Wall Street Bankers Withdraw (Almost) All of Their Cash
A cautionary tale
 


Lots of ATM receipts are fluttering around the South St. Seaport this week, as i-bankers and Wall Street suits begin a great exodus from their checking and savings accounts.

These clever men and women know that even if their livelihoods are in jeopardy, they are still insured for under $100k by the Federal Deposit Insurance Corporation, which is why they are leaving just a little less than that in their accounts.

Sep 25, 2008 · 10 views (beta) · Link · 3 Responses
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Comments (3)

No. 1 · Keith

George Lucas's girlfriend was on GMA this morning and she said not to take your money out of the bank!

Posted: Sep 25, 2008 at 12:09 pm · @Reply · [Flag?]
No. 2 · hms

Oh well then, what makes her an expert?
It's probably safer in your mattress than anywhere else at this point.
You money may be guaranteed by FDIC for %100,000, but FDIC is in the red for $150 Billion, do you really think, if you withdraw $99,9999 or any large amount in one day, your bank will cover it …. immediately? Believe that I'll tell you another fairy tale.

Posted: Sep 26, 2008 at 10:33 am · @Reply · [Flag?]
No. 3 · john brodey

The FDIC has something like $50 billion which is all they have to cover on the order of $600 bill in deposits.

Posted: Sep 26, 2008 at 10:41 am · @Reply · [Flag?]
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