A rather strongly worded question, but OK. My original statement began with "I wonder if..." My answer is, I was not thinking of anything like a suspension of constitutional rights.
Somehow they are going to use a run on a money market fund in 2008 as the reason to provide disclosures that are required by federal and state laws.
So citi is required by law to keep deposits for 7 days under some conditions?
BTW, who took out $500B in a couple of hours in Sept. 18 2008, and why? A rare but natural market phenomenon? Some kind of irrational panic that grew out of control? A kind of conspiracy by a Soros type to elect Obama?
I confess that the timing just before the election seems suspicious to me, but innocent improbable coincidences are possible.
If you review the disclosure of your checking or savings account you will notice that you have agreed to waive your right to a jury trial and any dispute will be resolved in arbitration.
So citi is required by law to keep deposits for 7 days under some conditions?
No, they are required by law to disclose their policies...i.e. what time constraints and fees they may apply to their accounts. E.g. $200/ATM visit, Foreign ATM Fees, Early withdrawal penalties and, yes, reserving the right to require written notice and seven days to cloase out an account.
BTW, who took out $500B in a couple of hours in Sept. 18 2008, and why?
Several funds broke the buck and then investors decided to pull their money. I don't know who the investors were, but they didn't start pulling until the funds broke the buck.
A rare but natural market phenomenon? Some kind of irrational panic that grew out of control? A kind of conspiracy by a Soros type to elect Obama?
1 is true since these funds had only broke the buck on a couple of occasions. 2 was defintely at play and the panic died when the govt stepped in and guaranteed the funds. 3 is entering tin-foil land. McCain ran a horrible campaign. I think the only thing he did right was choose his veep. McCain's blunders culminated in suspending his campaign in the midst of the Money Fund crisis. It was obvious he was in over his head and everyone knew it. I'm still amazed that McCain got as many votes as he did. Heck, he probably would have won if he just hammered on Rev. Wright and Bill Ayers.