***Off-Topic*** (unlike all of the others I post ~<%} ) Reply to Sword
Sword: your investments are safe, if as you say, they amount to less than the insured amount. The issue in the case cited, which I am sure that TRAV is now very aware of, is that if you are holding BS BB stocks supported by a single questionable MM, in that case, Hannover Sterling (or even 3 MM's-see MGAM and JLNY which were supported by Welsh Manning, JB Sutton and a third nameless one until 2 months ago), your "investment" may collapse as the MM goes under since they were propping it up and there wasn't really anything there to begin with.
In the HS case, both it and its clearing firm, Adler Coleman went under. What the NSCC did was go in and clean it all up. HS had six stocks that it was propping up. When they and Adler couldn't support the stocks any more, the whole thing came unraveled and the two firms as well as the six stocks all disappeared.
So what I am saying is that if your investments speak for themselves w/o just one shoddy firm propping them up, you would be Ok if your broker collapsed as your stock is valued independently in the market. The NSCC and the SIPC are adequately capitalized and they would immediately step in to take care of these things.
However, the NSCC does not care for TRAV's abuse of the system and his behavior on Friday is hastening his demise. The similarities of the case cited above and TRAV/LARK/AENG are remarkable to say the least (in my opinion).Capeche?
All rights reserved, Auric Goldfinger. |
