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.
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