Just One More Serious Reason To Stack Til The Cows Come Home, Sentinel Court Findings and Possible E
Stew
Posts: 1,002
I am posting this because I believe this is the setting of legal cover for future incidents
and I believe everyone has a dog in this hunt.
This is just a heads up to a community that has given so much to me and my joy of coin collecting and metal stacking
This is an excerpt from a Reuters Article and Link to the Article:
<< <i> Futures brokers are required to keep customers' funds in dedicated accounts to protect them from being used for anything other than client business. However, Thursday's ruling suggests that brokerages can use customer funds to pay off other creditors, Sentinel trustee Fred Grede told Reuters. "I don't think that's what the Commodity Futures Trading Commission had in mind" with its requirement that brokers keep customer money separate from their own, he said. "It does not bode well for the protection of customer funds." >>
Link to full Article
One more Excerpt from another article I read:
<< <i>According to a federal appeals court ruling, Thursday, Bank of New York Mellon’s secured loan will be put ahead of customer segregated accounts held by Sentinel
a landmark ruling that turns individual segregated accounts into the property of a third party under circumstances of duress.
In other words, if a financial institution fails, clients, depositors and pension funds may not get some or all of their money back in a bankruptcy.
In essence, under the ruling, Securities Investor Protection Corporation (SPIC), Federal Deposit Insurance Corporation (FDIC) and other insurance programs no longer will/can protect customer funds, leaving millions of investors, depositors and retirees unaware that they are no longer account holders of their own funds, per se, but, instead, have suddenly become stockholders of the institution with which they have deposited their money. Read more: http://www.beaconequity.com/now-banks-can-legally-steal-retirement-accounts-2012-08-15/#ixzz25GDtE8sx >>
Link To Second Article
Link to the Full Court Document Findings in PDF Form
and I believe everyone has a dog in this hunt.
This is just a heads up to a community that has given so much to me and my joy of coin collecting and metal stacking
This is an excerpt from a Reuters Article and Link to the Article:
<< <i> Futures brokers are required to keep customers' funds in dedicated accounts to protect them from being used for anything other than client business. However, Thursday's ruling suggests that brokerages can use customer funds to pay off other creditors, Sentinel trustee Fred Grede told Reuters. "I don't think that's what the Commodity Futures Trading Commission had in mind" with its requirement that brokers keep customer money separate from their own, he said. "It does not bode well for the protection of customer funds." >>
Link to full Article
One more Excerpt from another article I read:
<< <i>According to a federal appeals court ruling, Thursday, Bank of New York Mellon’s secured loan will be put ahead of customer segregated accounts held by Sentinel
a landmark ruling that turns individual segregated accounts into the property of a third party under circumstances of duress.
In other words, if a financial institution fails, clients, depositors and pension funds may not get some or all of their money back in a bankruptcy.
In essence, under the ruling, Securities Investor Protection Corporation (SPIC), Federal Deposit Insurance Corporation (FDIC) and other insurance programs no longer will/can protect customer funds, leaving millions of investors, depositors and retirees unaware that they are no longer account holders of their own funds, per se, but, instead, have suddenly become stockholders of the institution with which they have deposited their money. Read more: http://www.beaconequity.com/now-banks-can-legally-steal-retirement-accounts-2012-08-15/#ixzz25GDtE8sx >>
Link To Second Article
Link to the Full Court Document Findings in PDF Form
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Comments
It's about sovereign default risk, financial system corruption and political manuvering. It's not about deflation. Any thoughts about this, cohodk? I'd like your serious opinion. Convince me that gold's not going higher, and tell me why not?
I knew it would happen.
This move will bolster banks and their bonuses but will endanger the economy.
Get out of the system now.
It's time to put your capital into real assets. We can survive this long road to recovery, it won't be easy, it won't be pretty. Why would anyone dare to risk their life's savings, profits, paper assets when an implosion is possible? This time of stagflation can and will turn to inflation at some point, this will happen when interest rates start ticking up.
At this point, as has been said by others, it's time to protect assets, not a time to try and earn profits.