Only if one think's there is no rehypothication going on of collateral (i.e. someone else's debts in the form of government bonds, corporate bonds of all grades

Only if one think's there is no rehypothication going on of collateral (i.e. someone else's debts in the form of government bonds, corporate bonds of all grades, or even stock [which are liabilities on corporate balance sheets]) that is on deposit with some party…