Smith Barney

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Jul 16, 2008 4:35 pm

I was listening to the radio today where they were interviewing people at a IndyMac bank in CA waiting in line to get their money out.  There were lots of older people with much more than $100,000 freaked out that they'd loose their life savings. 



Also, right now on Yahoo! there's a headline that says "What You Can Do If Your Bank Fails."  Obviously there's a serious problem that's going to take years to get out of, and the media isn't helping. 
 
As a person looking to begin a career as a Financial Advisor it makes me wonder what would happen to a firm like Smith Barney if Citi were to go under.  Would SB be sold off before that happened?  Would a significant number of investors with SB panic and move their money to other firms?  What would likely happen in that situation?  Citi's stock isn't looking so hot, is that a sign that they could be in serious trouble?








Jul 23, 2008 8:30 pm

if citigroup fails we all should just pack up and go home.........the US financial system essentially have fallen completely apart.....  if citi fails   they are such a large counterparty to the other banks that those banks would fail as well    JPM Chase/ Goldman/ Morgan  etc  all would collapse as part of a domino effect.....thus we know  the goverment/fed/treasury would never let that happen.........

Jul 24, 2008 8:32 am

Regardless of the realities of the US banking system - consumers are spooked.  It's a good time to not only reinforce FDIC and SIPC insurance, but also do a lot of 'hand holding'.  That said - I'd be nervous if I were a Wachovia or UBS broker.