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check most of the top of superstonk, by filtering "hot"
also filter posts by "top" or "best" for the good discussion
i say this not to be a dick, but because there's always good (and helpful) stuff and it's good to know how to see it/look at the subreddit properly
How about we file a shareholder petition to have GameStop open IRA functionality with Computer share without tacking on any BS secondary points for them to throw it out this time? If I recall correctly GameStop board can authorize but last time they threw out our petition because someone added “and add Dr Susan Timbath to the board” at the end of it 😑
Not everyone wants to work for corrupt capitalist shithole wages and scumbag bosses. Many would work for their community and to better it. Not for scraps. Repeating their propaganda blindly doesn't serve the common man. Only the fascist at the top
Not everybody wants a squeeze. Everyone wants unobtainable phone number DRS MOASS, which no one will take advantage of or sell out of, leaving most to say “this is crime and BS , I’m. Not selling until MOASS.” Then the cycle will continue and the sourness will continue.
Meanwhile, those of us that have learned something the past two years will be making money and. Not wasting our shares in DRS. I’ve learned to work and make myself a nice, low risk paycheck every week, adding up to a nice profit every month, which I roll into more income. Commence the downvotes because echo chamber says DRS and hold.
Really makes one wonder WHO the actual beneficiary is with beneficial ownership! Is it the broker that is internalizing the trade and using the money to bet against the "beneficial" owner, or the IOU owner? Put that way, the answer is obvious!
I have said it for awhile, it mimics what is going on with digital currency. Not your keys not your coins. In this metaphor mainstar has shown itself to be in the vein of FTX/Cornbase ect.
It truly sucks there isn't a better way to have ownership of your retirement funds though.
Mainstar is a self directed IRA provider that was DRSing IRA shares for apes. These were transfers, not buys, that went from broker IRAs to Mainstar IRAs. Brokers don't DRS IRA shares.
Likely Northern Trust, their broker but also client (they have a wealth management business that probably uses them for accounts for clients who want alternative assets in their IRAs)
I've been perusing any mentions of mainstar to make sure everyone can see that there are alternatives that won't go sideways due to conflicts of interest. One of those is to start an LLC with IRA Financial.
IRA Financial is an excellent alternative to Mainstar. Why? Well first off it allows *you* to take possession of those IRA shares, not some Custodian 3rd party who may or may not have their hands down the pants of a shady market maker. Next, they help you set up an LLC, that *you* get to name! Then, they help you set up a business account for said LLC and give you the exact spoon-fed directions to transferring your shares from a Custodian to your own bona fide holdings.
FAQ:
>Does it cost money?
Yes it does, roughly $600 including the initial $400 down and state costs for LLC registration (your total may vary)
>How long does it take?
Not very, I called them and had an account set up within a day or two.
>It says online they charge $900! You lied about the cost!
Nope, call them. Tell them you want to move GME shares. They will lower that cost to the minimum possible cost. Their owner is an APE!
>Is there a reoccurring cost?
Yes, roughly $400 annually to maintain the LLC.
>Can I trust them?
Yes! Because they do not act as a Custodian. They set *YOU* up to hold your own IRA. They only hold your shares in the time between your initial transfer and the receipt to the account. They will never act as a permanent Custodian, it's just not how they work.
>Is this financial advice?
Nope, I sometimes shove crayons in my orifices for fun. Do your own research and live life how you want to. I'm just spouting what worked for me.
I don't like promoting my own posts, but I'm trying to get the word out for transferring from Mainstar Trust to IRA Financial for self directed IRA LLC. I outlined the process here: [https://www.reddit.com/r/Superstonk/comments/14sd564/guide\_mainstar\_to\_ira\_financial/](https://www.reddit.com/r/Superstonk/comments/14sd564/guide_mainstar_to_ira_financial/)
I just started this process- It's just more paperwork and fees and stuff. I don't think Mainstar deserves all the hate they get, since they aren't the villain here. The \*reason\* they stopped doing DRS is pretty understandable from my point of view, and they are being quite helpful in transferring out.
I got the letter from Mainstar on Monday, and I've already got paperwork signed and the transfer process started. Please don't treat Mainstar as a villain- They aren't trying to rob you, and they'll absolutely help you get your shares over to an IRA LLC or other entity that you specify. They're waiving account closing fees, and your only cost is like an $8 transfer fee to cover processing fees.
I had a call with my contact at Mainstar today to finish up some stuff, and they're absolutely crushed at the negative sentiment coming in from Apes over Mainstar's choice to do this. These people are trying to help, so stop being so angry with them.
How are they trying to help when pulling wool over ape eyes...making people think they put shares into CS in apes name when actually they put it in mainstar name and no longer want to go to the trouble of pretending otherwise
I've been with Mainstar since the very start of the DRS thing, and I can assure you that they did \*not\* pull wool over anyone's eyes, and did exactly what they said they would in the context of IRAs:
(1) My IRA shares \*are\* in CS via DRS, with the ownership info showing "MAINSTAR TRUST FBO MY NAME". That's how IRA's work. I have now years of statements to this effect, from ComputerShare.
(2) IRA's are a \*trust\* and trusts require some type of Custodian. Mainstar is that Custodian in this case.
(3) The fact Mainstar decided to stop offering this service (SDIRA services using DRS securities) is not evidence of Mainstar being misleading in any way. They literally sent out a \*letter\* announcing what was happening, a brief explanation why, and have responded quickly and rapidly to all my requests to move my securities to a new LLC IRA method of holding my IRA via DRS. They've been nothing but helpful and forthright to me in this process, and I really appreciate it. People calling in and leaving angry voicemails on their support line makes us all look like a bunch of drooling assholes, and I do not like that \*at all\*. If you're gonna call up and get pissed off, at least know what you're talking about.
(4) I suggest people who are all out for Mainstar actually set up the IRA for an LLC and learn how this process works. You can then decide for yourself if the costs (and headaches) of being your \*own\* Custodian is worth it, or not. Then realize that Mainstar was doing that work for $125/ year per account, and figure out how much your hourly rate would be to deal with the DRS IRA paperwork flood. For me, it's worth it, but for Mainstar, it probably wasn't a viable way to make money any longer.
Mainstar offered a completely reasonable solution of being a Custodian for self directed IRAs- These are complicated and difficult trusts, due to a variety of reasons. At no point did Mainstar lie, misrepresent their services, or do things outside of the scope of their contractual obligations to me as a customer. My securities \*have been\* in DRS now for months, and I get the \*strong\* impression that this decision is costing Mainstar money and a lot of emotional damage to make this choice.
All these people out trying to paint Mainstar as some sort of villain in this is completely missing the point: Running Custodial IRA services has a \*cost\*. Mainstar only makes money based on the fees they charge to their customers, in this case, $125 / year. For them, it was a simple business decision: Their costs of providing that service were increasing due to reasons outside their control, and they weren't willing or able to raise their costs to cover the increased headache and risk associated with offering that service.
That's it.
I still have my securities, in my name, and currently still in DRS via Mainstar. I've started the process of moving my DRS position from Mainstar into a self directed IRA LLC, at substantially extra cost to me, and extra risk, to do this. For me, though, it's worthwhile.
Mainstar decided that risk and overhead was no longer a valid business for them to offer, which is fine. But at no point did they lie to me, misrepresent what they did, or steal anything from me. I still own my shares, and they are waiving quite a lot of fees to help make this "right" in transferring securities out of their holding into some other Custodian.
Again: Custodians are \*required\* for an IRA. YOU DO NOT OWN YOUR SHARES IF YOU HAVE ANY IRA. The IRA owns those shares, since the IRA is technically a \*trust\* and trusts need corporate entities to work. These entities are called "Custodians" in the context of an IRA. If this does not work for you as an individual investor, then it's your choice to \*not\* have an IRA. If you chose to have an IRA (as I do) then you \*need\* to have a custodian, since in order to have those assets realize the tax benefits of IRA ownership, that is a Legal Requirement.
Mainstar \*was\* that custodian for the last few years for me and my DRS IRA position. They chose not to offer that as a service, which is there right as a company and custodian. The \*bigger\* question I think is important to ask, which never gets any traction here, is \*why\* is DRS support vanishing from all kinds of things? It's not just Mainstar- DRS in IRA has been a thing since the 90's when IRA's and DRS were first set up. Over the last few years, we've seen \*lots\* of companies that previous offered DRS shut these services down.
So, hey Superstonk, stop pitchforking Mainstar and start figuring out why DRS is getting \*more complicated\* and \*less accessible\* to retail. Mainstar's can't justify having all their hours spent arguing with the DTCC and Computershare about statements and faxes and whatever else for their few hundred DRS Computershare positions they have paying $125 / year to run the thing. The DRS system is really broken, and it's getting more broke by the powers that be. Mainstar (and other SDIRA brokers) can't offer services unless the DRS system works at least somewhat efficiently.
Mainstar isn't stealing your securities to sell locates- They legally can't (they are not a broker, even though they work with one). But LawS ArE BrOkeNAlL theTimE onWalStreet: Well sure, but do you \*really\* think it reasonable that a company with a dozen employees using ink stamps and fax machines to run their little SDIRA operation has a direct pipe to the NYSE and CITADEL hidden in the floor of their doublewide? How the hell do you run PFOF when it takes 2 weeks to move shares in and out of DRS?
Until someone can tell me exactly how Mainstar \*makes money\* from pissing off the internet, losing a ton of customers, and waiving a bunch of fees to make it \*easier\* for customers to leave, I can't possibly fathom \*why\* they would do this, unless they are losing money doing it, or getting pressured in some other indirect way.
I get very verbal about this because there are \*very very few\* SDIRA custodians \*left\* that will do DRS with IRAS, and all of SuperStonk dogpiling on Mainstar is \*not\* helping the companies that remain who do offer this service want to stay in. But we \*need\* DRS via IRA to be at least reasonably accessible to people, and that, I think is the root of this.
Mainstar is a small little nonsense company, with a checkered history that's easy to vilify. I think it makes them a ripe target for getting pressure from the powers that be- Since nobody here is bothering to ask \*just how much more expensive and headache-filled\* DRS has gotten in the last few years. Citadel and SHF can't just go stop by Kansas and threaten concrete shoes- That'd get them tossed in the klink. But they \*can\* use their knowledge of market plumbing to request extra paperwork, muddy the waters, and then harness insane Internet Rage to go scream and yell and rage to make DRS even HARDER for people who want to keep their IRA's in their name via LLC's and whatever other options remain.
\*Every\* time DRS has come up, specifically for IRA's, there's been this unbridled flood of insane pitchfork sharpening: I think Mainstar is just the latest victim of this "let's make DRS as hard and confrontational as possible" play made by SHF's in this. That explanation makes a whole lot more sense to me than a small SDIRA entity having secret pipes to sell locates to Citadel. My god, can you ever do that with a Fax Machine in 2023?
Sometimes Superstonk is great and supportive and wonderful, but in the matters of DRS and IRA's, it's this perpetual pitchfork fight against anyone trying to help get this stuff done. It's crazy to see, knowing how important DRS is a resource to us as household investors.
I don't work at Mainstar- But I do have some knowledge of trusts, and run my own reasonably successful startup.
If I did work at Mainstar, I'd hate everything about this, and quit and open up a roadside snowcone stand instead.
Although I do appreciate your one sentence response that doesn't actually address any of the points in my extremely long message. Way to add extra context and value to the discussion here.
I don't believe you understand the role of an IRA custodian. The role of the custodian is not to trade stock, it is to ensure IRA compliance with the IRS. The custodian is not the issue. They by default are not a market participant..its the broker, always has been. If your custodian is a broker or they have a broker partner, there is your market fuckery.
I understand the role of an IRA- I've written huge piles of walls of text about this over the last week or so.
I need some more info on exactly how Mainstar engages in Market Fuckery when the DRS Shares I have held via Mainstar Trust are visible through Computershares's website showing MAINSTAR TRUST FBO MY NAME.
How does the process \*actually\* work? How does Mainstar make money via this market fuckery with shares that are held inside Computershare?
In any event, I'm moving to the LLC IRA Thing, anyways, since Mainstar is pulling shares back out of DRS.
But it would help me out (and reddit out) A LOT if we could know exactly how Mainstar makes money from Broker Fuckery for shares held in DRS visible to their customers in computershare?
Ape, That's a great question. But its not the right focus. The focus is not the custodian. Mainstar's broker partner (market participant) who happens to be a hedge fund should be the focus of the question. And how does the hedge fund leverage the shares is the second part. I have researched this for more than a year. "How can a hedge fund use stock held by a custodian as collateral to short the stock?" Now that we have ChatGPT. So far, this is what I found.
"A hedge fund can use stock held by a custodian as collateral to short the stock by indicating to a bank or broker-dealer that they seek to borrow a security to hedge or cover a short position. The bank or broker-dealer then asks to borrow a stock from a lender. The lending agent requests the borrower (the bank or broker-dealer) to deliver collateral to secure the loan."
So:
The theory here is that Mainstar (despite holding, at least until recently, GME DRS positions in Computershare) is still being used by their Broker (Northern Trust) as Collateral for shorts?
Does Northern Trust \*own\* Mainstar? If Mainstar is \*not\* wholly owned by Northern Trust, then none of their assets would be on the books of Northern Trust.
Or am I missing something here?
Again; I get your point, and I understand "Brokers = Fuckery". What I'm \*less\* clear on is (1) How Mainstar \*makes money\* from doing this, and now, (2) How can DRS Custodial held shares in a DRS account with Computershare be used as collateral?
I suppose Mainstar \_could\_ sign such an agreement, to post their stuff as collateral, but that seems like business suicide if they ever get called on it.
Mainstar is the registered holder of the shares FBO you, and Mainstar signed a contract with the devil as their partner, and they had to sign a contract that gave the devil full access to the shares.
So you think it likely, or at least plausible, that Northern Trust were the people who put the screws to Mainstar to pull the DRS positions back to their DTCC account?
>y help you get your shares over to an IRA LLC or other entity that you specify. They're waiving account closing fees, and your only cost is like an $8 transfer fee to cover processing fees.
>
>I had a call with my contact at Mainstar today to finish up some stuff, and they're absolutely crushed at the negative sentiment coming in from Apes over Mainstar's
Ya it's unfortunate. I try not to bash them too much since they have done their part up to this point. It is frustrating that they couldn't get something to work out to be able to continue holding shares in DRS.
I completely agree. This is why I find the rage machine on Superstonk so fatiguing- There's not that many SDIRA entities who do stocks at all, and even fewer who offer DRS in SDIRA's.
This forces us to move to more expensive options (The LLC route) which is \*another\* barrier for getting DRS shares into IRA's- That, I think, is the actual reason why Mainstar is villified about this. They just chose to stop offering a service, which is their right as a company, and completely in line with their role as a trust custodian. They're also \*helping\* me (by waiving fees and whatever else) do a transfer to \*another\* entity, at some cost to them.
It makes me sad, since keeping IRA's \*out\* of DRS is clearly of extreme importance to the SHF's running these plate-spinning short positions. It's best for them to get those shares back into the DTCC, and IRA's being easy and accessible is a Huge Problem for them. So they chose to knock out Mainstar, one of a handful of SDIRA entities who actually was able to provide this service at an affordable cost.
And they did it by turning Apes against eachother and making it \_very\_ unappealing for other entities to get into this as well. So, that leaves us with basically \*only\* the LLC option available to us, which are $400 / year, and a lot of extra paperwork, is out of reach for a lot of household investors.
I believe thats what RC's tweet about working hard is referring to. Some of us (probably a lot) aren't DRSing their shares. They're part of that group that thinks since others are doing they don't need to bc it wouldn't matter...well it does. DRS your shit! Stop fucking around and get to work!
I find it hard to believe that there are still people in this sub that have shares that they can DRS, but simply haven't. If you have shares that you can DRS but you won't because you're either lazy or don't believe DRS works then you're a fucking idiot. If it doesn't matter, then why this Mainstar bullshit? Why, why would you trust brokers who all collectively turned off the buy button. They are all against us, clear as fucking day.
I know there are some apes overseas that have had no end of difficulty DRSing, not through lack of trying. Those are the ones that I hope our community can help.
My main frustration is directed at those who could easily DRS but simply choose not to, usually out of laziness but sometimes out of misunderstanding the need for DRS. Others are those who are not on Superstonk and may not know about the push for DRS, as corporate media has done everything in their power to suppress knowledge about it.
If everyone was able and willing to DRS their damn shares, MOASS would hit within a week.
I wish I had a sticker that says drsgme.org because I work at a huge hospital and there's a bridge everyone walks across everyday to come and go and there would be so many eyes wondering what it is if I stuck it somewhere along the entrances
whats sad is that they will miss the launch even after they read all the dd and knew what they were buying the shares for. Its going to be a sad day when its half way across the galaxy and some apes are stuck in here fighting with each other like none of us told them.
Mainstar is for people with GME shares in their ROTH IRA’s that want to keep their retirement benefits, but still be able to DRS.
Because normally, if you DRS your ROTH IRA shares, you take tax penalties and you lose tax benefits.
I'm currently moving my XXXX position from Mainstar DRS in both my ROTH and Traditional IRA into my own LLC custodial account using the IRA Financial LLC method. It is possible to do, but Mainstar was much easier (and cheaper).
I’ve got shares in taxable accounts that have all been DRS’d. I have shares in non-taxable accounts which I do not want to take the tax hit on. Can’t there be some custodian who is above board and I can move my shares to? I will do it immediately.
Man, I read the LLC comment floating around and that feels like a lot. Don’t LLCs have to file taxes too? I’m sure there are reporting thresholds but it just seems complicated.
ALERT: For anyone in the financial services industry, there is an untapped market to be the custodian for shares that you won’t use against your clients best interests. Figure this out, and a bunch of people will move their accounts to your company.
I set up an LLC years ago with Legal zoomers. There are a couple milestones each year. One is your franchise taxes - Texas has a rule about not filling under a million dollars or something like that.
The other one is general taxes - I have an S-corp which is a pass through entity. Scenario one is one person and one LLC and you can write off business losses on your personal taxes. Scenario two is two people with one LLC. There’s no individual tax benefit on this scenario.
The other milestone can be anything. So that is why you get a registered agent that informs you of things that need to be filled. LZ set up everything and is my registered agent.
It sounds like the LLC method involves them acting as your registered agent, setting up the LLC, and making sure you are in compliance.
I set up my LLC because it’s better to have it and not need it than it is to need it and not have it. Setting up an LLC brings you one step closer to having more businesses, establishing a liability shield in case you want to start a business, etc.
I don’t want to sell food from a food truck and get sued for an accident without an LLC. So, I think it’s a part of the path to positive growth.
From what I understand about IRA financial is they do file the taxes for the LLC. But the LLC is a passthrough that is owned under your Roth or otherwise IRA. So taxes are filed, but you don't owe anything. The shares are owned by your LLC and are listed as such in Computershare.
I don’t DRS my shares because I’m not rich enough to tie up money indefinitely and I might need to sell some shares for a bit of extra money for whatever reason.
That as well as the fact that it’s more complicated for me to DRS as a european.
Most GME holders aren’t here. This sub is 90% bot and shill accounts. There might be 10,000 actual holders here. These DRS posts are preaching to the choir. The people here, active, informed and invested DRS’d 2 years ago.
We need to convince the people that AREN’T here. And good luck with that.
No idea. Pure speculation on my part, but I would guess the call came down from a much bigger fish saying "Do this or else". But I have no evidence to back that up.
I've gotten pretty friendly with Mainstar over the last 84 years: Trust me Bro but this change was apparently decided by their Risk department based on the absolute mess than Computershare and DTCC and friends have tossed them. To me, it sounds like larger entities are purposely making the paperwork more difficult, more expensive, and slower. Mainstar just made the choice that the liability and costs associated with doing this were too high to continue.
They're only making $125 / year / APE for their fees, and if that means 80 hours worth of stamps and faxes and emails, they just can't make money offering the service.
I got the distinct impression from my rep (who helped me with my initial transfers 84 years ago) that the amount of bullshit \*they\* have to do has gone up several fold, with multiple faxes for account transfers, papers being "lost in the mail" when they expect things from brokers, and all manner of other fuckery going on to purposely make their lives harder.
I suspect their C-suite looked at their employees drowning under mess and said "yep- That's it. We can't support this anymore, wrap it up".
I think they are being pressured, but not \*directly\* but just via sort of enforced largess from other big entities they have to deal with. Even Computershare is falling behind with some of the stuff they need, and for them to have to call 2 or 3 times per ape to get the paperwork straightened out just isn't worth it for what they are charging.
Once I get my LLC set up, \*I'll\* be the one having to worry about some of that, so we'll see if my hypothesis is correct.
I'm interested to see how much the price drops compared to how many shares are removed from DRS reporting this quarter. We should have a nice little cause/effect estimate from this happening, plus a nice estimate of retirement shares percentage of the current float.
I think it might finally be time to bite the bullet and set up that self administered account, gents
100%!
They can bury the language deep in the legalese of the contract you sign when dealing with them. Or they can update the contract at a later date.
They basically count on you not reading the fine print - or making it so complex that even if you do read it you're likely to miss important details.
No. No no no. No.
If they (meaning, any IRA Custodian) were to \*sell your shares\* without your permission, you'd take them to court, and you would win, an easy-slam dunk case. Winning such a lawsuit against Vanguard or Fidelity or someone would be impossible, but against Mainstar? You'd probably win, and your lawyer would love it.
For people who say "They can bury it in the contract" Go read the contract, and see where it says that.
For folks who don't want to deal with IRAs, or trusts in general, then pull them out, and direct register them. If you are nervous about "your custodian", then you become your own Custodian (that's the IRA Financial Trust LLC method discussed elsewhere). Then you'd have to sue your own business for selling your own shares, which would be completely ludicrous.
The mission here, I think, is to harness Internet Rage towards the remaining very few SDIRA custodians who offer these kinds of services, to make DRS even \*harder\* for people, by moving it into less affordable / less easy / less straightforward ways to do this.
He might be getting downvoted because, on first reading, I thought he was implying DRS wasn't working. I read it again and understood what daikonking meant, but maybe others didn't?
Read the terms of your brokerage. They can, and probably will, sell on your behalf in times of extreme volatility. Won't happen if they're booked at Computershare
I've seen people say things like this before but never understood what they meant. Purchasing takes a while, but selling is iirc pretty much instantaneous. Not sure what exactly you mean there.
DRS far as I've seen on here just takes longer to sell VS just selling them on my broker account. If MOASS I want to trickle sell up at the peak and on the way down
Then transferring shouldn’t be a problem bc you won’t be in a hurry. I’ve tested sales out of my book shares.It doesn’t take some absorbent amount of time to sell. I don’t know who started saying that. I put my limit order to sell in, it processes, a few minutes later I get a text confirming it was done. What’s the problem?
IDK just kinda skeeves me out reading and we dnt know what would happen with the high volume of sales during the moass either. I think I'm just gonna stay with my broker even tho they can pull some shady shit too as we have already been through
You are an individual investor and you have every right to do this. Personally I (and I suspect most of us on here) do not recommend holding your shares on a broker, but you have the facts before you and you've made a judgement call. Positive or negative, you'll live with the results.
If I may suggest the pinned post at the top of the forum, its probably the best place to find info and ask questions regarding all things DRS:
[https://www.reddit.com/r/Superstonk/comments/14e9wnm/questions\_about\_direct\_registering\_ask\_here\_have/](https://www.reddit.com/r/Superstonk/comments/14e9wnm/questions_about_direct_registering_ask_here_have/)
Selling at CS doesn't take any longer than selling at Fidelity (in fact CS uses a broker for all sales, the difference is that shares in CS are owned by you where as shares sitting at a broker aren't).
Fidelity is no different than Robinthehood or Tdameritrade. They all were told to turn off the stocks during the sneeze and they will do it again (or sell your position for you at whatever amount is best for them.)
You've seen it it happen and now you're being informed about the misinformation you picked up along the way. I'd hate for you to have your rocket suit on and get left on the launch pad because your broker sold your ticket.
So what's stopping computershare from do8ng something with drsd shares? If they can just "un"-drs the shares when they want what'd the point. Playing devils advocate here.
[Why GME?](https://www.reddit.com/r/Superstonk/comments/qig65g/welcome_rall_looking_to_catch_up_on_the_gme_saga/) || [What is DRS?](https://www.reddit.com/r/Superstonk/comments/ptvaka/when_you_wish_upon_a_star_a_complete_guide_to/) || Low karma apes [feed the bot here](https://www.reddit.com/r/GMEOrphans/comments/qlvour/welcome_to_gmeorphans_read_this_post/) || [Superstonk Discord](https://discord.gg/hZqWV2kQtq) || [GameStop Wallet HELP! Megathread](https://www.reddit.com/r/Superstonk/comments/z23wjx/gamestop_wallet_help_megathread) || test ------------------------------------------------------------------------ To ensure your post doesn't get removed, please respond to this comment with how this post relates to GME the stock or Gamestop the company. ------------------------------------------------------------------------ Please up- and downvote this comment to [help us determine if this post deserves a place on r/Superstonk!](https://www.reddit.com/r/Superstonk/wiki/index/rules/post_flairs/)
Everybody wants a squeeze. Not everybody wants to lock their shares. Everybody wants a paycheck. Not everyone wants to **work**
it takes **DRS** to buy **MOASS**
What other options are there for DRS ing IRAs??
check most of the top of superstonk, by filtering "hot" also filter posts by "top" or "best" for the good discussion i say this not to be a dick, but because there's always good (and helpful) stuff and it's good to know how to see it/look at the subreddit properly
I’m tired of working for brokers
[удалено]
Interesting
Made one but too Ape to know how to use it. There are 50 states you can make an LLC in and a couple of them don't charge state taxes.
Maybe work is implying nothing and we’re all waiting on someone else doing the work to make profits.
How about we file a shareholder petition to have GameStop open IRA functionality with Computer share without tacking on any BS secondary points for them to throw it out this time? If I recall correctly GameStop board can authorize but last time they threw out our petition because someone added “and add Dr Susan Timbath to the board” at the end of it 😑
Greed, we’re going to win this fight because of it but we’re also dragging this out because of it.
“Work hard or please leave”
Everybody wants to be a bodybuilder, but nobody wants to lift no heavy-ass weights
So True!!! Just give me the pill... Hey, if Popeye can do it with a can of spinach, shouldn't we be able to as well with a pill?
Fr. Kinda tired of people holding back… 100% in baby
Question, if Mainstar did it, what happens when other brokers do it too?
Not everyone wants to work for corrupt capitalist shithole wages and scumbag bosses. Many would work for their community and to better it. Not for scraps. Repeating their propaganda blindly doesn't serve the common man. Only the fascist at the top
Not everybody wants a squeeze. Everyone wants unobtainable phone number DRS MOASS, which no one will take advantage of or sell out of, leaving most to say “this is crime and BS , I’m. Not selling until MOASS.” Then the cycle will continue and the sourness will continue. Meanwhile, those of us that have learned something the past two years will be making money and. Not wasting our shares in DRS. I’ve learned to work and make myself a nice, low risk paycheck every week, adding up to a nice profit every month, which I roll into more income. Commence the downvotes because echo chamber says DRS and hold.
What can you do for the company not vice versa
Not your name, not your shares. Beneficial ownership is a joke.
100% this!
Really makes one wonder WHO the actual beneficiary is with beneficial ownership! Is it the broker that is internalizing the trade and using the money to bet against the "beneficial" owner, or the IOU owner? Put that way, the answer is obvious!
Nothing to wonder - only people that benefit are brokers and SHFs
I have said it for awhile, it mimics what is going on with digital currency. Not your keys not your coins. In this metaphor mainstar has shown itself to be in the vein of FTX/Cornbase ect. It truly sucks there isn't a better way to have ownership of your retirement funds though.
Ima beneficial owner of my wife. I do not recommend this. Put a ring on it.
This.
Just bought via CS… come at us main star….
Thats what I was going to ask, why aren’t people just buying from CS, and book em, yea? Who is mainstar and how did they get their shares?
Mainstar is a self directed IRA provider that was DRSing IRA shares for apes. These were transfers, not buys, that went from broker IRAs to Mainstar IRAs. Brokers don't DRS IRA shares.
because of fractionals, you can’t buy by share amount through CS only $ amount So buy through fudelity and transfer **whole** shares to CS
Tomato tomatoe
Don’t forget to pure book those shares and release the dingleberries (get rid of fractionals)
How do we do that again??
Mainstar got VOLUNTOLD
Yep. Somebody with more power, higher up the chain from them, told them to recall those shares or there would be hell to pay. Guaranteed.
Mainstar is a little bitch.
No, everyone counting on MOASS because of this “news” is the little bitch. Just like every other “big news” we’ve seen
Who's counting on MOASS because of this news? It's simply proof that DRS is working. You broke the first rule: ape be kind to ape.
Likely Northern Trust, their broker but also client (they have a wealth management business that probably uses them for accounts for clients who want alternative assets in their IRAs)
I've been perusing any mentions of mainstar to make sure everyone can see that there are alternatives that won't go sideways due to conflicts of interest. One of those is to start an LLC with IRA Financial. IRA Financial is an excellent alternative to Mainstar. Why? Well first off it allows *you* to take possession of those IRA shares, not some Custodian 3rd party who may or may not have their hands down the pants of a shady market maker. Next, they help you set up an LLC, that *you* get to name! Then, they help you set up a business account for said LLC and give you the exact spoon-fed directions to transferring your shares from a Custodian to your own bona fide holdings. FAQ: >Does it cost money? Yes it does, roughly $600 including the initial $400 down and state costs for LLC registration (your total may vary) >How long does it take? Not very, I called them and had an account set up within a day or two. >It says online they charge $900! You lied about the cost! Nope, call them. Tell them you want to move GME shares. They will lower that cost to the minimum possible cost. Their owner is an APE! >Is there a reoccurring cost? Yes, roughly $400 annually to maintain the LLC. >Can I trust them? Yes! Because they do not act as a Custodian. They set *YOU* up to hold your own IRA. They only hold your shares in the time between your initial transfer and the receipt to the account. They will never act as a permanent Custodian, it's just not how they work. >Is this financial advice? Nope, I sometimes shove crayons in my orifices for fun. Do your own research and live life how you want to. I'm just spouting what worked for me.
IRA Financial GROUP or IRA Financial TRUST? There are multiple companies called "IRA Financial", and clarity would be appreciated.
IRA Financial Trust
ytmnd
Be nice if you gave credit to the OP of this. He’s been posting it to any thread mentioning this subject.
I *AM* the person doing that, but sure: Credit to u/fringefiles for the copy/pasta
Love it! Good on you Ape for this info
🤣 Dude, I’ve seen this reposted so many damn times I couldn’t remember who started it.
I don't like promoting my own posts, but I'm trying to get the word out for transferring from Mainstar Trust to IRA Financial for self directed IRA LLC. I outlined the process here: [https://www.reddit.com/r/Superstonk/comments/14sd564/guide\_mainstar\_to\_ira\_financial/](https://www.reddit.com/r/Superstonk/comments/14sd564/guide_mainstar_to_ira_financial/)
I just started this process- It's just more paperwork and fees and stuff. I don't think Mainstar deserves all the hate they get, since they aren't the villain here. The \*reason\* they stopped doing DRS is pretty understandable from my point of view, and they are being quite helpful in transferring out. I got the letter from Mainstar on Monday, and I've already got paperwork signed and the transfer process started. Please don't treat Mainstar as a villain- They aren't trying to rob you, and they'll absolutely help you get your shares over to an IRA LLC or other entity that you specify. They're waiving account closing fees, and your only cost is like an $8 transfer fee to cover processing fees. I had a call with my contact at Mainstar today to finish up some stuff, and they're absolutely crushed at the negative sentiment coming in from Apes over Mainstar's choice to do this. These people are trying to help, so stop being so angry with them.
How are they trying to help when pulling wool over ape eyes...making people think they put shares into CS in apes name when actually they put it in mainstar name and no longer want to go to the trouble of pretending otherwise
I've been with Mainstar since the very start of the DRS thing, and I can assure you that they did \*not\* pull wool over anyone's eyes, and did exactly what they said they would in the context of IRAs: (1) My IRA shares \*are\* in CS via DRS, with the ownership info showing "MAINSTAR TRUST FBO MY NAME". That's how IRA's work. I have now years of statements to this effect, from ComputerShare. (2) IRA's are a \*trust\* and trusts require some type of Custodian. Mainstar is that Custodian in this case. (3) The fact Mainstar decided to stop offering this service (SDIRA services using DRS securities) is not evidence of Mainstar being misleading in any way. They literally sent out a \*letter\* announcing what was happening, a brief explanation why, and have responded quickly and rapidly to all my requests to move my securities to a new LLC IRA method of holding my IRA via DRS. They've been nothing but helpful and forthright to me in this process, and I really appreciate it. People calling in and leaving angry voicemails on their support line makes us all look like a bunch of drooling assholes, and I do not like that \*at all\*. If you're gonna call up and get pissed off, at least know what you're talking about. (4) I suggest people who are all out for Mainstar actually set up the IRA for an LLC and learn how this process works. You can then decide for yourself if the costs (and headaches) of being your \*own\* Custodian is worth it, or not. Then realize that Mainstar was doing that work for $125/ year per account, and figure out how much your hourly rate would be to deal with the DRS IRA paperwork flood. For me, it's worth it, but for Mainstar, it probably wasn't a viable way to make money any longer. Mainstar offered a completely reasonable solution of being a Custodian for self directed IRAs- These are complicated and difficult trusts, due to a variety of reasons. At no point did Mainstar lie, misrepresent their services, or do things outside of the scope of their contractual obligations to me as a customer. My securities \*have been\* in DRS now for months, and I get the \*strong\* impression that this decision is costing Mainstar money and a lot of emotional damage to make this choice. All these people out trying to paint Mainstar as some sort of villain in this is completely missing the point: Running Custodial IRA services has a \*cost\*. Mainstar only makes money based on the fees they charge to their customers, in this case, $125 / year. For them, it was a simple business decision: Their costs of providing that service were increasing due to reasons outside their control, and they weren't willing or able to raise their costs to cover the increased headache and risk associated with offering that service. That's it. I still have my securities, in my name, and currently still in DRS via Mainstar. I've started the process of moving my DRS position from Mainstar into a self directed IRA LLC, at substantially extra cost to me, and extra risk, to do this. For me, though, it's worthwhile. Mainstar decided that risk and overhead was no longer a valid business for them to offer, which is fine. But at no point did they lie to me, misrepresent what they did, or steal anything from me. I still own my shares, and they are waiving quite a lot of fees to help make this "right" in transferring securities out of their holding into some other Custodian. Again: Custodians are \*required\* for an IRA. YOU DO NOT OWN YOUR SHARES IF YOU HAVE ANY IRA. The IRA owns those shares, since the IRA is technically a \*trust\* and trusts need corporate entities to work. These entities are called "Custodians" in the context of an IRA. If this does not work for you as an individual investor, then it's your choice to \*not\* have an IRA. If you chose to have an IRA (as I do) then you \*need\* to have a custodian, since in order to have those assets realize the tax benefits of IRA ownership, that is a Legal Requirement. Mainstar \*was\* that custodian for the last few years for me and my DRS IRA position. They chose not to offer that as a service, which is there right as a company and custodian. The \*bigger\* question I think is important to ask, which never gets any traction here, is \*why\* is DRS support vanishing from all kinds of things? It's not just Mainstar- DRS in IRA has been a thing since the 90's when IRA's and DRS were first set up. Over the last few years, we've seen \*lots\* of companies that previous offered DRS shut these services down. So, hey Superstonk, stop pitchforking Mainstar and start figuring out why DRS is getting \*more complicated\* and \*less accessible\* to retail. Mainstar's can't justify having all their hours spent arguing with the DTCC and Computershare about statements and faxes and whatever else for their few hundred DRS Computershare positions they have paying $125 / year to run the thing. The DRS system is really broken, and it's getting more broke by the powers that be. Mainstar (and other SDIRA brokers) can't offer services unless the DRS system works at least somewhat efficiently. Mainstar isn't stealing your securities to sell locates- They legally can't (they are not a broker, even though they work with one). But LawS ArE BrOkeNAlL theTimE onWalStreet: Well sure, but do you \*really\* think it reasonable that a company with a dozen employees using ink stamps and fax machines to run their little SDIRA operation has a direct pipe to the NYSE and CITADEL hidden in the floor of their doublewide? How the hell do you run PFOF when it takes 2 weeks to move shares in and out of DRS? Until someone can tell me exactly how Mainstar \*makes money\* from pissing off the internet, losing a ton of customers, and waiving a bunch of fees to make it \*easier\* for customers to leave, I can't possibly fathom \*why\* they would do this, unless they are losing money doing it, or getting pressured in some other indirect way. I get very verbal about this because there are \*very very few\* SDIRA custodians \*left\* that will do DRS with IRAS, and all of SuperStonk dogpiling on Mainstar is \*not\* helping the companies that remain who do offer this service want to stay in. But we \*need\* DRS via IRA to be at least reasonably accessible to people, and that, I think is the root of this. Mainstar is a small little nonsense company, with a checkered history that's easy to vilify. I think it makes them a ripe target for getting pressure from the powers that be- Since nobody here is bothering to ask \*just how much more expensive and headache-filled\* DRS has gotten in the last few years. Citadel and SHF can't just go stop by Kansas and threaten concrete shoes- That'd get them tossed in the klink. But they \*can\* use their knowledge of market plumbing to request extra paperwork, muddy the waters, and then harness insane Internet Rage to go scream and yell and rage to make DRS even HARDER for people who want to keep their IRA's in their name via LLC's and whatever other options remain. \*Every\* time DRS has come up, specifically for IRA's, there's been this unbridled flood of insane pitchfork sharpening: I think Mainstar is just the latest victim of this "let's make DRS as hard and confrontational as possible" play made by SHF's in this. That explanation makes a whole lot more sense to me than a small SDIRA entity having secret pipes to sell locates to Citadel. My god, can you ever do that with a Fax Machine in 2023? Sometimes Superstonk is great and supportive and wonderful, but in the matters of DRS and IRA's, it's this perpetual pitchfork fight against anyone trying to help get this stuff done. It's crazy to see, knowing how important DRS is a resource to us as household investors.
so how long have you worked at Mainstar
I don't work at Mainstar- But I do have some knowledge of trusts, and run my own reasonably successful startup. If I did work at Mainstar, I'd hate everything about this, and quit and open up a roadside snowcone stand instead. Although I do appreciate your one sentence response that doesn't actually address any of the points in my extremely long message. Way to add extra context and value to the discussion here.
thx I thought really long and tried really hard to come up with something to say, glad to know I crushed it
I don't believe you understand the role of an IRA custodian. The role of the custodian is not to trade stock, it is to ensure IRA compliance with the IRS. The custodian is not the issue. They by default are not a market participant..its the broker, always has been. If your custodian is a broker or they have a broker partner, there is your market fuckery.
I understand the role of an IRA- I've written huge piles of walls of text about this over the last week or so. I need some more info on exactly how Mainstar engages in Market Fuckery when the DRS Shares I have held via Mainstar Trust are visible through Computershares's website showing MAINSTAR TRUST FBO MY NAME. How does the process \*actually\* work? How does Mainstar make money via this market fuckery with shares that are held inside Computershare? In any event, I'm moving to the LLC IRA Thing, anyways, since Mainstar is pulling shares back out of DRS. But it would help me out (and reddit out) A LOT if we could know exactly how Mainstar makes money from Broker Fuckery for shares held in DRS visible to their customers in computershare?
Ape, That's a great question. But its not the right focus. The focus is not the custodian. Mainstar's broker partner (market participant) who happens to be a hedge fund should be the focus of the question. And how does the hedge fund leverage the shares is the second part. I have researched this for more than a year. "How can a hedge fund use stock held by a custodian as collateral to short the stock?" Now that we have ChatGPT. So far, this is what I found. "A hedge fund can use stock held by a custodian as collateral to short the stock by indicating to a bank or broker-dealer that they seek to borrow a security to hedge or cover a short position. The bank or broker-dealer then asks to borrow a stock from a lender. The lending agent requests the borrower (the bank or broker-dealer) to deliver collateral to secure the loan."
So: The theory here is that Mainstar (despite holding, at least until recently, GME DRS positions in Computershare) is still being used by their Broker (Northern Trust) as Collateral for shorts? Does Northern Trust \*own\* Mainstar? If Mainstar is \*not\* wholly owned by Northern Trust, then none of their assets would be on the books of Northern Trust. Or am I missing something here? Again; I get your point, and I understand "Brokers = Fuckery". What I'm \*less\* clear on is (1) How Mainstar \*makes money\* from doing this, and now, (2) How can DRS Custodial held shares in a DRS account with Computershare be used as collateral? I suppose Mainstar \_could\_ sign such an agreement, to post their stuff as collateral, but that seems like business suicide if they ever get called on it.
Mainstar is the registered holder of the shares FBO you, and Mainstar signed a contract with the devil as their partner, and they had to sign a contract that gave the devil full access to the shares.
So you think it likely, or at least plausible, that Northern Trust were the people who put the screws to Mainstar to pull the DRS positions back to their DTCC account?
>y help you get your shares over to an IRA LLC or other entity that you specify. They're waiving account closing fees, and your only cost is like an $8 transfer fee to cover processing fees. > >I had a call with my contact at Mainstar today to finish up some stuff, and they're absolutely crushed at the negative sentiment coming in from Apes over Mainstar's Ya it's unfortunate. I try not to bash them too much since they have done their part up to this point. It is frustrating that they couldn't get something to work out to be able to continue holding shares in DRS.
I completely agree. This is why I find the rage machine on Superstonk so fatiguing- There's not that many SDIRA entities who do stocks at all, and even fewer who offer DRS in SDIRA's. This forces us to move to more expensive options (The LLC route) which is \*another\* barrier for getting DRS shares into IRA's- That, I think, is the actual reason why Mainstar is villified about this. They just chose to stop offering a service, which is their right as a company, and completely in line with their role as a trust custodian. They're also \*helping\* me (by waiving fees and whatever else) do a transfer to \*another\* entity, at some cost to them. It makes me sad, since keeping IRA's \*out\* of DRS is clearly of extreme importance to the SHF's running these plate-spinning short positions. It's best for them to get those shares back into the DTCC, and IRA's being easy and accessible is a Huge Problem for them. So they chose to knock out Mainstar, one of a handful of SDIRA entities who actually was able to provide this service at an affordable cost. And they did it by turning Apes against eachother and making it \_very\_ unappealing for other entities to get into this as well. So, that leaves us with basically \*only\* the LLC option available to us, which are $400 / year, and a lot of extra paperwork, is out of reach for a lot of household investors.
If you have shares that aren’t DRS, you don’t have shares. Getcha some.
It bears repeating - "Not your name, not your shares"
I am pulling out all my shares from mainstar
DRS YOUR FUCKING SHIT
us: we're in a war news: mainstar no longer honors drs requests those that haven't drs'd yet: surprised pikachu face
I believe thats what RC's tweet about working hard is referring to. Some of us (probably a lot) aren't DRSing their shares. They're part of that group that thinks since others are doing they don't need to bc it wouldn't matter...well it does. DRS your shit! Stop fucking around and get to work!
this. don't be a bystander. be the change you want to see in the world. escalate your commitment for a better outcome.
Why is there not a YouTube video showing how to do this step by step, in detail for us smooth brains?
www.DRSGME.org has how-to-DRS guides for most brokers on the planet, not sure if they got video guides
☝🏼🏆🏆
… no… RC’s tweet has nothing to do with DRS, and especially nothing to do with those trying to DRS their ROTH IRA’s via 3rd party trusts.
I find it hard to believe that there are still people in this sub that have shares that they can DRS, but simply haven't. If you have shares that you can DRS but you won't because you're either lazy or don't believe DRS works then you're a fucking idiot. If it doesn't matter, then why this Mainstar bullshit? Why, why would you trust brokers who all collectively turned off the buy button. They are all against us, clear as fucking day.
I know there are some apes overseas that have had no end of difficulty DRSing, not through lack of trying. Those are the ones that I hope our community can help. My main frustration is directed at those who could easily DRS but simply choose not to, usually out of laziness but sometimes out of misunderstanding the need for DRS. Others are those who are not on Superstonk and may not know about the push for DRS, as corporate media has done everything in their power to suppress knowledge about it. If everyone was able and willing to DRS their damn shares, MOASS would hit within a week.
I wish I had a sticker that says drsgme.org because I work at a huge hospital and there's a bridge everyone walks across everyday to come and go and there would be so many eyes wondering what it is if I stuck it somewhere along the entrances
whats sad is that they will miss the launch even after they read all the dd and knew what they were buying the shares for. Its going to be a sad day when its half way across the galaxy and some apes are stuck in here fighting with each other like none of us told them.
I'm gonna take care of as many apes as possible that missed the rocket for whatever reason. Will send a galactic lifeboat back for ya
Mainstar is for people with GME shares in their ROTH IRA’s that want to keep their retirement benefits, but still be able to DRS. Because normally, if you DRS your ROTH IRA shares, you take tax penalties and you lose tax benefits.
I'm currently moving my XXXX position from Mainstar DRS in both my ROTH and Traditional IRA into my own LLC custodial account using the IRA Financial LLC method. It is possible to do, but Mainstar was much easier (and cheaper).
I’ve got shares in taxable accounts that have all been DRS’d. I have shares in non-taxable accounts which I do not want to take the tax hit on. Can’t there be some custodian who is above board and I can move my shares to? I will do it immediately.
I was almost done filling everything with Main Star when they came up with this new policy. Now onto the LLC method.
Man, I read the LLC comment floating around and that feels like a lot. Don’t LLCs have to file taxes too? I’m sure there are reporting thresholds but it just seems complicated. ALERT: For anyone in the financial services industry, there is an untapped market to be the custodian for shares that you won’t use against your clients best interests. Figure this out, and a bunch of people will move their accounts to your company.
IRA Financial handles all of that for you. And you don’t pay taxes until you sell your shares. Yes, there are annual LLC fees, but it’s minimal.
I set up an LLC years ago with Legal zoomers. There are a couple milestones each year. One is your franchise taxes - Texas has a rule about not filling under a million dollars or something like that. The other one is general taxes - I have an S-corp which is a pass through entity. Scenario one is one person and one LLC and you can write off business losses on your personal taxes. Scenario two is two people with one LLC. There’s no individual tax benefit on this scenario. The other milestone can be anything. So that is why you get a registered agent that informs you of things that need to be filled. LZ set up everything and is my registered agent. It sounds like the LLC method involves them acting as your registered agent, setting up the LLC, and making sure you are in compliance. I set up my LLC because it’s better to have it and not need it than it is to need it and not have it. Setting up an LLC brings you one step closer to having more businesses, establishing a liability shield in case you want to start a business, etc. I don’t want to sell food from a food truck and get sued for an accident without an LLC. So, I think it’s a part of the path to positive growth.
From what I understand about IRA financial is they do file the taxes for the LLC. But the LLC is a passthrough that is owned under your Roth or otherwise IRA. So taxes are filed, but you don't owe anything. The shares are owned by your LLC and are listed as such in Computershare.
Not the right attitude. It is the right sentiment though.
How patronizing
I don’t DRS my shares because I’m not rich enough to tie up money indefinitely and I might need to sell some shares for a bit of extra money for whatever reason. That as well as the fact that it’s more complicated for me to DRS as a european.
Most GME holders aren’t here. This sub is 90% bot and shill accounts. There might be 10,000 actual holders here. These DRS posts are preaching to the choir. The people here, active, informed and invested DRS’d 2 years ago. We need to convince the people that AREN’T here. And good luck with that.
My question is: Did Mainstar act on its own accord, or did it receive an instruction from elsewhere?
No idea. Pure speculation on my part, but I would guess the call came down from a much bigger fish saying "Do this or else". But I have no evidence to back that up.
I've gotten pretty friendly with Mainstar over the last 84 years: Trust me Bro but this change was apparently decided by their Risk department based on the absolute mess than Computershare and DTCC and friends have tossed them. To me, it sounds like larger entities are purposely making the paperwork more difficult, more expensive, and slower. Mainstar just made the choice that the liability and costs associated with doing this were too high to continue. They're only making $125 / year / APE for their fees, and if that means 80 hours worth of stamps and faxes and emails, they just can't make money offering the service. I got the distinct impression from my rep (who helped me with my initial transfers 84 years ago) that the amount of bullshit \*they\* have to do has gone up several fold, with multiple faxes for account transfers, papers being "lost in the mail" when they expect things from brokers, and all manner of other fuckery going on to purposely make their lives harder. I suspect their C-suite looked at their employees drowning under mess and said "yep- That's it. We can't support this anymore, wrap it up". I think they are being pressured, but not \*directly\* but just via sort of enforced largess from other big entities they have to deal with. Even Computershare is falling behind with some of the stuff they need, and for them to have to call 2 or 3 times per ape to get the paperwork straightened out just isn't worth it for what they are charging. Once I get my LLC set up, \*I'll\* be the one having to worry about some of that, so we'll see if my hypothesis is correct.
I'm interested to see how much the price drops compared to how many shares are removed from DRS reporting this quarter. We should have a nice little cause/effect estimate from this happening, plus a nice estimate of retirement shares percentage of the current float. I think it might finally be time to bite the bullet and set up that self administered account, gents
It's also a reminder that a custodian can control your shares. They can transfer or sell them without your permission, even if they say they won't.
100%! They can bury the language deep in the legalese of the contract you sign when dealing with them. Or they can update the contract at a later date. They basically count on you not reading the fine print - or making it so complex that even if you do read it you're likely to miss important details.
No. No no no. No. If they (meaning, any IRA Custodian) were to \*sell your shares\* without your permission, you'd take them to court, and you would win, an easy-slam dunk case. Winning such a lawsuit against Vanguard or Fidelity or someone would be impossible, but against Mainstar? You'd probably win, and your lawyer would love it. For people who say "They can bury it in the contract" Go read the contract, and see where it says that. For folks who don't want to deal with IRAs, or trusts in general, then pull them out, and direct register them. If you are nervous about "your custodian", then you become your own Custodian (that's the IRA Financial Trust LLC method discussed elsewhere). Then you'd have to sue your own business for selling your own shares, which would be completely ludicrous. The mission here, I think, is to harness Internet Rage towards the remaining very few SDIRA custodians who offer these kinds of services, to make DRS even \*harder\* for people, by moving it into less affordable / less easy / less straightforward ways to do this.
Facts. There has been DRS controversy for 84 years and it's only intensified as of late. Must be because it isn't working.
Not sure why you’re getting down-voted. Just like in a video game, when you encounter enemies you are typically going in the right direction.
He might be getting downvoted because, on first reading, I thought he was implying DRS wasn't working. I read it again and understood what daikonking meant, but maybe others didn't?
Just end it already Rc
lfg
“Ask not what your company can do for you, ask what you can do for your company.” - RC 👑
Book, this happened after people started switching to pure book.
How easy will it be to sell shares from CS when moass occurs?
what good is drs is they can just withdraw it without your permission?
Can’t Drs old shares I bought on cash app
I didn't DRS anything and really don't plan on it. Shares are cash and mine. DRS takes too long for comfort for me to transfer and sell.
Read the terms of your brokerage. They can, and probably will, sell on your behalf in times of extreme volatility. Won't happen if they're booked at Computershare
Ill check. I have Fidelity so Ill ask about it
I've seen people say things like this before but never understood what they meant. Purchasing takes a while, but selling is iirc pretty much instantaneous. Not sure what exactly you mean there.
That's what I'm saying 🤣🤣🤣 I keep seeing transferring is slow and selling is slow. Im not 100% on not doing it but IDK. Just wht I saw here
Why do you have to transfer to sell?
DRS far as I've seen on here just takes longer to sell VS just selling them on my broker account. If MOASS I want to trickle sell up at the peak and on the way down
Then transferring shouldn’t be a problem bc you won’t be in a hurry. I’ve tested sales out of my book shares.It doesn’t take some absorbent amount of time to sell. I don’t know who started saying that. I put my limit order to sell in, it processes, a few minutes later I get a text confirming it was done. What’s the problem?
IDK just kinda skeeves me out reading and we dnt know what would happen with the high volume of sales during the moass either. I think I'm just gonna stay with my broker even tho they can pull some shady shit too as we have already been through
You are an individual investor and you have every right to do this. Personally I (and I suspect most of us on here) do not recommend holding your shares on a broker, but you have the facts before you and you've made a judgement call. Positive or negative, you'll live with the results.
I shall dig into it more
If I may suggest the pinned post at the top of the forum, its probably the best place to find info and ask questions regarding all things DRS: [https://www.reddit.com/r/Superstonk/comments/14e9wnm/questions\_about\_direct\_registering\_ask\_here\_have/](https://www.reddit.com/r/Superstonk/comments/14e9wnm/questions_about_direct_registering_ask_here_have/)
Thanks!!! ♥️♥️
Selling at CS doesn't take any longer than selling at Fidelity (in fact CS uses a broker for all sales, the difference is that shares in CS are owned by you where as shares sitting at a broker aren't). Fidelity is no different than Robinthehood or Tdameritrade. They all were told to turn off the stocks during the sneeze and they will do it again (or sell your position for you at whatever amount is best for them.) You've seen it it happen and now you're being informed about the misinformation you picked up along the way. I'd hate for you to have your rocket suit on and get left on the launch pad because your broker sold your ticket.
yeah I'm looking into it this weekend once again ♥️♥️ Thank you!!!
Glad to hear it. Good luck!
Do as you want to ape. Individual investors. You do you. Remember to vote.
Always vote lol (IDK how to change the tags lol) it's so old now lol
Do we have any details about mainstars reasoning behind this? Did they make a statement?
👆
Revolut stops DRS also.
Down $1.01 yesterday, probably end up down apx. $1.01 today. Manipulation? Nah. /s
So what's stopping computershare from do8ng something with drsd shares? If they can just "un"-drs the shares when they want what'd the point. Playing devils advocate here.
If mainstar un-drs shares and allows those shares as locates it would also explain utilization dropping as mainstream can now loan those shares
Unpopular opinion: I’m not withdrawing or pulling out of my ROTH IRA or 401k. My personal portfolio’s have already been DRS’d
Whats to stop any broker pulling drs? How is that even possible??
Mapgenie app for Diablo 4 is ur best friend
I already DRS’d them all, I can’t DRS them any further!
So if I have some shares on webull, and some on vanguard, should I transfer my webull to vanguard and then have them handle the DRS?
Takes money to buy whiskey, so I took the tax hit…lol
IRA Tax hit = slap on the wrist after you are a millionaire