Not worried about it, more just wondering how you'd go about proving ownership in this type of situation out of curiosity... or if anyone else was doing any sort of equity portfolio backup.
Schwab is a custodian of your assets, if they are doing anything illegal with those assets (i.e, that would be fraud) then SIPC coverage starts to kick in
But we're talking $7t in assets here, and how many millions of customers?
You're fine, even if they have completely fucked their banking department, and even then, someone would become a large shareholder within a week's time and all would be restored
The problem with all of these banks is that they invested in long term bonds with low yields, but at the time those yields were all they could get, so now the bond value is depressed, but not worthless, nor will they ever be worthless