Incredible article on ZH

[ancona]

I just read an unbelievable article over on ZH. I am not sure if I am allowed to copy and paste it, so I will simply paste a link:

http://www.zerohedge.com/news/guest-post-sentinel-case-another-nail-coffin-market-confidence

HOLY CRAP BATMAN!!

This article explains how brokerages that steal customers cash from segregated accounts to use as collateral for a loan can actually do so and it is not againsty the law. At that point, the banks can sieze the cash used for collateral and there isnothing the customer whose segregated account was stolen can do.

Bye bye rule of law, hello oligarchic fascism.:judge:

 

[benjamen]

Yep, you have to love legalized fraud!

http://www.pmbug.com/forum/f4/legalized-fraud-1381/

 

[Unobtanium]

Here is another article on the subject:

How Your Bank Account Could Disappear
http://www.bullionbullscanada.com/c...s/25691-how-your-bank-account-could-disappear

EXCERPT:
....
5) It would take only a minor change in the gambling contracts in which these bankers engage to allow their creditors to seize funds out of ordinary bank accounts.

6) The existing language for the bank accounts of these U.S. banks is possibly already so vague (and prejudicial to clients) that it would allow these banks to reinterpret the terms of these bank accounts – and allow rehypothecation to be used to rob the holders of ordinary bank accounts, people who themselves make no “bets” in markets whatsoever. Alternately, customers could be blitzed with an offer for “new and improved” bank accounts, where terms allowing rehypothecation are slipped into the contract, with the banks knowing that the “regulators” will do nothing to warn account-holders of the gigantic risk they are taking.....

 

[ancona]

Unobtanium,
I agree completely. Just like a credit card application, folks don't read what they sign. They simply do not. Therefore, the banks go in with this knowledge, offering people an extra percentage point on savings, checking.......whstever, then proceed to obligate this money for something else. It truly is groundbreaking stuff.

What I see happenning is banks going in slow and stealthily to do this, It will be veiled and protected so watch out!

 

[Unobtanium]

Ancona, this reminds me of some thoughts that I had way back many many years ago when I "bought" my first house.

My wife and I were young back then, and, like everyone else buying a house, were presented with a mound of paperwork on closing day, along with a closing agent to "explain" what each document was about.

And you are faced with a choice to stop and read every document before you sign (and be there for hours on end), or plow through the paperwork and get out in about 30-45 min.

I remember thinking back then, "I should really read what I am signing". But then talked myself out of it, "Well, thousands of people do this every day; it must be OK".

Then I thought about how many other documents I was signing back then without reading: waiver forms at doctors' offices, credit applications, etc etc....always thinking, "Well everyone else signs these things, so what could be so bad about it". Boy what a stupid sheeple maroon I was back then. Baaaa, I'll just do what everyone else is doing, it must be right.

It turns out that the mortgage business is a sham (this really pisses me off to no end), and so many other things that are designed NOT for our benefit, but for the banksters and power elite.

So I am a lot older and a little wiser now, trying to teach some of these principles to my children and any other young person that is willing to listen. I wish I would have learned about some of these things, including gold and silver, at a much younger age.

 

[benjamen]

Ancona, this reminds me of some thoughts that I had way back many many years ago when I "bought" my first house.

My wife and I were young back then, and, like everyone else buying a house, were presented with a mound of paperwork on closing day, along with a closing agent to "explain" what each document was about.

And you are faced with a choice to stop and read every document before you sign (and be there for hours on end), or plow through the paperwork and get out in about 30-45 min.

I remember thinking back then, "I should really read what I am signing". But then talked myself out of it, "Well, thousands of people do this every day; it must be OK".

Then I thought about how many other documents I was signing back then without reading: waiver forms at doctors' offices, credit applications, etc etc....always thinking, "Well everyone else signs these things, so what could be so bad about it". Boy what a stupid sheeple maroon I was back then. Baaaa, I'll just do what everyone else is doing, it must be right.

It turns out that the mortgage business is a sham (this really pisses me off to no end), and so many other things that are designed NOT for our benefit, but for the banksters and power elite.

So I am a lot older and a little wiser now, trying to teach some of these principles to my children and any other young person that is willing to listen. I wish I would have learned about some of these things, including gold and silver, at a much younger age.

I drove me realtor, real estate lawyer, and real estate banker nuts as I read through every single item in that monster packet to purchase my first house. They are really not used to people doing that sort of thing.