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Last Visited: 10/24/2008
Portsmouth, NH (PRWEB) October 7, 2008 -- Author Barry J. Dyke, in the new book "The Pirates of Manhattan" (www.thepiratesofmanhattan.com), unveils a major banking secret.
Banks, when it comes to investing their own money--don't put their cash into volatile mutual funds, stocks, hedge funds, term life insurance or risky real estate deals--but instead place a large portion of their vital reserves, known as Tier One Capital, into high cash value life insurance.
Banks invest billions into high cash value life insurance.
Surprisingly, many banks have more invested in life insurance policies than they do in bank premises, fixed assets and all other real estate assets combined.
Recent bank consolidations of Bank of America (acquired Merrill Lynch) and J.P. Morgan Chase (acquired Washington Mutual WAMU) has made life insurance a more important asset for banks.
In light of this consolidation, Mr. Dyke compiled an updated list of bank holdings in life insurance versus bank hard assets (premises, fixed assets and other real estate).
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Over twenty-five years, author Barry J. Dyke has acquired extensive expertise to write "The Pirates of Manhattan."
He has practiced financial planning, owned a pension consulting firm, founded a third-party administration firm, a health & welfare consultancy and a registered investment advisor www.castleassetmgmt.com.
The book has taken a novel approach by selling directly wealth advisors and consumers.
It has sold in all 50 states, England, Europe, Australia, Singapore and Canada.
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BARRY JAMES DYKE is the president of Castle Asset Management, LLC, Hampton, New Hampshire.
He entered the financial service business in 1982 and has worked with individuals, privately held businesses, venture capital firms, publicly traded companies and national celebrities.