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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? |
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