Quote from Free Thinker:
so who is on your side and who is on the side of the people who want to continue to use these tricks and loopholes against you?
"As they promised they would, the overwhelming majority of Republicans on Wednesday filibustered Richard Cordray, the man President Obama tapped to be the director of the new Consumer Financial Protection Bureau -- an agency tasked with mitigating fraudulent and dangerous financial products."
(fraud)so did those invested in subprime and cds's and cdo'sQuote from drukes1234:
That article knocking SIPC is ridiculous too -- I was shocked that those invested in Madoff expected to be covered by SIPC -- there was no brokerage or financial institution failiure there, they INVESTED in a fraud -- Enron shareholders did the same thing, should they be SIPC insured? No.
Quote from drukes1234:
If you were smart enough to accumulate an account exceeding SIPC limits, you would also be smart enough to open multiple accounts under the SIPC limits.
even if you put it in the bank,it better not be one with global investments,at least it would still be yours,lesser of 2 evils,you would still have several options,if they lose it ,you get in line with the mf global customers,if nothing happens,you can go back in,intact,we are all still watching the king has no clothes, eventually ,in that story, he realizes the truthQuote from drukes1234:
I understand all your points guys, I just don't understand the fear IF you trade equities.
If you trade futures or other derivatives, well, you're playing with fire and need to protect yourself. However, if you're holding equities or cash, I don't see anything to worry about -- it will be a major hassle but you won't be ruined, furthermore, what are you going to do, put your cash under the mattress and let inflation steal your money instead of other crooks?
There is no guarantee your wire (instructed before bankruptcy) is not going to be clawed back in bankruptcy court.Quote from Ghost of Cutten:
For further risk control, you can set a stock price alert to give you warning of any impending problems, then wire out on the first sign of trouble.
until they close this loophole, and they can't without cutting off the above banks,they can posture and hold senate hearings, leave the door open for the rest of the cash to fly out,and unless this market miraculously turns,it willQuote from Chicago_CTA:
HYPER-HYPOTHECATION
With weak collateral rules and a level of leverage that would make Archimedes tremble, firms have been piling into re-hypothecation activity with startling abandon. A review of filings reveals a staggering level of activity in what may be the worldâs largest ever credit bubble.
Engaging in hyper-hypothecation have been Goldman Sachs ($28.17 billion re-hypothecated in 2011), Canadian Imperial Bank of Commerce (re-pledged $72 billion in client assets), Royal Bank of Canada (re-pledged $53.8 billion of $126.7 billion available for re-pledging), Oppenheimer Holdings ($15.3 million), Credit Suisse (CHF 332 billion), Knight Capital Group ($1.17 billion),Interactive Brokers ($14.5 billion), Wells Fargo ($19.6 billion), JP Morgan($546.2 billion) and Morgan Stanley ($410 billion).
http://newsandinsight.thomsonreuter...d_the_great_Wall_St_re-hypothecation_scandal/
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The only Futures Commission Merchants I trust are smaller, privately-owned ones, like Dorman Trading, RCG and RJO.