1. arguing that "the appropriate response to an 'ought' claim is an 'ought not' claim;J,1998
2. Exchange Commission, a securities intermediary is prohibited from giving a security interest in customer securities without the customer's consent. See Comment 2 to UCC � 8-511 (paraphrasing those SEC Rules). Brokers are required to maintain a sufficient inventory of unencumbered securities to satisfy customer claims. See SEC Rule 15c3-3; see also UCC � 8-504 (mirroring that requirement). If a failed broker fails to maintain a sufficient unencumbered inventory, its customers are protected against loss under the Securities Investor Protection Act, which established the Securities Investor Protection Corporation to pay that loss. See U.C.C. � 8-511 cmt;Under Rules 8c-1 and 15c2-1 promulgated by the Securities and,2000