Warning for any Rich NOT share holders
posted on
Nov 12, 2007 09:47AM
NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)
If by some chance your account is valued over 500,000.oo, or if you have over 100,000.oo cash in your brokerage account,,I suggest you withdraw or transfer some equity out of that account. Another option would be to ask for your securities to be mailed to you. I say this because of the following story,,,I know it's not about NOT specifically,,,but I think it's a warning everyone should be aware of.
Your accounts are insured for 500,000,,,with maximum cash of 100,000.oo
NEW YORK (AP) -- Shares of E-Trade Financial Corp. plunged in early morning trading Monday as investors worried over a Friday announcement the company would take larger-than-expected writedowns on its holdings of securities backed by home loans Shares of E-Trade fell 4.33, or 50 percent, to $4.26 in morning trading. Shares had traded between $8.02 and $26.08 during the past year.
Citi Investment Research analyst Prashant Bhatia cut E-Trade's rating to "Sell" from "Hold." Bhatia said there is a 15 percent chance E-Trade will have to declare bankruptcy and the company may be forced to sell loans and securities at a significant discount.
Bhatia said clients could also close deposit accounts, reducing the company's funding. Half of deposit accounts, representing about $15 billion, are higher than the Federal Deposit Insurance Corp.'s $100,000 threshold. Those are the most likely accounts to be closed if customers are worried about the company's future, Bhatia said.
E-Trade holds about $3 billion in asset-backed securities in a portfolio. Much of the portfolio is invested in securities backed by mortgages, which have increasingly gone into default in recent months, reducing the value of the securities. E-Trade did not disclose how big a writedown it would take in the fourth quarter.