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Banks everywhere are working overtime to convince people that there money is safe. You can see all the ads in the paper and listen to them every time you talk to a rep.
My question is this, how do you know which banks are safe and which are going under? Who can you believe?
The FDIC will not reveal any information on banks about to go under. The only thing I do is use Bankrate.com and Bauerfinacial's rating system. I am out of the market as of mid September, so I am watching the banks. One thing I know, I'm in NJ and the local banks here reassure us via website and newspapers that they were not involved with sub-prime lending. Some of the bank's web pages have a message from the bank's President about their status.
I liked ING very much and was shocked to learn about them last week.
60 Minutes put it pretty good last night... Anyone involved in selling the mortgage default insurance derivative garbage is going to hurt really bad.
Biggest problem is that it is not clear as to who all is involved. Could be anybody !!! Just don't know yet until transparency is established for this problem. I think that is a catch 22 also. I don't think they want everyone to know who all is involved until everyone involved gets things turned around. Would make things worse !
What happened to ING?? I have a small account with them but haven't heard anything...
Google "Ing Problems". Last Sunday the Dutch had to bail them out. They are one of the better online banks to deal with as I to have accounts with them also.
The financial media is reporting that region banks are in the end going to have the tuffest time staying afloat.
By design..."Small banks are not important enough to save."
Too big to fail = competition is a sin.
Downturns are always used to cleanse the small regional competition.
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