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Non-Tech : Interactive Brokers / Timberhill
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To: donv who wrote (1569)5/24/2001 1:15:46 AM
From: Gary Korn  Read Replies (2) of 9012
 
I am more concerned with just the fact that they don't have it, than with the limits

From what I've read, SIPC is very, very lousy insurance. It does not even remotely resemble FDIC insurance, though it is a common consumer mistake to believe the two are equivalent.

Therefore, regardless of your views of IB, it would behoove you and everyone who relies on SIPC to gain a better understanding of this important issue.

In fact, there have been some exposes to the effect that SIPC is so bad it effectively pays nothing, at least until tens of thousands of legal fees are incurred in behalf of the person seeking payment. (I'll try to find some of these exposes and post them here.)

Gary Korn
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