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Non-Tech : Interactive Brokers / Timberhill -- Ignore unavailable to you. Want to Upgrade?

To: FishbackJ who wrote (1579)	5/24/2001 11:41:01 PM
From: Gary Korn	Respond to of 9012

well, that tells me that you can't trust even the largest brokers The bigger they are, the harder they fall, eh? :-) I suppose if they are big enough, the feds might come to the rescue. But not for the gnat brokerages of the world. Best, Gary Korn

To: FishbackJ who wrote (1579)	5/24/2001 11:43:33 PM
From: Gary Korn	Respond to of 9012

I tried calling around today to find out about getting additional personal coverage against failed brokerages/clearing houses not covered by the SIPC Can't think of any such private coverages, offhand. I have noticed that the big houses (e.g., Salomon Smith Barney, Merrill) are putting idle client-funds into multiple captive banks (well, in the case of Smith Barney, it is captive to Citigroup) in order to obtain multiple layers of FDIC insurance. For example, in recently opening an account at Salomon Smith Barney, I noticed a sweep of $96,500 in uninvested funds into first one Citibank bank (Citibank NA), and then a sweep of additional funds into a second Citibank bank (Citibank FSB). All, in part, to capture multiples of FDIC insurance. Gary Korn