...and totally mis-managed.
Marty flagged a really interesting Boston Globe piece earlier today. It's about the SIPC, the government-created but privately run company (I'm rolling my eyes, too) that ostensibly insures brokerage accounts. Per the Globe:
Until recently, the little-known Securities Investor Protection Corp. was flying high, confident its $1.7 billion fund was more than enough to insure investors against brokerage failures and fraud for years to come.