No. of Recommendations: 0
Too small to buy out? Dunno. I used to live in the No. VA area, and over a period of years (late 90s- early 00s), all "my" banks got bought out -- I had accounts or a box at (then) Signet (regional) and Sailors & Merchants (only one, that I know of). First Union got 'em all. Meanwhile, my parent's accounts (in another part of the State), eventually got sucked up by Wachovia. Eventually First Union (I tried the inits and the profanity filter didn't like it!...) and Wachovia merged, it's called just Wachovia now I think .. they got it all!

I do agree that it is a bit over concentrating to have 40% of a portfolio in such a ridiculously narrow sector. But hell, it was his money, although it sounds like he was one of the cash cows for unscruplous brokers. Good luck in your seeking redress, you'll need it.
Print the post  

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement