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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Knighty Tin who wrote (83753)	9/25/2000 8:23:48 PM
From: Tommaso	Read Replies (2) \| Respond to of 132070

MB-- In today's New York Times (paper version, maybe available on the net) There is a front page story that carries across an entire inside page that is extremely disturbing. It appears that the SIPC that purports to insure brokerage accounts is actually a kind of confederation of lawyers whose main purpose is to prevent the settlement of claims and to collect enormous fees in doing this. More has been paid to these "trustees" than to brokerage clients. There are all sorts of ploys for keeping people from collecting. It's nothing remotely close to the FDIC. And it has not been tested. It's a totally false sense of security. Well-- I can't reproduce the thousands of words here that describe and authenticate this view, but there it is. This could be far worse than any misguided investment--indeed, more like the savings and loan failures of the Depression, except worse, because at least those were backed by real estate. This is very bad news.