...but then there are those who have 'air' shares (IOUs) by way of ex-clearing...that is broker to broker. Those fails do NOT show on the DTC books, but they still need to be delivered. I know, it is convenient to overlook ex-clearing....everybody else does. Don't underestimate it.
I can't argue there since they were fraudulent shares.
I will throw this in though, if a brokerage ended up with shares not covered, I believe they would, and should make them good. If not, who would buy anything through them knowing that they can't guarantee what you are purchasing.
Of course insurance comes to mind. A forced buyin also. I think there is a difference in those committing fraud and those being a victim of fraud.
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