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#22
10-03-2007, 05:42 PM
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Re: Bank Failures (Public Service Announcement)
[ QUOTE ]
Quick question: How safe/well known is ING? I can move it to Wells Fargo, if required. [/ QUOTE ] Very safe- I've got about 75k there and have had no problem. It's one of the leading online banks, good fraud protections, etc. And of course there's 100k FDIC protection in the very unlikely event of bank failure, but that's true with every US bank. 
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#23
10-03-2007, 05:44 PM
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Re: Bank Failures (Public Service Announcement)
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Probably a stupid question, but then what do guys like Bill Gates do? [/ QUOTE ] If they are looking for the safest cash investments, they would likely go with US Treasury bonds. Nothing will happen to those as long as civilization as we know it hasn't collapsed.
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#24
10-03-2007, 06:05 PM
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Re: Bank Failures (Public Service Announcement)
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Probably a stupid question, but then what do guys like Bill Gates do? [/ QUOTE ] Tax Free Municiple bonds are what I heard Ross Perot uses(d) a lot of.
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#25
10-03-2007, 07:43 PM
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Re: Bank Failures (Public Service Announcement)
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Probably a stupid question, but then what do guys like Bill Gates do? [/ QUOTE ] The majority of he´s fortune is in Microsoft stock. Stocks are not insured against loss. You make more on avarege holding stock than having money in a savings account, but you also bear an increased risk of losing the money.
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#26
10-03-2007, 07:50 PM
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Re: Bank Failures (Public Service Announcement)
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Probably a stupid question, but then what do guys like Bill Gates do? [/ QUOTE ] Most wealthy people (not even Bill Gate type wealthy) do not have that kind of money in liquid instruments like cash or money market deposits that need FDIC. They invest in stocks, bonds, commercial real estate, limited partnerships (i.e. hedge funds). The only people I hear of that need over $100K in cash are usually high stakes poker players who store cash in casino lock boxes. Otherwise, buy stocks/bonds and when you need to purchase a house or something big - sell it.
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#28
10-03-2007, 08:49 PM
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Re: Bank Failures (Public Service Announcement)
DIF + FDIC = $$$$
Thanks to a previous thread, I opened an account at www.salemfivedirect.com which also has DIF along with FDIC coverage. http://en.wikipedia.org/wiki/Depositors_Insurance_Fund
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#29
10-03-2007, 09:24 PM
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Re: Bank Failures (Public Service Announcement)
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no kids no wife anything else you can do? [/ QUOTE ] If you are in the enviable position of having more than 100k in a bank account, and extra time on your hands with no wife and no kids, the only think I know that you can do is open accounts at multiple banks. 10 banks X 100k = 1MM insurance. a hassle I know, but I would think at some point you would invest the overage in a different asset.
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#30
10-03-2007, 09:26 PM
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Re: Bank Failures (Public Service Announcement)
[ QUOTE ]
Probably a stupid question, but then what do guys like Bill Gates do? [/ QUOTE ] Gates has a family investment offce called cascade investments/BGI (bill gates investments). The office manages his microsoft holdings, the selling program, and the diversification of assets, its a large office and michael dell has something similar. MSD capital, basically it's own hedge fund. families with 5-50MM or whatever use high net worth services at brokerage houses or some do it themselves. FDIC is only for bank accounts and at some point you simply invest into other assets. Once north of a certain number (that number changes for different people), you become more concerned about losing the money than making more, so you diversify across asset classes to insulate yourself from the drop in value of any particular asset.
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