In a time of collapse, i wonder what all the warrants and options and other paper claims will be worth.
I fear I'd be "Corzined" out of my gold and the govt will stand behind the corzining of me by banks and corporations who issued worthless claims to physical gold that never existed.
That's what happened to clients in the brokerage that Jon Corzine was involved in. All the farmers who hedged their crop production with options got screwed over as their options expired without them being able to exercise them due to the freeze on all accounts and missing $ 1.6 billion.
Best part is, not only did Corzine not go to jail, he actually got back into the securities industry.
That alone should be a warning sign not to leave your money in a brokerage account. The stocks and money you think you own in a brokerage are in actual fact your loan to the brokerage. And like any loan, there's never a guarantee that you'll get what you lent back.
The only good news is that "corzined" is now a word in the urban dictionary. i.e. "When something of value is stolen, and everyone who was in charge of safeguarding the valuable claims ignorance of just about anything."
I fear I'd be "Corzined" out of my gold and the govt will stand behind the corzining of me by banks and corporations who issued worthless claims to physical gold that never existed.
That's what happened to clients in the brokerage that Jon Corzine was involved in. All the farmers who hedged their crop production with options got screwed over as their options expired without them being able to exercise them due to the freeze on all accounts and missing $ 1.6 billion.
Best part is, not only did Corzine not go to jail, he actually got back into the securities industry.
That alone should be a warning sign not to leave your money in a brokerage account. The stocks and money you think you own in a brokerage are in actual fact your loan to the brokerage. And like any loan, there's never a guarantee that you'll get what you lent back.
The only good news is that "corzined" is now a word in the urban dictionary. i.e. "When something of value is stolen, and everyone who was in charge of safeguarding the valuable claims ignorance of just about anything."
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