07448. THE SECURITIES INVESTOR PROTECTION CORPORATION. History and comments on the SIPC, established by Congress -- but as a membership corporation not considered an agency of the U.S. government -- to protect customers of failed brokerages. Full details on organization and powers of this unique organization, and why customers complain because it insures only the physical holdings of securities and not their market value. 13 pages, 21 footnotes, 8 bibliographic sources.