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Non-Tech : Independence Savings Bank (ICBC) -- Ignore unavailable to you. Want to Upgrade?

To: Steve Stuart who wrote (216)	4/10/1998 6:38:00 PM
From: robert emann	Read Replies (1) \| Respond to of 246

Thanks for your responses. Let me clarify 2 points; 1. Re Mutual Insurance Companies-I am not thinking of buying an insurance policy but an annuity. For example, I have seen insurance companies offer annuities for as little as $2,000. Current interest rates are about 6.25% and adjusted periodically. Being 55 years old I would have to keep the annuity until I was at least 59 1/2. Income is tax deferred. It may even be a wash in comparison with a $1000 CD which is what I normally open. Also, I have my auto insurance with Met P&C (a subsidiary of Met Life). If Met ever decides to convert I would be an eligible policyholder to participate. 2. Re CD through brokers. Most (my assumption) brokers offer CD's as a zero cost alternative to Treasury Bills with a yield slightly higher than their money market funds. In the Independence IPO, ICBC offerred all depositors a maximum of 50,000 shares. My question to Schwab was -"Did they take advantage of the 50,000 shares on behalf of their customers who may have purchased Independence CD's through them?" Or are those potential shares just lost? Regarding the residency question I have noticed that huge institutions are buying CD all around the country (see interview in last week's Barron's where the manager had 31 CD's from all around the country. I used to work in the custody area at Chase and I can assure you many institutions had CD's from all around the country just to take advantage of the higher rate and potential for a conversion.. We are all in this game to make money with as little risk as possible. I think these areas are two low cost and potentially high profit ways to increase our worth. I appreciate your comments and advice. Perhaps some of these golden eggs will fall in our basket.