How about no removing excess funds at all? Or only if the customer opts in. Actually the Corzine rule is the rule that you can lie and steal and get away with it as long as you're well connected.
I dont understand. 1.6 billion missing, and no one has been charged with ANYTHING. How is this possible? Money just VANISHED into thin air? Someone must be accountable.
It's funny how we used to laugh at people in China, Korea and the like for being lied to. Who's laughing now.
Isn't it rather misleading to imply that a customer's funds are safe because they are "segregated"? To me, the word "segregated" implies that my funds are held in a separate account from anyone else and can't be used except by me! Shouldn't futures brokers be required to tell customers right up front in bold type: Excess funds in what we call your "segregated" account not needed to back your current positions may be borrowed by us from your segregated account and used for our own purposes without notifying you. We may not be able to pay back to you the funds we borrow.
Think its time that anyone holding any other persons cash or assets must have a fidelity / surety bond filed with the state for 125% of the value of the assets.
typically totally moronic that some rule is going to named after a scumbag like Corzine and perpetuate that name into history, as tho he were the smart guy who came up with the idea of preventing the loss via theft of client funds INSURANCE INSURANCE INSURANCE INSURANCE INSURANCE INSURANCE INSURANCE INSURANCE INSURANCE fug rules