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Posts Tagged ‘insured’

Several sources, including this one, indicate that Michael Moore has a net worth of over $50 million.

On Saturday, September 26, 2009, CNN had an encore presentation of a recent interview with Michael Moore on Larry King Live. In it, Moore said:

‘No money in Switzerland. I don’t own a share of stock. I have no money in the stock market. My money is in pretty much a savings account and savings bonds, those kinds of things. But –”

Savings accounts and savings bonds are currently only insured up to “$250,000 per deposit, per insured bank,” up until December 31, 2013, at which point it will decrease to $100,000.

Either Michael Moore is foolish, has additional private insurance, or has most of his money distributed over 200+ banks. If it’s the latter, then by January 1, 2014, he’ll have to distribute his money over 500+ banks. If he’s foolish, then he can kiss most of his money goodbye if there is a repeat of the 5000+ bank failures from 1929-1932.

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