pJohn A. Germinario, chief executive officer of Global Securities Services Corporation (GSS), discusses depositary receipts and their negative effects on global investor portfolios. Global Securities Services Corporation, a class="link" rel="nofollow" target="blank" href="" target="blank"“The Depositary Receipt Watchdog,”a so far has published two newsletters in 2013 claiming depositary banks have used U.S. taxpayer funds to buy depositary receipt programs.