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.
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Editorial Director
George Lucas's girlfriend was on GMA this morning and she said not to take your money out of the bank!
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.
The FDIC has something like $50 billion which is all they have to cover on the order of $600 bill in deposits.