Three 1980–1989 C H A P T E R
Why would you steal a registered security if you could steal a bearer bond, where the bearer is presumed to be the owner? Crooks very frequently used bearer bonds as a medium of exchange, which is why Congress eventually changed the law to require municipal bonds to be registered. The decision by DTC to make bearer bonds eligible was driven by our participants, who badly wanted us to do that.
William Dentzer DTC CHAIRMAN AND CEO 1972–1994
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