You can forget the days when you had a personal relationship with your banker. It’s a commoditized business with free-checking and no ATM fees. The government more or less controls the too-big-to fail banks. In what’s being called a “major win” for the government, Bank of America has been found liable for fraud related to loans made by its Countrywide unit in ’07 and ’08. Stay tuned for more cases now that the precedent is set. Then there’s J.P. Morgan’s settlement to the tune of $13 billion with the Justice Department. Some thanks J.P. gets for agreeing to the government bailout it didn’t want to participate in back in ’08. Today the TBTF banks are an extension of the government, and they’re too scared to move. Their recent stock market success looks to me like a dead cat bounce.
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Preparing your investments and family for when disaster strikes.
E.J. Smith is Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH, where he completed course-work in Practical and Defensive Handgun, Conceal Carry Pistol, Shotguns, Precision Scope Rifle and Kidnapping Prevention. E.J. plays a Yamaha Recording Custom drum set with Zilldjian cymbals. His first drum set was a 5-piece Slingerland with Zilldjians. He grew-up worshiping Neil Peart of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris. Please get in touch with E.J. at email@example.com. Sign up here to receive all the best content from Richardcyoung.com each week.