[Dee1031] Does anyone have any thoughts about this non-compliant countries? My friend is saying she is hearing rates 9-11 come on now that is crazy
[Historian] Dee1031 It is inconsistent with past intel. According to past intel, previous RV's tried to go through and were halted b/c 1 or 2 banks in USA were non-compliant. That was then fixed. All other banks world-wide were apparently compliant. Could be true if they added more banks since that time.
[Historian] Agent 007 Good morning!
[Dee1031] Historian thank you, thought so
[Agent 007] Historian Good morning to you!! I agree - there were one or two US banks that didn't want to be Basel III Compliant and be forced to have transparency
[Dee1031] Historian sounds like they are coming up will all kinds of reasons why this did not happen
[Historian] Agent 007 Dee1031 Yes, but all other banks at the time were compliant. Not so long ago. It could be these new countries they added on in the last few months, but IMO they tried to RV since that time, and non-compliance did not come up.
[Agent 007] yes - that was around June
[Dee1031] Historian hmmmm
[Agent 007] on the Basel III issue
[Historian] Dee1031 Just smoke to hide what they are really doing. It's annoying, but it means they are working on something important.
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[Dee1031] Historian yes I do believe something is happening, so we continue to wait. I just hope it is before 2012
[Historian] Agent 007 I recall BOA had insufficient capital, and Warren Buffett invested to beef it up.
[Dee1031] Wells Fargo is still saying they will not have anything to do with the IQD
[Agent 007] Historian oh yes - what was it something like a billion or more?
[Dee1031] But yet some people are saying they spoke to Wells Fargo and yes they will be cashing out for us Lies Lies Lies
[Historian] Dee1031 Oh, just ignore all that nonsense. When it revalues, they will all be clamoring for your business. They just don't want a lot of phone calls until then.
[Dee1031] Historian yes I know Wells Fargo has a recorded message that they will not be handling IQD
[Historian] Dee1031 No, not lies. Just different branches or people saying different things. Maybe some are saying more than their banks want them to.
[Dee1031] Historian could be
[Agent 007] Historian or have personal relationships with those asking
[Dee1031] Agent 007 yes maybe
[ramblinrose] Historian Is BOA compliant now and a safe bank to deposit in, IYO?
[Historian] Agent 007 Yes. People will tell secrets to those they know.
[Historian] ramblinrose That I don't know. Apparently is compliant now. But I don't know how safe any of the banks are in USA. They have a lot of hidden problems.
[Historian] Agent 007 I think it was $5 Billion USD
[ramblinrose] Historian Thanks. I have heard so many horror stories about BOA
[Agent 007] Historian yes - just a drop in the bucket for Buffett
[Historian] ramblinrose I am concerned that many rules will change for the finance sector, and they will lose some current means of revenue. IMO some institutions will go down. I don't know enough to predict which ones, and can't say how fast that will be.
[cjswest] Historian gm, have you done much research on global settlements? wonder if that can hold up this rv? just seems a very complicated ordeal all around
[Historian] Agent 007 ramblinrose Here is some info on the 2011 ranking of the world's safest banks. Chase and WF are in 34 and 36 rank respectively. I don't see BoA or Citi. All 5 Canadian big banks are in, plus a large credit union - ranks 11, 13, 18, 20, 30, 31.http://www.gfmag.com/tools/best-banks/11341-worlds-50-safest-banks-2011.html#axzz1evUAk55J
[Agent 007] Historian thank you
[ramblinrose] Historian Thank You so much!!
[Historian] ramblinrose YW! That info comes out every year - is an annual ranking. Just Google "World's Safest Banks" around August each year, and it will have the latest year's report.
[Agent 007] Historian cool
[comsec] great thanks!
[Agent 007] but post RV I bet it changes drastically
[comsec] Historian Good afternoon
[ramblinrose] Historian OK thanks. guess I'll stay with Chase!
[Historian] Agent 007 Yes, I think it will. So I look at more than that. This ranking is just a guideline to get started. I don't deal with banks not on the list, but I also look for other issues that the list does not capture. I will have to check my notes on last year's list, but as the year proceeds and I hear news, etc., I cross some of the banks off my list.
[Agent 007] Historian yes
[Historian] comsec GA!
[comsec] Historian . Good to see you.
[ASGower] Historian Thanks for that bank list/info !!!!
[Historian] ASGower yw
[comsec] I would have to examine what metrics are measured to come up with the "Bank Safety: score. And remember that anytime a score is given, it only represents a snapshot in time. Any number of things could change, that would alter a score, prior to something even going to press. THe moral to this story, and I am sure Historian will back it up, is to not ever rely on one report; metric; person, etc. to provide a full and complete picture of what matters to you. Look at all of the information available, and make an informed decision that works for you.
[Historian] comsec Agreed. Some of the banks on the Top 50 list have been crossed off my list.
[swampyjackpot] Historian where is the list of the top 50 Banks... and which ones have you crossed out?
[Historian] swampyjackpot Here is the 2011 ranking. http://www.gfmag.com/tools/best-banks/11341-worlds-50-safest-banks-2011.html#axzz1evTGkowI
[Gwaithfoed3] Historian I don't see any U. S. banks on this list.
[Historian] Gwaithfoed3 There are 2 - # 34 Chase, #36 WF.
[Agent 007] thanks comsec and Historian
[comsec] Agent 007 My pleasure
[Gwaithfoed3] Historian Thanks I was on the wrong list.
[Historian] swampyjackpot I crossed a few banks off the 2010 list. I have not yet reviewed whether any would go back on. Also, I have a list of banks world-wide not on the list that I won't deal with. Most are banks that had major bail-outs.
[swampyjackpot] Historian Thanks.... I tried that link and it would not open... but I have the home page now and will try in abit to see who is on there..
[CAB] Will comsec's information be posted in the forum, PLEASE!
[Believer2] HI Historian. What do you think of HSBC banks in the US? I thought HSBC moved their headquarters to HK but on that list, it says UK
[Historian] Believer2 Last I heard, HSBC is headquartered in UK.
[Historian] Believer2 I don't have enough info on HSBC in the US. Sorry!
[Believer2] Thank you very much Historian
[Historian] swampyjackpot Believer2 YW!
[Believer2] Historian, if you deposit funds in an overseas bank, does that cause the IRS to put you on a watch list somewhat?
[Agent 007] Believer2 you should ask that of your tax accountant
[CAB] Historian, are you saying that you do not deal with any of the banks that received bail-outs? Could you tell us whom YOU do trust?
[Historian] CAB That's right. I deal with no banks that received bail-outs. Rationale: their strategic and risk management were insufficient, and so they got into trouble. The bail-outs solves the financial issue, but does not change the poor decision-making.
[CAB] Historian, my feelings also. Thank you for sharing.
[Historian] CAB I need to see that the bank has high standards of risk management. I will be looking at banks in the top 20 of the top 50 list, in countries that are neutral, stable, with currencies that are relatively stable. Canadian and Australian banks are at the top of my list.
[stargate] I seem to recall reading months ago that a few banks in the US did not want any bailout money but for some reason they have to take it. They never used it and eventually gave it all back.
[Historian] stargate Yes, I heard about that too. I haven't had the time to check into who they were. I would make a positive note beside those banks on my watch list.
[jph] Historian Thanks very much for all your postings.
[Agent 007] stargate yes - they were basically forced to take the money and paid it back as soon as it was allowed
[CAB] Chase bank told me that they were one of those banks that did not want to take a
[Agent 007] CAB I think that is correct
[Historian] jph YW!