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Posts Tagged ‘SIPC premiums’

Sense on Cents Supports HR 757

Posted by Larry Doyle on July 31st, 2012 6:05 AM |

Earlier this year I came out in support of HR 757, legislation drafted and proposed by Rep. Scott Garrett (R-NJ), to address the sham perpetrated by the Securities Investor Protection Corporation (SIPC) upon innocent investors. As I wrote in support of HR 757 then,

Why are we discussing SIPC today? Recall that post Bernie Madoff, the SIPC fund was depleted. Recall also that for approximately 13 years those paying into SIPC were charged an annual premium of $150 in order to put the SIPC stamp of protection on their brokerage statements.

Did you just spill your coffee and think I must have mistyped that figure. I didn’t. I highlighted that ridiculous figure in November 2009.

$150 annual premium paid by each and every Wall Street brokerage house to put a stamp of investor protection on their statements. What type of insurance do you purchase for a $150 annual premium? Seriously.  (more…)

Support H.R. 757 for Real Investor Protection

Posted by Larry Doyle on March 5th, 2012 8:47 AM |

All too often I have heard over the last few years from investors violated by the Wall Street-Washington incestuous process and feeling totally disenfranchised as a result. Why have investors gotten trampled?

Great question and worthy of widespread debate and discussion. In an attempt to narrow our focus today, let’s zero in on the Securities Investor Protection Corporation, the organization designed to:

restoring funds to investors with assets in the hands of bankrupt and otherwise financially troubled brokerage firms. The Securities Investor Protection Corporation was not chartered by Congress to combat fraud.

From where does SIPC raise its funds in order to offer this protection to investors?  (more…)






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