verification of proxy votes have not been fully addressed. SEC should move forward to ensure integrity of proxy voting process." 3/6 [Opens PDF] banking.senate.gov/imo/media/doc/…
Ignoring 2021 Letter from Council of Institutional Investors "Proxy plumbing issues from 2010 have not been addressed" 4/6 [Opens PDF] sec.gov/comments/s7-14…
Ignoring 2018 Letter from Securities Transfer Association "5.9 million votes being discarded - - votes cast by investors who believed they were counted." 5/6 [Opens PDF] sec.gov/comments/4-725…
Sadly, it is not unusual for brokers to withhold voting materials from household investors when they only have enough real shares to cover their own & institutional accounts. Household accounts are 8x as likely to get tagged w/#FTR (phantom shares) than institutions. 6/6

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More from @SusanneTrimbath

Susanne Trimbath PhD Profile picture
Nov 8
Euro-Investors: Clearstream offers service to recycle (resubmit) failed trades. Trade is cancelled after 60 calendar-days unless broker tags-in within 45 days to restart the count. clearstream.com/clearstream-en…
This is similar to NSCC's "resubmit" service where tonight's fails are resubmitted for another chance at settlement tomorrow. I have not seen anything similar to the 60 calendar-day cancellation in the USA.
Recycle up to 60 days then cancel applies in all T2S countries: Austria Belgium Denmark Estonia Finland France Germany Greece Hungary Italy Latvia Lithuania Luxembourg Malta Netherlands Portugal Romania Slovak Republic Slovenia Spain Switzerland
Read 5 tweets
Susanne Trimbath PhD Profile picture
Nov 1
As you watch this tomorrow (Nov 2) and/or read about the Fed "setting interest rates," understand that the Fed does not directly control interest rates – trust me on this one, I edited briefing documents for a voting member of the #FOMC in the 1980s.
Dr.S Standard Lecture: Interest is the price of money – Fed tries to increase supply of money [buys bonds => securities in, money out] to decrease the price of money (interest rate). Conversely, Fed sells bonds to decrease supply of money which should increase interest rate.
I used to joke with the Senior Economist at FRB-SF that every time they missed an interest rate target (=>Fed Funds rate was completely outside the target range), they just moved the target range to include the new interest rate! It’s a math thing. 🤓 Like I said: they try to.
Read 6 tweets
Susanne Trimbath PhD Profile picture
Jun 27
After acknowledging moral hazard problem P107, House “Game Stopped” Report sets stage for routine broker bailouts because DTCC is “systemically important” enough for a bailout [FN601]. Ah, well. The more things change the more they stay the same, right? 1/6
P107 …represents moral hazard that undermines deterrent value of Excess Capital Premium charge [ECPC]. Specifically, firms may not be deterred from riskier trading practices because they [know ECPC] may be modified or waived, when risk of default is greatest. 2/6
P115 Policy Recommendation L: The DTCC, its subsidiary the NSCC, the SEC, and Congress should introduce an emergency backstop funding facility for NSCC member firms that provide emergency liquidity to the NSCC. 3/6
Read 6 tweets
Susanne Trimbath PhD Profile picture
Mar 4
When I set out to help investor and entrepreneurs, I believed the only possible solution was for Congress to act to force trade settlement. I believed that until I talked to Congress (Naked, Short and Greedy, Chapter 7). 1/4
Then I believed the only possible solution was in the courts. I believed that until I saw lawsuits by a multitude of public companies and investors fall apart under opposition from Wall Street’s self-regulatory rules (Chapter 9). 2/4
Next, I believed the only possible solution for investors and entrepreneurs being damaged by WS was through the criminal justice system. I believed that until I talked to the Department of Justice and the Federal Bureau of Investigation (Chapter 12). 3/4
Read 5 tweets
Susanne Trimbath PhD Profile picture
Nov 24, 2021
As promised in the Space last Friday, 5 Bullet Points for comments on S7-18-21 (SEC proposed Rule 10c-1). Real reform for securities lending must include:
(1) Notifying public about who is borrowing & lending shares (not just which company’s shares are borrowed or lent),
(2) Notifying retail investors that their shares are being lent, (because (a) they don't get to vote & (b) they don't get tax-qualified dividends),
(3) Sharing any revenue earned from lending their shares with retail investors,
(4) Eliminate “Onward Lending” completely (public companies & transfer agents have opposed this for decades),
(5) Require every loan to have a due date (not “if applicable”).
Read 5 tweets

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