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One Bank Account With $123 Million In It?

Saturday, September 14, 2013 - 5:33 AM
From Business Insider
[Boxing champion Floyd Mayweather Jr.] has a single bank account with $123 million in it, according to an ESPN The Magazine feature by reporter Tim Keown.

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I have a feeling most of this money isn't FDIC insured unless he's using CDARS or has around 500 beneficiaries. Yes, you could theoretically cover $125 million with 500 beneficiaries. According to page 37 of this FDIC guide:
If the owner is attempting to insure more than $1,250,000 with six or more unique eligible beneficiaries where the allocation to each and every beneficiary is equal, the deposit insurance coverage is $250,000 times the number of unique eligible beneficiaries

And you don't have to know and trust 500 people. Eligible beneficiaries can be a charity or non-profit organization (charity and non-profit organization have to be valid under IRS rules.)
Ken TuminKen Tumin5,442 posts since
Nov 29, 2009
Rep Points: 123,743
1. Saturday, September 14, 2013 - 8:23 AM
All he has to do is just spread the money around to how many other banks to have 123 million dollars insured. This way he doesn't have to come up with 500 beneficiaries or charites etc.   The fact that he is only keeping it in "one" bank must mean he has other money someplace and this is his hamburger feed.  Must be nice to have so much you don't care about the insurance.  
paoli2paoli21,146 posts since
Aug 10, 2011
Rep Points: 5,113
2. Saturday, September 14, 2013 - 9:35 PM
If he is concerned with safety, he should just buy treasury bills. It would be a lot easier and the money would be backed by the full faith and credit of the US.
loulou521 posts since
Aug 3, 2010
Rep Points: 3,239
3. Sunday, September 15, 2013 - 3:49 PM
After the win and with pay per view receipts etc last night he expects another $100,000,000. I still would not want to do what he does for a living for any amount. 
AllyAlly785 posts since
Jan 16, 2010
Rep Points: 2,281
4. Sunday, September 15, 2013 - 4:33 PM
Well after reading that Floyd is 36 years old and has a net worth of about 170 million dollars, I think we know who should be our next FED chairman.  Bernanke only has a net worth of 1.10 million dollars!!  It shows he didn't even know how to handle his personal money  so no wonder we savers got soaked with him at the reins!  I think we need to seriously find out the net worth of anyone who is seriously being considered for the next FED chairman or woman.  If they can't do better handling their own money, I sure don't want them making decisions that may affect MY money! 
paoli2paoli21,146 posts since
Aug 10, 2011
Rep Points: 5,113
5. Sunday, September 15, 2013 - 5:20 PM
Fed chief is paid $191,000. Good salary but not in Washington and who know where his family lives. When I was in DC in the 1980's we paid over $5 for a hamburg back then. We were at the hotel across the street from where Reagan was shot. Can't remember the name of it now. Don't remember too much about it but we got into the Senate gallery, had a lot of meetings, and after 3 days drove straight through all night to get home. Too expensive when you have 2 boys in college. 
AllyAlly785 posts since
Jan 16, 2010
Rep Points: 2,281