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Message
re: How will BR/LSU/TAF handle the Stanford crisis?
Posted on 2/20/09 at 10:36 am to JPLSU1981
Posted on 2/20/09 at 10:36 am to JPLSU1981
quote:
SIPC does not cover individual securities per se. They insure against the failure of SIPC member institutions (like Stanford).
There is a very good chance that the individual securities are worthless. Therefore SIPC will insure that these individuals recieve their worthless securities.
quote:
I have a feeling - given the size of this fraud and the media attention given to this particular case - that even if SIPC doesn't step in that the federal government will step in to help investors recover some of their funds.
Some as in 1, 2, 5, 25, 50%? Some is a vague term.
The legit securities will be returned to the investors. The money in the CD's is likely almost entirely gone.
0
Posted on 2/20/09 at 10:38 am to JPLSU1981
quote:
I don't think that is exactly clear at this point. SIPC does not cover individual securities per se.
Yeah, I was reading through it and it's really hard to know how it will apply to this example.
I'm not sure I agree that the feds will step in to replace assets.
Posted on 2/20/09 at 10:41 am to Tiger JJ
Claw backs are already being discussed.
Posted on 2/20/09 at 10:43 am to Cash
You mean claw backs from formerly redeemed investors?
Posted on 2/20/09 at 10:43 am to Tiger JJ
exactly
Posted on 2/20/09 at 12:19 pm to Cash
quote:
In addition to freezing Stanford's accounts, analyzing records and interviewing employees, Janvey will likely use so- called clawback litigation to force Stanford investors who cashed out early to return previous withdrawals, according to Goldberg. Such clawbacks are expected to be used in the Madoff case.
quote:
Janvey, here, is Ralph Janvey, Stanford's receiver. Goldberg is Michael Goldberg, a lawyer at Akerman Senterfitt in Miami, who confirms to me that he believes the Stanford recievership will be a tougher job than either Enron or Lehman. Yikes.
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