Helen Davis Chaitman on SIPC's Continuing Fraud

For nearly two decades Wall Street advertised that each customer was protected for up to $500,000 in SIPC insurance. Major brokerages including, Goldman Sachs, Morgan Stanley and Merrill Lynch paid a token premium of $150 per year to insure trillions of dollars in customer accounts for 19 years while earning billions in profits and billions in bonuses annually. They were repeatedly warned by the General Accounting Office and Members of Congress that the fund was not adequate to handle the demands of a major liquidation but failed to take action.

Not until April Fools' Day 2009 did they increase the premiums.

Category:

News & Politics

Tags:

• MF
• Global
• Stanford
• SEC SIPC FINRA failures
• regulatory capture
• Wall Street greed
• corruption
• Wall Street Banksters
• investor confidence
• revolving door