This week on Taking Stock, we continued the conversation with Jack where we left off last week - how the separation of voting and economic rights can be realized by actors intentionally using market mechanics, and what downstream effects that can have on retail investors - including the tax implications on regular people from the largest participants in the market.

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Itinerary:

https://imgur.com/bwKx3OD

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Links and Resources:

jackofspades123 Slideshow on Failures to Deliver

https://imgur.com/a/60QROdr

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Babel Source Congressional Report Dec 06 1991

https://babel.hathitrust.org/cgi/pt?id=mdp.39015087623214&view=1up&seq=1249&skin=2021

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FINRA Source Link

https://www.finra.org/rules-guidance/notices/93-53

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Actual Law

https://www.law.cornell.edu/cfr/text/17/240.15c3-3

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Leslie Boni Source

https://vdocument.in/leslie-boni.html

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Market To Market Accounting Investopedia

https://www.investopedia.com/terms/m/marktomarket.asp

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DTCC on Settlement"

https://www.dtcc.com/-/media/Files/Downloads/legal/service-guides/Settlement.pdf

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Asimar & Trimbath Source

https://www.aimspress.com/article/id/6360d16eba35de77c348c2c4

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Richard L Gregg Aged Treasury Fails Source

https://www.treasurydirect.gov/laws-and-regulations/gsa/regulatory-cites/cite-11-22-1989-2/#:~:text=A%20fail%20becomes%20aged%20when,of%20time%20beyond%20settlement%20date

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Taxes: Wash Sale Source

https://www.irs.gov/pub/irs-pdf/p550.pdf

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Shorting Against The Box Investopedia

https://www.investopedia.com/terms/s/sellagainstthebox.asp#:~:text=For%20example%2C%20if%20you%20own,the%20short%20position%20in%20another

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Shorting Against The Box Law Source

https://www.law.cornell.edu/uscode/text/26/1259

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Shorting Against The Box Law Source

https://www.law.cornell.edu/uscode/text/26/1259

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Empty Voting & Taxes Source

https://ccl.yale.edu/sites/default/files/files/PM-6-Bus-Law-Hu-Black.pdf

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Special Thanks to:

Craiyon.com for help with the logo design

Wooch for the intro & outro music