What happens to my money at Smith Barney if Citi Corp sells the firm?
Author:
smith
03 10th, 2010 in
sbbbs.com
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What will happen to my money at Smith Barney if Citi Corp either sells the brokerage firm or someone buys them out? I have cds there which were due to mature on Dec 22,2008. Will I still be able to get my money then if somthing happens before now and Dec 22,2008.Selling the firm does not change their obligations to you. If they keep them, there is the risk that Citi group will fail, but after Lehman Brothers, the government is not going to take the risk of letting it go down. If it is sold, it will be sold to a bank in a strong position. Either way you are in a pretty sound position.FDIC to the rescue if something fails. Not to worry.
If they sell - in all likelyhood they will - your account information also goes with it. Your money has not gone into thin air.
You may have to wait longer than Dec. 22nd. until they sort things out. Unusual circumstances of course. But you will get your money.I used to work at Smith Barney. Your assets are safe. No worries even though bank end of filing for Chapter 11. Everything will stay the same except maybe the name of the company holding your money. Bank of America bought out Merrill Lynch but the name of the company will stay Merrill Lynch. The new company has a vested interest in keeping their clients happy so you wont even know when the change happens. Your cds are still held under the same strict guidelines as before and the maturity date will stay the same as will your ability to withdraw those funds after 12.22.08 #If you have any other info about this subject , Please add it free.# |
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