JP Morgan Clearing (formerly Bears Stearn) dropped from CAPCO excess SIPC coverage.

[Mark Freeland]

JP Morgan Clearing will no longer have excess SIPC coverage, and depending
on how one reads the following quote from a brokerage statement, possibly
CAPCO itself itself is getting out of the excess SIPC coverage business.
(Given that its bonds are down to BB, I'm not sure how good that protection
is in any case.)

"Non-Renewal of CAPCO Surety Bonds.

"J.P. Morgan Clearing Corp. ('JPMCC') purchased and maintained surety bonds
from the Customer Asset Protection Company ('CAPCO'), a Vermont licensed
insurance company, for the protection of customer losses in excess of the
coverage provided by the Securities Investor Protection Corporation
('SIPC'). CAPCO will not be renewing any of its surety bonds at their
termination on February 16, 2009. JPMCC remains a member of SIPC and
Customers (as defined in the Securities Investor Protection Act ('SIPA')) of
a SIPC member that fails financially are afforded special benefits under
SIPA. Should you have any questions regarding SIPC coverage, pleas consult
your financial representative or visit the SIPC web-site at www.sipc.org."

Mark Freeland
nNe...@nyc.rr.com