Here is a simple solution to this which if instituted would solve this problem in a heart beat! The broker has to cover by insurance all investments against schemes. If an investor puts up one million the broker has to buy one million of insurance against fraudulant loss. The investor is garaunteed principle from loss by fraud. Then define what constitutes “fraud” in the contract.
I think they have to be a member that would, no doubt, include some sort of payment. But, why have something so simple when the government is always there to bail them out!
This would really tick me off if these idiots get our money - particularly after having spent the past year with all our funds in treasury paper and are now nearly paying the government for the privlege of being personally responsible.
This whole thing really sucks - my ‘run-in’ with the UAW occurred when I met a high school dropout who retired from GM at age 54 at full pay, unbelievable health benefits for the entire family (full medical, eye, dental, etc), plus annual bonuses. Why in the world should those taxpayers who can’t afford health insurance, pay for their gold-plated plans!
It would be great if Bush would tell them to go scratch - but then he has really turned into what the democraps have said he is/was.