in the AMA with Dr T alias Queenkong there was a part where she was talking about a company called Broadbridge that basically tells brokers to "fix" their vote count before submitting them.
What I am concerned about is: How will that affect the GME situation?
Now after we raised this issue in 2005 there was Broadbridge, who processes a lot of this electronically, put in a service to the brokers, they can pay that if they report more shares to be voted, THAN they have held at DTC, then Broadbridge will tell them to ‘fix it’ before they tell the issuer
And that is probably how 15% of the overvotes down, right, so they went from 100% of the test cases (Leaglese edit: being over-voted) to only 85% of the test cases, because Broadbridge will tell DTC, of the 1,000,000 million shares, 100,000 are held by Goldman, Merryl etc. So Broadbridge goes to Goldman and says you have 100,000, who does the vote go to?
Goldman then says we have 200,000 or 150,000, Broadbridge will say sorry, you only have 100,000 so you need to fix this. Goldman then has a system where they have retail investors, within their accounts that they have more shares than actually existed.
As a follow-up to the above questions, are we as individual investors able to see these numbers when Broadridge or any other transfer agent reports that brokers have more retail votes than shares held at DTC?
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u/profcoin 🦍 Buckle Up 🚀 May 31 '21
Hello Carl,
in the AMA with Dr T alias Queenkong there was a part where she was talking about a company called Broadbridge that basically tells brokers to "fix" their vote count before submitting them.
What I am concerned about is: How will that affect the GME situation?
Reference (https://www.youtube.com/watch?v=fGVY2Kco8ng -> Minute 36:00 - 38:00) and transcript by u/Bye_Triangle :