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

To: S. maltophilia who wrote (90497)	4/2/2001 10:14:33 PM
From: starhawke	Read Replies (1) \| Respond to of 132070

Thanks for stepping up to the plate, Khalil. <g> Re: "But why would you want to?" - Haven't totally completed the due diligence on SIPC insurance (shame on me), but I will sleep better with my long-term goodies in a safe deposit box. When I want to sell or even get ready to sell, I can simply deliver them, no biggie. In the admittedly unlikely event of a market break, I want my holdings in my hands, not in the hands of a possibly desperate broker. And the stories I've read in the national media were decidedly unflattering to the SIPC. It's been many, many months, but I remember reading something like "The attorneys working for the SIPC have collected more in fees than it has ever paid out to wronged investors." (Paraphrased.) So far, in my due dilly, I am very underwhelmed. And with any brokerage account agreement I've ever read requiring you to agree to binding arbitration (which favors the houses IMO), limiting the risk of any 'miscommunications', glitches, data errors, etc. simply seems prudent. Realizing that prudence and paranoia can look distressingly similar short-term, I'll still sleep better. (Also, my broker has already tried to bone me with a very late reporting of an options execution on the day of expiry. Still haven't gotten to the bottom of it, yet.) Thanks again, S