Largest bank failure in 14 years came across newswire at a time where there arent too many places to have cash sit and wait anymore without too much risk... its more expensive to keep US$ cash than it is to spend it today so our options are now even more limited. I currently use and have several accounts in ING Bank and Emigrant Direct.com. Both have brick and mortar branches and that gives some comfort although this recent news event has me on edge as my inclinations are proving true
I have been pounding the table among peers for almost a year now ... banks who have been starved for yield spreads took one dip too many into defaulting and overpriced mortgage pools... for months, the bobbleheads on tv/media promised that the subprime mess was isolated only to those mortgage companies that have already closed up... but are now finding a much harsher reality.
problem for investors in equities, we have to dig too deep and hard into their audited financials and holdings to determine what kind of pools banks invested... none of us here have the time, resources or even allowable access to this information, even on a publicly traded equity... and it doesnt even matter since ratings on the pools were full of crap anyway...
I will continue to harp on the fact that banks and big broker houses with leveraged exposure to defaulting pools will still have serious ramifications. It will take a couple of more bad news events about banks before more serious ripples throughout equities markets...
but, good news- up to 250k is covered by FDIC
bad news - only up to 250k is covered by FDIC
ING Bank will be taking over the existing accounts.... not sure how smooth this transition will be.
here are a couple of sites.
http://finance.yahoo.com/q?s=NTBK.PK
http://biz.yahoo.com/ap/070928/netbank_closure.html?.v=14.
I have been pounding the table among peers for almost a year now ... banks who have been starved for yield spreads took one dip too many into defaulting and overpriced mortgage pools... for months, the bobbleheads on tv/media promised that the subprime mess was isolated only to those mortgage companies that have already closed up... but are now finding a much harsher reality.
problem for investors in equities, we have to dig too deep and hard into their audited financials and holdings to determine what kind of pools banks invested... none of us here have the time, resources or even allowable access to this information, even on a publicly traded equity... and it doesnt even matter since ratings on the pools were full of crap anyway...
I will continue to harp on the fact that banks and big broker houses with leveraged exposure to defaulting pools will still have serious ramifications. It will take a couple of more bad news events about banks before more serious ripples throughout equities markets...
but, good news- up to 250k is covered by FDIC
bad news - only up to 250k is covered by FDIC
ING Bank will be taking over the existing accounts.... not sure how smooth this transition will be.
here are a couple of sites.
http://finance.yahoo.com/q?s=NTBK.PK
http://biz.yahoo.com/ap/070928/netbank_closure.html?.v=14.
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today
