zf, and others: Lets all chip in and raise the caliber of posting on ET. Such inflammatory smearing doesn't become us.
The real question isn't "Is IB the next refco" But rather.. "Is there any trading firm more secure than IB for the retail daytrader?" And I can't think of one. Most of the other firms posting on ET are not much more than a few guys in a room. I've toyed with the idea of opening a prime account at a major investment bank, but i wasn't comfortable with increasing my account balance to over the $1 mil level. We all have to trade somewhere.
I'm sorry, has REFCO been accused of theft? As for fraud, I'm still not sure if this tops the wrong perpetrated upon the world by the hotshot broker who stuck a winning Cattle trade into the account of some governor from Arkansas' wife. He should be posthumously hung for sedition.
fair challenge, and I haven't traded retail in a long time, so I have to beg off. I have a hard time envisioning a world where IB is the best option.
so what does aggregate limit of $150 million mean? does it mean if $2 billion is destroyed after the first $150 million only the 100k per account cash is covered?
I was inevitable that this Refco embarrassment would bring up questions about other firms. As it should. How those questions are posed and answered is the key. "When did you stop beating your wife" is not a fair question, nor is an accusation that any firm in the next Refco. It implies that some fraud may be brewing, and there is no evidence at all to support that. The thread title is not reasonable.