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That was most humorous. LOL... talking heads fighting with each other...
Money is not the answer... and I also don't think more "insiders" doing the regulating is the answer... answer is true accountability, checks and balances, and complete transparency.
My trading funds are frozen with PFG. I had a couple people independently suggest opening an account with Infinity Futures. Does anyone have experience with Infinity Futures or could recommend a good futures broker?
Hi I doubt SIPC member firms would be interested increasing their levies to support the futures guys. Bear in mind regulation for securities is much tighter than futures so the insurance premiums for futures would likely be significantly higher.
I just looked at the SIPC annual report for last year. They only have net assets of $200+ million as there are still huge accrued liabilities outstanding from the Bernie Madoff debacle. The latest annual report can be seen here:
Even if they setup a separate self funded SIPC type entity for futures the cost to the futures brokers will be significant. The insurance companies will charge significantly for the risk premium due to lack of regulation and clearly incompetent oversight. Whatever vehicle is used, a bond or insurance the premiums to insure "the wild west" will likely be astronomical.
I doubt these firms can ever afford it. Take one of my brokers AMP futures for example. Their net assets are reported to be $800k+, how do you think they can afford say $500k in insurance?
*WASENDORF SAID HE USED PHOTOSHOP, SCANNER IN FORGERY, U.S. SAYS
*WASENDORF SAID CHOICE WAS GO OUT OF BUSINESS OR CHEAT: U.S.
*WASENDORF'S STATEMENTS MADE IN SUICIDE NOTE, PROSECUTORS SAY
*PEREGRINE'S WASENDORF SAID `I HAVE COMMITTED FRAUD,' U.S. SAYS
While unable to successfully kill himself, it appears the CEO of PFGBest is even less successful at evading the police. As just reported,
*PFGBEST'S WASENDORF ARRESTED IN IOWA
*FED PROSECUTORS CHARGE IOWA FIRM CEO W/ LYING TO REGULATORS:AP
*PEREGRINE CHIEF WASENDORF CHARGED BY FEDERAL PROSECUTORS (with making false statements to the CFTC)
*WASENDORF FRAUD AT PEREGRINE LASTED 20 YEARS, PROSECUTORS SAY