In 2005, less than two years before onset of the Global Financial Crisis,

“safe harbor” provisions in the U.S. Bankruptcy code were significantly

changed. “Safe harbor” sounds like a good thing, but again, this was

about making it absolutely certain that secured creditors can take client

assets, and that this cannot be challenged subsequently. This was about

“safe harbor” for secured creditors against demands of customers to

their own assets.

Not your securities certificate, nor your asset. Sound familiar?