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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

GLD 375.93

-1.8%

Nov 14 4:00 PM EST

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To: Ilaine who wrote (30446)	3/6/2008 1:44:37 AM
From: Lazarus_Long	Read Replies (1) of 217792

Cry me a river. EVERY TIME there is a financial meltdown or scandal, Citi is right in the middle of it. Remember what bank was knowingly laundering drug money for the brother of the President of Mexico? (It was Citi if you missed it.) I'm going to miss Citi like I'm going to miss a wart. If JPMorgan went nuts to the point of bankruptcy. so be it. They can go to the gallows too. The individual depositors in those banks are insured against principal loss by the FDIC (at least up to US$100K; they have the responsibility to see they don't exceed that limit). If either or both of those banks fail, it could drain the FDIC insurance fund before everyone is paid off. If that happens, I would expect the taxpayer to put up enough to pay off the remainder. The depositors put their money here believing it had US gov't insurance; that promise should be honored. It's just another instance of living up to the terms of the contract.

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