What does hypothecated mean?
They use your shares for surety and then speculate with it. Much like banks invest your money you have deposited and then speculate with it.
It’s already happened. MF global, an American financial services firm lost customers hypothecated securities and commodities on a bad bet on European Currency.
Well, I’ve already gone “galt” as they say. I have a ten-year-old car,and luckily have a son-in-law who is a mechanic with a dealer of the same kind of car I have. It has 225,000 miles on it, but runs like a new one. I have another son-in-law who is a commercial appliance repairman, and another son-in-law owns a bread route and I get my bread from him, and my son is an electrical engineer. I think I’m covered! I sold my house and moved in with my bachelor son, and we help each other with the expenses.
I don’t go to sit-down restaurants where I would have to leave a tip. We don’t have cable TV. I never go to movies. I never go to Starbucks. (I own a Keurig and always get my coffee pods on sale - about 50cents a cup). I get my hair cut about every two months at one of those discount shops, and I patronize the local Dollar Store.