You are no longer safe! Personal Stock Accounts can be raided!

[nutmeg]

Thanks for the post mokwit.

"Also Refco laywers posited that customer Funds held with the non CFTC entities were Refco funds - the legal technicality being that they had accepted higher interest in return for Refco investing funds in money market tyep assets."

I had read of a similiar incident prior to Refco, I can't recall what firm but I was appalled that this could happen. These incidents hardly make mainstream news and since I had forgotten where I read it I was hesitant to post anything but I believe the op.

 

[riaamaan]

Quote from osorico:

The newest twist...
Fed Board Approves Goldman, Morgan Stanley Bid to Become Banks

http://www.bloomberg.com/apps/news?pid=20601087&sid=aXxh6ZNwLUV4&refer=home

Soooo, now you can have your investment accounts, bank accounts, credit cards, maybe even a non-USD denominated CD product all linked... don't even think about not paying your taxes, your mortgage, your credit cards, your auto loan. Big Bro owns your ass!

Careful what you wish for.
Osorico

They've owned us all for a long time. As Carlin said, "It's a big club folks, and you ain't in it."

 

[osorico]

Quote from riaamaan:

They've owned us all for a long time. As Carlin said, "It's a big club folks, and you ain't in it."

No, you don't get it...

They are no longer independent, they are owned by the government.
The shift for centralized money-stores is under way.

Osorico

 

[riaamaan]

Quote from osorico:

No, you don't get it...

They are no longer independent, they are owned by the government.
The shift for centralized money-stores is under way.

Osorico

In that case, maybe we have a shot. Never has greater ineptitude been displayed than by big government.

 

[osorico]

Quote from riaamaan:

They've owned us all for a long time. As Carlin said, "It's a big club folks, and you ain't in it."

Quote from riaamaan:

In that case, maybe we have a shot. Never has greater ineptitude been displayed than by big government.

So you are saying...
A big inept club has owned us all for a long time. I disagree. There has always been independant alternatives.

Ultimately if you don't do business with centralized money-stores, you will be red-flagged. Several years away, but within sight. Empowerment to the government. They lost a substantial portion thank you to technology. Having knowledge of and control of the purse is the ultimate power over constituents.

Osorico

 

[GermanTrader]

Quote from ES Master:

For the first time in modern history the Gov. just gave the financial banks the right to raid your very own personal brokerage account as they see fit. If they file bankruptcy then you assets will be part of the insolvency and you lose everything.

Yet another reason why I prefer to maintain a smaller account size and take profit distributions more often instead of build my account to a higher level and take less-often distributions. Less risk. If my broker winds up confiscating a month's worth of profit and operating capital, I lose very little, since those two amounts are equal at the time of each distribution. Consider it.

 

[riaamaan]

Quote from osorico:

So you are saying...
A big inept club has owned us all for a long time. I disagree. There has always been independant alternatives.

Ultimately if you don't do business with centralized money-stores, you will be red-flagged. Several years away, but within sight. Empowerment to the government. They lost a substantial portion thank you to technology. Having knowledge of and control of the purse is the ultimate power over constituents.

Osorico

No, I don't think the club is inept. They are using the govt as it's tool. They already control the purse for the various countries. It is they who profit from war. They profit from govt borrowing to meet its needs / wants.

I see your point and it is frightening. I do see big govt as inept. But I never saw them as the real owners of the people.

My comment was a bit tongue in cheek. That if the govt ran the banks, they will certainly create a disaster of it all and maybe my mortgage will get lost. LOL

 

[osorico]

Quote from GermanTrader:

Yet another reason why I prefer to maintain a smaller account size and take profit distributions more often instead of build my account to a higher level and take less-often distributions. Less risk. If my broker winds up confiscating a month's worth of profit and operating capital, I lose very little, since those two amounts are equal at the time of each distribution. Consider it.

I agree, and do the same. Reset AT LEAST monthly to a small size. Plus FCM diversification.

Will be very interesting when/if...
1) Government run clearing (supposedly in December) comes about.
2) The standing zygote government owned/regulated money-stores go after FCMs. Any and all financial services/products under one roof, and a streamlined set of rules/regs.

Osorico

 

[osorico]

http://www.digitaljournal.com/article/261623

Banks using Obscure Laws to Confiscate Homes

Banks and credit card companies in the UK are on the prowl, exploiting loopholes in the law to repossess the homes of people who default on payments.

The practice of serving defaulters with charging orders, allowing creditors to force the sale of property, has been around for some time. In fact, the rate at which the courts have been granting charging orders has increased greatly in the past two months.

However, it has not come under the scrutiny of the media until recently when Yvette Cooper, chief secretary to the Treasury, called on banks to do more to help people keep their homes.

Ministry of Justice records show that 97,026 charging orders were granted by England and Wales courts last year. This is a ten times the number granted in 2000.

Mark Sands, head of accountancy firm KPMG, said: “The power of a charging order can come as a horrible shock to someone. When they took out the loan or the credit card, they were almost certainly not told that their home was at risk if they failed to keep up with repayments.”

Banks look set to continue the practice. From next year on, they will no longer have to obtain a county court judgment against a defaulter before seeking a charging order. Direct action can be taken after a few months of missed payments.

“No one should be allowed to lose their home simply because of a credit card debt. More needs to be done by the government to ensure that lenders simply do not act overzealously, and only take possession of properties as a last resort," said Vince Cable, Liberal Democrat Treasury spokesman.

"The fact that banks can now kick people out of their homes for not keeping up with their unsecured debts is very worrying,” he continued.

According to Alex McDermott, social policy officer at Citizens Advice, the government is a co-conspirator in this issue. Homes repossessed due to defaults on payment do not appear in official statistics posted by the Council for Mortgage Lenders.

Northern Rock, a bank that has been singled out as being particularly aggressive in serving charging orders, insisted that the practice is lawful. "Any application for a charging order on an unsecured loan is in strict accordance with the Consumer Credit Act.”

However, it did not disclose the number of homes it had forced people to sell.

 

[arealpissedgoy]

Your money is as safe with IB as it was with REFCO