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Author: pauleckler Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 50181  
Subject: Re: How safe are online brokerages? Date: 4/29/2014 9:43 PM
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logs into your account and transfers a chunk of your assets to the islands

Of course if that happens, the world as we know it will collapse. First, there will be a run on brokerage houses as everyone orders out their shares as certificates and stores them in safe deposit boxes, etc.

Then trading stocks will be cumbersome. You will want to work with a broker with an office in your town so you can turn in your certificates promptly when you sell.

This probably means the end of the discount broker business. And cheap trades. Its back to the old days of $50 or so per trade.

I think the industry has every reason to see that this scenario does not occur. And if it does, they may very well cover the loss to keep the incident out of the news.
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