Word: banking
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...Hold More Cash This crazy ride may not be over. So the more cash you have in short-term securities like bank CDs, interest-bearing checking accounts, money-market mutual funds and Treasury bills, the better shape you'll be in to ride out a market slump and invest again when the economy stabilizes. Typically, a decent cash cushion is three to six months' worth of living expenses if you are working and 12 months' worth or more if you are retired. Double the cushion if you can. "Believe me," says William Jordan, president of the Sentinel Group, financial planners...
...mood at banks more generally is cautious. The most recent Federal Reserve survey of loan officers showed a plurality of banks tightening credit standards across the board. Add in anecdotal evidence - like Bank of America declining to increase lending to McDonald's franchisees even though the two companies have a long-standing partnership - and things do seem to be cascading down to Main Street, or whatever road is home to your local fast food joint. In August, 67% of small-business owners said they'd been affected by the credit crunch, compared with 55% in February, according to surveys...
...reaction was not as bad as I had feared," says Dariusz Kowalcyzk, chief investment strategist of CFC Seymour, a boutique investment bank in Hong Kong. In London, David Buik, a partner with BGC Partners, sees it similarly: "After the horrendous response we saw on Wall Street and elsewhere, I think coming in around even in Europe represents a wonderful...
...Tuesday, France, Belgium and Luxembourg said they'd pump $9.2 billion into troubled bank Dexia after news of its U.S.-linked losses sent its share price falling 30%. That followed Sunday's announcement that Fortis, the Dutch-Belgian insurance and banking giant, had been partially nationalized through a $16.4 billion injection from the three Benelux governments, each of which will acquire a 49% stake in operations in their respective countries. In Britain, meanwhile, the government announced this week it had taken control of problem mortgages from Bradford & Bingley, Britain's second biggest mortgage lender. Despite those moves amid the spreading...
...from money-market funds - it does guarantee that your deposits or securities will be returned to you should an institution fail. The limit is $500,000 in brokerages for each unique account per institution, $250,000 on deposits in retirement accounts and $100,000 on deposits per person per bank, although there's a movement afoot in Congress to raise that limit to $250,000. With something like a revocable trust or POD (payable on death) account, you are guaranteed up to $100,000 per named beneficiary...