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Politics : Ask Michael Burke
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To: Freedom Fighter who wrote (81354)6/1/2000 2:36:00 PM
From: S. maltophilia  Read Replies (1) of 132070
 
<<What's the odds the current crop of bankers on Wall St. goes over the line and leaves taxpayers holding the bag?>>

No doubt; SIPC is petty cash compared to any major default

24. Is there emergency financing in the event the
SIPC Fund is insufficient?

Yes. In an emergency, SIPC may borrow up to $1 billion
from the U.S. Treasury through the Securities and
Exchange Commission if the Commission determines
such a loan is necessary to protect customers and
maintain confidence in United States securities markets.
SIPC must present a plan which provides as reasonable an
assurance of prompt repayment as may be feasible under
the circumstances. If the Commission determines industry
assessments would not satisfactorily repay the loan, it
may impose a transaction fee on purchasers of equity
securities at a rate not exceeding 1/50 of 1% of the
purchase price ($.20 per $1,000). This fee would not apply
to transactions of less than $5,000.

SIPC also has authority to establish confirmed lines of
credit and has from time to time maintained confirmed
lines of credit with a consortium of banks.

sipc.org

"Hello, Citibank. Broker.com just went under & e-Churn's margin department reports they are underwater and (click) hello, hello? Anyone there? HELLO?.....

Got mattresses?
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