What happens to a person's stock, mutual fund and savings account $ if their online brokerage/bank like Etrade or Ameritrade goes bankrupt? The site says it is SIPC and FDIC insured, but does what does that mean? And who do we contact if it happens. I can't find any straightforward answers on the site.

Right now etrade is sending "despite rumours we will continue to provide excellent service blah blah blah and we can withstand a million dollar loss blay bah blah"
Fishy if you ask me.

I would switch my account last week. I use Scottrade which seems to be OK right now but if they go bankrupt then who knows how long it will take to see your money, if ever. I'm thinking Schwab would be the strongest of discount brokers. Just my guess though.
Wouldn't creditors get the first piece of pie, stock holders last? I really can't find anything on it and I have been looking.