Why would they have $3 billion in cash? From looking at the financials, most of that is in debt instruments. Seems risky to me, considering all the debt problems that country, states, and municipalites are facing. When yields on debt instruments are eventually forced higher to better compensate investors, the portfolio will most likely take a hit.
MCY has been on my radar for a while but I am really worried about their dividend coverage. They dont really have much cash on hand so if they have another losing quarter it might be a problem and a slash in divs will most likely result in a huge PPS plunge. Thats the only reason I havent jumped in yet. I think ill wait to see what happens next quarter.