The letter ‘ I ‘ in SIPC is NOT ‘Insurance’. (It’s ‘Investor’ fyi). Securities Investor Protection Corporation is what SIPC stands for, lemme learn ya somethin’.
SIPC offers ‘protection’ and not ‘insurance’ which is a very important distinction that matters in Lawyer-Legalese Talk for no other obvious reasons than to limit liability and to sue people or say they “ain’t payin’ for it”, just like the Madoff case.
What I’m trying to say is, SIPC covers some very limited things, things like Brokers being dicks and trading without your permission, and things like Brokers being liquidated while having your shit on their books.
Side Not-valid tip, if Brokers trade without your permission,
then don’t retroactively agree or consent to their foul play shits.
Or ya done goofed kid.
Brokers are like scams, a dime a dozen, and if I had a penny for every time I lost a bet,
I’d be broke because I gambled those pennies away.
This is what SIPC protects per their website;
There’s plenty of info on what SIPC actually covers and what they actually do, but they are not some all encompassing insurance racket, even if their non-profit-vig-collecting-FOIA-avoidin’-Broker-Dealer-Conflict-Interesting ass resembles an Insurance Racket.
Don’t worry kiddo because,
A lot of financial websites mistaken SIPC for insurance;
Some important and big named Brokers, Prime Brokers, didn’t make the mistake of not knowing what SIPC is. So, kudos to them for not being on this wall of shame.
Yet SIPC offers ‘protection’ or ‘coverage’ and only when they deem it necessary.
So you’re not the only Clown in these markets, hell, Join the circus, because everyone thinks ‘SIPC is InSuRaNCe’ for some reason.
That’s a myth, and you need to wisen up like you woke up behind the wheel of a Drunk Driven Car, and you just happen to be in the driver’s seat for some reason -crashed into a tree no less, and you’ve got this awful headache with some raggy-ass vodka sweats dripping from your teeth and Whisky shits backed up in your white . . . Brown accented Khaki pants.
Hell, you might need to go to the cleaners for that one.
According the Mr. Harbeck,
(the previous CEO of SIPC), in 2010 he says SIPC is NOT insurance,
“Your Money is at Risk” -CEO of SIPC
Here’s the same thing but in a meme;
Let me get this straight,
The people that offers retroactive protection is supposed to not be ‘insurance’?
huh, yea, so, turns out,
SIPC and FDIC were the four letter magic acronym that the Gubernment thought to slap on the doors of gambling investment institutions like brokers and banks. All of this to sort of say ‘Government sanctioned’ or ‘Government approved’, kind of like if Michael Vick was sponsored by Petco or some shit. It’s to make you feel good, or somethin’.
Just another trick to ‘build investor confidence’ and con-fidently have you con-vinced to put a con-siderable amount of money from you con-solidated portfolio in to the markets. Definitely no-nothing scammy, crummy, racket-ran, viggy, Con-game by anyone.
I mean, the govy just wants you to build up your confidence in the US markets. What, it’s not like it is a real con-fidence game. Not at all a Con. No way are people being Con-victed of financial crime. We gots the purest markets ya ever seen, so pure you could snort it with your lines of credit (cards).
Here’s the SIPC talking about ‘SIPC Insurance’;
SIPC insurance exists but it isn’t by SIPC nor does it insure the same things that the SIPC
So the ‘SIPC insurance’ is actually not Insurance by the SIPC
Insurance Against the SIPC
Or more specifically, Insurance against the matter of the SIPC’s protection failing to cover your assets. Basically an excess protection. Think of it like ‘gap protection’ or ‘gap insurance’, but also SIPC isn’t insurance, but it’s protection, but also it’s not because it didn’t always protect those that should have been protected, because FeEDeR FuNdS or whatever.
SIPC does not protect against Fraud. That’s like their words, not mine.
SIPC really only protects during Broker-Dealer Insolvency and very finite definitions of things or some shit, Also their words, kinda.
And it really only pays up if you meet certain stipulations, Per SIPA if you want more info.
The US Markets are definitely not a con game to win your confidence. Don’t you dare get wise and read in between da lines. If you want bliss, just stay ignorant you goof. That way you can be blissfully ignorant as they definitely not rob you blind. Definitely not a con game,
Anyways, I think I might have provided a little less faith in the markets by clarifying things,
Thank The Omnipotent Federal Reserve and their infinite omniscient wisdom, that I’m doing my part,
As Always, “Your Money is At Risk” Mc-Brown-pants and there are “No Safe Bets”
*Not Valid Financial, Legal, Life, or Any Advice