Should we trust Banks with our savings?

Question

http://news.bbc.co.uk/1/hi/business/7305708.stm QUOTE

" Thornburg Mortgage has said it is trying to raise almost $1bn (£500m) in extra capital to avert a possible bankruptcy filing."

http://news.bbc.co.uk/1/hi/business/7305039.stm QUOTE

"The UK's financial watchdog, the FSA, is investigating whether rumours have been deliberately spread to undermine the value of bank shares."

http://news.bbc.co.uk/1/hi/business/7302622.stm QUOTE

"Lehman Brothers and Goldman Sachs both saw their profits more than halved in the first quarter of 2008."

http://news.bbc.co.uk/1/hi/business/7096845.stm QUOTE

"Timeline: Sub-prime losses"

Etc etc etc etc

The obscene part is that the GOVERNMENT will only honour £35,000 personal savings if a bank folds and goes into liquidation or freefall..

So if you have sold some property, or have a large legacy, where would you put your money today and not worry about it?

Answer 1

All banks are parasites, they consistetly declare record profits and are now blubbing to their friend the Bank of England pleading they are in trouble because of their reckless lending.

The Government urged the Banks to throw our money around to maintain retail spending on imported goods at high interest rates and high profits out of exchange business, so they could cop the VAT.

The Government and Banks created this situation and now they want to fleece us further by using our money to bail them out, after payng out million pound bonuses and dividends to share holders.

The British taxpayer is just a sucker the Government and Banks use to fund their greed and incompetence.Taking money from the taxpayer, (who have already been extorted by the Banks in interest and bank charges)by the Government (who have taxed us to the point of fiscal terrorism) to feed their own gluttonous greed is criminal.

Trust them with your money? Would you trust your Granny with Harold Shipman?

Answer 2

You said it yourself!  Spread it out. Any decent high street  bank but only £35,000 in each of them then you will get your money back in the event of the bank collapsing.   .

Answer 3

First of all mortgages aren't necessairly tied to banks...Thronburg for example was strictly in the lending business and hence one stream of income.  I d/k what the FSA is investigating in GB, but in the US the banks are stable and profitible.  Lehman and Goldman Sachs are suffering because of two issue(s) the markets get volatile and trading income diminishes as folks flea and don't buy back...In other words they only make $$$ on one side of a deal not both...Additionally, they were allowed to become mortgage investors (something I opposed many years ago as equity folks know lilltle of RE markets) and it worked out for a while...now it's coming back to haunt them.  They're still all right though because their core businesses of securities are still viable as assets.  Bad loans are going to leave many who own shares in such lenders with heavy losses, however the system isn't on the verge of collapse and nor will it.  PEACE!

Answer 4

h**l yeah...the uk government is proping up the rock,if anything goes wrong the tax payers money goes straight in...you could say thats a safe bet....

Answer 5

I have never trusted banks.

Answer 6

I wouldn't put all my money in one spot.  I have to honestly say that was the smartest thing my economics teacher taught me.  I wouldn't just put money in savings, I would put it in stocks, bonds, other savings (possibly with higher yield rates).  I definitely believe in diversifying.

I also like Shambo's answer too.

Answer 7

if you put your money in a bank you are saying " it's ok to line your pockets w/ gold while others starve " prob is your saying it to the ceo's of the bank cuz if they run into some trouble your money may just dis-appear .  sure your money is guaranteed by the fed , but the fed has been changing the rules lately + may just allow them to do it .

Answer 8

A Swiss bank account. A country that is beyond robber browns clutches, and has a banking system totally separate from corrupt governments.

Answer 9

No I am buying gold bullion and if you were money savvy you would to.

Answer 10

no you cant trust the banks. we have had our card stolen by someone we new and was very close to us. this person stole hundredes of pouds and even after he was caught on cctv and arrested and charged by the police, long court case followed and he was found guilty of theft, the bank still said it was our fault and refused to pay money back. so i will ever trust the bank again. stick your money somewhere safe where you can always get to it is what i say...

Answer 11

never put all your eggs in one basket

Answer 12

Stuff it under your mattress, the f***ers can't get their scummy hands on it there.