Bloomberg did a documentary on naked short selling. When you buy stock you might not be actually getting what you pay for. You might be getting an IOU instead.
The DTCC is responsible for settling stock market transactions. It is a private company (owned co-jointly by the worlds biggest banks)with closed books. 1.5 quadrillion buck and the public can not have access to their books. hmmm
http://biz.yahoo.com/bw/070426/20070426005888.html?.v=1
"Last year, DTCC settled in excess of $1.5 quadrillion worth of securities transactions," said Donald F. Donahue, chairman and CEO. "Understanding and managing the risks associated with the scope and breadth of the customers and financial products we support across our subsidiaries is a critical component of what we do for the financial services industry. And the globalization of financial markets, the trading of more complex instruments and the application of new technologies all make the management of risk that much more challenging.
"At this critical juncture for DTCC, we're thrilled to have someone as eminently qualified and with the broad global experience that Doug George is bringing to DTCC. While DTCC subsidiaries have a terrific track record in managing risk over the past 30+ years, that success has been based on our ability to anticipate and plan for change..."
