Commentary: The super rich are different; they use private banks

11/29/2006 | MarketWatch

After Charles Schwab announced last week that it was selling its U.S. Trust Corp. private bank, the president of the unit made a point of saying that Charles Schwab himself would keep his U.S. Trust account. A columnist for MarketWatch says that anecdote says much about a financial system in which "the superrich such as Charles Schwab himself will keep their assets at trusted banks and trusted companies while those with less money will transact with broker dealers, such as Charles Schwab."

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