lessarda, don't assume places like IB or TS are safe either.
here is a must read for all of us with brokerage accounts. It is
longish but it is a must.
And here is one paragraph to illustrate the point - with some
unexpected names...:
"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)."
clause in the brokerage agreements. Can't do it directly with an
online app, but it could still be communicated with the TS or IB
rep who gets credit for the account. I'm going to inquire; anyone
with experience, please share. I would be sure to get it in writing
so that there is legal proof that your account falls outside their
hypo operations. Of course, it would be their right to refuse to
keep the account.
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Don't assume...
After listening to Corzine say he did not know where ...
Posted by mamaduck on 8th of Dec 2011 at 10:03 pm
lessarda, don't assume places like IB or TS are safe either. here is a must read for all of us with brokerage accounts. It is longish but it is a must.
http://newsandinsight.thomsonreuters.com/Securities/Insight/2011/12_-_December/MF_Global_and_the_great_Wall_St_re-hypothecation_scandal/
And here is one paragraph to illustrate the point - with some unexpected names...:
"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)."
I believe everyone has the right to cross out the hypothecation
Posted by lessarda on 9th of Dec 2011 at 12:21 am
clause in the brokerage agreements. Can't do it directly with an online app, but it could still be communicated with the TS or IB rep who gets credit for the account. I'm going to inquire; anyone with experience, please share. I would be sure to get it in writing so that there is legal proof that your account falls outside their hypo operations. Of course, it would be their right to refuse to keep the account.