Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Strictly: Drilling II -- Ignore unavailable to you. Want to Upgrade?

To: longdong_63 who wrote (19757)	10/4/2002 1:20:40 AM
From: isopatch	Read Replies (1) \| Respond to of 36161

L.D. Re: The SIPC story. It was about 2 years ago. And I don't recall the poster's handle. But he presented a detailed and well evidenced expose' of loop holes in SIPC coverage and their pitifully small reserve vs the enormous number and $ value of the brokerage accounts they supposedly are "covering". Were we to have the kind of major systemic failure across the financial industry which last occurred in the 1930s? Forget $500,000 per account coverage. We'll be lucky to recover TEN CENTS on the dollar. And even that might be a wildly optimistic estimate. Just checked SIPC's web site. Not being a subscriber or a member was unable to access their financial statements. (So anyone who has such access, PLEASE feel free to correct me if I'm wrong) But, in a disclaimer about lack of protection against securities fraud in the U.S., they mention that SPICs total reserves are... ONE BILLION $$. sipc.org If someone will do a little digging for us, please find and post the total $ of brokerage accounts SPIC is supposed to be "covering" with that one billion $. Tic toc. Isopatch