Fee for Cash
Posted: Thu Aug 04, 2011 4:04 pm
Saw this on Yahoo finance
http://finance.yahoo.com/news/Dow-avera ... thbQ--?x=0
Mark Luschini, chief investment strategist for Janney Montgomery Scott, an investment firm in Philadelphia, said some clients are moving to cash "as a parking lot to sort things out."
"With the scars of 2008 still fresh, some clients don't want to miss the chance to pre-empt further damage should it come," Luschini said.
Large investors have moved so much money into cash accounts at Bank of New York that on Thursday the bank said it would begin charging some clients a 0.13 percent fee to hold their cash.
It feels good to already have a large chunk of cash on a day like today.
http://finance.yahoo.com/news/Dow-avera ... thbQ--?x=0
Mark Luschini, chief investment strategist for Janney Montgomery Scott, an investment firm in Philadelphia, said some clients are moving to cash "as a parking lot to sort things out."
"With the scars of 2008 still fresh, some clients don't want to miss the chance to pre-empt further damage should it come," Luschini said.
Large investors have moved so much money into cash accounts at Bank of New York that on Thursday the bank said it would begin charging some clients a 0.13 percent fee to hold their cash.
It feels good to already have a large chunk of cash on a day like today.
