This is why Jim Sinclair (www.jsmineset.com) is telling us to eliminate all financial intermediaries standing between us and our assets
Yes, if E-Trade goes under you are likely to get your money back from SIPC – of course, you’ll be at the end of the line in any bankruptcy proceedings and might wait 2 years to see any of your money
SIPC is another under-funded plan like FDIC – there are enough assets to cover about 2% of the potential losses – as long as only a few people lose money SIPC and FDIC will be OK – in a massive meltdown SIPC and FDIC are likely to be handing out chits or vouchers that will trade at a discount to US dollars
