Posted on 08/13/2012 3:40:54 PM PDT by Kartographer
Former money manager Ann Barnhardt, who in November of 2011 made the decision to cease operations of her brokerage firm and return funds to her customers citing “systemic” problems within the entire financial industry, has issued a new warning about the stability of US banks and the safety of individual deposit accounts.
The warning, stemming from a recent federal appeals court ruling surrounding customer funds lost during the 2007 collapse of Chicago futures broker Sentinel, indicates that individuals who lose deposited funds because a financial institution improperly manages that money, even if those funds are supposed to be “segregated” from other operations of the firm, are essentially left with no recourse if the firm goes belly-up. According to the court, a misallocation of those customer funds, “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.”
(Excerpt) Read more at shtfplan.com ...
PING!!!
listen, this is an absolute misconstruction of the facts of the sort that makes people laughingstocks.
Banking is extremely convenient, and I would not withdraw all funds. I do, however, keep a comfortable amount of cash. I also keep my bank accounts in a number of different banks, so that a failure of one would not be a catastrophe, whether the lost money was unavailable for months or forever. Financial assets, like other assets, should be spread out for security.
I don’t believe this issue is about checking accounts.
You might also find this interesting:
Bankster Fraud Has Driven 100 Million Into Poverty, Killing Many
What, FDIC protection eliminated? Who has a short position on banks and wants a panic?
The five biggest mega banks have been ordered to come up with plans to no fail in a financial emergence, how much to you want to bet that part of their plan will be to ‘borrow’ their customer funds for a ‘short term’ to shore themselves up?
SHTFPlan is another one of those websites that is in the vein of Alex Jonesism. I read it daily mostly for prepping information........politics and conspiracies not so much.
FDIC will protect only 250K if, and only if, you are among the first in line. As you move down the line the “insurance funds” available will be reduced.
It was recently posted that the funding behind FDIC was getting extremely low and banks were being charged more to replenish the funds.
IMHO the start of this issue can be placed squarely on the shoes of LBJ when he discovered that the Social Security Trust Fund could be raided to buy votes. Once you crack one firewall it is much easier to crack the next, and the next.
If someone wanted to withdraw say 30K would it be best to keep the withdrawals under 10K..? and do you need to space these out monthly? I'm just thinking about government flags and as far as I'm concerned, it's non of their business. Thanks
Good question and one I’d like some info on as well.
You’d better keep your cash withdraws under 10k. Not only is the federal government automatically notified...there is a limit to the amount of cash you can legally carry on your person.
I have that same question.
Barnhardt's a loon. Too bad, I like a lot of what she says. But I think she's gone over the edge.
Is it just me or has the page been wiped?
I am trying to send the link to someone, and as always I test it first. Its now coming up empty.
Is it me or am I just paranoid?
DOH, Its back now.
No, I’m not seeing things. It really was gone.
(I know, now everybody thinks I’m toony. Sigh)
Actually, Barnhardt's part makes sense. But she is NOT saying what the headline claims she is.
> there is a limit to the amount of cash you can legally carry
> on your person
I thought so too but then came across this:
How much cash can a person carry legally?
In: Law & Legal Issues
Answer:
It is legal to carry any amount of cash, but quite imprudent to do so. The money would be suspected illegal and seized and then you have to hire a lawyer to fight for its return. Banks are required to report all cash transactions of more than $10,000.
There is no limit to the amount of cash that may be carried on any flight, either domestic or international or any other means of crossing the border. The people who are saying that there is a limit on international flights or international travel of any means are not correct — for international travel arriving in or departing from the US, you may carry as much cash as you’d like; however, any amounts in excess of $10,000 must be declared to US Customs either upon departure or upon arrival.
http://wiki.answers.com/Q/How_much_cash_can_a_person_carry_legally
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