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Representative Sherman on SIPC’s Insolvency


Representative Sherman on SIPC’s Insolvency “any insurance regulator in the country that looked at the fact that you’re standing behind well over a trillion dollars worth of accounts and you have well less than a billion dollars would close you down in a second as being an undercapitalized insurance company.” “There is no more obvious fraud then somebody selling insurance or claiming to be providing insurance, that doesn’t have the capital to pay anybody off. Should your members put an asterisk by that decal that they all have on their window saying, yes, SIPC provides the protection but there is virtually no net worth…” Representative Sherman

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