Thursday, October 28, 2010

How Widespread is the Fraud?

"Richard" poses an unsettling question (posted 10/28/10 7:03 AM) in the comments section of the Vox Day blog:

We observe here a lack of integrity of most (perhaps all) of the institutions associated with real estate transactions. Our interest in this topic stems from our desire to protect ourselves/our family from the consequences of this dishonesty and maintain that which we earned.

Given the ubiquity of dishonesty observed, it raises another disturbing question that should also be addressed: Is the same thing going on in the securities industry that is went on in the real estate industry. Do the brokerage companies really have the stocks/securities that you 'bought?' I know for a fact that stock brokers really, really, don't like to have to give you physical possession of stock certificates since then it is registered in 'your' name rather than being held in a pool by them.

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