Warning: Get Your Money Out: ‘All Legal Bank Deposit Protections Are Now Gone
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  1. #1
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    Aug 2009
    New Hampshire
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    The Truth

    Warning: Get Your Money Out: ‘All Legal Bank Deposit Protections Are Now Gone

    Warning: Get Your Money Out: ‘All Legal Bank Deposit Protections Are Now Officially Gone’

    Federal Courts explicitly rule banks can steal your deposits to pay down their debt and you have no legal recourse if the bank fails.

    Former money manager Ann Barnhardt, who in November of 2011 made the decision to cease operations of her brokerage firm and return funds to her customers citing “systemic” problems within the entire financial industry, has issued a new warning about the stability of US banks and the safety of individual deposit accounts.

    The warning, stemming from a recent federal appeals court ruling surrounding customer funds lost during the 2007 collapse of Chicago futures broker Sentinel, indicates that individuals who lose deposited funds because a financial institution improperly manages that money, even if those funds are supposed to be “segregated” from other operations of the firm, are essentially left with no recourse if the firm goes belly-up. According to the court, a misallocation of those customer funds, “is not, on its own, sufficient to rule as a matter of law that Sentinel acted ‘with actual intent to hinder, delay, or defraud’ its customers.”

    The implications of the ruling, according to Barnhardt, will affect the monies of all private individuals who have seen their deposit accounts wiped out in the collapse of firms like John Corzine’s MF Global and put all deposit account holders in the country at risk should their bank be faced with a financial windstorm:

  2. #2
    us
    I deal in reality

    Mar 2010
    Maryland
    XLT , surfmaster PI , HAYS 2Box , VIBRA-TECTOR
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    I thought all FDIC banks were insured up to $100K on each accountClick image for larger version. 

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ID:	702456 by the federal government. Frank

  3. #3
    Charter Member
    us
    WolfPack member

    Aug 2009
    New Hampshire
    Garret Master hunter Cx Plus
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    The Truth
    It isnt looking that way now

  4. #4
    us
    I deal in reality

    Mar 2010
    Maryland
    XLT , surfmaster PI , HAYS 2Box , VIBRA-TECTOR
    8,702
    2959 times
    The way I understand it, checking and savings accounts are covered, but not money market and investment accounts.
    Frank
    Attached Thumbnails Attached Thumbnails Click image for larger version. 

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