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  • August 14, 2007 at 9:59 PM #75500
    bsrsharma
    Participant

    FDIC is really just an agreement

    Not true. FDIC is pretty much a guarantee from Federal Government. If the funds run out, they will be replenished by taxpayers. It happened in the 1980s with FSLIC. FSLIC ran out of funds, it was closed down and the obligations were assumed by FDIC.

     

    August 14, 2007 at 10:53 PM #75408
    davidt1
    Participant

    What about accounts with a broker, like a stock broker?

    August 14, 2007 at 10:53 PM #75525
    davidt1
    Participant

    What about accounts with a broker, like a stock broker?

    August 14, 2007 at 10:53 PM #75530
    davidt1
    Participant

    What about accounts with a broker, like a stock broker?

    August 14, 2007 at 11:18 PM #75433
    bsrsharma
    Participant

    accounts with a broker

     

    The government has nothing to do with it. Many times, large brokerages take private insurance from Securities Investor Protection Corporation (SIPC) – to cover some risks (not investment loss risk though). In case of losses due to severe malpractice, the only recourse is legal action (sueing the brokerage, usually class action by lawers who specialize in securities fraud law)

    see http://www.finra.org/InvestorInformation/InvestorProtection/SIPCProtection/index.htm

    for SIPC insurance offered by FINRA (Financial Industry Regulatory Authority, Inc.)

    August 14, 2007 at 11:18 PM #75551
    bsrsharma
    Participant

    accounts with a broker

     

    The government has nothing to do with it. Many times, large brokerages take private insurance from Securities Investor Protection Corporation (SIPC) – to cover some risks (not investment loss risk though). In case of losses due to severe malpractice, the only recourse is legal action (sueing the brokerage, usually class action by lawers who specialize in securities fraud law)

    see http://www.finra.org/InvestorInformation/InvestorProtection/SIPCProtection/index.htm

    for SIPC insurance offered by FINRA (Financial Industry Regulatory Authority, Inc.)

    August 14, 2007 at 11:18 PM #75553
    bsrsharma
    Participant

    accounts with a broker

     

    The government has nothing to do with it. Many times, large brokerages take private insurance from Securities Investor Protection Corporation (SIPC) – to cover some risks (not investment loss risk though). In case of losses due to severe malpractice, the only recourse is legal action (sueing the brokerage, usually class action by lawers who specialize in securities fraud law)

    see http://www.finra.org/InvestorInformation/InvestorProtection/SIPCProtection/index.htm

    for SIPC insurance offered by FINRA (Financial Industry Regulatory Authority, Inc.)

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