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OT stock broker

Discussion in 'Off Topic Threads' started by VietVet, Mar 6, 2009.

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  1. VietVet

    VietVet TS Member

    Joined:
    Jan 29, 1998
    Messages:
    37
    Just a brief question to the good guys on this site. I have some stock being held by Smith-Barney. These guys scare me to death, what with Citi group ready to go tango uniform, I was hoping for some recommendation as to which brokerage is probably solvent enough to trust. . .if indeed there are any left in the world. If y'all have any good ideas, I would be more than happy to entertain them, as I am an NFG in the world of stocks. Hell of a time for my aunt to die and leave them to me. Thank you in anticipation for your response. John in Everett WA.
     
  2. waterhouselake

    waterhouselake TS Member

    Joined:
    Apr 2, 2006
    Messages:
    291
    Vietvet...Your stocks are insured by the SIPC to $500K. Then some brokerage firms purchase additional insurance from private corps. You're safe. FYI, assuming you inherited the securities from your aunt it is important you know the cost basis as to determining gain/loss on sale of such. The cost basis for you is what the security closed at the day your aunt died.
     
  3. VietVet

    VietVet TS Member

    Joined:
    Jan 29, 1998
    Messages:
    37
    Waterhouselake, thanks for the good info. Eases my aching head a tad.
    I guess I am now a card carrying Capitalist, eh;-}
     
  4. VietVet

    VietVet TS Member

    Joined:
    Jan 29, 1998
    Messages:
    37
    Vern, your comment brought a smile to my face--actually, it was late '68!

    I'm waaaay tooo short to take point.

    John
     
  5. warren

    warren Member

    Joined:
    Jan 29, 1998
    Messages:
    948
    Location:
    Fernley, Nevada
    Your stocks may be insured but if Smith Barney and Citi get tangled up with the Gov't you will loose control over them until such time as your insurance clain is settled and who knows how long that will be. I would transfer them to a firm that is not mixed up with any of that Gov't take over business like Scottrade or Schwab. If they crater while out of your control that is just gonna be to bad. Just my opinion.

    warren
     
  6. VietVet

    VietVet TS Member

    Joined:
    Jan 29, 1998
    Messages:
    37
    Welcome home, Vern!

    With the help of God we won't have to teach the FNG's here in the CONUS how to walk point.

    Take care,

    John
     
  7. creteham

    creteham Member

    Joined:
    Mar 15, 2008
    Messages:
    61
    Hell man, you got money now. You don't have to walk point, you can be a REMF from now on!

    :)

    Terry
     
  8. Bruce Specht

    Bruce Specht Well-Known Member

    Joined:
    Jan 29, 1998
    Messages:
    5,059
    Location:
    Near but not in chicago
    The brokerage firm that I use is RBC Dain Rauscher. They have offices all over the country and in Canada as well as other countries. Look them up on line and find office near you.
     
  9. pdq

    pdq Member

    Joined:
    Aug 24, 2006
    Messages:
    934
    Vietvet:

    If you don't feel comfortable with having the stocks where they are, make the change; worrying about something you don't have a lot of experience with will drive you nuts.

    I have no affiliation with them, but another to consider is Vanguard. They didn't get messed up with any of the sub-prime securities, and have very low fees.

    Pete
     
  10. jsteenson

    jsteenson Member

    Joined:
    Jan 29, 1998
    Messages:
    223
    lately,Broker,has taken an all new meaning, we're all broker than we were before. I'd trust a cookie jar for the forseeable future. Jack
     
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