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10:50 PM on 07/18/2012
Set up a margin account if they allow it so you have the exact minimum needed or if you have a very large sum, get it insured via Lloyds.
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11:00 PM on 07/18/2012
Or move to Canada as all customers there and from the MFGlobal scandal got their money back.
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11:02 PM on 07/18/2012
Of course this is not realistic for most folks but for full time traders who make their money off of it or something, it's an idea. And I'm sure you'd have to be a citizen.
11:00 PM on 07/18/2012
It was a margins account and he only had cash.
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11:23 PM on 07/18/2012
You're right about that and he was doing commodities. I guess this would only work for instruments that allow higher leverage such as forex.
Ever victorious in spite of liberals....
10:21 PM on 07/18/2012
Law suit!
question everything
10:54 PM on 07/18/2012
Who's he going to sue since the firm filed for bankruptcy?
11:07 PM on 07/18/2012
The CCC is suing.
Rude, Crude, and Socially Unacceptable
10:14 PM on 07/18/2012
Simple solution: Don't use banks.
10:16 PM on 07/18/2012
Not sure if any current economy would function with no banks.
Mark Wesly Mason
10:06 PM on 07/18/2012
As soon as you put your money in some eles hands your takeing a chance. Put some in a bank for everyday use but keep the rest somewhere where you know it's safe even if it doesn't draw interest. The banks and savings and loans prove over and over again that they can't be trusted. Those days are long gone.
10:07 PM on 07/18/2012
His account wasn't drawing interest. It was a cash position.
09:57 PM on 07/18/2012
Has Mitt received a notice like this from his blind trustee?...oops, I meant blind foreign trust. No? Darm, that sucks!
Everybody has an opinion
09:47 PM on 07/18/2012
When it comes to your money you can't trust anyone...I learned the hard way through a large company embezzlement of MY had no idea, attorney's had no idea...a large national bank even gave her a loan in my company name and I knew nothing about it...

I worked 80-100 hour weeks for years and never borrowed a cent from banks...and no one ABSOLUTELY no one would have suspected this women was capable of doing the things she did and to have stolen so much money over a 4 1/2 year period...

I trust NO ONE with my money now...I took alternative measures and NO ONE will ever take another dime from me...tough lesson learned...
09:22 PM on 07/18/2012
What's the "perfect" solution? Gold hoarding?
Borrowing from an old Twilght Zone" episode dialogue:

Year 2060, "What's all that shiny stuff the old dead guy's holding? " Reply: "Oh that? I think that's gold. It used to be worth something once but, once they synthesized it, it's almost worthless."
secession is the solution
08:58 PM on 07/18/2012
Buy gold, guns and grub, forget the banks and stocks and other schemes to make someone else rich.
09:06 PM on 07/18/2012
maybe just keep some of your money in a bank, not all of it.... and avenge any loses....
Michael Nauton
09:37 PM on 07/18/2012
what about not putting all your eggs in one basket ?
08:49 PM on 07/18/2012
I feel so sorry for these people. I can't imagine taking someone's life savings and enjoying vacations, houses, cars etc with it...I guess I have a conscious and these people are just most people I would love to be rich and live a glamerous lifestyle, but i wouldn't enjoy it if I had to steal it
08:22 PM on 07/18/2012
Why should we have to invest in anything why can we not put back real money in our IRAs let the fact cats on wall street and money managers steal each others money instead of the working people!!!
08:37 PM on 07/18/2012
He had it in cash with a brokerage. Is your IRA money with a brokerage?
03:06 AM on 07/19/2012
No it is with a credit union
09:07 PM on 07/18/2012
What if your IRA funds collapse and disappear? The only way to insure against total financial ruin is to own gold or silver. And I mean OWN it. Buy a large, heavy duty safe, bolt it to a concrete floor and store all your valuables in it. That's what I did.
Pragmatic Progressive
11:00 PM on 07/18/2012
Which means you are not diversified.
08:11 PM on 07/18/2012
This isn't an issue with diversification. This is an issue with inept regulators and fraud. Most people have their "diversified" money with one brokerage. Before the "journalist" wags her finger about how people could have all their money in one brokerage, she needs to examine how many people only have one brokerage. Most people's "diversified" retirement money is probably with just one brokerage. PFG was a brokerage in the same mold as a Charles Schwab or TD Ameritrade. The only difference is that the CEO was crooked and the regulators were too inept at identifying the fraud. They only knew about the fraud after the CEO tried to commit suicide. The fake document that perpetuated the fraud was a bank statement with the actual balance whited out, and the number $218 million written in. How can regulators not catch that? The bank address led to a PO BOX, but regulators didn't check this either. This case isn't about diversification, but the fact that how can trades occur with absolutely no cash to back up the transaction, and how are we to trust regulation and account value? Before we rush to conclusion about adding additional regulation, we should first examine how inept regulators are left to prosper. The NFA and CFTC will face no penalty for their incompetence, while account holders are left with nothing, and public trust has degraded.
Pragmatic Progressive
11:04 PM on 07/18/2012
There is a pretty big difference between a commodities broker and a "brokerage in the same mold as a Charles Schwab or a TD Waterhouse." One of the big ones is the SIPC, which does insure against loss in the event of something like this with a major brokerage firm. The other is the actual ability with a firm such as those you mentioned to diversify your investments among stocks, bonds, CDs, and mutual funds. There is a reason commodities firms are not a part of a regular brokerage firm, and that is the HUGE risk an investor is exposed to with commodities investments.
12:10 AM on 07/19/2012
Charles schwab owns OptionsXpress which trades in futures and commodities and TD Waterhouse owns TD Ameritrade which also has a commodities and futures trading available to their customers. I think most brokerages have a futures and commodities branch.
08:10 PM on 07/18/2012
What happens when your employer sponsered 401k is in with one brokerge house and you cannot touch it unless 1. you live long enough to retire, 2. you quit or leave the company. What happens of the brokerage that has the 401k and the 20 funds you get to pick from (all 20 crap funds) goes belly up? All of your money is gone, gone, gone. What if the company you work for decides "IT" needs the 401k funds to re-capitalize (which the feds allow) and they take your money? Cry to the Feds? Hide under your bed and cry? Start over and never put your money in banks, brokerages, funds, or stocks?. Now are you glad nothing is regulated anymore? Are you happy no one looks out for your interests anymore, no police, no SEC, no FDIC (by the way is completely insolvent)? Remember in November, this is the legacy that has been left for us by our leadership and the crooks running Washington. Vote every single incumbant OUT, clean house, new leadership from the bottom up. Repeal their retirements past, present and set new limits for future retirements for all electorals. Make their health insurance and 401k plans the ame exact ones we get from our employers with the same loopholes and legalities for the companies to rob from them. See how fast the new congress will fix these issues right away if their pocketbooks depend on it.
Robert Huber
09:12 PM on 07/18/2012
Some of what you are saying doesn't make sense:

"What if the company you work for decides "IT" needs the 401k funds to re-capitalize (which the feds allow) and they take your money?"

An employer cannot remove money from your 401(k).
09:27 PM on 07/18/2012
Brokerages aren't supposed to take customers money either.
01:43 AM on 07/19/2012
Yes they can remove any matching funds they have contributed, if they deem it necessary for their company to re-capitaize. The fortune 100 company I work for sent letters out to all employess saying such. Even though you are vested 100%, their matchng contributions can be taken if they need to, your original before tax funds are yours 100% , - taxes of course. but their before tax matching funds they can take back without penalty.
08:02 PM on 07/18/2012
Currently a bank's savings account pays 0.1% interest and doesn't keep up with inflation. When I was looking at investments I put money into two brokerage houses. For the past 10 years, even with annual distributions, it is still worth more than what I invested. Anyone who puts all their investment into a single "high" risk investment or a single investment is just a fool. Has this investor ever heard of Bernie Madoff? Was he living in a cave somewhere in Antartica?
08:14 PM on 07/18/2012
The investors weren't putting money in one single investment they had it in a brokerage account. Also the article stated that the person was sitting on cash not any "high risk investment". The cash was stolen. Is your retirement money in multiple brokerages or is it with one brokerage that your employer chose?
Pragmatic Progressive
11:08 PM on 07/18/2012
The investor did NOT have it in a regular brokerage account. It was a commodities account. They are not regular brokerages and never have been specifically because of the immense risk.
06:58 AM on 07/19/2012
When I retired, I took the 401 funds and invested that with one investment firm who invested that into a diversified portfolio.

I took the cash balance plan that the company had for my retirement and invested that into a second investment firm who invested that into a diversified portfolio. Rather than taking a pension distribution that was available. My investments have grown, and if I need an increase, I can make the adjustment.

Both sets of investments have performed quite well in the long term. Short term fluctuations have been the rule, but with the mixed bag of investments some lose and some win, but overall there has been growth.
07:54 PM on 07/18/2012
You don't really believe he tried to commit suicide, do you? It's a lot of malarky.
He wants you to feel sorry for him. He only stole 200 million. So he shot himself
and missed on a fatal spot on purpose.
Pragmatic Progressive
11:09 PM on 07/18/2012
He didn't shoot himself. He sat in his car with the motor running and the exhaust coming in through a hose he rigged up. He was discovered before he died.
07:52 PM on 07/18/2012
Time to start public executions of these scammers; hunt them down (we found OBL, didn't we ?); try them before Judge Judy; then schedule the hangings for noon Saturday - every Saturday. Should be able to keep the show going for years.