Chock full of "toxic assets" (a contradictory term), risky exotic financial instruments and facing exposure to the plummeting Euro Zone banks and nations, such U.S. banking giants as Bank of America, Citigroup, Goldman Sachs, J.P. Morgan Chase and Morgan Stanley will soon have their ratings downgraded by Moody's and possibly other global rating agencies. How will this impact you?
If you have your savings in any of these banks, they are categorized by the U.S. government as being "too big to fail," meaning if their financials deteriorate badly enough they would presumably receive another round of huge bailouts to keep them solvent.
None the less, it would still be wise of you to be sure your savings, checking and any other accounts with them are government insured. This gives you a second line of protection for money you have worked hard to accumulate and save.
My intent dear reader is not to scare you, but in these tumultuous economic times to encourage you to take easy to do steps to be sure your savings are safe. In this case, review your accounts and if you have questions, review your accounts with your local bank branch office. This will give you greater peace of mind. And with that, I will wish you a very nice day.
Dick
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