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Posts Tagged ‘net worth’

When you sign up for a new trading account with E*TRADE, you’re informed that securities regulations require that they ask you your investment objective (capital preservation, income, growth, or speculation), your annual income and total net worth (excluding your home).

To get an idea of their average customer, the default selection for your annual income (combined if joint) is $200,000+, and $1+ million for your net worth (excluding your home).

Previously, I wrote they require your passport, alien or government ID number to activate a new account, as per government regulations for non-U.S. residents.

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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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