[Armageddon]

http://www.post-gazette.com/pg/07217/80 ... id=HBEHTML

Atleast he has $200,000 left.

[eastbay]

For average folks who have managed to save that kind of money, it's wise to keep your accounts under the limit. If he had done so splitting his money among three institutions he would have been sitting pretty.

But instead he's sitting pretty sad.

[mmasters]

Yup, important to know. If you have more than 100K in a bank account spread it out among multiple accounts with no more than 100K in each. Multiple banks can't hurt either.

[azreal60]

Someone on another post which I can't recall offhand, mentioned that there is no way the fed won't cover the entire amount no matter if it was over the 100k limit or not.

To him I say, told ya so?

Feel bad for the guy, I do, but it's not like that is that much of a fine print. Only way I'd feel bad is if they told me he couldn't read small letters. I knew about the 100k limit when I was 10, it's right there at eye level (when your ten).

[frankthetank]

I wish i had the problem of having to spread money between multiple bank accounts. The rich can lick my ass!

mmasters-Is that Leo Slayer in your avatar?

[firestarter]

Looks like Kevin Cronin from REO Speedwagon.

[TheDude]

It's Dr. Who.

EXTERMINATE! EXTERMINATE!

Wish they'd broadcast the original shows.

Are you English, mm? Always got that impression even with the Neo avatar.

[Cloud9]

Something else, in the next few years there is going to be a huge transfer of wealth when the widows of the WW II generation pass leaving their wealth to the boomers.

My brother in law's mother just passed, a really sweat old lady who drove around in ten year old lincoln. His cut of the estate was 2.5 million.

[Cloud9]

Should have proofed, sweet. She really was a grand old dame that never pretended to have money. I liked her.

[dukey]

just put your savings into euros
or better yet, land or precious metals

[Chuckmak]

i remember when this bank was in the local news when it went under...i guess i'll be expecting more news about this bank in the future in terms of who got screwed.

[qwanta]

Sad story.

It seems like this guy had $500k plus in a savings account - not a smart move, FDIC insurance-wise, and inflation-wise - because the interest rate he was getting was probably well below real inflation.

He should have at least diversified a bit and bought some gold & silver - I think more and more people are going to start doing this as the financial system unravels - even a simple kitco pool account, or goldmoney.com would have left him in a much better place today.

[mgibbons19]

$this->bbcode_second_pass_quote('frankthetank', 'I') wish i had the problem of having to spread money between multiple bank accounts. The rich can lick my ass!

mmasters-Is that Leo Slayer in your avatar?

[eastbay]

mgibbins,

I was thinking the same thing. You're exactly right about that. $500,000 in savings for an older person isn't even close to 'rich'.

It pays $2,000 per month in fixed income and constantly erodes due to inflation. That plus a $1,000/mo in SS and he's squeaking by if he has rent and medical costs.

This a perfect lesson for anyone who is 'doing the right thing'.

[mmasters]

$this->bbcode_second_pass_quote('TheDude', 'I')t's Dr. Who.

EXTERMINATE! EXTERMINATE!

Wish they'd broadcast the original shows.