It occured to me this morning that three interesting financial news reports have converged this summer:
- Someone…but obviously someone VERY wealthy…left their ATM receipt behind, revealing their almost 100-million-dollar cash reserve
- For the first time in history, Standard and Poor’s downgraded the USA…which most likely contributed to two-year lowball on Fed rates
- Following this latest shock to the financial system, the stock market faced the most volatile one-week period in its history
The author of the ATM receipt story made the (historically ironic) comment of “Anyone with that amount of cash would know that keeping $100 million in a savings account isn’t the wisest investment move.”
Well, seems that the Hamptons Moneybags might have guessed the right course for this historic summer….