Quote:
Originally posted by dtb
I know of at least one company that collects depositors' funds, and spreads it around by placing $100K many times at various savings banks throughout the country. They offer FDIC insurance for up to (I think) $50MM (it may be $100MM) for any individual.
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Any broker would be perfectly happy to sell you CDs issued by as many banks as necessary to cover the $100 G FDIC thing. Big Ed's sister in law at the Merrill Lynch in East Podunkville does that for me, and they have insurance on top of the FDIC limit.
Plus, I figure that if Uncle Sam lets Merrill go down, we have bigger problems. (Which is why I have Krugerrands, uncut diamonds, and AK-47s in a shelter in the back yard.)
