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DAK, Exactly. If Merrill goes belly up, they can't touch any securities you own up to the insured amount. In fact, they can't touch them anyway, legally, even past the insured amount, but if they step over the line and use your collateral (which is in their name) to back a derivative trade gone amok, they will go to jail but there may not be anything left for you to claim. So, legally, they can't do what every brokerage firm does when they get in trouble, but you may have no recourse other than sending the perpetrators Ex-Lax pies in prison. Except for the insured amount, which Uncle Sugar comes up with. By taxing me. <g> |
