Citi nationalization

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plantguy90's picture
plantguy90
Status: Gold Member (Offline)
Joined: Jan 26 2009
Posts: 271
Citi nationalization

If it happens, will my deposits be safe?  I still use Citi for its convenience to move monies around.  In this case I want Ben to print as much money as possible so there is no Ukrainian incident here. 

strabes's picture
strabes
Status: Diamond Member (Offline)
Joined: Feb 7 2009
Posts: 1032
Re: Citi nationalization

theoretically yes...just like in bankruptcy, nationalization doesn't effect deposits.  it's just a change in ownership and capital structure.  

however, the biggest bank in the world failing is a signal that should be heeded...it really failed last year along with BoA and everything else that's being bailed out.  if a good percentage of banks go bust, FDIC will be useless.  and obama won't be bailing you out. that's why it's a good idea to have some percentage of your assets outside the banking system. 

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