Concern About Merril Lynch

[Evil_T0NY {CLR}]

I was wondering if anyone know what the deal is with Merrill Lynch currently. A good neighbor/friend of mine is seriously concerned because he might pull out his funds altogether with this company if something happens with it.

Anyone concerned about Merrill Lynch as of yet?

[BlackArrow]

Besides the fact that they were bought by Bank of America in a shotgun wedding by the government last year because they were insolvent........................

Or is there something else that raised a doubt in his head? Like the fact that all week their were rumors floating around - not unfounded - that the government may nationalize Bank of America (the new owner of Merrill Lynch) or Citibank.

FT.com / Markets - Fears for BofA and Citi rattle markets

[Evil_T0NY {CLR}]

Besides the fact that they were bought by Bank of America in a shotgun wedding by the government last year because they were insolvent........................

Or is their something else that raised a doubt in his head? Like the fact that all week their were rumors floating around - not unfounded - that the government may nationalize Bank of America (the new owner of Merrill Lynch) or Citibank.

FT.com / Markets - Fears for BofA and Citi rattle markets

The Latter....Black Arrow...the latter. He is trying to CONFIRM the "rumors".

[BlackArrow]

Didn't mean to be so harsh Tony.....I guess it's because I unfortunately have a front seat at this horror show.

The system is sick and many smaller banks are being shut down, but the so called "too big to fail" banks can't be shut so the government may not have another choice.

If you are a shareholder in any of these banks your stock will be worthless.

If you are a client with assets deposited there you will be in better shape since the government will guarantee everything.

[Evil_T0NY {CLR}]

Didn't mean to be so harsh Tony.....I guess it's because I unfortunately have a front seat at this horror show.

The system is sick and many smaller banks are being shut down, but the so called "too big to fail" banks can't be shut so the government may not have another choice.

If you are a shareholder in any of these banks your stock will be worthless.

If you are a client with assets deposited there you will be in better shape since the government will guarantee everything.

Front seat? How so?

So are you saying the money is SAFE in Merrill Lynch? See my friend has monies and IRA's and such in BOTH places....before the "Take over" by BoA.

Now they are combined....are they STILL safe? That's my MAIN concern.

So ANY monies in both Merrill and BoA are safe ? Because I know of SOME people who have pulled out.

And some banks only pay back a certain cap or limit.

[BlackArrow]

Front Seat = I work on Wall St.

Those types of accounts usually either have a FDIC guarantee if deposits up to a certain amount or if a securities account they carry a SIPC guarantee up to 500K.

IRA are segregated accounts and should never be an issue.

I am not saying that anything is safe or not, just telling you what protections already exist to any depositor or investor. If the government takes over your friend will have less risk rather than more.

[mapes]

Front Seat = I work on Wall St.

Oh ho Now we really know who to blame....BA

[Apache Warrior]

A customer of mine lost over $60,000.00 in Washington Mutual stock.
APache

[Duke{CLR}]

A customer of mine lost over $60,000.00 in Washington Mutual stock.
APache

He should have just spent that in your store then he would have something to show for all that $$.