Please help me with this to the best of your abilities.
I have a large checking acct. business, many times over FDIC ins limit, Unfortunately, I have to heep those funds liquid at all times, as that is something my business needs. Currently banked with Bank of america.
All major banks seem to be exposed to the risk of deflating RE. Looks like they willfully got into some of the riskiest loan products.
HSBC just reviced its numbers,
Bank Of America seems to be working with countrywide to buy them out,
Wells fargo is at the top of the list of sub prime lenders.
washington Mutual and Citi fin are among the top 10 sub-prime lenders.
So here is question, what is the level of risk these banks have put themselves in?, Is it safe to continue banking with such banks?
which are the safest banks?
I was thinking of spreading my funds across multiple banks but they all seem have got themselves into the sub-prime market big time.
Please post your thoughs on, least risky banks and or any other strategies you could think of
Thanks
You might want to consider spreading your money out across several credit unions. They’re much more tightly regulated in the loans they can make. While this hurt in the boom times, they’re much less exposed to the coming train wreck than the banks are. I’ll bet that they do much better than the banks do in the coming years.
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