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Special EU & EURO Warning – December 14, 2011Offshore Jurisdiction Comparison 
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Introduction – The USA has been going through a rash of bank failures. IndyMac was the most recent. People think their deposits are safe due to FDIC Insurance but this is not always the case. More bank failures are coming through each week. These are generally small compared to IndyMac but there are some banks far larger than IndyMac that are in trouble and on the FDIC endangered species list which is not made public. One can only wonder who gets access to this list?
People Take Losses at IndyMac – 10,000 depositors took combined losses of $500,000,000 at IndyMac. That is ½ a billion dollar in losses. You think the FDIC is such a good thing now? These were predominantly people who had over $100,000 in an account. These could be business accounts, people ignorant of the FDIC limit of $100,000 per account, or just people who kept rolling over their CD’s letting the interest keep on accumulating.
How the losses Work – You wake up one morning and find out your bank is closed. Nice feeling. After you finish your anxiety attack you realize that in a day or two the bank will reopen. Maybe under a new name. You go in when the bank opens and find out that your $114,000 has been reduced to $100,000 (actually happened to a depositor). Then you find out that you “might” get some of your uninsured money back. Well do not hold your breath.
A process will ensue called a bank liquidation. This will be muddied up with a merger with another bank. If after all the bank assets have been liquidated and the debts of the bank are paid including all the legal and accounting fees (think cadres of lawyers earning $625 an hour, and accountants earning $350 an hour) and there should happen to be some money left over in the kitty, it gets divided up amongst the depositors for their uninsured deposits. When there is a merger the bank assets get transferred to the new acquiring bank and who know what the value of the assets is going to be fixed at. Rest assured the acquiring bank is not going to pay retail for assets in distress. While theoretically it is possible to recover some uninsured assets, I would not hold my breath. When you go over the $100,000 limit for insured deposits you will find yourself in a very similar mess that people found themselves in when the banks in Latvia, Grenada etc failed. People would get nothing or maybe 2% of their assets back.
More Losses Coming – IndyMac losses are expected to hit 8 billion USD. This is about 15% of the FDIC reserves. If a few more big banks go down, the FDIC reserves can be gone. The FDIC is petitioning Congress for more reserves. Would be interesting to see what they are basing the increase on – in other words the projected losses on the way that they see and they make up the rules. It is possible that the FDIC may be keeping bankrupt banks going temporarily until they can get more money from Congress to cover the losses when they close them down. If they close the big ones down without the extra reserves they will start a panic type run on the banks.
What if Congress says no? They might say keep those banks afloat, do mergers anything but no more money. What if Congress says yes but gives them less than they need? If Congress does supply the extra reserves which some say could be hundreds of billions of dollars the staggeringly high cost to the FDIC will be passed on to the banks and this will be passed on to who? Yes you the depositor in the form of higher bank account costs per month, higher interest on loans and lower interest rates on deposits. So you get to pay for the losses the banks incurred this way which is more subtle.
If you trust the USA government to do the right thing and practice sound monetary practices to protect and preserve your hard earned wealth do nothing and keep your money in the USA banks and hope for the best. If you have some doubts call us for lawful options offering you more security and asset protection.
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*Offshore Legal Associates Law Firm.We have no legal ties or associations with any other law firm or corporation with similar or like sounding names anywhere and should not be so confused with any other entity having a similar or like sounding name.
