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Author: dianemmalucy Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 4956  
Subject: Re: Response from BuyandHold Date: 4/19/2001 10:33 AM
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I have been following all the posts regarding BuyandHold. As an account holder, I am also concerned. I am not decided on what I will do yet. I wanted to add a comment about the SIPC issue. I recall reading a New York Times article last fall (I recall it being mentioned on a Motley Fool board, but I do not remember which one)which discussed SIPC. The gist of the article was that SIPC makes it very difficult for the investor to recover his investment if a brokerage closes and that the protection provided by the SIPC was not the same or as good as the provided by the FDIC for bank accounts. The story talked of a man who had to file suit to recover his investments when his brokerage closed because the SIPC would not pay out. The SIPC was arguing that the man had made his checks payable to a clearing house for his investments which is not the brokerage so they did not have to pay out on it. Since reading this article, I have had concerns about brokerages but pushed it to the back of my mind. The recent events has started me thinking about this again. I know that I make my checks out to BuyandHold, so I figure the SIPC could not use the excuse that was mentioned in the article.

I am sorry for the long post. If anyone recalls the article or more info, please let me know.
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