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Furious Backlash Forces HSBC To Scrap Large Cash Withdrawal Limit
Following the quiet update that HSBC had decided to withhold large cash withdrawals from some if its clients - demanding to know the purpose of the withdrawal before handing over the customers' money - it appears the anger among the over 60 thousand readers who found out about HSBC's implied capital shortfall just on this website, has forced HSBC's hands.
The bank issued a statement (below) this morning defending their actions - it's for your own good - but rescinding the decision - "following feedback, we are immediately updating guidance to our customer facing staff to reiterate that it is not mandatory for customers to provide documentary evidence for large cash withdrawals." After all the last thing the bank, which over the past few years has been implicated in aiding an abetting terrorists and laundering pretty much anything, wants is an implied capital shortfall to become an all too explicit one.
Via HSBC - Statement On Large Cash Withdrawals
25 Jan 2014
As a responsible bank we ask our customers about the purpose of large cash withdrawals when they are unusual and out of keeping with the normal running of their account. Since last November, in some instances we may have also asked these customers to show us evidence of what the cash is required for. The reason being we have an obligation to protect our customers, and to minimise the opportunity for financial crime. Large cash transactions have inherent security issues and leave customers with very little protection should things go wrong, by asking customers the right questions, we can explore whether an alternative payment method might be safer and more convenient for them.
However, following feedback, we are immediately updating guidance to our customer facing staff to reiterate that it is not mandatory for customers to provide documentary evidence for large cash withdrawals, and on its own, failure to show evidence is not a reason to refuse a withdrawal. We apologise to any customer who has been given incorrect information and inconvenienced.
Indeed, as one HSBC customer exclaimed, "you shouldn't have to explain to your bank why you want that money. It's not theirs, it's yours."
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You know, it is only logical and in fact inevitable that a mega-bank like HSBC, or any other giant corporation, would start using the line "we're limiting your options (restricting your rights) for your own good", given that the corporate-bankster oligarchy has now effectively merged with government, since the same rationale of "for your own good" has been used in the same way by (nominal) government for most of a century now --- mandatory Social (In)Security, mandatory government schooling, mandatory vehicle insurance, Obamacare, every war ever waged, etc. etc. etc. ...
what HSBC branch was it? Literally which one? It's too bad that info is not public by Radio R4 or whatever that was. That branch should have zero assets in it tomorrow 5 mins after it opens as a message to every other bank.
as soon as someone, anyone or any entity tells you, "it's for you own good" you better prepare your self with lots of lube.
You will not have the option of using lube .... for your own good.
Talk about drawing attention to yourself.........stupid HBSC.
Let the banking "holidays" begin! Totally stuipid if you can't electronically move your money without having to deal with anyone at all. Who are these people?
They're bankers. Need I say more?
Can you say "bail-in?"
It is now "Bail around". It's like a reach around by The Predator.
" Taking the analysis further, the report sets out the impact of incoming Basel III capital rules and says HSBC could be required at a minimum to raise close to $60bn in new capital by 2019 and potentially as much as $111bn. “In our view, HSBC has not made the necessary adjustments, during the quantitative easing reprieve. Rather, it has allowed legacy problems to linger as new ones in emerging markets gather pace. The result has been extreme earnings overstatement, causing HSBC to become one of the largest practitioners of capital forebearance globally. This charade appears to be ending, given how few earnings levers remain besides selling off core elements of the franchise and the stringencies of Basel III compliance,” wrote Forensic Asia.
The broker adds: “While having stated capital ratios well above peer averages is all well and good, HSBC’s stated capital ratios would appear to be nothing more than a mirage if our analysis is correct.” Even under current capital rules, Forensic Asia estimates that its valuations of HSBC’s group and subsidiary balance sheets suggests the bank has a current capital shortfall of $45.1bn.The report adds the workings do not include probable litigation costs linked to various claims on the bank, which they see coming in at no less than $10bn."
Cue up: Gerald Celente - Bank Holiday jingle
(that's what that comes to mind)
lloyds also having difficulties giving customers their money
http://www.bbc.co.uk/news/business-25907000
It's like financial Jenga with more and more pieces pulled out daily. We're getting closer to the load-bearing block being pulled out.
But ... under American law, the money in your account doesn't belong to you, it belongs to the bank. You own the account, but not the assets within. If they go under, you're just an unsecured creditor. I'm sure this is all theoretical, though. It's not like banks have hundreds of trillions of notional derivatives out there, far, far, far larger than the sum of all their assets (including your own deposit balance). No, that would never happen.
Sometimes it is good to know your banker. Bank local, learn all about your banker, where he lives, what he drives, what other assets he has, where his kids go to school...
I think you get the idea.
My bank is local. The manager is one of the founder's grandsons. He drives a silver, short-wheelbase Chevy 4-wheel drive pickup. His wife and mine know each other. You get the idea...
You mean..
Bank Of America Forces Depositors To Backstop Its $53 Trillion Derivative Book To Prevent A Few Clients From Departing The BankAll is well
.
.
The laundry of HSBC
This money is clean as can be
Banks criminal ways
Shows that crime always pays
Move along, there is nothing to see
The Limerick King
http://rt.com/shows/sophieco/banks-globe-stream-economy-875/
Terrorism funding just one thing big banks are getting away with - whistleblower Everett Stern
...
Full video and interview at website, supposedly he went to the MSM over this and they wouldn't publish his allegations or evidence.
Some of the transcript to get an idea what he is getting at.
ES: Correct. First I was a candidate for the clandestine service and then, while I was in the business school and then I joined HSBC in October 2010, right after this Cease Order came into effect, and I was hired as anti-money-laundering compliance officer and put in charge as a specialist on Middle Eastern transactions, also I was part of anti-terrorism financing team there, but really while I was there I saw the blatant criminal actions that were occurring and just how HSBC defrauded the US government.
SS: I just would like to get to the point when you started detecting suspicious activities. I gather from your earlier interviews, you said it was basically a team of former debt collectors re-hired to become an anti-money-laundering unit. None of them was experienced in that unit, including yourself. Then how were you able to detect all of these suspicious activities, if you weren’t really sure what you’re doing?
ES: Ah, that’s a good question. So what happened was that when I joined, there were maybe 15 compliance officers in the entire department in Newcastle, Delaware. I knew immediately that I really had no idea of what I was doing, so I went to University of Delaware library, I checked out a whole bunch of books and I would spend mornings and nights reading and teaching myself about money laundering and terrorist financing. And then what happened, it was maybe about three weeks in, that’s when I saw a first suspicious activity with the company called Crossbar FX and I that was my first email to the CIA. It was on November, 12 of 2010.
So three weeks after I started, I started passing information to the CIA, I felt there was a national security risk. First, of course, I went to management of HSBC, which of course was nowhere, but what ended up subsequently happening was that HSBC had a huge credit card division in the same building and they needed to show the government that they improved the program by hiring all these anti-money-laundering compliance officers. So they fired all of their debt-collectors, they sold off the credit card division to capital one and then re-hired debt collectors and anti-money-laundering compliance officers. They’re still there now, approving transactions, it’s absolutely disgusting, and they have no idea what they are doing.
SS: But, technically, how did you detect it technically? How does it happen? How did you detect suspicious transaction that could be linked to terrorism or drug cartels?
ES: It was so obvious. It’s because I have two brain cells in my brain and can do simple internet Google searches. This was not rocket science. For instance OFEC has a list of companies that the US cannot do business with, an OFEC sanction list, and so, for instance, Caribe Supermarkets, Tajco, the Tajideen Brothers, which were all linked to Hezbollah. Caribe Supermarkets is a supermarket chain based out in Gambia, and they are owned by Tajco, which is owned by Tajideen Brothers, which are based out in Beirut, and are financiers of Hezbollah. There were transactions going through HSBC and I saw it.
What’s interesting is that it’s not that it was hard to find the transactions, it was very easy. The real disturbing part is how they were doing it because these transactions, that were supposed to be stopped in the wire filter, were actually going through. They were going through because what HSBC employees were doing was adding dots and dashes and different numeric codings to the actual payments. The FBI later called it “stripping the payments”. So the computer system…there wasn’t a match with the transactions and they would go through. It was just blatantly obvious what they were doing, it just took me I guess just little extra effort to see how they were criminally allowing the terrorist funds to go through.
...
Thank you for this link, Dewey. I have read the whole thing.
Zero Hedge needs to make this link into a guest column. It is fascinating.
Another millennial whistleblower. If I have hope at all in any human evolution, it is because if their generation. I admire them for their courage and strength.
Everett Stern gets hired for an anti-money-laundering position at HSBC and thinks his objective is to detect and halt money laundering. This ernest fellow was mistaken. His job was to be on the bank's anti-money-laundering, as evidence that the bank was earnest about detecting and halting money laundering.
Everett, ya big dummy, all ya had to do was show up, go through the motions, don't rock the boat, and get paid.
Cien pesos will buy you a couple of six-packs of Corona long-necks in Old Mexico....or some brown bottle "Caguamas".
Totally confused (as usual):
That same quote was in your article published on the 24th.
http://www.zerohedge.com/news/2014-01-24/bank-run-fears-continue-hsbc-re...
That was the other Tyler.
And besides, this is news that warrants repetition.
agreed this article makes no sense. All the quotes are from the original article....
Here are some new quotes carried in the MSM:
Ever thought the HSBC Abu Dhabi is the seventh event on the schedule, it is the first tournament on the desert swing and signals the start of the European Tour season.
The HSBC Abu Dhabi, Commercialbank Qatar Masters and the Omega Dubai Desert Classic pay large appearance fees to bring golf's biggest names to the Middle East.
Phil Mickelson and Rory McIlroy earned more money this week than the eventual winner, but a relative unknown from Spain upset the big boys and won the fancy trophy.
What are some of the other lessons we learned this week in Abu Dhabi?
Is ZH propagandizing???? gasp!!!!
There has been alot of sensationalism here lately. Disappointing.
Lately? lol
I laud zero hedge for yelling fire in a crowded theater.
If the banks and ptb were always honest and ethical and had the confidence of the people then rumor mongering and attempts to stir the pot would have no effect.
Keep stirring the pot, Tylers. Bring this mofo down.
rather yell theather
in a crowded fire....
Gasp: http://www.asianomicsgroup.com/forensic-asia/research-and-services/resea...
nice web site William ... here's anoither one from there about Korean worries due to teh weak yen...currency war sure to follow:
Korea and Japan Export Competitiveness
http://www.asianomicsgroup.com/asianomics/research-and-services/research...
"Documentary evidence.", a.k.a. "Your papers pliss."
put ur debt coupons in their edifices and u can expect one way or another u will loose them...
(cough - Bail in)
hold them at home they will be destroyed via the counterfeiting of the MoneyChangers...
"There are only 2 forms of real money....Physical Gold and Silver...."
u were told.......
many of u r missing the real point of this capital control experiment...fussing over thier debt coupon paper shit they have revealed to u time again they intend to steal and the reason why...they r all insolvent...and their paper is worthless..
"Research firm Forensic Asia calculates that HSBC has overstated the value of the assets on its balance sheet by more than £50bn
HSBC could have overstated its assets by more than £50bn and ultimately need a capital injection of close to £70bn before the end of this decade, according to an incendiary report published by a Hong Kong-based research firm .
Forensic Asia on Tuesday began its coverage of Britain’s largest banking group with a ‘sell’ recommendation, warning the lender had between $63.6bn (£38.7bn) and $92.3bn of “questionable assets” on its balance sheet, ranging from loan loss reserves and accrued interest to deferred tax assets, defined benefit pension schemes and opaque Level 3 assets.
The broker’s note is written by two of its senior analysts, Thomas Monaco and Andrew Haskins .
Mr Monaco is a former senior bank examiner at the Federal Reserve Bank of New York and previously worked as a fund manager at FrontPoint Partners, the hedge fund that spotted the US subprime bubble. As well as this, he has also spent a decade as a banks analyst at various leading investment banks.
Mr Haskins previously worked at HSBC for 15 years, mainly as a telecoms analyst, and also co-ran Japanese bank Mitsubishi UFJ’s Hong Kong-based research team."
http://uk.finance.yahoo.com/news/hsbc-faces-70bn-capital-hole-133705984....
Now listen here you filthy cocksuckers, not that I'd bank with you anyway, because I wouldn't, but why don't you let me worry about my risks while you get fucked.
Oh, but they're so worried about little ol' me!
The pure altruistic concern of the noble bank --- how touching!
Go cry me a fucking river of crocodile tears, HSBC. And while you're at it, go fuck yourself slowly with a broken bottle too.
In the absence of a broken bottle, they can use this.
I tried to edit it to a "plague-infected and tapeworm-riddled broken bottle", but you beat me to the punch.
Either way, so long as the minimum result is a bloody banker pinksock, it's all good.
Ugh!!
Mindbleach, stat!
A candle that will bring tears to your eyes, and permanent
scarring to you arsehole.
Does it come in larger diameters ?
Yeah, I laughed too when they said they were worried about me. I'm wondering if HSBC will redeem my certificates of deposit upon maturiity or just "roll them over" for my own good!!! Ha Ha Ha Ha.....
"Furious Backlash Forces HSBC To Scrap Large Cash Withdrawal Limit"
How long will that last, in the light of mathematical reality?
4 words:
IT'S MY FUCKING MONEY!!
3.5 Words
NO IT'S NOT!
n/a
Not if they reorganize and use the Bail-in provisions of Dodd-Frank! Turns out, it's legally *their* money and you're an unsecured creditor then! AKA "chump". Best get your money out of these zombie criminal banks now while you can!
Goes back further than that. Carr vs Carr - 1811.
Smells a bit like a dry run. When it happens, it happens cooperatively among all the banks.
In fact, this is bitcoin relevant in that when capital controls are imposed, and bitcoin is used get money out of a country -- that's when it will be defined as money laundering.
Money laundering was traditionally just to conceal money source. Now, when it's used for portability, that will redefine the term.
intersting fake on it. this is all about "Lunar New Year" and the TD's know it. All the banks are stuff to the gills with freshly printed renminbi...everyone goes out and spends it all.
This is just a warning about being plunged into the abyss of the payday lender people of China.
Sure..."it's your money." But in fact...it's about to be someone else's.
"And then it's gone."
"Sure..."it's your money." But in fact...it's about to be someone else's. "And then it's gone."
That's the MF Global model:
"Let us turn your money and our experience into our money and your experience." *
*plagiarized from many
Privacy and Anonymity = Terrorism in the new Police State.
Oh, but 9/11 changed everything!
(Yes, for the worse.)
Funny thing about that, is that there has always been a boogie man, real or perceived.
First, it was the French and Indians. Then it was the British. Then it was the Indians (unless you were the Indians, then it was the whites.) Then it was the British. Then it was the Indians. Then it was the Mexicans. Then it was the Indians. Then it was the Spanish. Then it was the Germans. Then it was the Germans and the Japs. Then it was the Soviets, with a smattering of the Vietnamese. Then it was, and still is, the terrorists, not to mention the Syrians, Iranians, and it is starting to look like it'll be the Chinese and the Russians in the not too distant future.
But times are different, or so we're told, so fuck your privacy. The past threat of being murdered and scalped is nothing compared to what a bunch of assholes living in caves half way around the world can do to us, so bend over and let us shove a proctoscope up your ass for your safety.
They should not query where withdrawls are going.
They should be quering where some of the deposits are coming from.
http://www.bloomberg.com/news/2014-01-24/france-s-rating-affirmed-by-moo...
is it obvious that china has depleted HSBC reserves
NO TENGO DINERO AMIGO
kindly please go fuck yourself
are they TBTF
or are you SOL
HSBC =COLLAPSED
HSBC = High Stakes Banking Collapse
HSBC = No cash for you!!
Come back, one year!
Yes their customers need protection from themselves, not the bank. Riiiiight. Haven't they received plenty of capital injections from the US Fed over the last 2 years. Now they want to trap client deposits too. Just how bad of shape are they in?
My spouse doesn't even have the balls to require me to explain how I spend my money yet this bank thinks they can. At this point, HSBC makes the matress look like a much safer place to keep money.
Good Job Douchebags
You used to get a toaster for opening a bank account. Now, if you have a bank account, you are toast.
ZeroHedge has exposed these money laundering scum bags for what they really are.Helping finance terrorist organizations and supporting heroin trafficking operations for The Central Intelligence Agency and major drug cartels.The U.S. Government along with Stepen Harpers Conservative Government have a Canadian named Mark Emery in jail for years for selling just weed seeds.His wife is still running Cannabis Culture Magazine's website.I'm proud of Neil Young.He called Stephen Harper a poor imitation of George Bush Jr.Mark also helped take a stand against The Lord's Day Act in London,Ontario Canada which had made it illegal to work on a Sunday without a Government permit.Mark had opened up his bookstore and reading room on Sunday.As far as I'm concerned,Mark is a hero.The religious bigotry was no different than the bullshit preached by Bachman and Palin.They both stink.He then went on to expose Stephen Harpers Justice Minister Vic Toews for impregnating an 18 year old girl.Watch out! Vic got a mostache.
Relax, you won't be fined or otherwise penalized for using the space key after periods and commas.
Least I got a excuse.
I played hooky for like 2 years.
What a coincidence, I played hockey for 2 years!
akak: I hated playing the Swedes. Fuckers would never chase a puck into the corners because they knew a steamrolling Canuck would be right on their ass ready to meld their brains into the glass.
Dense prose needs white space...
HSBC take urgent action to head off a bank run Monday morning............................
So................now the bank run can really kick into 'overwithdrawl'.
Naw. Here comes the calvary...
https://www.youtube.com/watch?v=GKaYOW9zMoY
There is no amount of bleating from the sheep that can fix this. The rest of us know what's coming.
OK. Time to knock over the 1st fucking dominoe.
Is there anything less comforting than the "It's for your own safety!" meme?
It's kind of like going in to get your prostate checked and the doc has both of his hands on your shoulders.
Dr. Bernanke or Dr. Krugman?
Neither, as neither of those two could reach a grown man's prostate. It is Dr. Yellen.
Alas, alas, 3 prostrate exams alas... just have to shoulder the burden.
Your words are very mattering, very something, less even.
Welcome to the US Anglo-'american' banksterism world, it's a cashless and hostile place, you'll see.
Or going into get your shoulder checked and they grab your balls
I don't get it. Doesn't everyone else's doctor do it that way too?
I spit pinot on my keyboard :) :/
I will repeat that analogy often and give you credit every time.
Yes.
Looking back while your proctologist gives you your exam & seeing both his hands.
Power to the People.
Now go grab your bucks.
and keep where? If hsbc is in trouble the whole banking system is in trouble. so really worries me as to where to keep my savings. Can't convert everything to gold as it will be a bit inconvenient when it comes to liquidity :-( Bitcoin is uncertain
So we care about you so much as a customer and are concerned that we protect each and every one of you.... we've decided over the years to only hold about 10% of your cash in our reserves and loan everything else out to people that can't pay it back.
In addition, gamble with it in the derivative and stock markets to be sure that you (our customer) are always taken care of.
What a bunch of Horse Shit!
Dear HSBC and bankster parasites,
FUCK YOU TO HELL ON A SHORT ROPE AND A TALL TREE.
Sincerely,
Genuine People.
Any banking that I do is with a local small town bank that has yet to be brought into the cluthches of any of the big banks, were that to happen I would switch to the town's one Credit Union. I have a friend who banks at Wells Fargo, I told him to get out, not to feed those monsters. I would die before I banked with the giant to big to fail whore banks.
If you have heard of the Bank just run away, wash your hands once you reach a safe distance.
Customer feedback translated bank run bitchez. That feedback wasn't of the verbal variety....
Someones or several private bank cartel offshore accounts are facing withdrawals LOL
HSBC Customer: "I'd like to withdraw $10,000.00 please.
HSBC branch manager: "I'm sorry but you wiill have to provide documentation of your need for that much cash."
Customer: "Why?"
HSBC branch manager: "It's for your own good."
Customer: "Ok, how about it's because I don't trust you mother fuckers. Will that do?"
Manager: Ahh... Errr... I don't know."
Customer: "I tell you what, how about I just close the account and you give me every last dime instead."
Manager: Ahh..... Errr..... Let's not be rash.....Ahhh errr.....
Customer: :Cash please! This is not 'It's a Wonderful life' and you're not Jimmy Stewart. Cash please!"
Saw It's a Wonderful Life a few days ago. Pity the ending was so unrealistic, not so much the angel coming down from Heaven, but the townfolk coming together to bail a man out of his debts. That was about as likely as the random thermal motion of atoms of the universe coming together to make my perfect woman.
You saw the vapid, sappy ending from the commercial release.
You need to see the long unreleased original ending...
http://www.youtube.com/watch?v=RoKp0Pn-kKI
I'll give that a go. I compared in mentally to A Christmas Carol, in which the degree of Scrooge's redemption was left to the reader's imagination.
sounds like someone is trying to prevent an increase in the velocity of reserve notes finding there way into circulation. Cash is not merely numbers on a computer screen once printed.
This "organization" was founded to launder drug money from the British opium "trade" in China. The old name was HKSB: Hong Kong Shanghai Bank. Shanghai was the hub for opium sales on the mainland. This inhuman trade resulted in 2 wars- - the Opium Wars, which China lost to the Global Crime Syndicate trying to prevent the entire nation being drugged into oblivion, bankrupted, and colonized. The global narcotics trade has never stopped, it's bigger than ever. Launderng dirty proceeds was and is one of the leading roles of the global "banks". The global narcotics biz is the biggest, oldest, most lucrative trade in history, and the global elite run it to this day. With this much money at stake, why would they give it up?
The Brits created Honk Kong as an offshore nexus for their China looting operations. China had previously enjoyed an immense trade surplus with Britain as Chinese didn't see the need for Britich made goods. This surplus was in silver bullion btw). The Brits targeted that loot and quickly reversed it via military victories and subsequent forced opium sales, paid for by the Chinese Emporer in Silver Taels.
Many other well known banking entities trace their start to HK for the same reason. American Express and Baring Brothers are just 2 of them. The "Tea trade" was a euphamism for the American opium running into China. Certain old Loyalist American families (look into the Perkins family of Boston, MA) were granted opium running franchises by the Brits. The Yanks got their opium in Turkey, whereas the Brit's sourced theirs in India.
These American families were and remain loyal to the British crown and formed the bedrock of the ongoing global banker subversion of the US monetary, political and legal systems. Why do you think Harvard hates America? Whom do you think founded the joint? It's a subversion incubator and always has been. Ditto Yale: search on "Elihu Root Yale", the Russell family and "The Russell Trust". You may know it by its other name: the Skull and Bones Society.
What, they didn't teach you that bit of history in school? Yeah, me neither.
Didn't they teach you that the 'Brits' behind the British Opium trade were just as British as the Angloaaxon bankers are Anglosaxon. The Rothschild-Sassoons ran the opium trade and the East India Company.
You won't get an arguement from me on that point. The comment was long enough as it is and that part is a story for another day. Glad you know, few do but they'd be amazed at the history and players involved. But maybe not totally surprised about who and what the whole enchilada ultimately rolls up to.
Well good to see you know the truth, but do realize that this Brit bashing is oft used by Ziionists, demonizing - in particular - the English people for the crimes of Jewish oligarchs.
re: "These American families were and remain loyal to the British crown and formed the bedrock of the ongoing global banker subversion of the US monetary, political and legal systems."
Reminded me of the Pilgrims Society
As a responsible bank we feel obligated to warn our customers - do not lick any $100 USD currency you withdraw from our ATMs if you expect to be drug-tested within the next 7 days.
But HSBC have no problem laundering cartel money in special boxes...
"you can check in, but you cant check out"
$5k is money laundry... I would leave a dollar in a HSBC account and request paper statements.
Apologies - dupe
Beyond bullish!
You guys are forgetting the Big Bank Race...Wachovia got away with laundering 41 billion of Mexican drug cartel $$, with full awareness by the DOJ, which didn't stop the action, charge anyone with a crime, or allow the public to know about it so that the merger with Wells Fargo wouldn't get screwed. (2009-2010, see London Daily Mail-the ONLY news source that published this account) So Wachovia, legally, is accessory to the murder of 40,000+ Mexican nationals, and who knows how many kids north of the border? And this was only the drug$$ from ONE cartel, ostensibly only DRUG money. No telling how much the bastards are making on guns, human trafficking, etc. HSBC just wants its share of the spoils, ya know?
Too bad one of the banks doesn't go after one of the other ones by trafficking their children and wives. Fuckers. I look forward to watching them burn each other down when they have destroyed all the rest of us.
National security, don't ya know...
stop telex incoming
stop
this bank has nothing to do with drugs,the queen and lord rothschild.
stop
no connections can be found between the south american cocaine trade and the helmand cia mi6 heroin operations.
stop
coutts and co hsbc are both moral upstanding banks that would not dream of funding cia organ eaters in syria or mossad death squads in iraq.
stop
the empire of the city london is not
stop
george soros is not connected with any of this his boss edwyne rothschild loves cricket and believes in good old fashioned english fair play.
these people are not masonic.
goodbye
stop
Thanks for clearing that up tw.
so ? they found cash somewhere ? those suckers got shadow bailed out ?
'
'
'
'
Kudos to Tyler and ZeroHedge for outting the bastards!
Keep your head up Durden, somebody's sure to be gunnin' for you now!
The readership is watching out for you!
"you shouldn't have to explain to your bank why you want that money. It's not theirs, it's yours."
Destined to become a statement that will echo throughout the next years.
•J•
V-V
"you shouldn't have to explain to your bank why you want that money. It's not theirs, it's yours."
That will be a call for resistance amongst the common folk, however, the statement technically isn't true.
Bail-ins make total sense when you consider the interest rate (no matter how low it is).
If the account has a non-zero interest rate, technically this tells you that you have in fact loaned your deposit to the bank, which is why they pay you some sort of yield.
"you shouldn't have to explain to your bank why you want that money. It's not theirs, it's yours."
That will be a call for resistance amongst the common folk, however, the statement technically isn't true. -- RebelDevil
Technically true, or not, the folks know whose money it ain't... This is one of the sticking points where the folks will become very unhappy with the status quo in a big hurry. We need a lens that focuses their white-hot anger on the right spot... the TBTF PTB and their pols.
And not exactly an accurate statement. Just wait until there is a bank run in the US and the sheep find out that they lent their money to bankers to do whatever they pleased with it, and what they pleased was akin to gambling.
we've seen this trend on multiple European Bank's (probably elsewhere too).
I just took a gander at my TBTF bank checking account balance.
$14.78
Seems a bit high. I think I'll go buy a few packs of gum.
....better hang on to your receipt just in case.
2 words: Bitcoin
Or is that 1 word?
-1
For... the obvious.
Your money. Do with it as you will. Good luck with that...
How many days did it take the FBI to get access to the Silk Road wallet?
From the bank that laundered billions and billions of dollars for various felony cartels causing untold MURDERS of innocent people!
Yeah, but didn't they say it was an oversight? And paid a fine? I think they even disciplined one of the mid-level guys that was confused about the regs.
What a friggin world we live in today. If I were a HSBC account holder I would take out a few thousand a day till the account was empty.
Fuck these bastards. As itis I only put enough $ in the bank for paying bills. So its under MY CONTROL. Supprised not may other people
do this .......
People don't understand the nature of a bank account... Or why exactly the bank pays them interest on the money deposited.
The reality is that when you deposit money, it becomes the bankers to do with as they wish. They are perfectly entitled to blow it on anything they like. However, they do owe you that money.
Now one of the reasons that banks can get away with paying 0.04% interest on deposit accounts at the moment is the above customer confusion, so they are happy to muddy the waters further because if the customer understood that their money had already been spent, didn't actually exist within the bank and that their loan to the bank was at risk... They might just demand a little bit of a higher risk premium on their deposits.
So. Given you are getting SFA interest and you understand the risk of getting Cyprus'd when you keep your money in a bank account. Why The Fuck would you give them your money in the first place?
Exactly. And think about all of that newly electronically minted money sitting on the ledgers at the Fed as excess reserves. Newly printed money on their books, and it's considered a fucking liability. That tells you just how fucked up the system when having money is considered a liability. And it would likely confuse the hell out of the sheep.
..
JP Morgan did a similar thing 5 months ago...seems like a trend. I called JP Morgan in Seattle and they said it was only for customers with less expensive accounts that would need to upgrade accounts to wire over $50K out of the country to cover the extra costs. They are getting ready for capital controls and are putting up trial balloons.
Summer of 2007, June, BOA in California began to place HOLDS on CASH deposits.
IOW if you deposited $500 in your account, it was held for 2 days and funds were NOT available until the hold, on the cash, was off and you had access to none of it or a portion. Perhaps $100.
This lasted just a few weeks, and the blowback had them reverse this trial balloon.
It's not your money. It's theirs and you lent it to them and you are the most junior creditor on their list.
Acually as a depositor you are senior to bondholders... but bwhahahahaha. Yeah right.
When I deposit cash in PNC Bank, they call it a "credit adjustment" rather than a deposit and hold it for several days rather than making it available immediately as the law would require if they labelled it properly.
Lol. My FINCEN data proly drives the PTB crazy. Be sure to make large cash withdrawals just to fuck with them. Every report filed requires someone in .gov to look at it.
If everyone on zero hedge could spend a few minutes a week throwing sand in the gears in their own unique way we could make a difference.
The waiter who managed to put a small fleck of feces in Sandy's meal during OWS was a freedom fighter. We need more people to stand up for freedom, or take a dump for democracy.
Fight them any way you can.
Well, if they are going to put limits on the CASH that you deposit be sure to redeem those Federal Reserve Notes for lawful money when you deposit it into your accout. Restrict the endorsement of your depost by writing "Redeemed for lawful money pursuant to 12 USC 411" above your signature. They won't be able to fractional reserve lend against any of the money you've deposited. It's essentially like depositing nothing but coins with them. Yeah, they are still dollars and the Fed is still inflating it away but at least they won't be able to loan it out nine times.
Just one moar way to show that the banks and the government are one and the same; they want to keep all your money, but that's for your safety.
I don't know what you complain about. Over here in Switzerland, this is standard procedure. The latest Gospel from the Finance Department is to restrict cash withdrawals to 100k CHF, but the banks have implemented this on their own without notice. Unless you can proof, that the money is disclosed to the tax authorities, you can't withdraw anymore. That said, why not simply call it "financial repression". And don't forget, ultimately, they will charge your account with that famous one off to pay for the debt write offs, which the IMF so neatly forecast. Might take a few years until then, but meanwhile, sit back and relax.
Dr. Doom, are you stating that Swiss bank customers are being limited to cash withdrawals of 100,000 Swiss francs?
And you find that something to complain about?
I guarantee there will NOT be a bank run. We all saw what happened in Cyprus. Sheep don't care.
My state is the epicenter of bank fraud.
Around here there is one banker who is an officer in the American Banking Association.
How did he get into banking? Well, he was hitchiking one day and the daughter of the chairman of the board (and majority shareholder) picked him up.
Is your money in the hands of the world's luckiest hitchiker?
Some guys have all the luck.
It's my money and I want it NOW!
J G Wentworth
LOL!
@ Diversity -- Warrior Class
Diversity is the machete that cuts culture into pieces; it is the mantra of the Communists and by dividing America into classes, colors, culture and, now, citizens and non-citizens, the powers who hold our government by the throat are able to rule through diversity and ignorance of the masses.
On the way they must knock out the opposition.
“It is growing increasingly difficult for outstanding men to run for public office and to debate important issues because of the smear tactics employed by the vicious groups centering in New York and operating out of Hollywood and Chicago.” –Columnist George E. Sokolsky, October, 11, 1946, Washington Times-Herald
The tyrants’ actions come more regularly now, such as targeting a popular ex-governor because he’s the wrong party and now Dinesh D’Souza, Obama critic, and creator of an anti-Obama documentary (the second most popular documentary available) has been indicted for political reasons--because of a $20,000 campaign donation.
The Hollywood Reporter’s has learned that “Conservative filmmaker Dinesh D'Souza, whose documentary 2016: Obama's America took a critical look at President Barack Obama and was a surprise hit in 2012, will be arrested in New York on Friday for allegedly violating campaign-finance laws. Why? Insiders say D'Souza donated $20,000 to the campaign of Wendy long who ran in 2012 for the U.S. Senate seat vacated by Hillary Clinton by aggregating the money from various people and falsely reporting the source of the funds.http://www.hollywoodreporter.com/news/2016-obamas-america-filmmaker-indicted-673670
So, while enemies of the Administration are targeted, the favorites of the Left are exploding in their abuse of the political system.
This on Bloomberg from Politico (1/17/14):
“Former New York City Mayor Michael Bloomberg donated $2.5 million to a super PAC aimed at helping Senate Democrats maintain their majority, a potentially significant development that could have a big impact in 2014.
…During 2013, Bloomberg poured $5.6 million of his own money into Independence USA PAC, a super PAC he created the previous year. The organization spent more than $2 million on a House special election to replace the now-imprisoned former Rep. Jesse Jackson Jr., early last year. Bloomberg was vehemently opposed to the candidacy of Debbie Halvorson for that House seat, and he spent heavily to help defeat her.
Bloomberg also poured more than $1 million into an effort to back Democrat Cory Booker’s successful campaign to replace the late Sen. Frank Lautenberg (D-N.J.), as well another $1 million in support of Democrat Terry McAuliffe in the Virginia gubernatorial campaign.
Bloomberg, who bills himself as an independent, has spent more than $15 million on various gun control initiatives.
http://www.politico.com/story/2014/01/michael-bloomberg-senate-majority-pac-101808.html#ixzz2rXV0IvZ1
And to smash their opponents, the Left has the media always running full speed in front of them. One could paper a bathroom with the multitude of Hillary Clinton Time magazine covers. In that the media already has selected Hillary for President; a Democrat primary would be a waste of money. And the money just keeps rolling in, like this $400,000 from Goldman Sachs.
National Review Reports: “Hillary Clinton spoke at two separate Goldman Sachs events on the evenings of Thursday, October 24 and Tuesday, October 29. As both Politico and the New York Times report, Clinton’s fee is about $200,000 per speech, meaning she likely netted around $400,000 for her paid gigs at Goldman over the course of six days.”
http://www.nationalreview.com/corner/362637/hillary-clintons-lucrative-goldman-sachs-speaking-gigs-alec-torres
And, now, this:
STORY: Jeffrey Katzenberg's Secret Call to Hillary Clinton: Hollywood's 2016 Support Assured
Several months ago, Jeffrey Katzenberg reached out to Hillary Clinton to assure her that if she runs for president in 2016, he will support her.
Katzenberg is one of Hollywood's premier political kingmakers and one of the Democratic Party's top national fundraisers…
Katzenberg…one of the biggest financial backers of the super PAC Priorities USA Action, which raised a war chest of $79 million and supported Obama in 2012…is crucial not only for his money but also for his ability to mobilize others.
http://www.hollywoodreporter.com/news/hillary-clinton-2016-jeffrey-katzenberg-651474
And this…
In 2012, George Clooney's high-profile fundraiser for President Barack Obama sold out, raising an estimated $12 million for the president's re-election campaign. According to the Hollywood Reporter, 150 Obama supporters paid $40,000 each to dine with the president at Clooney's Los Angeles home on May 10, 2012.
The dinner was co-hosted by DreamWorks CEO Jeffrey Katzenberg, who has given millions to Obama-supporting super PAC Priorities USA Action.
http://www.huffingtonpost.com/2012/05/04/obama-george-clooney-fundraiser_n_1476358.html
Thanks McCain and Feingold you fucking rat bastards.
Yes, the two-headed, one-bodied "Establishment Party" twins. With no oversight. Someone else besides WE THE PEOPLE owns the US Justice Department and the Justice Department is trying to cool off any criticism of the Administration and/or the bankers by investigating the critics. And the Courts rubber-stamp those actions.
IOW, the Administration and the tyrants are targeting people who are trying to stop their all-powerful One-Party Establishment, following the critics’ paper trail, trying to find something, anything, to silence them. How long did it take them to sift out D’Souza’s combined political contribution of $20,000 composed of multiple contributions from small donors? And craft it into a crime?
And if that doesn't work they blow them out of the water with their multi-million dollar PACs, "Citizens-United" made in the USA Supreme Court.
Agree.
The Fuktards that chant about multiculturalism never say a peep about assimilation into the chosen immigrant culture. It's all about Balkanization of the electorate into opposing factions to destabilize civil society. It's obvious and criminally irresponsible.
+1
for using big words
and spelling them correctly too
Only one thing takes down a bank faster than a capital shortfall, a liquidity squeeze. Welcome to reality HSBC, you stupid assholes.
Brigs... Ding DING Ding #1
HSBC wants their depositors to like money restrictions. HSBC says, “We are doing this for our customers’ good.” HA!
Instead, HSBC may want to follow MF Global’s looting of $1.6 billion dollars in their segregated customers’ accounts. The thinking could be, “Corzine got away with it, why not HSBC.”
Shits not adding up here.
First off, how could HSBC, or any big bank, have a capital shortfall after the Fed, ECB, and Bank of Japan's trillion dollar bailouts and monetization schemes?
And second, wasn't HSBC supposed to be one of the "healthier" banks?