RED ALERT: It's Open Season on All Customer Funds

Barnhardt.bix ^ | 8-10-12 | Ann Barnhardt

[EBH]

Ping to post #40.

Article at Reuters is related and basically sounds like FDIC is defunct in that scenario.

[Unrepentant VN Vet]

...because the ONLY other option that can resolve this problem is to turn Social Security into a welfare program....

Point One: I'm one of your "geezers", so I'm at the sharp end of your argument.

Point Two: (and really the salient one) SS hasn't been anything BUT a welfare program practically since its inception, but particularly over the past thirty years.

(I didn't expect to ever be able to recover more than a fraction of the money I was paying into the system when I first started work, and it's almost a surprise every month when I get That Check, not to mention that it actually continues to clear the bank.)

Sorry to wreck your argument, but if you're depending on any delay in the Feds looting your 401K while they're occupied with the dustbunnies left in the Social Security "Lockbox", you're strictly SOL.

[Biggirl]

Revolution is coming folks to take America back.

[Mortrey]

Bookmarked.

[matt1234]

What about the FDIC insurance?

"F" stands for "Federal." Fedgov is severely in the red. In a major collapse, where would they get the money to back up deposits?

[BobL]

“Sorry to wreck your argument, but if you’re depending on any delay in the Feds looting your 401K while they’re occupied with the dustbunnies left in the Social Security “Lockbox”, you’re strictly SOL. “

You’re in the other 50% of the older people on this site - the one’s that put the country first. And I agree, the raid will take place - unless the country shifts radically, and quickly.

[khelus]

CC: blam; Chunga85; Neidermeyer

There’s a handful of us Freepers who have been saying this for years now; that the ‘bankster’ and there brought and paid for lackeys in government have completely rigged the system and we have been called names worse than those used on Obama.

These Financial entities are allowed to run multi-million dollar scams and yet when caught NO ONE goes to jail and at worse they pay pennies on the dollars they stole.

I’ve caught flak before and as I said I’ve have been call a communist and worse for saying this, but the corner three card Monte dealer is more honest than most of the ‘Too Big to Fail’ banks and investment houses. And face it the Monte dealer who ‘scams’ a few hundred is a thousand times more likely to go to jail that the ‘banksters’ that are stealing millions.

This all bears repeating. They've rigged the job market the same way via so called 'Free Trade' agreements, out sourcing, in sourcing, and illegals.

IMHO all the 'globalists' and their cronies that run global finance and corporations are communists in business suits.

The results of their shenanigans are the blue lines on the charts below. Remember the GDp is currently ~40% government spending.

[khelus]

. . . My dear old Dad got robbed out of his pension when the bank he worked at for decades was bought, stripped, and resold. That was in the ‘80s.

IMHO, the 1908's was just practice for what is going on today.

[OldEarlGray]

So what’s the price of Tungsten gold-buggered up to now?

[DuncanWaring]

She operates operated Cornerstone Cattle Marketing, and advises advised cattlemen on how to market cattle.

She closed her operation after Jon Corzine demonstrated that client funds can be looted with impunity.

[SatinDoll]

Nope. Sorry, Duncan.

Anne’s cattle marketing instruction business is doing just fine. She teaches about the cattle business and how to market cattle.

She shut down her brokerage service because of IMF Global, and has been warning everyone to get out of the markets and banks immediately.

Go see for yourself about her cattle marketing seminars:

Cornerstone Cattle Marketing
http://cornerstonecattlemarketing.com/

[RedMDer]

[Pining_4_TX]

One of the traders on Varney & Co. said to buy “things”... gold, a house in a nice neighborhood, oil and gas stuff (not sure what he meant by that, stocks in oil companies?).

The problem always comes down to how does one protect the stuff? A nice neighborhood today could be an abandoned one tomorrow. Gold can be stolen and stocks manipulated.

If I had the money, I would move to some quiet little country and hope the parasites don’t invade when they kill their own hosts.

[mojito]

From the Reuters article:

“Sentinel allegedly pledged hundreds of millions of dollars in customer assets to secure an overnight loan at Bank of New York Mellon, leaving the bank in a secured position but Sentinel's customers out millions.

Customer funds were allegedly moved from the protected accounts to other accounts so they could be used as collateral for loans to Sentinel's own trading operations.

The appeals court said that “perhaps the bank should have known that Sentinel violated segregation requirements” but agreed with the district court's earlier ruling that “such a lack of care does not rise to the level of the egregious misconduct” needed to reprioritize a claim.

“That Sentinel failed to keep client funds properly segregated is not, on its own, sufficient to rule as a matter of law that Sentinel acted ‘with actual intent to hinder, delay, or defraud’ its customers,” U.S. Circuit Judge John D. Tinder wrote in the ruling.”

http://www.reuters.com/article/2012/08/10/us-sentinel-appeals-decision-idUSBRE87900T20120810

So henceforward, stealing your clients money is neither “fraud” nor “egregious misconduct.”

I never thought we'd become a banana republic. We are one now.

[DuncanWaring]

Looks like I got the two operations confused... ;-P

[PeterPrinciple]

What about the FDIC insurance? One would still be protected by that.

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If you do some research you will find that FDIC is currently insolvent but HOPES to be solvent in the next 5-10 years.

[SatinDoll]

Hey, no one’s perfect!

[shove_it]

Ann Barnhardt and Rick Santelli are exactly the type of experts to be put in charge of regulating these crony capitalism markets after dumping the Dodd-Frank monstrosity in the trash.

[SCalGal]

bookmark

[EVO X]

Liquidate your 401 k and pay the tax she says, and then what? Buy a farm? Buy a herd of cattle? What? Keep it in pennies in the garage? Buy cars? What?

If one decides to go all cash/precious metals and stuff it in the matress, make darn sure you keep documentation. The IRS and law enforcement agencies would be more than happy to confiscate it if you don't have proof of ownership. If one wants to go that route, I would seek legal advice...