muses of the moment

July 12, 2012

Santelli on PFGBest

Filed under: MF Global bankruptcy, The Banking Crisis — totallygroovygirlfriday @ 4:03 pm

Click here.

“it could be, on a percentage basis, worse than MF Global.”

And Ann Barnhardt has some sound advice today, GET OUT! Click here.

Side musing: if you must trade, use 2-3 different brokers, clearing thorough 2-3 different clearing houses. If (when) one goes down and you can’t close a position, you can hedge it in another broker account. Do not leave anymore than what you need to trade in any broker account. A broker is not FDIC insuranced.

Groovygirl also recommends the 2-3 rule with anything: all financial accounts, banking, countries, money markets, brokers, business accounts, vaults, etc. The banking system is collapsing, it is not if, it is, when. As Ann points out, one of the three can be in your hand.

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