If that is in fact the case, then why do you initiate this thread with the heading: "Is IB the Next Refco"
Why worry? If IB is member of SIPC, you are cover up to $100k + additional $900k http://www.interactivebrokers.com/en/accounts/accountProtection.php?ib_entity=llc
This is the most absurd phucking thread I have had the displeasure of reading. Please bury this turd. Oh and ZF, it was your parents who took the unacceptable risk.
Risk, you hit the nail right on the head, as usual my boy! Seriously, some of the logic that I have seen exhibited on ET regarding the REFCO situation is a very sad reflection of how incredibly ignorant our society has become. It took almost about 50 posts before most people here figured out that the 15 day moratorium on the withdrawal of funds had to do with REFCO Capital Markets, and NOT REFCO LLC where most people's segregated futures accounts are held. Moreover, few people here have even exhibited the slightest understanding of what the CME and the Exchange Clearing Corp's role is in this with regard to the segrerated accounts of REFCO LLC. No one wants to make sure that they post factual information. No one wants to actually use their brains and think for a moment. It must be far too difficult. How sad.
EXCELLENT post, and a very timely question. "could we see it coming"? Unfortunately most people still think it is some sort of accident, "bad luck", CEO conspiracy... well if you care to look into the history of the company u will not find to too surprising, just check the number and the nature of NFA/CFTC cases against Refco over the years. To quote a former FXCM employee (and please dont ask for his name): "whenever we needed to do something shady we went through refco". But the real problem is that people prefer to use their greed rather than intelligence... so their clients will make no conclusions and go with the next "biggest mightiest guarantee stop orders and everything u can think of totally serured insured and regulated" firm out there... and history will repeat itself again and again...
Cool, you just commited libel. I wouldn't make such assertions unless what you're paraphrasing is in writing or on tape.
Exactly. Leave it to some youngster to shoot off his mouth with no substantiation whatsoever . . . Isn't life grand??? No one needs to be accountable for what they say. You can just say anything that you want!
Oh how scary. I am not make an assertion to whether this is true or not. Take it for what it is. If you think I am making it up...well hope it makes you feel better.