Are you concerned over the recent fall of some major financial firms?

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ƱJanoƱ loves the ƱColtsƱ asked:

I am, or was invested in Merrill Lynch, they sold out to Bank of America, and I am hearing today, that other large firms are in dire straits. Lehmans was denied a bail out, and AIG is in trouble, along with Washington Mutual. Where there were 5 large Mortgage/Financial firms on Wall Street before, we are now down to 2. Are we heading to one World Bank? What does all this mean to our future? Are you invested in any of these and what is your take on all of this?

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2 Responses to 'Are you concerned over the recent fall of some major financial firms?'

  1. Mark C - March 18th, 2009 at 8:17 pm

    These shakeouts occur every so often and are a natural market adjustment. The problem this time is that some of these institutions got too big.
    I hope what will happen is that the smaller responsible banks will prevail and the taxpayer will not be on the hook again like the RTC in the 80s.

    The Resolution Trust Corporation ( RTC) was a US government-owned asset management company mandated to liquidate assets (primarily real estate-related assets, including mortgage loans) that had been assets of savings and loan associations (”S&Ls”) declared insolvent by the Office of Thrift Supervision, as a consequence of the Savings and Loan crisis of the 1980s. It also took over the insurance functions of the former Federal Home Loan Bank Board. It was created by the Financial Institutions Reform Recovery and Enforcement Act (FIRREA), adopted in 1989. In 1995, its duties were transferred to the Savings Association Insurance Fund of the Federal Deposit Insurance Corporation.

  2. Mark K - March 19th, 2009 at 12:27 pm

    yes I fear the Dollar will take a licking and my Mutual Funds 401K account will be devastated


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