[lbo-talk] Speaking of banks...

Robert Wrubel bobwrubel at yahoo.com
Mon Apr 14 17:45:20 PDT 2008


Countrywide was the first bank that was supposed to fail, and it was certainly not small. Capital One is another large bank with a weak safety rating. I imagine the share prices of both have plunged, but so far depositors havent been hurt. You can check your own bank's safety ratings online.

I personally didnt feel comfortable about an FDIC guarantee (how long would it take to be paid? would they pay in full?), so I took the early withdrawal penalty from Countrywide and moved my CD elsewhere. It hurt, but I told myself it was a smaller hit than I could have had in the stock market.

BW Jordan Hayes <jmhayes at j-o-r-d-a-n.com> wrote:

> which are the safer banks?

For the purposes of this discussion, I'm not sure it matters which banks are 'safe' -- if you have a deposit with them, it's most surely covered by FDIC. If you have an account at a bank whose deposits are not insured by FDIC, please close your account today. If you have more than $100,000 of deposits at an FDIC member bank, consider opening multiple accounts at different banks. I hear you can get a nice toaster for opening up an account somewhere new :-)

Most banks that fail are small.

http://www.fdic.gov/bank/individual/failed/banklist.html

/jordan

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