When I was working for a certain, multi-billion dollar wealth management group, I sat in on more than a handful of client meetings aimed at pitching insurance annuities to rich folk. Many potential buyers asked (millionaires, generally speaking, are a pretty bright bunch), "what if the bank goes under?" Each time, my boss responded, "failure on that scale would not be tolerated. The federal government would have to step in. You'd never lose your money."
He was right.
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