Penson (PNSN) stock down on heavy volume

[listedguru]

Quote from Catoosa:

Pension (PNSN) share price looks like it is headed for zero (low of 1.15 and close of 1.42 on 10-03-11).

Just to be clear - if one trades with a regular retail broker that clears through Penson then that money is fully SIPC insured correct? I'm talking about trading regular equities (and flat at the end of the day).

In the above scenerio is that money safe?

-Guru

 

[Catoosa]

listedguru:

The SIPC insurance cover up to the limits of $250K in cash and $500K of cash plus securities. Penson carries an additional $150M insurance of which $2.15M can be cash per customer with an aggregate of $600M of securities plus cash of all customers combined. If Penson goes bankrupt, I am not counting on recovering much above the SIPC limits. $600 million is a drop in the bucket when it comes to all accounts combined. My concern is the financial strength and integrity of Penson in light of what has been taking place at Penson during the last few months.

 

[FrankSlaughtery]

Quote from Catoosa:

listedguru:

The SIPC insurance cover up to the limits of $250K in cash and $500K of cash plus securities. Penson carries an additional $150M insurance of which $2.15M can be cash per customer with an aggregate of $600M of securities plus cash of all customers combined. If Penson goes bankrupt, I am not counting on recovering much above the SIPC limits. $600 million is a drop in the bucket when it comes to all accounts combined. My concern is the financial strength and integrity of Penson in light of what has been taking place at Penson during the last few months.

if you (or anyone) is that worried transfer everything to ib and use tos for analytics - esp after the recent bullsh*t trading platform probs.

 

[Dale Box]

Quote from listedguru:

Just to be clear - if one trades with a regular retail broker that clears through Penson then that money is fully SIPC insured correct? I'm talking about trading regular equities (and flat at the end of the day).

In the above scenerio is that money safe?

-Guru

Hi Guru,

http://www.fdic.gov/deposit/deposits/unlimited/

Best regards,

 

[Soon2Bgreat]

Quote from Dale Box:

Hi Guru,

http://www.fdic.gov/deposit/deposits/unlimited/

Best regards,

I'm not sure I understand what you're getting at - can you explain how this relates to SIPC protection or funds held in a brokerage account?

 

[Catoosa]

Quote from FrankSlaughtery:

if you (or anyone) is that worried transfer everything to ib and use tos for analytics - esp after the recent bullsh*t trading platform probs.

I agree with you. IB is about the only broker I use where I will consider exceeding SIPC limits.

 

[theprophe]

SIPC also counts for international clients?

 

[Barbaris]

Penson on the charts is going to Pink Sheets.

I was very upset that I had to quit Speedtrader last week just because Penson is them clearing firm.