SIPC
The Securities Investor Protection Corporation, or SIPC, is the U.S. investor's first line of defense in the event a brokerage firm fails, owing customer cash and securities that are missing from customer accounts. SIPC either acts as trustee or works with an independent court-appointed trustee in a brokerage insolvency case to recover funds.
The statute that created SIPC provides that customers of a failed brokerage firm receive all non-negotiable securities - such as stocks or bonds -- that are already registered in their names or in the process of being registered. At the same time, funds from the SIPC reserve are available to satisfy the remaining claims of each customer up to a maximum of $500,000. This figure includes a maximum of $100,000 on claims for cash. From the time Congress created it in 1970 through December 2007, SIPC has advanced $507 million in order to make possible the recovery of $15.7 billion in assets for an estimated 626,000 investors.
Lewis E. Randall to Retire from Board of Directors after 30 Years of Service NEW YORK--(BUSINESS WIRE)-- E*TRADE Financial Corporation (NASDAQ: ETFC) today announced Rodger A. Lawson and Rebecca Saeger have been appointed to the Company’s Board of Directors effective February 10, 2012. Additionally, the Company announced Lewis E. Randall is retiring after almost 30 years of service on the Board effective February 10, 2012. Rodger Lawson “Rodger is a visionary leader, a master of operational execution ...
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