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Will losses at Bank of America...
wrote in message news:a2623a43-2559-44b4-b189- And your childish name calling shows that you KNOW you messed that one up! Just like your lover, Harry. You really are a dimwit. |
Will losses at Bank of America...
wrote in message ... snip... Rudy is just Hillary in a dress, I doubt he makes it past Florida. Say what? Rudy wears dresses??? You wacky 'mericans......... |
Will losses at Bank of America...
On Tue, 22 Jan 2008 11:28:01 -0600, Vic Smith
wrote: On Tue, 22 Jan 2008 17:12:08 GMT, Short Wave Sportfishing wrote: On Tue, 22 Jan 2008 10:06:19 -0600, Vic Smith wrote: The money market fund in mine was always a couple points lower than "free market" rates were offering. It's all about risk/reward. I'll bet your 401k money market funds were being put to work in less risky markets. Probably cost a point just for the fund manager vigorish these 401k's extract. Very little transparency with these funds, and they can skim as well as any mob casino operator. That's not true at all. If you drop into a fund which participates in T-bills or muni, Fed funds or Fed Short Term, that's very transparent - has to be by it's base function. Even funds that do commercial paper or chase LIBOR spreads have to be transparent. I'm not sure what you are talking about with "skimming". My main complaint as I neared retirement was their was no low-risk (read FDIC) place for my retirement money. Even money markets can go negative, or so I was told. Sure there is - it's called a savings account. Which, when you think about it, is a money market fund that isn't transparent. That's why it's insured. :) But you may be right. After all most of my IRA CD money was tied up in the mortgage market. Though it's FDIC insured, I was pleased when BOC picked up Countrywide. Don't savor the thought of going through the FDIC to get my retirement money...but it still might happen. Who the hell knows? FDIC is not a panacea for investing or any sort of risk/reward arbitrage. Its looks good, but it's only so much per depositor - for any real money, you'd have to have seperate accounts at seperate banks which can be a nightmare - in particular if you don't actively manage the accounts. And it's only good for $100K per. |
Will losses at Bank of America...
Short Wave Sportfishing wrote:
On Tue, 22 Jan 2008 11:28:01 -0600, Vic Smith wrote: On Tue, 22 Jan 2008 17:12:08 GMT, Short Wave Sportfishing wrote: On Tue, 22 Jan 2008 10:06:19 -0600, Vic Smith wrote: The money market fund in mine was always a couple points lower than "free market" rates were offering. It's all about risk/reward. I'll bet your 401k money market funds were being put to work in less risky markets. Probably cost a point just for the fund manager vigorish these 401k's extract. Very little transparency with these funds, and they can skim as well as any mob casino operator. That's not true at all. If you drop into a fund which participates in T-bills or muni, Fed funds or Fed Short Term, that's very transparent - has to be by it's base function. Even funds that do commercial paper or chase LIBOR spreads have to be transparent. I'm not sure what you are talking about with "skimming". My main complaint as I neared retirement was their was no low-risk (read FDIC) place for my retirement money. Even money markets can go negative, or so I was told. Sure there is - it's called a savings account. Which, when you think about it, is a money market fund that isn't transparent. That's why it's insured. :) But you may be right. After all most of my IRA CD money was tied up in the mortgage market. Though it's FDIC insured, I was pleased when BOC picked up Countrywide. Don't savor the thought of going through the FDIC to get my retirement money...but it still might happen. Who the hell knows? FDIC is not a panacea for investing or any sort of risk/reward arbitrage. Its looks good, but it's only so much per depositor - for any real money, you'd have to have seperate accounts at seperate banks which can be a nightmare - in particular if you don't actively manage the accounts. And it's only good for $100K per. Speaking of BOA, my friendly neighborhood BOA "banker" called to let me know I was "eligible" for a 30-year fixed mortgage at 5-1/8 and "no closing costs or points," just $350 for an appraisal. |
Will losses at Bank of America...
"Short Wave Sportfishing" wrote in message
... On Tue, 22 Jan 2008 11:28:01 -0600, Vic Smith wrote: On Tue, 22 Jan 2008 17:12:08 GMT, Short Wave Sportfishing wrote: On Tue, 22 Jan 2008 10:06:19 -0600, Vic Smith wrote: The money market fund in mine was always a couple points lower than "free market" rates were offering. It's all about risk/reward. I'll bet your 401k money market funds were being put to work in less risky markets. Probably cost a point just for the fund manager vigorish these 401k's extract. Very little transparency with these funds, and they can skim as well as any mob casino operator. That's not true at all. If you drop into a fund which participates in T-bills or muni, Fed funds or Fed Short Term, that's very transparent - has to be by it's base function. Even funds that do commercial paper or chase LIBOR spreads have to be transparent. I'm not sure what you are talking about with "skimming". I think he's referring to the fees, which are clearly spelled out in the prospectus which he did not read. Or, he thinks the managers work for free out of the goodness of their hearts. My main complaint as I neared retirement was their was no low-risk (read FDIC) place for my retirement money. Even money markets can go negative, or so I was told. Sure there is - it's called a savings account. Which, when you think about it, is a money market fund that isn't transparent. Maybe he was referring to what was available within his 401k plan. Many don't offer anything resembling a plain vanilla savings account like you'd find at a bank. A MM fund is as close as they get to that sort of thing. |
Will losses at Bank of America...
JoeSpareBedroom wrote:
"Short Wave Sportfishing" wrote in message ... On Tue, 22 Jan 2008 11:28:01 -0600, Vic Smith wrote: On Tue, 22 Jan 2008 17:12:08 GMT, Short Wave Sportfishing wrote: On Tue, 22 Jan 2008 10:06:19 -0600, Vic Smith wrote: The money market fund in mine was always a couple points lower than "free market" rates were offering. It's all about risk/reward. I'll bet your 401k money market funds were being put to work in less risky markets. Probably cost a point just for the fund manager vigorish these 401k's extract. Very little transparency with these funds, and they can skim as well as any mob casino operator. That's not true at all. If you drop into a fund which participates in T-bills or muni, Fed funds or Fed Short Term, that's very transparent - has to be by it's base function. Even funds that do commercial paper or chase LIBOR spreads have to be transparent. I'm not sure what you are talking about with "skimming". I think he's referring to the fees, which are clearly spelled out in the prospectus which he did not read. Or, he thinks the managers work for free out of the goodness of their hearts. My main complaint as I neared retirement was their was no low-risk (read FDIC) place for my retirement money. Even money markets can go negative, or so I was told. Sure there is - it's called a savings account. Which, when you think about it, is a money market fund that isn't transparent. Maybe he was referring to what was available within his 401k plan. Many don't offer anything resembling a plain vanilla savings account like you'd find at a bank. A MM fund is as close as they get to that sort of thing. Whoops. Forgot this morning that we have some holdings in a private REIT. The shares don't trade, though. |
Will losses at Bank of America...
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Will losses at Bank of America...
On Tue, 22 Jan 2008 19:59:51 GMT, Short Wave Sportfishing
wrote: On Tue, 22 Jan 2008 11:28:01 -0600, Vic Smith wrote: On Tue, 22 Jan 2008 17:12:08 GMT, Short Wave Sportfishing wrote: On Tue, 22 Jan 2008 10:06:19 -0600, Vic Smith wrote: The money market fund in mine was always a couple points lower than "free market" rates were offering. It's all about risk/reward. I'll bet your 401k money market funds were being put to work in less risky markets. Probably cost a point just for the fund manager vigorish these 401k's extract. Very little transparency with these funds, and they can skim as well as any mob casino operator. That's not true at all. If you drop into a fund which participates in T-bills or muni, Fed funds or Fed Short Term, that's very transparent - has to be by it's base function. Even funds that do commercial paper or chase LIBOR spreads have to be transparent. I'm not sure what you are talking about with "skimming". My main complaint as I neared retirement was their was no low-risk (read FDIC) place for my retirement money. Even money markets can go negative, or so I was told. Sure there is - it's called a savings account. Which, when you think about it, is a money market fund that isn't transparent. That's why it's insured. :) But you may be right. After all most of my IRA CD money was tied up in the mortgage market. Though it's FDIC insured, I was pleased when BOC picked up Countrywide. Don't savor the thought of going through the FDIC to get my retirement money...but it still might happen. Who the hell knows? FDIC is not a panacea for investing or any sort of risk/reward arbitrage. Its looks good, but it's only so much per depositor - for any real money, you'd have to have seperate accounts at seperate banks which can be a nightmare - in particular if you don't actively manage the accounts. And it's only good for $100K per. Depending on the way they're set up, it's possible to have multiple CDs totally several hundred thousand in the same institution, all insured. -- John H |
Will losses at Bank of America...
On Tue, 22 Jan 2008 12:27:40 -0500, "JimH" wrote:
wrote in message ... On Jan 22, 8:55 am, "JimH" wrote: wrote in message ... On Jan 22, 8:29 am, "JimH" wrote: "hk" wrote in message ... Short Wave Sportfishing wrote: On Tue, 22 Jan 2008 08:03:03 -0500, hk wrote: ...and Wachovia drive the DOW down a few hundred points today? Is it the economy, stupid? Nah - losses have been priced in by now. It's an odd economy and I think one more like it used to be with more reasonable lending standards and a more conservative approach to making money. We've sold our real estate with one more to go and there wasn't a hang up anywhere - money was available, the buyers had solid credit and several banks were involved in pricing one loan. That's a good thing. On the other hand, Bernacke is completely out of his element here and it shows. Too many academics on the Fed board and not enough economists with market experience. It will be an interesting day. I'll bet you a fiver that the dow drops below 12000 today. Might not end up today below 12000, but it will be there for a while. Could be. We met with our financial advisor yesterday afternoon to arrange payoff of a college loan. He had forecast this drop back in fall and positioned his clients holdings in less aggressive funds. Even the bond market is stagnant with the largest holding $12 billion in cash waiting on the sideline to see how this all works out. If the bond markets start to drop then you know we are in bad times.- Hide quoted text - - Show quoted text - If you'd have started college savings programs for your kids, then you wouldn't have loans to pay off. =================== What do you think we are paying it off with dummy? The loan was 6.5% and my money was making 10%~20% over the past few years. Do the math if you are able to, which I doubt.- Hide quoted text - - Show quoted text - Where the hell were you getting a 20% return? ============== You really are a moron. Name calling already? -- John H |
Will losses at Bank of America...
On Tue, 22 Jan 2008 12:46:13 -0500, "JimH" wrote:
"JimH" wrote in message ... wrote in message ... On Jan 22, 8:55 am, "JimH" wrote: wrote in message ... On Jan 22, 8:29 am, "JimH" wrote: "hk" wrote in message ... Short Wave Sportfishing wrote: On Tue, 22 Jan 2008 08:03:03 -0500, hk wrote: ...and Wachovia drive the DOW down a few hundred points today? Is it the economy, stupid? Nah - losses have been priced in by now. It's an odd economy and I think one more like it used to be with more reasonable lending standards and a more conservative approach to making money. We've sold our real estate with one more to go and there wasn't a hang up anywhere - money was available, the buyers had solid credit and several banks were involved in pricing one loan. That's a good thing. On the other hand, Bernacke is completely out of his element here and it shows. Too many academics on the Fed board and not enough economists with market experience. It will be an interesting day. I'll bet you a fiver that the dow drops below 12000 today. Might not end up today below 12000, but it will be there for a while. Could be. We met with our financial advisor yesterday afternoon to arrange payoff of a college loan. He had forecast this drop back in fall and positioned his clients holdings in less aggressive funds. Even the bond market is stagnant with the largest holding $12 billion in cash waiting on the sideline to see how this all works out. If the bond markets start to drop then you know we are in bad times.- Hide quoted text - - Show quoted text - If you'd have started college savings programs for your kids, then you wouldn't have loans to pay off. =================== What do you think we are paying it off with dummy? The loan was 6.5% and my money was making 10%~20% over the past few years. Do the math if you are able to, which I doubt.- Hide quoted text - - Show quoted text - Where the hell were you getting a 20% return? ============== You really are a moron. Sorry Scott, I thought that comment was Boogers. My apologies as I think more highly of you than that. We have had an investment advisor for years and our investments are fairly diversified. I believe we hit 20% in 2006 when the markets were rallying. Reading comprehension? -- John H |
Will losses at Bank of America...
On Tue, 22 Jan 2008 15:33:47 -0500, Salmon Bait
wrote: On Tue, 22 Jan 2008 19:59:51 GMT, Short Wave Sportfishing wrote: On Tue, 22 Jan 2008 11:28:01 -0600, Vic Smith wrote: On Tue, 22 Jan 2008 17:12:08 GMT, Short Wave Sportfishing wrote: On Tue, 22 Jan 2008 10:06:19 -0600, Vic Smith wrote: The money market fund in mine was always a couple points lower than "free market" rates were offering. It's all about risk/reward. I'll bet your 401k money market funds were being put to work in less risky markets. Probably cost a point just for the fund manager vigorish these 401k's extract. Very little transparency with these funds, and they can skim as well as any mob casino operator. That's not true at all. If you drop into a fund which participates in T-bills or muni, Fed funds or Fed Short Term, that's very transparent - has to be by it's base function. Even funds that do commercial paper or chase LIBOR spreads have to be transparent. I'm not sure what you are talking about with "skimming". My main complaint as I neared retirement was their was no low-risk (read FDIC) place for my retirement money. Even money markets can go negative, or so I was told. Sure there is - it's called a savings account. Which, when you think about it, is a money market fund that isn't transparent. That's why it's insured. :) But you may be right. After all most of my IRA CD money was tied up in the mortgage market. Though it's FDIC insured, I was pleased when BOC picked up Countrywide. Don't savor the thought of going through the FDIC to get my retirement money...but it still might happen. Who the hell knows? FDIC is not a panacea for investing or any sort of risk/reward arbitrage. Its looks good, but it's only so much per depositor - for any real money, you'd have to have seperate accounts at seperate banks which can be a nightmare - in particular if you don't actively manage the accounts. And it's only good for $100K per. Depending on the way they're set up, it's possible to have multiple CDs totally several hundred thousand in the same institution, all insured. Not really. You can, for instance, have an account for $100K in a CD, an account for a trust or joint account, but that's about it. And technically, it's per depositor - not per account. So you as an individual can only insure $100K. |
Will losses at Bank of America...
Short Wave Sportfishing wrote:
On Tue, 22 Jan 2008 15:33:47 -0500, Salmon Bait wrote: On Tue, 22 Jan 2008 19:59:51 GMT, Short Wave Sportfishing wrote: On Tue, 22 Jan 2008 11:28:01 -0600, Vic Smith wrote: On Tue, 22 Jan 2008 17:12:08 GMT, Short Wave Sportfishing wrote: On Tue, 22 Jan 2008 10:06:19 -0600, Vic Smith wrote: The money market fund in mine was always a couple points lower than "free market" rates were offering. It's all about risk/reward. I'll bet your 401k money market funds were being put to work in less risky markets. Probably cost a point just for the fund manager vigorish these 401k's extract. Very little transparency with these funds, and they can skim as well as any mob casino operator. That's not true at all. If you drop into a fund which participates in T-bills or muni, Fed funds or Fed Short Term, that's very transparent - has to be by it's base function. Even funds that do commercial paper or chase LIBOR spreads have to be transparent. I'm not sure what you are talking about with "skimming". My main complaint as I neared retirement was their was no low-risk (read FDIC) place for my retirement money. Even money markets can go negative, or so I was told. Sure there is - it's called a savings account. Which, when you think about it, is a money market fund that isn't transparent. That's why it's insured. :) But you may be right. After all most of my IRA CD money was tied up in the mortgage market. Though it's FDIC insured, I was pleased when BOC picked up Countrywide. Don't savor the thought of going through the FDIC to get my retirement money...but it still might happen. Who the hell knows? FDIC is not a panacea for investing or any sort of risk/reward arbitrage. Its looks good, but it's only so much per depositor - for any real money, you'd have to have seperate accounts at seperate banks which can be a nightmare - in particular if you don't actively manage the accounts. And it's only good for $100K per. Depending on the way they're set up, it's possible to have multiple CDs totally several hundred thousand in the same institution, all insured. Not really. You can, for instance, have an account for $100K in a CD, an account for a trust or joint account, but that's about it. And technically, it's per depositor - not per account. So you as an individual can only insure $100K. Bank failures! Coming soon? |
Will losses at Bank of America...
On Tue, 22 Jan 2008 20:37:00 GMT, Short Wave Sportfishing
wrote: On Tue, 22 Jan 2008 15:33:47 -0500, Salmon Bait wrote: On Tue, 22 Jan 2008 19:59:51 GMT, Short Wave Sportfishing wrote: On Tue, 22 Jan 2008 11:28:01 -0600, Vic Smith wrote: On Tue, 22 Jan 2008 17:12:08 GMT, Short Wave Sportfishing wrote: On Tue, 22 Jan 2008 10:06:19 -0600, Vic Smith wrote: The money market fund in mine was always a couple points lower than "free market" rates were offering. It's all about risk/reward. I'll bet your 401k money market funds were being put to work in less risky markets. Probably cost a point just for the fund manager vigorish these 401k's extract. Very little transparency with these funds, and they can skim as well as any mob casino operator. That's not true at all. If you drop into a fund which participates in T-bills or muni, Fed funds or Fed Short Term, that's very transparent - has to be by it's base function. Even funds that do commercial paper or chase LIBOR spreads have to be transparent. I'm not sure what you are talking about with "skimming". My main complaint as I neared retirement was their was no low-risk (read FDIC) place for my retirement money. Even money markets can go negative, or so I was told. Sure there is - it's called a savings account. Which, when you think about it, is a money market fund that isn't transparent. That's why it's insured. :) But you may be right. After all most of my IRA CD money was tied up in the mortgage market. Though it's FDIC insured, I was pleased when BOC picked up Countrywide. Don't savor the thought of going through the FDIC to get my retirement money...but it still might happen. Who the hell knows? FDIC is not a panacea for investing or any sort of risk/reward arbitrage. Its looks good, but it's only so much per depositor - for any real money, you'd have to have seperate accounts at seperate banks which can be a nightmare - in particular if you don't actively manage the accounts. And it's only good for $100K per. Depending on the way they're set up, it's possible to have multiple CDs totally several hundred thousand in the same institution, all insured. Not really. You can, for instance, have an account for $100K in a CD, an account for a trust or joint account, but that's about it. And technically, it's per depositor - not per account. So you as an individual can only insure $100K. Well, then I'd have to have the CD's set up in 'other' than me as an individual, wouldn't I? -- John H |
Will losses at Bank of America...
On Tue, 22 Jan 2008 15:58:33 -0500, Salmon Bait
wrote: On Tue, 22 Jan 2008 20:37:00 GMT, Short Wave Sportfishing wrote: On Tue, 22 Jan 2008 15:33:47 -0500, Salmon Bait wrote: On Tue, 22 Jan 2008 19:59:51 GMT, Short Wave Sportfishing wrote: On Tue, 22 Jan 2008 11:28:01 -0600, Vic Smith wrote: On Tue, 22 Jan 2008 17:12:08 GMT, Short Wave Sportfishing wrote: On Tue, 22 Jan 2008 10:06:19 -0600, Vic Smith wrote: The money market fund in mine was always a couple points lower than "free market" rates were offering. It's all about risk/reward. I'll bet your 401k money market funds were being put to work in less risky markets. Probably cost a point just for the fund manager vigorish these 401k's extract. Very little transparency with these funds, and they can skim as well as any mob casino operator. That's not true at all. If you drop into a fund which participates in T-bills or muni, Fed funds or Fed Short Term, that's very transparent - has to be by it's base function. Even funds that do commercial paper or chase LIBOR spreads have to be transparent. I'm not sure what you are talking about with "skimming". My main complaint as I neared retirement was their was no low-risk (read FDIC) place for my retirement money. Even money markets can go negative, or so I was told. Sure there is - it's called a savings account. Which, when you think about it, is a money market fund that isn't transparent. That's why it's insured. :) But you may be right. After all most of my IRA CD money was tied up in the mortgage market. Though it's FDIC insured, I was pleased when BOC picked up Countrywide. Don't savor the thought of going through the FDIC to get my retirement money...but it still might happen. Who the hell knows? FDIC is not a panacea for investing or any sort of risk/reward arbitrage. Its looks good, but it's only so much per depositor - for any real money, you'd have to have seperate accounts at seperate banks which can be a nightmare - in particular if you don't actively manage the accounts. And it's only good for $100K per. Depending on the way they're set up, it's possible to have multiple CDs totally several hundred thousand in the same institution, all insured. Not really. You can, for instance, have an account for $100K in a CD, an account for a trust or joint account, but that's about it. And technically, it's per depositor - not per account. So you as an individual can only insure $100K. Well, then I'd have to have the CD's set up in 'other' than me as an individual, wouldn't I? That's the point - you, as an individual, can only insure $100K. If you misrepresent as somebody else, you aren't you are you? :) |
Will losses at Bank of America...
On Tue, 22 Jan 2008 19:59:51 GMT, Short Wave Sportfishing
wrote: On Tue, 22 Jan 2008 11:28:01 -0600, Vic Smith wrote: On Tue, 22 Jan 2008 17:12:08 GMT, Short Wave Sportfishing wrote: On Tue, 22 Jan 2008 10:06:19 -0600, Vic Smith wrote: The money market fund in mine was always a couple points lower than "free market" rates were offering. It's all about risk/reward. I'll bet your 401k money market funds were being put to work in less risky markets. Probably cost a point just for the fund manager vigorish these 401k's extract. Very little transparency with these funds, and they can skim as well as any mob casino operator. That's not true at all. If you drop into a fund which participates in T-bills or muni, Fed funds or Fed Short Term, that's very transparent - has to be by it's base function. Even funds that do commercial paper or chase LIBOR spreads have to be transparent. I'm not sure what you are talking about with "skimming". Mob guys call it skimming. 401k fund managers call it fees. Here's an example of what I'm talking about. http://www.usatoday.com/money/perfi/...401-fees_x.htm You can find plenty of others. Won't argue the definition of "transparency." My point was you are locked into employer offerings, which aren't always competitive. My main complaint as I neared retirement was their was no low-risk (read FDIC) place for my retirement money. Even money markets can go negative, or so I was told. Sure there is - it's called a savings account. Which, when you think about it, is a money market fund that isn't transparent. That's why it's insured. :) For those nearing retirement and maxing out tax-protected 401k contributions, that's a very poor option. But you may be right. After all most of my IRA CD money was tied up in the mortgage market. Though it's FDIC insured, I was pleased when BOC picked up Countrywide. Don't savor the thought of going through the FDIC to get my retirement money...but it still might happen. Who the hell knows? FDIC is not a panacea for investing or any sort of risk/reward arbitrage. Its looks good, but it's only so much per depositor - for any real money, you'd have to have seperate accounts at seperate banks which can be a nightmare - in particular if you don't actively manage the accounts. And it's only good for $100K per. No. For IRA's it's 250k. http://www.fdic.gov/deposit/deposits...standings.html --Vic |
Will losses at Bank of America...
Vic Smith wrote:
On Tue, 22 Jan 2008 19:59:51 GMT, Short Wave Sportfishing wrote: On Tue, 22 Jan 2008 11:28:01 -0600, Vic Smith wrote: On Tue, 22 Jan 2008 17:12:08 GMT, Short Wave Sportfishing wrote: On Tue, 22 Jan 2008 10:06:19 -0600, Vic Smith wrote: The money market fund in mine was always a couple points lower than "free market" rates were offering. It's all about risk/reward. I'll bet your 401k money market funds were being put to work in less risky markets. Probably cost a point just for the fund manager vigorish these 401k's extract. Very little transparency with these funds, and they can skim as well as any mob casino operator. That's not true at all. If you drop into a fund which participates in T-bills or muni, Fed funds or Fed Short Term, that's very transparent - has to be by it's base function. Even funds that do commercial paper or chase LIBOR spreads have to be transparent. I'm not sure what you are talking about with "skimming". Mob guys call it skimming. 401k fund managers call it fees. Here's an example of what I'm talking about. http://www.usatoday.com/money/perfi/...401-fees_x.htm You can find plenty of others. Won't argue the definition of "transparency." My point was you are locked into employer offerings, which aren't always competitive. Mob guys charge lower rates than credit card companies and have a higher rate of return on investments than publicly traded companies. Or at least they did. Dunno what the mob boys are doing these days. |
Will losses at Bank of America...
On Tue, 22 Jan 2008 16:47:39 -0500, hk wrote:
Mob guys charge lower rates than credit card companies and have a higher rate of return on investments than publicly traded companies. Or at least they did. Dunno what the mob boys are doing these days. The only mob guys I've dealt with are bookies. 60-1 max payout. In the Navy we had "mob sailors" operating what we called on my ship "slush funds." Basic rate was 5 for 7. Get 5, pay back 7. Two weeks. Had a buddy who ran one, so I got 5 for 6. Real handy when you needed the cash, which was often enough in some ports. --Vic |
Will losses at Bank of America...
On Tue, 22 Jan 2008 15:42:05 -0600, Vic Smith
wrote: No. For IRA's it's 250k. http://www.fdic.gov/deposit/deposits...standings.html Learn something new everyday. I didn't know that. Kewl... |
Will losses at Bank of America...
"Short Wave Sportfishing" wrote in message ... On Tue, 22 Jan 2008 11:28:01 -0600, Vic Smith wrote: On Tue, 22 Jan 2008 17:12:08 GMT, Short Wave Sportfishing wrote: On Tue, 22 Jan 2008 10:06:19 -0600, Vic Smith wrote: The money market fund in mine was always a couple points lower than "free market" rates were offering. It's all about risk/reward. I'll bet your 401k money market funds were being put to work in less risky markets. Probably cost a point just for the fund manager vigorish these 401k's extract. Very little transparency with these funds, and they can skim as well as any mob casino operator. That's not true at all. If you drop into a fund which participates in T-bills or muni, Fed funds or Fed Short Term, that's very transparent - has to be by it's base function. Even funds that do commercial paper or chase LIBOR spreads have to be transparent. I'm not sure what you are talking about with "skimming". My main complaint as I neared retirement was their was no low-risk (read FDIC) place for my retirement money. Even money markets can go negative, or so I was told. Sure there is - it's called a savings account. Which, when you think about it, is a money market fund that isn't transparent. That's why it's insured. :) But you may be right. After all most of my IRA CD money was tied up in the mortgage market. Though it's FDIC insured, I was pleased when BOC picked up Countrywide. Don't savor the thought of going through the FDIC to get my retirement money...but it still might happen. Who the hell knows? FDIC is not a panacea for investing or any sort of risk/reward arbitrage. Its looks good, but it's only so much per depositor - for any real money, you'd have to have seperate accounts at seperate banks which can be a nightmare - in particular if you don't actively manage the accounts. And it's only good for $100K per. Bzzt. FDIC insurance is $250k on IRA's. |
Will losses at Bank of America...
"Calif Bill" wrote in message
... "Short Wave Sportfishing" wrote in message ... On Tue, 22 Jan 2008 11:28:01 -0600, Vic Smith wrote: On Tue, 22 Jan 2008 17:12:08 GMT, Short Wave Sportfishing wrote: On Tue, 22 Jan 2008 10:06:19 -0600, Vic Smith wrote: The money market fund in mine was always a couple points lower than "free market" rates were offering. It's all about risk/reward. I'll bet your 401k money market funds were being put to work in less risky markets. Probably cost a point just for the fund manager vigorish these 401k's extract. Very little transparency with these funds, and they can skim as well as any mob casino operator. That's not true at all. If you drop into a fund which participates in T-bills or muni, Fed funds or Fed Short Term, that's very transparent - has to be by it's base function. Even funds that do commercial paper or chase LIBOR spreads have to be transparent. I'm not sure what you are talking about with "skimming". My main complaint as I neared retirement was their was no low-risk (read FDIC) place for my retirement money. Even money markets can go negative, or so I was told. Sure there is - it's called a savings account. Which, when you think about it, is a money market fund that isn't transparent. That's why it's insured. :) But you may be right. After all most of my IRA CD money was tied up in the mortgage market. Though it's FDIC insured, I was pleased when BOC picked up Countrywide. Don't savor the thought of going through the FDIC to get my retirement money...but it still might happen. Who the hell knows? FDIC is not a panacea for investing or any sort of risk/reward arbitrage. Its looks good, but it's only so much per depositor - for any real money, you'd have to have seperate accounts at seperate banks which can be a nightmare - in particular if you don't actively manage the accounts. And it's only good for $100K per. Bzzt. FDIC insurance is $250k on IRA's. Someone pointed that out already. |
Will losses at Bank of America...
On Tue, 22 Jan 2008 14:28:45 -0800, "Calif Bill"
wrote: Bzzt. FDIC insurance is $250k on IRA's. Yeah - I just found that out. Learn something new everyday. The only CDs I have are joint accounts with the kids - sort of an insurance policy if you will. |
Will losses at Bank of America...
"BAR" wrote in message . .. hk wrote: ...and Wachovia drive the DOW down a few hundred points today? Is it the economy, stupid? Thanks for reminding me that I have the opportunity to refinance my mortgage and reduce my monthly payments. Also, we are in the process of deciding what new car we are going to buy. We may be able to get a loan from with zero interest from the dealer/manufacturer. They are not zero interest loans! Just prepaid interest. If you can get a "0%" loan or a $4000 rebate, run the numbers to see if you can get a better deal from the credit union / bank lender. You may be better off taking the $4k and paying some interest on the loan. |
Will losses at Bank of America...
On Tue, 22 Jan 2008 21:05:33 GMT, Short Wave Sportfishing
wrote: On Tue, 22 Jan 2008 15:58:33 -0500, Salmon Bait wrote: On Tue, 22 Jan 2008 20:37:00 GMT, Short Wave Sportfishing wrote: On Tue, 22 Jan 2008 15:33:47 -0500, Salmon Bait wrote: On Tue, 22 Jan 2008 19:59:51 GMT, Short Wave Sportfishing wrote: On Tue, 22 Jan 2008 11:28:01 -0600, Vic Smith wrote: On Tue, 22 Jan 2008 17:12:08 GMT, Short Wave Sportfishing wrote: On Tue, 22 Jan 2008 10:06:19 -0600, Vic Smith wrote: The money market fund in mine was always a couple points lower than "free market" rates were offering. It's all about risk/reward. I'll bet your 401k money market funds were being put to work in less risky markets. Probably cost a point just for the fund manager vigorish these 401k's extract. Very little transparency with these funds, and they can skim as well as any mob casino operator. That's not true at all. If you drop into a fund which participates in T-bills or muni, Fed funds or Fed Short Term, that's very transparent - has to be by it's base function. Even funds that do commercial paper or chase LIBOR spreads have to be transparent. I'm not sure what you are talking about with "skimming". My main complaint as I neared retirement was their was no low-risk (read FDIC) place for my retirement money. Even money markets can go negative, or so I was told. Sure there is - it's called a savings account. Which, when you think about it, is a money market fund that isn't transparent. That's why it's insured. :) But you may be right. After all most of my IRA CD money was tied up in the mortgage market. Though it's FDIC insured, I was pleased when BOC picked up Countrywide. Don't savor the thought of going through the FDIC to get my retirement money...but it still might happen. Who the hell knows? FDIC is not a panacea for investing or any sort of risk/reward arbitrage. Its looks good, but it's only so much per depositor - for any real money, you'd have to have seperate accounts at seperate banks which can be a nightmare - in particular if you don't actively manage the accounts. And it's only good for $100K per. Depending on the way they're set up, it's possible to have multiple CDs totally several hundred thousand in the same institution, all insured. Not really. You can, for instance, have an account for $100K in a CD, an account for a trust or joint account, but that's about it. And technically, it's per depositor - not per account. So you as an individual can only insure $100K. Well, then I'd have to have the CD's set up in 'other' than me as an individual, wouldn't I? That's the point - you, as an individual, can only insure $100K. If you misrepresent as somebody else, you aren't you are you? :) Joint, naming of beneficiaries... -- John H |
Will losses at Bank of America...
"JimH" wrote in message ... "Short Wave Sportfishing" wrote in message ... On Tue, 22 Jan 2008 14:28:45 -0800, "Calif Bill" wrote: Bzzt. FDIC insurance is $250k on IRA's. Yeah - I just found that out. Learn something new everyday. The only CDs I have are joint accounts with the kids - sort of an insurance policy if you will. CD's? ROTF. 5.1% is a nice parking place for some money. |
Will losses at Bank of America...
On 22 Jan 2008 22:33:36 GMT, "John Q. Public" wrote:
In message , Vic Smith is alleged to have said: FDIC is not a panacea for investing or any sort of risk/reward arbitrage. Its looks good, but it's only so much per depositor - for any real money, you'd have to have seperate accounts at seperate banks which can be a nightmare - in particular if you don't actively manage the accounts. And it's only good for $100K per. No. For IRA's it's 250k. http://www.fdic.gov/deposit/deposits...standings.html If your bank is a part of FHLBS, it's zero. http://www.fdic.gov/about/learn/advi..._advances.html The FHLBs have a "super lien" when institutions fail. To protect their position they have a claim on any of the additional eligible collateral in the failed bank. In addition, the FDIC has a regulation that reaffirms the FHLBs priority and the FHLBs can demand prepayment of advances when institutions fail. You're misunderstanding the roles and purposes of the FDIC and FHLB's. Suffice it to say you're wrong. --Vic |
Will losses at Bank of America...
On Tue, 22 Jan 2008 15:45:37 -0800, "Calif Bill"
wrote: "JimH" wrote in message .. . "Short Wave Sportfishing" wrote in message ... On Tue, 22 Jan 2008 14:28:45 -0800, "Calif Bill" wrote: Bzzt. FDIC insurance is $250k on IRA's. Yeah - I just found that out. Learn something new everyday. The only CDs I have are joint accounts with the kids - sort of an insurance policy if you will. CD's? ROTF. 5.1% is a nice parking place for some money. I've got a nice 6.25% APR that matures in 2011. That's something to roll on the floor for! -- John H |
Will losses at Bank of America...
"Salmon Bait" wrote in message ... On Tue, 22 Jan 2008 15:45:37 -0800, "Calif Bill" wrote: "JimH" wrote in message . .. "Short Wave Sportfishing" wrote in message ... On Tue, 22 Jan 2008 14:28:45 -0800, "Calif Bill" wrote: Bzzt. FDIC insurance is $250k on IRA's. Yeah - I just found that out. Learn something new everyday. The only CDs I have are joint accounts with the kids - sort of an insurance policy if you will. CD's? ROTF. 5.1% is a nice parking place for some money. I've got a nice 6.25% APR that matures in 2011. That's something to roll on the floor for! -- John H You can 5.1's with a less than year maturity. |
Will losses at Bank of America...
"JimH" wrote in message
... "Salmon Bait" wrote in message ... On Tue, 22 Jan 2008 15:45:37 -0800, "Calif Bill" wrote: "JimH" wrote in message .. . "Short Wave Sportfishing" wrote in message ... On Tue, 22 Jan 2008 14:28:45 -0800, "Calif Bill" wrote: Bzzt. FDIC insurance is $250k on IRA's. Yeah - I just found that out. Learn something new everyday. The only CDs I have are joint accounts with the kids - sort of an insurance policy if you will. CD's? ROTF. 5.1% is a nice parking place for some money. I've got a nice 6.25% APR that matures in 2011. That's something to roll on the floor for! -- John H Wrong again. In the long run that is a very poor ROI. For which type of money? Good luck with this question, lint-brain. |
Will losses at Bank of America...
On Tue, 22 Jan 2008 16:09:00 -0800, "Calif Bill"
wrote: "Salmon Bait" wrote in message .. . On Tue, 22 Jan 2008 15:45:37 -0800, "Calif Bill" wrote: "JimH" wrote in message .. . "Short Wave Sportfishing" wrote in message ... On Tue, 22 Jan 2008 14:28:45 -0800, "Calif Bill" wrote: Bzzt. FDIC insurance is $250k on IRA's. Yeah - I just found that out. Learn something new everyday. The only CDs I have are joint accounts with the kids - sort of an insurance policy if you will. CD's? ROTF. 5.1% is a nice parking place for some money. I've got a nice 6.25% APR that matures in 2011. That's something to roll on the floor for! You can 5.1's with a less than year maturity. |
Will losses at Bank of America...
"JimH" wrote in message ... I've got a nice 6.25% APR that matures in 2011. That's something to roll on the floor for! -- John H Wrong again. In the long run that is a very poor ROI. All depends on your stage in life and what you are trying to accomplish. There's a difference between being young trying to gain wealth and being older, trying to enjoy what you have. Eisboch |
Will losses at Bank of America...
On Tue, 22 Jan 2008 16:09:00 -0800, "Calif Bill"
wrote: "Salmon Bait" wrote in message .. . On Tue, 22 Jan 2008 15:45:37 -0800, "Calif Bill" wrote: "JimH" wrote in message .. . "Short Wave Sportfishing" wrote in message ... On Tue, 22 Jan 2008 14:28:45 -0800, "Calif Bill" wrote: Bzzt. FDIC insurance is $250k on IRA's. Yeah - I just found that out. Learn something new everyday. The only CDs I have are joint accounts with the kids - sort of an insurance policy if you will. CD's? ROTF. 5.1% is a nice parking place for some money. I've got a nice 6.25% APR that matures in 2011. That's something to roll on the floor for! You can 5.1's with a less than year maturity. 4.9 for three months on an auto rollover. It's a good place to park some "insurance/emergency" money - something that you don't take a huge hit on if you have to access it, but earns something while you wait. It's a perfect vehicle for that type of assurance that your money is "liquid". |
Will losses at Bank of America...
"Eisboch" wrote in message
... "JimH" wrote in message ... I've got a nice 6.25% APR that matures in 2011. That's something to roll on the floor for! -- John H Wrong again. In the long run that is a very poor ROI. All depends on your stage in life and what you are trying to accomplish. There's a difference between being young trying to gain wealth and being older, trying to enjoy what you have. Eisboch I suspect JimBob is the kind of boy who says "I need this money for a new furnace in three months, so I'll park it in junk bonds". |
Will losses at Bank of America...
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Will losses at Bank of America...
hk wrote:
Don White wrote: "BAR" wrote in message . .. hk wrote: ...and Wachovia drive the DOW down a few hundred points today? Is it the economy, stupid? Thanks for reminding me that I have the opportunity to refinance my mortgage and reduce my monthly payments. Also, we are in the process of deciding what new car we are going to buy. We may be able to get a loan from with zero interest from the dealer/manufacturer. Gee.. with all the money you continually brag about earning...why not negotiate a better discount and pay cash for the vehicle? He's highly leveraged, and hopes to be a dentist in his next life, when he will stay in high school. I can certainly understand taking advantage of the rates right now to refinance a house mortgage, but going into debt for consumer spending? Nah. I am retiring in 10 years Harry, 10 years earlier than you will start collecting your full social security bene's. And, the current market conditions will not affect my retirement plans. As other have said if the Dow goes down a couple of thousand points it is a buying opportunity. |
Will losses at Bank of America...
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Will losses at Bank of America...
hk wrote:
JoeSpareBedroom wrote: "hk" wrote in message . .. wrote: On Tue, 22 Jan 2008 08:50:19 -0500, hk wrote: IBM is still in business? They actually opened a couple bucks higher today. It is still about 16-17 bucks off the 52 week high. I am still not sure what they do these days Except for two stocks, we got out of the stock market years ago and don't really pay any attention to it, except to chuckle over its vagaries and the belief anyone pays to its "integrity." What a silly generalization. Perhaps you believe in the "generally accepted accounting practices" of listed companies. We don't. You are a fool. |
Will losses at Bank of America...
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Will losses at Bank of America...
BAR wrote:
hk wrote: Don White wrote: "BAR" wrote in message . .. hk wrote: ...and Wachovia drive the DOW down a few hundred points today? Is it the economy, stupid? Thanks for reminding me that I have the opportunity to refinance my mortgage and reduce my monthly payments. Also, we are in the process of deciding what new car we are going to buy. We may be able to get a loan from with zero interest from the dealer/manufacturer. Gee.. with all the money you continually brag about earning...why not negotiate a better discount and pay cash for the vehicle? He's highly leveraged, and hopes to be a dentist in his next life, when he will stay in high school. I can certainly understand taking advantage of the rates right now to refinance a house mortgage, but going into debt for consumer spending? Nah. I am retiring in 10 years Harry, 10 years earlier than you will start collecting your full social security bene's. And, the current market conditions will not affect my retirement plans. As other have said if the Dow goes down a couple of thousand points it is a buying opportunity. Maybe when you retire in 10 years, you can enroll in high school and get your GED. |
Will losses at Bank of America...
hk wrote:
JoeSpareBedroom wrote: "hk" wrote in message . .. JoeSpareBedroom wrote: "hk" wrote in message . .. wrote: On Tue, 22 Jan 2008 08:50:19 -0500, hk wrote: IBM is still in business? They actually opened a couple bucks higher today. It is still about 16-17 bucks off the 52 week high. I am still not sure what they do these days Except for two stocks, we got out of the stock market years ago and don't really pay any attention to it, except to chuckle over its vagaries and the belief anyone pays to its "integrity." What a silly generalization. Perhaps you believe in the "generally accepted accounting practices" of listed companies. We don't. OK. What investments do you use which have consistently stayed ahead of inflation? These days, commercial real estate for income and appreciation, and some raw land options which we picked up and exercised in the early 1990s. Every couple of years we sell off a lot and at some point, we'll probably sell the remaining lots to a respectable architect/developer. We've done very well with the land speculation. :-) We also bought gold in the low $400s. Not certificates, coins. And we have some money invested in private businesses, a real speculation on our part, but the bookkeepers are honest. Your land speculation is just that speculation. I could take stock in a publicly traded company and turn it into cash money tomorrow. You land sale has to wait for a buyer and the subsequent deal to actually go through. Why would you buy gold coins? Are you digging a bomb shelter in your backyard too? Liquid assets, let me repeat that liquid assets. |
Will losses at Bank of America...
"BAR" wrote in message . .. wrote: Where the hell were you getting a 20% return? You gotta have you finance guy putting you in the right funds. I'll tell you, I have to give you guys credit for having the balls to let a "finance" guy manage your money and/or investments for retirement. Maybe I could have made more, maybe not, but I like using common sense and doing it myself rather than rely on some person who makes a living using your money. Nope. No way. Eisboch (with due apologies to all those CPA's/CFP's out there) |
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