The Huge Hidden Risks To Your Brokerage Account — Reply To SIPC’s CEO

Stephen P. Harbeck, President and CEO of the Securities Investor Protection Corporation (SIPC) has written a strongly worded response to my Forbes column entitled “Close Your Brokerage Account.” A longer version of this column entitled, Why No One Should Use Brokerage Accounts was published by PBS NEWSHOUR. I respond below to each of Mr. Harbeck’s statements on a line-by-line basis. I indicate my response with my initials, LJK. I indicate his statements by the initial H. Mr. Harbeck claims that my article entitled “Close Your Brokerage Account!” (Forbes, June 30, 2014) is misleading in the extreme. More in Forbes here.