Casper Posted July 15, 2008 Report Share Posted July 15, 2008 http://ktla.trb.com/news/ktla-mortgages,0,1444873.story Quote Link to comment Share on other sites More sharing options...
redbarron77 Posted July 15, 2008 Report Share Posted July 15, 2008 correct me if I'm wrong, but weren't the majority of the problems of the S&L crisis in the 80's in California? I remember news stories about the same type of police intervention for "Bank Runs", but I think they were in California, and Ohio.This is just another example of people not securing their deposits in different accounts, in different institutions to avoid losing $$$. Quote Link to comment Share on other sites More sharing options...
redbarron77 Posted July 15, 2008 Report Share Posted July 15, 2008 bike... owncar... ownhouse... ownguns... own severalbullets... stockpiledI am already poor so I doubt I'll feel the crunch. If I get hungry I can just trade with a neighbor..."I have a gun and you don't. You have 2 options. You can share your food with me or I can shoot you and take all of it." right with you there! Quote Link to comment Share on other sites More sharing options...
Dweezel Posted July 15, 2008 Report Share Posted July 15, 2008 awesome! Quote Link to comment Share on other sites More sharing options...
Disclaimer Posted July 15, 2008 Report Share Posted July 15, 2008 I'm shocked at how many people had accounts worth over the FDIC limit ($100,000) at the bank. Maybe I'm too young and don't have that kind of wealth yet, but why would you need to have $100k liquid? If you have that kind of money it should be in a brokerage account in some mutual funds. Quote Link to comment Share on other sites More sharing options...
Casper Posted July 15, 2008 Author Report Share Posted July 15, 2008 I'm shocked at how many people had accounts worth over the FDIC limit ($100,000) at the bank. Maybe I'm too young and don't have that kind of wealth yet, but why would you need to have $100k liquid? If you have that kind of money it should be in a brokerage account in some mutual funds.A friend of mine has $50k in monthly bills...... Quote Link to comment Share on other sites More sharing options...
Disclaimer Posted July 15, 2008 Report Share Posted July 15, 2008 If you're running a business, I could see having $50k in monthly bills, but if you manage your cash flow, you should on have just enough cash on hand + some for minor safety net. The rest should be invested in short term investments. Quote Link to comment Share on other sites More sharing options...
John Posted July 15, 2008 Report Share Posted July 15, 2008 "I have a gun and you don't. You have 2 options. You can share your food with me or I can shoot you and take all of it."shoot me if you want, but then you will never know which pieces have the poison on them. :lol: Quote Link to comment Share on other sites More sharing options...
Lamar Vannoy Posted July 15, 2008 Report Share Posted July 15, 2008 Simple solution for having over $100k:Open two accounts... Quote Link to comment Share on other sites More sharing options...
John Posted July 15, 2008 Report Share Posted July 15, 2008 in the cayman islands Quote Link to comment Share on other sites More sharing options...
John Posted July 15, 2008 Report Share Posted July 15, 2008 I'm shocked at how many people had accounts worth over the FDIC limit ($100,000) at the bank. Maybe I'm too young and don't have that kind of wealth yet, but why would you need to have $100k liquid? If you have that kind of money it should be in a brokerage account in some mutual funds.your post reminded me of when i went to the bank the other day. i pull up to the ATM and as im waiting for it to process my request, i notice there is a receipt still in the slot. so i pull it out and look at it. checking account with a balance of 57,000 dollars or so. available balance was about 45,000... Quote Link to comment Share on other sites More sharing options...
Fonzie Posted July 15, 2008 Report Share Posted July 15, 2008 I heard it was just cast extras for the new remake of "It's a Wonderful Life...California Style" Seriously......SCARY shit's a goin' on. Got your foil hat out yet Todd?!? Quote Link to comment Share on other sites More sharing options...
wolfman Posted July 15, 2008 Report Share Posted July 15, 2008 Can somebody recap the story? The link is down... Quote Link to comment Share on other sites More sharing options...
RC51 John Posted July 15, 2008 Report Share Posted July 15, 2008 Can somebody recap the story? The link is down... Quote Link to comment Share on other sites More sharing options...
Fonzie Posted July 15, 2008 Report Share Posted July 15, 2008 Here 'ya go........ENCINO -- Tempers flared at an IndyMac Bank branch in Encino Tuesday as customers squared off over who should be allowed into the bank first.At least three police squad cars arrived at the branch on Ventura Boulevard to restore order before the bank opened its doors at 8:00am. Police urged customers to remain calm or face arrest as they tried to pull their money on the second day of the failed institution's federal takeover.Federal regulators seized Pasadena-based IndyMac on Friday and reopened the bank Monday under the control of the Federal Deposit Insurance Corporation. Deposits up to $100,000 are fully insured by the FDIC.Worried customers with deposits in excess of insured limits flooded IndyMac Bank branches on Monday, demanding to withdraw as much money as they could or get answers about the fate of their funds. Many weren't allowed in the bank, so FDIC employees apparently took down names and told them to return Tuesday.Other customers began lining up at 1:30 a.m. Tuesday, and by dawn, tensions escalated because people on the list were getting priority.One woman who had been waiting in line since 5:30 a.m. said the situation was reminiscent of the Great Depression. "It's a sad day in America when it's come to lines like this.", she said. "Tensions are very fierce right now and they created it, the FDIC created it. We were all civil with each another and wonderful with each other, now they've changed their mind.", she said.The woman claimed that FDIC employees told her they "knew nothing" about a list on Monday and would not be honoring it."So people came here with the understanding that there wasn't going to be a list, we've been out here for hours and all of a sudden they're honoring a list they've emphatically said they weren't going to honor.", she said.By 8 a.m., about 50 people on the list waited in one line and many more waited in another. Five people were allowed in at a time.Customers became infuriated, and police told them they could be arrested if they didn't remain calm.Police stood by at some other branches around Southern California but there were no other reports of problems.A compromise was eventually reached and employees began selecting customers from each line to enter the bank.The FDIC has set up a toll-free phone line -- (866) 806-5919 -- and a page on its Web site -- www.fdic.gov/bank/individual /failed/IndyMac.html -- for customers with questions about their accounts.IndyMac has 33 retail branches, all in Southern California. Quote Link to comment Share on other sites More sharing options...
Fonzie Posted July 15, 2008 Report Share Posted July 15, 2008 Simple solution for having over $100k:Open two accounts...Not unless you know the tricks of titling....Very specificI'm shocked at how many people had accounts worth over the FDIC limit ($100,000) at the bank. Maybe I'm too young and don't have that kind of wealth yet, but why would you need to have $100k liquid? If you have that kind of money it should be in a brokerage account in some mutual funds.I used to make a pretty decent living advising bank clients in just these situations Quote Link to comment Share on other sites More sharing options...
Disclaimer Posted July 15, 2008 Report Share Posted July 15, 2008 Typically, I thought FDIC was only applicable for your total amount of funds invested at one facility / bank??... including ALL accounts; therefore opening two accounts wouldn't work unless you did it at a different bank.I'm no financial adviser, but if you're willing to educate yourself, you'll quickly find out what options are out there and what fits your financial situation the best. If you have $50k-$100k of cash just sitting there without some really compelling reason with you need quick access to that cash, not making interest, you're actually losing out to inflation. Quote Link to comment Share on other sites More sharing options...
kawi kid Posted July 16, 2008 Report Share Posted July 16, 2008 If you're running a business, I could see having $50k in monthly bills, but if you manage your cash flow, you should on have just enough cash on hand + some for minor safety net. The rest should be invested in short term investments.our accounts recievable for our petroleum buisness are at about $800,000 a month right now with the soaring gas prices. you think its bad to pull up to the punp in your car and fill up. try pullin up in a 3200 gallon tanker and have to pay for the fuel every ten days Quote Link to comment Share on other sites More sharing options...
max power Posted July 16, 2008 Report Share Posted July 16, 2008 your post reminded me of when i went to the bank the other day. i pull up to the ATM and as im waiting for it to process my request, i notice there is a receipt still in the slot. so i pull it out and look at it. checking account with a balance of 57,000 dollars or so. available balance was about 45,000...Aw man, I've been looking for that. Could you send it to me? Quote Link to comment Share on other sites More sharing options...
wolfman Posted July 16, 2008 Report Share Posted July 16, 2008 Aw man, I've been looking for that. Could you send it to me? Quote Link to comment Share on other sites More sharing options...
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