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Keeping Your Eggs In Many Fdic Insured Baskets

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by Felix Salmon
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Aug 13 2008 6:54pm EDT

Keeping Your Eggs in Many FDIC-Insured Baskets

The Grouse is hearing portentious rumblings:

I am told that a loan trader at one investment bank is all in cash and has his wife running around opening savings accounts at various banks so that his money will be covered by FDIC insurance.

I have one word for this loan trader, or anybody of a similar disposition: CDARS. One account, one rate, one statement, and up to $50 million on deposit, all of it FDIC insured. Although, as the Grouse notes, "if he's so apocalyptic, what makes him think the FDIC will be adequate to save him."

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