BUTTON, BUTTON, WHO'S GOT THE BUTTON?
We had a kiddie game during my early childhood that was called by the title of this post.
It was a guessing game and used, I think, to develop keeping attention focused in the early grades of elementary school. We all sat in a circle on our chairs in the classroom and the teacher gave a nickel sized button to a student who went around the circle, choosing to pass the button to another student, we sat with our hands palms facing and thumbs upward and as the holder of the button came by each player she would place her hands between your open palms and at her discretion could drop the button or not and the receiver had to not reveal by facial expression or other give-away behavior that they had the button in their possession.Then the guessing part began. It also taught one that others can fake having the button.
As a very disgruntled client for the last several months, ( accounts at this broker for a couple of decades) then along came a new player and bought the brokerage and choices for investment of cash account amounts were restricted. They term this the cash sweep, meaning really that Wachovia the buyer was going to funnel these cash amounts into a selection of four of their various banks that could benefit from the infusion of capital to meet regulatory requirements.
So for the last two week ends I have been guessing just what is happening to this money which against my desires was dumped into the Wachovia Mortgage FSB Oakland CA ( I am in Arizona.)
Last week-end the FDIC stepped in and arranged a deal between Wachovia and Citigroup, so I thought bingo! that's where my cash will be swept, then today, early in the business news of the day, I find that Wells Fargo and Wachovia ignored the FDIC engineered deal and WF was taking over the accounts, Okay I'm getting used to this button game........(not really).....now my broker kept insisting that the brokerage now under the Wachovia management was operating within the permitted restrictions, I did not feel this should be permitted, and at best was a complete repudiation of client service. And yes during this I have been shopping for somewhere to move my IRA, or what remains of it and my cash trust account into more reliable hands, and that is quite a task given the present domino dropping of one shoe after another......I wanted none of this....now FDIC and Citigroup are threatening to sue WF and Wachovia.....such a kettle of fish!!
There is more......I am eighty one years old....I feel my investments must preserve my capital but hopefully achieve enough of a return to keep a bit ahead of inflation.....but in the present conflagration......that doesn't seem likely so am I headed to pauperhood where I will have plenty of company?
Oh button, button, who's got my money?
graysmoke
It was a guessing game and used, I think, to develop keeping attention focused in the early grades of elementary school. We all sat in a circle on our chairs in the classroom and the teacher gave a nickel sized button to a student who went around the circle, choosing to pass the button to another student, we sat with our hands palms facing and thumbs upward and as the holder of the button came by each player she would place her hands between your open palms and at her discretion could drop the button or not and the receiver had to not reveal by facial expression or other give-away behavior that they had the button in their possession.Then the guessing part began. It also taught one that others can fake having the button.
As a very disgruntled client for the last several months, ( accounts at this broker for a couple of decades) then along came a new player and bought the brokerage and choices for investment of cash account amounts were restricted. They term this the cash sweep, meaning really that Wachovia the buyer was going to funnel these cash amounts into a selection of four of their various banks that could benefit from the infusion of capital to meet regulatory requirements.
So for the last two week ends I have been guessing just what is happening to this money which against my desires was dumped into the Wachovia Mortgage FSB Oakland CA ( I am in Arizona.)
Last week-end the FDIC stepped in and arranged a deal between Wachovia and Citigroup, so I thought bingo! that's where my cash will be swept, then today, early in the business news of the day, I find that Wells Fargo and Wachovia ignored the FDIC engineered deal and WF was taking over the accounts, Okay I'm getting used to this button game........(not really).....now my broker kept insisting that the brokerage now under the Wachovia management was operating within the permitted restrictions, I did not feel this should be permitted, and at best was a complete repudiation of client service. And yes during this I have been shopping for somewhere to move my IRA, or what remains of it and my cash trust account into more reliable hands, and that is quite a task given the present domino dropping of one shoe after another......I wanted none of this....now FDIC and Citigroup are threatening to sue WF and Wachovia.....such a kettle of fish!!
There is more......I am eighty one years old....I feel my investments must preserve my capital but hopefully achieve enough of a return to keep a bit ahead of inflation.....but in the present conflagration......that doesn't seem likely so am I headed to pauperhood where I will have plenty of company?
Oh button, button, who's got my money?
graysmoke
posted by graysmoke @ 3:49 PM
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