Can Madoff payouts break the insurance bank?

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Can Madoff payouts break the insurance bank?

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The Securities Investor Protection Corp. insures brokerage accounts for up to $500,000 each when customer assets are stolen or missing. But if clients of Bernie Madoff wipe out the insurance fund, will there be any protection for everyone else?

In interviews and congressional testimony this week, Stephen Harbeck, SIPC''s chief executive, could not rule out the possibility that its resources might be exhausted by victims of Madoff''s alleged $50 billion Ponzi scheme.

Added on: Thu Jan 15, 2009 7:15 am by : JeremyHolter

Rupert W Bradson
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	Wow!! I din't know that there is an agency that insures investors funds against brokerage failure and theft. It seems that they also cover against spurious investment schemes.