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To: Joan Osland Graffius who wrote (150092)	2/8/2002 9:33:13 AM
From: Tom M	Respond to of 436258

Hi Joan, re the SIPC as PR thing, I always thought they would guarantee they could basically come up with replacement paper certificates - must be examples post WTC. But if you had $500k worth of say IBM or GE pre-crash, and the same # of shares post crash went to say generously book value & therefore worth about 1/8 of their value, they'd be on paper down to $62,500. The SIPC would then guarantee to provide backup paper should say their brokerage accidently Andersen/shred documents, not even the $62,500. Is this off-base??