I will be covering this in detail at the WEC in a couple of weeks. We are getting the same Conspiracy Theories regurgitated and twisted around. People are asking what is real and what is not. Suffice it to say, when you buy shares and leave them at the brokerage house, they remain in THEIR name – not yours. They are in STREET NAME, and that is why I have for years suggested you take delivery the same you would do with gold.
Brokerage houses SWEEP your account and sell the cash collectively overnight into the REPO market. If that night the entity they had lent it to defaults, you have lost your money and get in line because the corrupt New York counts will declare you are an UNSECURED creditor. Good luck. Just look at what Judge Martin Glenn did to the people who had money on deposit at MF Global.
It was Martin Glenn who was the judge in New York on M.F. Global bankruptcy. He was the first one to engage in FORCED LOANS by abandoning the rule of law to help the bankers by protecting them from losses, taking client accounts to cover M.F. Global’s losses. That is no different from what we saw in Cyprus. He allowed the confiscation of client funds when, in fact the rule of law should have been that the bankers were responsible and M.F. Global’s losses should have been reversed. Never should the client’s funds be taken for M.F. Global’s losses to the NY Bankers. It was Judge Martin Glen who placed the entire financial system at risk by trying to protect the bankers. He pampered these bankers, making them the new UNTOUCHABLES. We have to be concerned that there really is no rule of law that will protect you in a crisis.
