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After I attempted to give some sound advice,and reply to your post....your reply of "I am too lazy to figure out where to put my MILLION dollars"...this is either a thinly veiled brag post..or just plain STUPIDITY
There are PLENTY of 2+2 members in BFI,that would LOVE to have "your million $$$ problem"...and would digest any useful information this forum may produce from the many intelligent posters.
This is a "NICE" example you are setting(LOL)... for the younger/novice investors,as I would expect MUCH more from you.If you can compute,compare or even care about your <.05% loss worry.....what was the purpose of your post in the first place?
Just drive to the nearest BOA branch...tell them how lazy you are.....deposit your $1MM in ONE five year CD at whatever interest rate they give you,....and "hope" your principle + interest is still there in 2012
I am pretty shocked right now,as I guess I would expect more from someone like you in BFI
I am also THRILLED I didnt give you the sound advice I was sincerely going to suggest prior to me asking you some simple questions in my previous post...making you many times more than a standard CD will return w/o risk!
Very Disappointed,
Stephen Feraca [img]/images/graemlins/confused.gif[/img]
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You are way too sensitive. Everybody knows that I have a lot more than a million dollars so how was it bragging? And everybody knows that I know that putting money in the bank is one of the worst ways you can use it. But since I decided to do it purely because I am too lazy to go to any trouble at all for an extra 20K a year, it brought up the interesting question of whether the utterly horrible rate that BofA offers is even remotely related to the diminshment of risk.
I suppose I could have asked the question in that form rather than have embellished it with my personal situation. But that was just window dressing to make the post less dry. I realize you were just trying to be helpful, but as I said, the main reason for my post was that I was curious about the probability that banks will lose uninsured deposits. It was really a political question that justhappens to have a tiny effect on my life. If I heard anyone else on this forum put a million dollars in a bank CD, I would have them flogged.
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I sure didn't know you had millions! I don't see you in Bobby's room and I can't see how your books have generated millions, but apparently they have. While we are on the subject, what is your net worth (since everyone already knows except me) and what was the source (books, poker, investments?).
Regarding your cash situation if you reside in California where state taxes are high the added benifit of US obligations are they are not subject to state tax. There is a service that will allow you to put up to $50 million in a bank and have it covered by FDIC while getting one interest rate and one statement. The drawback is it has to be a bank that participates in the CDARS system.
http://www.cdars.com/
I'll betcha if Brandi sees this post she will be impressed with your $$$, unless you already told her.