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- Aug 20, 2007
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With recent news that banks are in serious trouble, attention has turned to the FDIC. My friend who works at BoA just had a long time associate leave to go work for the FDIC, who happen to be hiring over 2000 new auditors in anticipation of the banking industry crumbling.
I heard that FDIC has yet to pay out for a failed institution (probably because the government props them up before they go under). But if they do, policies indicate they have up to 99 years to pay you back. Now there's an amortization schedule!
Since only $100k falls under this umbrella anyway, what are you Fastlaners doing to protect your assets? I have heard that many folks are pulling their money out of financial institutions and investing them in physical assets - more specifically, commercial real estate.
I am curious what you Fastlaners are doing to protect your assets from insolvent financial institutions.
RealOG
I heard that FDIC has yet to pay out for a failed institution (probably because the government props them up before they go under). But if they do, policies indicate they have up to 99 years to pay you back. Now there's an amortization schedule!
Since only $100k falls under this umbrella anyway, what are you Fastlaners doing to protect your assets? I have heard that many folks are pulling their money out of financial institutions and investing them in physical assets - more specifically, commercial real estate.
I am curious what you Fastlaners are doing to protect your assets from insolvent financial institutions.
RealOG
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