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Senate approves 'fiscal cliff' deal, crisis eased

1/1/2013

 
Senate approves 'fiscal cliff' deal, crisis eased
Reuters – 3 hours ago.

U.S. Senate Majority Leader Harry Reid (D-NV) (center) departs with an aide, after a senate vote in the early morning hours, from the U.S. Capitol in Washington January 1, 2013. REUTERS/Jonathan Ernst

By David Lawder and Richard Cowan

WASHINGTON (Reuters) - The Senate moved the U.S. economy back from the edge of a "fiscal cliff" on Tuesday, voting to avoid imminent tax hikes and spending cuts in a bipartisan deal that could still face stiff challenges in the House of Representatives.

In a rare New Year's session at around 2 a.m. EST (0700 GMT), senators voted 89-8 to raise some taxes on the wealthy while making permanent low tax rates on the middle class that have been in place for a decade.

But the measure did little to rein in huge annual budget deficits that have helped push the U.S. debt to $16.4 trillion.

The agreement came too late for Congress to meet its own deadline of New Year's Eve for passing laws to halt $600 billion in tax hikes and spending cuts which strictly speaking came into force on Tuesday.

But with the New Year's Day holiday, there was no real world impact and Congress still had time to draw up legislation, approve it and backdate it to avoid the harsh fiscal measures.

That will need the backing of the House where many of the Republicans who control the chamber complain that President Barack Obama has shown little interest in cutting government spending and is too concerned with raising taxes.

All eyes are now on the House which is to hold a session on Tuesday starting at noon (1700 GMT).

Obama called for the House to act quickly and follow the Senate's lead.

"While neither Democrats nor Republicans got everything they wanted, this agreement is the right thing to do for our country and the House should pass it without delay," he said in a statement.

"There's more work to do to reduce our deficits, and I'm willing to do it. But tonight's agreement ensures that, going forward, we will continue to reduce the deficit through a combination of new spending cuts and new revenues from the wealthiest Americans," Obama said.

Members were thankful that financial markets were closed, giving them a second chance to return to try to head off the fiscal cliff.

But if lawmakers cannot pass legislation in the coming days, markets are likely to turn sour. The U.S. economy, still recovering from the 2008/2009 downturn, could stall again if Congress fails to fix the budget mess.

"If we do nothing, the threat of a recession is very real. Passing this agreement does not mean negotiations halt, far from it. We can all agree there is more work to be done," Majority Leader Harry Reid, a Democrat, told the Senate floor.

A new, informal deadline for Congress to legislate is now Wednesday when the current body expires and it is replaced by a new Congress chosen at last November's election.

The Senate bill, worked out after long negotiations on New Year's Eve between Vice President Joe Biden and Senate Republican Minority Leader Mitch McConnell, also postpones for two months a $109 billion "sequester" of sweeping spending cuts on military and domestic programs.

It extends unemployment insurance to 2 million people for a year and makes permanent the alternative minimum tax "patch" that was set to expire, protecting middle-income Americans from being taxed as if they were rich.

'IMPERFECT SOLUTION'

The tax hikes do not sit easy with Republicans but conservative senators held their noses and voted to raise rates for the rich because not to do so would have meant increases for almost all working Americans.

"It took an imperfect solution to prevent our constituents from a very real financial pain, but in my view, it was worth the effort," McConnell said.

House Speaker John Boehner - the top Republican in Congress - said the House would consider the Senate deal. But he left open the possibility of the House amending the Senate bill, which would spark another round of legislating.

"The House will honor its commitment to consider the Senate agreement if it is passed. Decisions about whether the House will seek to accept or promptly amend the measure will not be made until House members ... have been able to review the legislation," Boehner and other House Republican leaders said in a statement.

Boehner has struggled for two years to get control over a group of several dozen Tea Party fiscal conservatives in his caucus who strongly oppose tax increases and demand that he force Obama to make savings in the Medicare and Social Security healthcare and retirement programs.

A campaign-style event held by Obama in the White House as negotiations with Senate leaders were taking place on Monday may have made it more difficult for Republicans to back the deal. In remarks to a group of supporters that resembled a victory lap, the president noted that his rivals were coming around to his way of seeing things.

"Keep in mind that just last month Republicans in Congress said they would never agree to raise tax rates on the wealthiest Americans. Obviously, the agreement that's currently being discussed would raise those rates and raise them permanently," he said to applause before the Senate deal was sealed.

Obama's words and tone annoyed Republican lawmakers who seemed to feel that the Democrat was gloating.

"That's not the way presidents should lead," said Republican Senator John McCain, Obama's rival in the 2008 election.

A deal with the House on Tuesday, while uncertain, would not mark the end of congressional budget fights. The "sequester" spending cuts will come up again in February as will the contentious "debt ceiling," which caps how much debt the federal government can hold.

Republicans may see those two issues as their best chance to try to rein in government spending and clip Obama's wings at the start of his second term.

(Additional reporting by Richard Cowan, Mark Felsenthal, Rachelle Younglai, Kim Dixon and Jeff Mason; Writing by Alistair Bell; Editing by Eric Walsh)

http://finance.yahoo.com/news/u-heading-off-fiscal-cliff-025839073.html

The 359 safest banks in America

7/24/2012

 
7/13/2012 9:51 PM ET
By Sara Glakas, InvestingAnswers

The 359 safest banks in America

The following institutions, grouped by state, boast perfect scores using a method developed to diagnose failing banks.

The relationship Americans have with their banks used to be based on trust.

As well it should be. In many ways, banks make some of our biggest financial dreams come true.

We go to the bank when we want to buy our dream home, and again when we remodel the kitchen. Our bank helps us buy that great new car we've been thinking about. When we retire, the bank turns a lifetime of savings into income by paying us interest on money-market and savings accounts, and on certificates of deposit.

We trust banks to protect our hard-earned money. We expect that every dollar we put into our bank will be held safe until we come back for it.

But what if the bank doesn't deserve our trust?

What is the difference between a credit union and a bank?

In America, we have let our guard down in our banking relationships. We assume that everything will be fine if our bank fails. After all, the Federal Deposit Insurance Corp. insures our deposits up to $250,000. Why worry?

I hate to be the one to break this to you, but the FDIC's Deposit Insurance Fund -- aka the money used to cover bank failures -- has been all but drained.

In 2007, the DIF had a healthy $52.4 billion. But since 2008, more than 413 banks have failed, and that has taken a devastating toll on the once-solid reserve fund.

1 of 4

According to the FDIC, the balance in the DIF is now just $11.8 billion -- a drop of almost 78% from where it was before the financial crisis began. And though the fund will replenish slowly over time, the FDIC expects future bank failures from 2012 to 2016 to cost the fund $12 billion more.

I don't know about you, but I'm not willing to assume that the FDIC will always be there to cover my savings. Instead, I want to pick the safest bank in my area, so I know the FDIC will never have to get involved.

To help Americans regain their sense of financial security and peace of mind that their money is safe, we've found a way to find the safest banks in America -- using a special metric called the "Texas Ratio."

The Texas Ratio was developed by a financial wizard at RBC Capital Markets named Gerard Cassidy, who used it to correctly predict bank failures in Texas during the 1980s recession, and again in New England during the recession of the early 1990s.

While the ratio has been excellent at predicting bank failures, it can also be used to find the banks that are the furthest from failure.

Without walking through the formula (which you can find here), the takeaway is this: The closer the Texas Ratio gets to zero, the lower the bank's risk of failure.

Out of more than 7,300 banks in America, just 359 achieved a perfect Texas Ratio of 0.0. They are listed on the following pages, sorted by state (no banks qualified in Alaska, Hawaii, Maine, New Hampshire, South Carolina or Vermont).

(Continued ….Click below for a list of all the banks by State.)


SOURCE



Bank Packages Warning~~Mr Bentley

7/3/2012

 
Thanks to several of you who forwarded this to us.....We thought is was good enough to post as an additional warning

PLEASE READ.......

I have replaced our normal chat comments today with this post – an excellent read and thanks Mr. Bentley!!

I left this warning in the Blog one more day – IT’S THAT IMPORTANT!! Be very careful about who you allow to have your personal information. It will be out in open (soon) as to who are the main actors at the core of these “bank package schemes” are – it’s not the Guru’s you know and love – it’s possible they are being DUPED as well (best case). You will be furious when the truth comes out.

I have been hearing about, “Bank Deals” for months and months.  Every “deal” I’ve checked out, was a hoax.  I know bankers and bank procedures pretty well.  I have 9 bank accounts with 4 different banks.  I have been in business for myself most of my life and currently  own two businesses.  The bank Presidents I speak to say, “we won’t know anything in the local banks, until the final button is pushed”.  Even the Regional Banks do not know for sure because this thing has changed so many times.  They are sick and tired of the questions and have quit giving out any information.   

A few “whales” have negotiated some fringe benefits or side deals based on the movement of additional large Commercial Loans or other hefty deposits,  financing projects, etc.  in conjunction with their exchange, but he’s going to get the same “exchange rate” as any other client at that bank.  What do you think would happen if one “minnow” like you or me, ratted a bank out for giving a “whale” a better International Currency Exchange Rate than us common folk?

I just happened to be in Tampa at the time all the Wells Fargo “Yuppies” were there getting training on the Da La Rue machines and “currency exchange” procedures” so I know for a fact, they were there.  They didn’t send all those people there for milk, some fig newtons and a fire-side pep rally on housing foreclosures….but nothing came about.  Why? because they are on the same merry-go-round we are on.  Its the “Pump-go-round” at  the “Misconception Circus”.  They thought is was about to happen and perhaps it really was set to happen.  Just like the other 50 times it should have happened this year….and didn’t).

I was asked the other day, “are you keeping up with all the bank deals?”  I said, “I sure am”!  ” I want to make certain I don’t go to any of them!”    I think the latest deal out there reads something like….”call us, give us your info so you will be the first to cash in at a rate no one else will get”.  That’s B.S.!  (B.S. is a Baptist term for…”Better Sleep-on-it”) .

Take a time out and ask your common sense to sit with you for a moment and just talk.  (You know, like you used to before he left about a year ago for parts unknown).  Give someone your name, address, and other vital information probably including how much Dinar you have….and they will put you on their list.  Really?  What list?  the “priority list of scam targets”?  You might as well send them your Dinar to hold for you while you are out getting that bullseye tattooed on your forehead!

I’m not saying that everyone offering a “Bank Deal” is crooked. Or that there may not be some type of legitimate, “deal” of some sort for a group.  But I DO NOT BELIEVE that banks have the luxury of offering the next person in line a different exchange rate that the man with the suitcase in front of him.  There may be fringe benefits based on the length of time the deposits must remain in the bank, etc.  But, I believe the actual “exchange rate” must be the same.

We have been told that here are some pretty heavy hitters that have already been “taken” and some who were very close to being taken in scams represented as a, “bank deal”.  Some are still shaking from the experience.  
Lets just check the list of things that would have to happen….

* First, you need to find someone you know and trust personally, who’s integrity is beyond question, and that you would be willing to trust with your entire estate.  (there are some out there, but ya gotta look hard).

* Next:  he needs to have an “in” with a banker that you don’t have and cannot get.

* Then: that banker needs to have the same compassionate heart and pure motive that your friend has and is willing to work on something special, just for you.

* Next:  The Banker has to have an “in” in Upper Management who is willing to risk his/her job to leak info the branch grunts on the front line..


* And:  Upper Management has to have an “in” somewhere where information is totally accurate so they can make a deal for the future that they can commit to and live with…by-the-way, where the heck is that place?

* Finally, ask yourself… am I really that lucky?

I don’t want to be a wet blanket but - C’MON people!! You need to start thinking or you are going to be poorer than you were before this thing ever started.

Don’t share any information about yourself, your plans or the amount of Dinar you have.  DO YOUR OWN RESEARCH, make your deal and live with it.  that is not to say, don’t get help from professional’s when the time comes,  Just quit depending on someone else to make your initial deal(s) for you.  You were smart enough to invest in this, be smart enough to protect it.  Then, get tax and investment counsel from the people you can now afford to hire!  Make your own deal.  Tailor it to your specific needs


Unfortunately, the ones who will get hurt the worst on this “exchange” are the same ones that have never researched a thing.  They just read, complain, listen to CC’s and comment on those that do.  And when they get hurt, they will blame the lousy advise and incorrect information they got in the “Chat rooms, blogs and Guru’s”.  

I quit giving out advise on the Dinar a couple years ago when it suddenly dawned on me that I was setting myself up as a “professional Dinar advisor”. BUT JUST FOR YOU GUYS,  I WILL COME OUT OF THAT CLOSET ONE MORE TIME AND GIVE YOU THE BEST ADVISE YOU WILL EVER GET – GUARANTEED!   … Don’t take too much advice!!!
…even mine!


Mr. Bentley
Footnote: Mr. Bentley is a close personal friend with significant banking, currency and overseas contacts. He is “the real McCoy” – unlike some of the other “enigmas” out there.

Bank of America Starts Mortgage Reduction Effort

5/8/2012

 
Bank of America Starts Mortgage Reduction Effort

By NATASHA SINGER | New York Times – 7 hours ago

RELATED QUOTES Symbol Price Change BAC 7.715 -0.24

Bank of America has started sending letters to thousands of homeowners in the United States, offering to forgive a portion of the principal balance on their mortgages by an average of $150,000 each.

The reduction for qualifying homeowners could amount to monthly savings of up to 35 percent on mortgage payments, Bank of America said in a news release on Monday evening.

The principal reduction offers from Bank of America Home Loans are the result of a $25 billion settlement agreement earlier this year with 49 state attorneys general as well as federal authorities who had been investigating allegations of abuses over the handling of foreclosures.

“To the extent principal reduction and other modification tools help us turn mortgages headed for possible foreclosure into long-term performing loans, it will be positive for homeowners, mortgage investors and communities,” Ron Sturzenegger, a legacy asset servicing executive, said in the statement.

The bank said it planned to contact more than 200,000 homeowners who could be candidates for the offers, sending letters to a majority of them by the third quarter of this year.

To be eligible for the principal reductions, however, homeowners will have to meet certain criteria, including: having a loan owned or serviced by Bank of America; owing more on the mortgage than their property is worth; and being at least 60 days behind on payments as of the end of January.

In the statement, the bank said it had started making such offers in March to a narrower group of homeowners — those who were already in the process of seeking mortgage modification. The bank estimated that the earlier wave of trial reduction offers to about 5,000 people could amount to more than $700 million in forgiven principal. But homeowners have to make at least three timely payments for the reductions to become permanent.

THANKS LEE

http://finance.yahoo.com/news/bank-america-starts-mortgage-reduction-100202589.html




Wealth management a top priority for banks

4/23/2012

 
Wealth management a top priority for banks

Posted on Monday, 04.23.12  

Wealth management is a top priority for many banks and financial firms across South Florida, and they court their high net worth clients in myriad ways. Seated in a private room at Café L’Europe in Palm Beach, jeweler Judith Ripka munches on her Mandarin Chinese chicken salad and listens to Valerie Ramsey discuss her book, √Gracefully — Looking and Being Your Best at Any Age. Ripka flew in from New York especially for the luncheon, hosted by Sabadell Bank & Trust for three dozen of its wealth management clients and guests, as part of its “Women’s Connoisseur Series.”

“This bank is a wonderful bank,” said Ripka, who bought a vacation home in Palm Beach two years ago and was referred to the bank by her real estate broker. “They understand their clients, but they care about the clients, too.”

Genteel as can be, the setting offers a peek at the perks of South Florida’s wealthy banking clients who entrust financial firms to invest their savings, build for their future and plan their estates.

Catering to those clients by giving top-notch service — even, in the case of Sabadell, chauffeuring one attendee who had broken her foot and couldn’t drive — is all part of the package.

“We really try to make it informative, useful information,” said Debra Vasilopoulos, regional president of Palm Beach County for Sabadell Bank & Trust, whose events also include a series of lectures by Johns Hopkins physicians. “In addition to our clients needs, we care about their well-being.”

Across South Florida, banks, trust companies and financial advisory firms of all sizes are focusing on wealth management as a key part of their financial repertoire.

“If you intend to deal with businesses and their owners and professionals and high net worth individuals, it’s essential that you be in the wealth management business,” said Mario Trueba, president and chief executive of Miami-based Sabadell United Bank, which bought failed Lydian Private Bank last year to convert it to its wealth management division, Sabadell Bank & Trust.

Investing for the wealthy has a rich history nationwide.

J.P. Morgan has been serving the upper crust for more than 160 years. Northern Trust bases its heritage, dating to 1889, on the wealth management business. Fiduciary Trust International of the South has managed money for high net worth individuals and foundations since 1931.

Major banks such as Wells Fargo also cite the segment as its utmost priority.

“The number one strategic initiative for all Wells Fargo is to grow our wealth management business,” said Jason Williams, Miami-based regional managing director of Wells Fargo Wealth Management. The mandate is spelled out in a booklet on the bank’s vision and values, which he carries in his jacket pocket.

Wealth management is defined as “financial services provided to wealthy clients, mainly individuals and their families,” said Alexander Camargo an analyst at Celent, a financial services research and consulting firm.

To enter the domain, wealth management firms require a minimum level of investable assets. Many banks segment their customers into tiers of wealth, defined differently by each bank. Celent defines the tiers as beginning with the mass market, those with liquid assets up to $250,000, followed by the mass affluent market, those with $250,000 to $1 million in investable assets, then high net worth clients of $1 million to $10 million, and lastly ultra high net worth investors above $10 million, Camargo said.

In South Florida, wealth management has weathered the economic downturn better than many other areas of banking and is the closest of any segment to being recession-proof, said Ken Thomas, a Miami-based economist and independent banking consultant.

It is also one of the three segments — along with the huge retail market and the international banking/trade finance business — that make South Florida one of the nation’s five most attractive areas for banking, he said.

Moreover, wealth management has the most growth potential of all three, Thomas said, which is why every institution wants in on the game.

“There is more demand for wealth management because the rich are getting richer,” he said. “And it is even more so in South Florida because we have access to more wealth because of the proximity to Latin America”

Indeed, as institutions compete for a slice of the lucrative pie, the competition for clients is fierce. And every institution touts its approach as best.

“The end consumer is demanding a holistic one-stop shop, and financial institutions are going to have to meet that demand to be successful into the future,” said Jeff Ransdell, managing director and market executive for the Southeast for Merrill Lynch Wealth Management, which is part of Bank of America.

Perhaps most of all, wealth management bankers and clients cite the importance of their relationship.

When Danny Toccin sold his portfolio of apartment buildings in 2005, he needed to find an alternative way of investing. So he interviewed various firms and divided his funds among four institutions, including Wescott Financial Advisory Group.

“I need a total comfort level,” said Toccin, 62, of Miami. “I am a micromanager by heart, and I want to know where I am, where we stand, where we are going. I also didn’t want to be a minnow in an ocean. I wanted to be somewhere I would be like a big fish in a lake.”

But after a while, he found he didn’t feel comfortable with the other three firms.

“With Wescott I have so much trust in them that I probably did something other investors wouldn’t do,” said Toccin, who has a wife, Ferne, and two grown children. “I put all my eggs in one basket because I have so much trust and there is so much transparency.”

Indeed, Wescott Chief Executive Grant Rawdin views the advisor/client relationship as very personal. The firm even has an industrial psychologist test prospective advisors for empathy before hiring them.

“It’s why I changed my career from being a tax and business lawyer to being a financial advisor,” said Rawdin, who divides his time between offices in Coral Gables and Philadelphia. “They close the door and they tell you things. You become a psychologist. Money leads into other intimate admissions and issues.”

Financial firms say they bring in new clients through referrals from other clients, attorneys and accountants, as well as from the networking bankers in the community.

For banks and financial firms, wealth management starts with devising a plan, and input from the client is paramount.

“We really want to get to know our clients.” said Alex Navarro, senior vice president and private financial advisor at SunTrust in Bal Harbour. “It’s like going to a financial doctor. We want the client to feel comfortable enough to disclose all their financial concerns so we can do a good job at addressing them. The financial advice is only as good as the information we get.”

In fact, analysts and bankers say that amid the turbulent stock market, clients have become more watchful of their investments.

“Consumers are more demanding now,” said Camargo of Celent. “They want to see their advisors more, they want their advisors to inform them of the risk more, and they want to know they are protected on the downside, so if the market crashes, they don’t lose their entire life savings.”

Going a step beyond is also de rigueur. Many South Florida institutions invite their high net worth clients to a range of seminars, sporting events and concerts that they sponsor, along with speaker-led luncheons and dinners.

J.P. Morgan Private Bank dedicates the 33rd floor at 1450 Brickell Ave. in Miami to its wealthy clients, a private client center unparalleled in cities other than New York, said Phil Conway, Southeast regional head of J.P. Morgan Private Bank.

The center offers lounges and private dining rooms, conference rooms with video capabilities, a sky-high view and a chance to see the bank’s extensive contemporary art collection, which was started by David Rockefeller.

J.P. Morgan also provides summer and winter reading lists to its private clients. Northern Trust hosts a literary society in Miami that meets regularly.

In February, UBS hosted an event in Miami with former presidents Bill Clinton and George W. Bush for its wealth management clients.

And Wells Fargo and Fiduciary Trust have met with clients on private retreats to discuss investing and estate planning, and to teach younger generations to be responsible stewards of their wealth.


Read more here: http://www.miamiherald.com/2012/04/22/2760540/wealth-management-a-top-priority.html#storylink=cpy

Straight Talkin Mike~~FRAUD ALERT INVOLVING E-MAIL INTRUSIONS TO FACILITATE WIRE TRANSFERS OVERSEAS

4/21/2012

 
FRAUD ALERT INVOLVING E-MAIL INTRUSIONS TO FACILITATE WIRE TRANSFERS OVERSEAS
Jan. 20, 2012

SOURCE
   

http://www.thestraighttalkexpress.com/1/post/2012/04/fraud-alert-involving-e-mail-intrusions-to-facilitate-wire-transfers-overseas.html

Wells Fargo~~International Markets Weekly

4/16/2012

 
Wells Fargo Information Received
from a Listener

internationalmarketsweekly.pdf
File Size: 47 kb
File Type: pdf
Download File

WORLD'S 50 SAFEST BANKS 2012

4/4/2012

 
WORLD'S 50 SAFEST BANKS 2012

Global Finance announces a half-yearly update World’s 50 Safest Banks: April 2012

NEW YORK, March 1, 2012 – Bank stability is an ever-more pressing concern for the world’s corporations and investors. It is within this context that Global Finance announces the half-yearly update to its Ranking of the World’s 50 Safest Banks.
 
The sovereign debt crisis is still raging in Europe, the Arab Spring outcome is far from clear and global elections have put political stability at risk in some markets. As a result, the credit ratings of European and global banks have been affected, and have moved down the ranking of the World’s Safest Banks. In contrast, a number of banks—particularly in Asia and the Middle East—have benefitted by moving up the ranking.

In addition, even in the face of tough market conditions some banks have actually improved their score by having their ratings upgraded since the last ranking was released. With these factors in mind, Global Finance has launched the World’s 50 Safest Banks: April 2012; and launched a list of the Most Improved Ratings—those banks who have increased their score since October.

The ranking was created through an evaluation of long-term credit ratings—from Moody’s, Standard & Poor’s and Fitch Ratings—and total assets of the 500 largest banks worldwide. Global Finance’s ranking of the World’s 50 Safest Banks is a recognized and trusted standard of creditworthiness for the entire financial world. “Counterparty creditworthiness has seldom been of more concern to companies and investors worldwide,” says Global Finance publisher Joseph D. Giarraputo. “Knowing how their counterparties are faring in the face of global economic uncertainty is key. This ranking helps companies and investors to get a view on the relative strength of their counterparties—and global financial institutions.”

This exclusive survey will be published in the April issue of Global Finance.

CLICK BELOW FOR THE LIST


THANKS TO DAVE

SOURCE


Wells Fargo opens business for the ultra-wealthy

4/2/2012

 
Wells Fargo opens business for the ultra-wealthy


Wells Fargo opens business for the ultra-wealthy   By Ashley Lau

Mon Apr 2, 2012 10:20am EDT

(Reuters) - Wells Fargo & Co opened its new Abbot Downing business on Monday, merging two of its wealth management units under a new brand it hopes will expand its market share of America's richest families.

The new business, catering to ultra-high-net-worth individuals and families with $50 million or more in investable assets, resulted from the combination of Wells' Family Wealth unit and its Lowry Hill subsidiary. The name Abbot Downing comes from the 19th-century New Hampshire builder of the stagecoaches that have come to represent Wells Fargo.

Since Wells first publicly announced the planned merger last November, the combined business has grown 20 percent to $32.9 billion in client assets under management. In those five months, the group added five billionaires and 13 individuals with $100 million or more in investable assets to its client base, said Jim Steiner, Abbot Downing's president.

"We've had new success in bringing in new foundation assets," Steiner said. "People are leaving more money to foundations and endowments."

He said the biggest drivers of new wealth have been cash from the sale of company stakes through initial public offerings and mergers and acquisitions.

Steiner estimated that about 10,000 households in the United States have $50 million or more in investable assets. In an October study of 72 multifamily advising firms, the average client asset size was $48.4 million, according to research and consulting firm Family Wealth Alliance.

Abbot Downing has just under 600 client relationships, including multiple families across generations.

PSYCHOLOGISTS, TOO

Steiner said the decision to rebrand the combined business was meant to establish a small-firm feel. Wells intended to distinguish its family wealth business from that of other bigger competitors, like the $62.4 billion Bessemer Trust. Abbot Downing was aiming to keep a client-to-adviser ratio of 15-to-one, which Steiner said was low.

"Their biggest challenge will be to differentiate themselves from others," said Tom Livergood, founder of Family Wealth Alliance.

The family wealth management industry is highly fragmented, Livergood said, because of the wide-ranging needs of its clients -- including traditional wealth investment management, as well as wealth succession planning.

Abbot Downing has four divisions: an asset management division, a private banking channel, a combined trust and fiduciary service, and a group that addresses family psychology and governance.

There are about 300 Abbot Downing employees working in 16 offices across the United States. Steiner said the firm would be hiring senior portfolio managers, analysts, relationship managers and planners.

The new business is the fourth under Wells' Wealth, Brokerage and Retirement Group umbrella, which also includes an institutional business, a private bank and a brokerage arm.

(Reporting by Ashley Lau in New York; Editing by Walden Siew, Prudence Crowther and John Wallace)

http://www.reuters.com/article/2012/04/02/us-wellsfargo-abbotdowning-idUSBRE83103220120402

My Private Banking: Independent Advice to Get More out of Your Wealth Manager

3/15/2012

 
Thanks to Brenda for this Great Information


MY PRIVATE BANKING:  Independent Advice to Get More out of Your Wealth Manager

MyPrivateBanking.com is the first independent information and networking platform for clients of private banks and clients of wealth managers worldwide.

MyPrivateBanking.com is not a bank but helps you to get more value out of your wealth manager. The founders have the vision to make wealth management a lot more transparent, cost efficient and client-focused – driven by their own experiences as clients of a number of wealth managers.

We believe that for an informed decision clients need more independent, well-researched data and analysis on wealth management. Clients also need a platform to exchange experiences and information from client to client: First-hand, unbiased and anonymous.

MyPrivateBanking.com aims to support private banking clients in all decisions that make or break the success of their investments: Choosing the best wealth managers, improving their wealth management strategy, lowering the cost of wealth management and optimizing the management of their wealth managers.

MyPrivateBanking.com provides wealth management clients with the following value-added:

    Primary research by our experienced analysts on all topics related to improving wealth management

    Articles, news and updates that help clients on a daily basis to follow the world of Private Banking

    Directories and client ratings of banks that help the client make better decisions which wealth managers to select

    The networking platform “MyWealth” that gets clients of wealth managers in touch with each other, share their experiences and help each other to get more out of their wealth management.

    Portfolio Tools that allow members to track the allocation and performance of their portfolio and share their strategies, ideas and experiences with that of other users.


MyPrivateBanking.com guarantees protection of its users and full independence.

MyPrivateBanking.com is the only global platform targeted to wealth management clients that is completely independent of banks or other financial service providers. There is no funding by banks and there are no advertisements by wealth managers on our website. We are:

    Always on the side the client

    Definitely not sponsored by or linked to financial services providers

    Free and without obligations for users

    Safe to use because users stay anonymous

    Guaranteed spam free

Source


Private Banking Directory Listings

http://www.myprivatebanking.com/Directory/DirectoryListing



User Ratings of Wealth Managers & Private Banks

http://www.myprivatebanking.com/Ratings/


Wealth Guides

http://www.myprivatebanking.com/Category/Research/wealth-guides/



Don't forget to check out all of the other Private Banking Resources including Questions to Ask 

Source




How Safe Is Your Cash? Post by deanr PTR

2/25/2012

 
Thanks to "deanr" PTR Post

How Safe Is Your Cash?

Written by Robert Brokamp

Published February 24, 2012

    Cash in a Chest

One of oldest adages in investing is “no risk, no return.” These days, that old saying seems literally true, since cash is considered the safest asset, yet it earns virtually no interest. However, in this article we'll examine whether cash is as safe as is sounds. Then, we'll look for where to get the most bang for your bucks.

The not-quite-so-new FDIC limits

The first place, and perhaps the safest place, people turn to keep their cash is a bank to take advantage of FDIC insurance. The insured limit was raised from $100,000 to $250,000 during the financial crisis of 2008, and the increase was made permanent in 2010 by the Dodd-Frank bill. Additionally, through 2012, all non-interest-bearing accounts have unlimited coverage.

The limits apply to each “ownership category,” which includes single accounts, joint accounts, certain retirement accounts, and trusts, among others. So, you could have a single account in your name that is insured up to $250,000, your spouse could have a separate single account insured up to $250,000, and you both could have a joint account that has an additional $250,000 of coverage, for a total of $750,000 insured deposits (just in case you find a LOT of change in your sofa). Also, you get a whole new set of limits if you go to another bank - but it has to be a completely different bank, not just a different branch of the same bank. Use the Electronic Deposit Insurance Estimator (EDIE) at FDIC.gov to determine how much of your cash is covered.

Deposits at credit unions have nearly identical coverage through the National Credit Union Association. You can use the e-calculator at NCUA.gov to determine how much of your deposits are insured. Both FDIC and NCUA insurance are backed by the full faith and credit of Uncle Sam. That doesn't feel as safe as it used to, but the reality is that it's about as safe as you'll find in this world. Just make sure that your bank or credit union really is insured, which you can confirm at FDIC.gov and NCUA.gov.

The insurance extends to what are generally considered cash equivalents, such as checking accounts, savings accounts, money market deposit accounts, and certificates of deposit. The insurance does not cover investments such as stocks or bonds, nor does it cover money market funds, which are very different from money market accounts. What's the difference? We're glad you asked.

What's in a money market fund?

A money market deposit account is essentially a savings account at a bank or credit union that allows for a limited number of checks to be written to third parties. A money market fund is a mutual fund run by a financial services firm, and it invests in short-term debt (with maturities of a year or less) from governments and corporations. Like every other mutual fund, there is no government guarantee behind a money market fund. However, every fund strives keep its net asset value at $1. There have been only two instances of funds “breaking the buck”: one in 1994 and one in 2008. Investors in these funds lost 2% to 8% of their principal.

Chances are, the cash in your brokerage account or IRA is in a money market fund. To see what's actually in the fund, you'll need to visit the website of the company that sponsors the fund. (Fund information providers such as Morningstar typically don't provide analysis of money market funds.) As an example, let's peer inside a fund from Fidelity, the largest provider of money market funds for retail investors. Almost half of the Fidelity Cash Reserves Fund (FDRXX) is in certificates of deposit, almost 12% in Treasuries or government agency debt, and more than 17% is in short-term debt (known as “commercial paper”) from financial companies. On average, the debt in the fund matures in 56 days.

What many investors might find surprising is that most money market funds have exposure to European debt, though funds have reduced their exposure from 30% at the end of May to 10% by the end of December, according to the Fitch rating service. Meanwhile, they've been increasing their holdings of U.S. government debt and repurchase agreements (a.k.a., “repos”), which are a form of secured lending and, thus, theoretically safer bets.

But as the name implies, repos include an agreement by which the seller agrees to buy back the security at a later date, at a certain price. If the seller can't honor the agreement, the buyer - in this case, the money market fund - is stuck with the debt instrument at whatever the price the market is willing to pay for it. The Fidelity Cash Reserves Fund has almost 20% of its assets in repos. The T. Rowe Price U.S. Treasury Money Fund (PRTXX), which you'd think - given the name - is invested just in U.S. Treasuries, actually has more than a third of its assets in repos. The fund's fifth-biggest holding is debt from General Electric.

As long as the global economy functions in a somewhat normal (albeit slow) manner, money market funds are very safe. However, if there was another “black swan” event such as we experienced in 2008, it would not be a surprise if a few more money market funds “break the buck.”

Where to turn

We don't want to overstate the risks of money market funds; the vast majority will maintain a $1 NAV. However, given their low yields - the Fidelity Cash Reserves Fund yields a whopping 0.02% - there are few compelling reasons to say with a money market fund, especially if you don't need the money in the near term. Financial planner and columnist Allan Roth has written about choosing higher-yielding, longer-term CDs. Even if you have to pay a penalty for getting your money back early, it's worth getting the extra yield, as long as you can leave the money alone for approximately two years (depending on the yield and early withdrawal penalty). To find the best rates, check out the GRS CD rate finder, which monitors more than 200 banks and displays the 50 highest rates. There's no reason to get virtually no yield from a money market fund, when you can get 1% to 2% or higher from a CD that enjoys FDIC or NCUA insurance. That's the kind of risk-reward proposition we like most.

Where do you keep your cash? Know of any banks or credit unions offering particularly good rates? Let us know in the comments.

The original article can be found at GetRichSlowly.org:
How Safe Is Your Cash?

This is a post from staff writer Robert Brokamp of The Motley Fool. Robert is a Certified Financial Planner and the adviser for The Motley Fool's Rule Your Retirement service. He contributes one new article to Get Rich Slowly every two weeks.

Source


SPLIT IT UP - PROTECT IT ALL!

2/21/2012

 
Thanks for more of your common sense wisdom..The IQD Team

SPLIT IT UP - PROTECT IT ALL!
     - by Anonymous

Have you noticed how exciting the news has been lately!!!  I don't know about you, but I personally feel that we are really close to the IQD's RV...  I can't explain it, but it is kinda like that feeling you get sitting with your back to a fire that is going in the fireplace - you feel the heat, but you can't see it!

Well, with all this excitement, it is a bit difficult to keep our heads about us.  We keep hearing that we must prepare, we must make our plans, we should get everything in order BEFORE the RV.  And, I'm sure, you have a few ideas, and that is about all.  I'm pretty much in the same boat as you, I have ideas of things I want to do, but I don't have an "exact" order of progression - I believe that is impossible!

However, I do believe that a reality check may be in order for both of us, just to make sure we are "planting the seeds" of correct thinking.


SPLIT IT UP!

First off, I am hearing of more and more people who are worried about FDIC Insurance or Bank Failure Rates and are asking for advice!

Let me just say this, if I were to give you a list of "good" Banks today, that does not change the fact that tomorrow they may go through an Audit and determined to be insolvent!!! 

I would not spend too much time today worrying about what bank today is a "good" bank - lets worry about that AFTER THE RV and when you are wealthy! 

Here are two useful links from ehow.com on determining a bank's financial health:
   LINK 1:  

http://www.ehow.com/how_5169725_quickly-determine-banks-financial-health.html

   LINK 2:  
http://www.ehow.com/how_6518411_check-financial-health-bank.html

But, really, there are NO GUARANTEES in life

You must know that Life is NOT "Fair"!  Therefore, to best protect yourself and your money, split it up and deposit your money in several banks!

You can start from "day 1" when you go to exchange your IQD after the RV.  Let's use some simple numbers and assumptions for this example.


Lets assume you own 1 Million IQD after the RV, and the rate comes in at exactly $4.00 to 1 IQD.  Congrats, you are now worth $4Million!!!

Now, did you know that when you exchange the IQD, you don't have to do it all in one lump sum? 

In fact many experts will tell you to split it up!

So, lets assume you take just 125,000 IQD ($500,000 USD) to Bank/Broker #1, and then take another 125,000 IQD to Bank/Broker #2 and do this with a total of Eight different Banks / Brokers!  You have split up your deposits, making it very difficult to now lose all your money due to a Bank Failure, or a dishonest Private Banker!

If you have one favorite Currency Dealer, and are planning on using that organization, have them send out 8 separate wire transfers to each of your 8 banks.

Of course for each of the 8 banks you will need to set up your account with them using one of their Private Bankers which is assigned to you from that Bank. 

Do you need to do any of this today?  Heck NO!!!!  In fact, I am going to wait several weeks after the RV to contact banks and Private Bankers!

THINK ABOUT THE "OTHER" BANKS...

Another thing to think about is we are all familiar with the common Four "Big" Banks, but most of us have never had to use Commercial and Business Banks.  Keep your mind open about working with them too!  They are used to working with large depositors! 


You have to remember, the "Big 4 Banks" make their money off the "average, middle class" people who have a monthly average balance of only a few hundred dollars or a few thousand dollars in our accounts (like you and me today!) 

But, Commercial and Business Banks make their money off the "rich and wealthy"!  They are very familiar in dealing with "Million Dollar Clients" who are often Small Businesses that run Millions of dollars monthly through their institution.


CAUTION ABOUT PROFESSIONALS...

You and I will be "new" to this reality of being considered a "Million Dollar Client" by these Banking Professionals, Attorneys and Investment Professionals. 

A few of these people will be jealous of our new wealth!  Yes, some of these people will want to help us, however unfortunately some will try to betray us!  That is reality and that is fact! 

Beware of this now, before you go in to banks or meet with Investment Advisors.  Keep your mind about you, if they start talking all kinds of fancy words that you never heard before, ask them to explain it for you! 

If these Professionals are not patient enough to fully and patiently explain their programs to you, then wright down the words you don't understand, get their brochures, and leave to go do your own research!!!  I would suggest you always make a point of meeting with a few more Professionals to hear their opinions and offers also before you ever make an agreement.

A FEW MORE CAUTIONS TO CONSIDER...

I will not do business with anyone over the telephone that has contacted me first!  You know what I mean, the Telemarketer who calls you out of the blue, is very friendly and sounds extremely intelligent!  He/She may be as honest as the day is long, but I will refuse to hear his/her offer or talk to them! 

Not to be "rude' but there are just too many scam artists who use the telephone to steal money!  If I do have any interest, I will tell them to send me a proposal to my email address.  I will give them a free email address that I use ONLY for this purpose (I call it my "SPAM BOX") it will be a free email account with a free provider like Hotmail, Yahoo or Gmail.

If someone is pressuring you to buy some sort of investment, tell them you need to run it past your attorney first and it will take a minimum of a week before you can come to a decision.  If they insist you still decide "now", leave! 

Trust me, what they are offering to you is not that "urgent", and if they don't want you to take time to think about it, then it is 99% because what they are "selling" to you is a "SCAM"!!!! 

Would you rather wait a week to be sure and better protect yourself from scam artists or jump on some "hot" deal that "fails" and you are now out the money or worse yet, broke!


IN CONCLUSION...

I would recommend that you NEVER tell anybody exactly how much money you really have!  And just to be clear, "anybody" DOES refer to my family as well, especially my family! 

No offense to my family, but only my Spouse will be privileged to know exactly how much money we are worth!!!  I'm not even going to tell my children, they can find out from my Will after I'm dead!  This will be really tough on most of you, it is for me too, but it is vitally important to NOT tell them!!! 


So, knowing my opinion on who to tell, when working with Private Bankers, Attorneys, CPAs and other Investment Professionals, stick to only the amount of money that you have on deposit with them!  Don't tell them about your other investments and don't tell them that you have seven other banks with a Quarter Million each! 


If you tell them.....  Do you know what will happen???
That Private Banker or Investment Professional will lose sleep at night, he/she will have nightmares thinking about how they can convince you to move your money over to their bank! 

When their Supervisor tells them to "up their numbers" for the Month/Quarter/Year - who are they going to call???  YOU!  So, don't tell them you have other money or investments! 

I will say it again!  Don't tell anybody, its none of their darn'd business to know!  This will keep you and your family much safer too.

Trust, but verify!
Keep one sad reality in your mind at all times, nobody is your "friend" when it comes to large sums of money!  The more a professional wants to become your "buddy" and "friend" by giving you gifts, taking you out to dinner or a vacation, that person is trying to set you up to take your money! 

Almost all legal financial and investment Individuals and Institutions in the United States (and most other Modern Countries) are Regulated to a gifting limit of something around $100 USD in value per year!  If that guy just "gave" you a vacation worth $5K or $10K he is breaking the law!  If he is breaking the law, what are his intentions with your money???!!!

The "deal" that is just too good to be "true" is almost always a scam!  The harder they push to rush your decisions, the more likely it is a SCAM, and you should walk away and don't look back! 

FINAL LAST WORD!!!
If you now have (in my post RV example above) $4,000,000.00 in the "bank" you are "RICH"!!!  You don't need a "get quick rich" investment scheme to make you what you already are!!!  If you don't feel good about it, or understand it, then don't do it!!!



Problem Bank List: Tracking Problem Banks and Failed Banks

2/20/2012

 
For the many of you who asked last week about Banks during the Q & A this should be a big help to you

From "Straight Talkin" Mike at THE IQD TEAM



Problem Bank List
Tracking Problem Banks and Failed Banks


Source


Several links to the Many articles and wealth of information on this site are below:

Should you keep your money in an FDIC insured problem bank? Or are you asking for trouble?  Source

What Should I Do When My Bank Fails? Source


Is My Cash Safe In The Bank?  Source


Mike from The IQD Team
www.theiqdteam.com

U.S. cranks up the heat on Swiss bankers

2/16/2012

 
Thanks "Straight Talkin" Mike "The IQD Team

U.S. cranks up the heat on Swiss bankers

Catherine Mclean ZURICH—

From Monday's Globe and Mail

Published Sunday, Feb. 12, 2012 7:00PM EST

Until recently, the quiet Swiss town of St. Gallen was best known for the medieval manuscripts housed in its abbey library.

But lately the city has had to grapple with a less pious claim to fame: St. Gallen is home to Wegelin, a private bank indicted by U.S. authorities this month for allegedly helping rich Americans evade taxes.

It’s no secret that banking is a big business here in St. Gallen, as it is throughout Switzerland, accounting for some 6.7 per cent of the country’ gross domestic product in 2010. Banks are scattered throughout the pretty streets of the old town, some world giants like Credit Suisse Group AG and UBS AG and others unknown to the masses. It is here in this unassuming town near the Austrian border that some of the world’s wealthiest citizens entrust their fortunes to discrete bankers who guarantee their confidentiality. But that secrecy is increasingly under attack by dogged U.S. investigators.

The U.S. Justice Department is investigating 11 Swiss banks or foreign banks’ Swiss subsidiaries, including Wegelin, Credit Suisse, Julius Baer, Basler Kantonalbank, HSBC, and Zurcher Kantonalbank (ZKB). The Swiss recently sent 20,000 encrypted banking documents to U.S. authorities, saying it could help decode them when a settlement is reached, according to a report from Bloomberg News.

The Swiss have been taken by surprise at how quickly and devastatingly the U.S. authorities are chipping away at their prized banking secrecy tradition.

Martin Naville, chief executive officer of the Swiss-American Chamber of Commerce said the writing was on the wall and the Swiss knew that tax secrecy wouldn’t last forever. But that doesn’t mean some are happy to let it go, he said, pointing to the criticism directed at one Swiss ex-banker who wrote a book saying that banking secrecy spares the Swiss from competition, making them “fat, but impotent.”

“A lot of people thought banking secrecy would go away over 10 years, but it has obviously not happened that way,” said Mr. Naville in an interview at the chamber of commerce’s Zurich office.

In the case of Wegelin, which traces its roots back to 1741, the shock was that the U.S. would come after a small Swiss private bank with no branches in the U.S. Some fear other Swiss banks may also disappear amid the tax crackdown.

“This is the first time an overseas bank has been charged by the United States for facilitating tax fraud by U.S. taxpayers,” the U.S. Department of Justice said in statement announcing the charges against Wegelin.

In St. Gallen’s heart stands a baroque building where Wegelin, Switzerland’s oldest private bank, used to do business. But the imminent threat of U.S. charges forced its owners to sell to rival Raiffeisen at the end of January. Wegelin’s ensuing indictment on Feb. 2 rattled the Swiss, who believed they were making progress in their negotiations with the Americans over their long-running tax dispute.

“People in Switzerland consider this as an attack on Swiss banking,” said Martin Brown, a professor for banking at the University of St. Gallen.

But Prof. Brown stresses the changes forced upon the Swiss by the tax fight, however painful, are necessary.

“This is going to hurt the Swiss banking industry in the short term, certainly. But it’s going to hurt the Swiss banking industry the same way closing down the coal mines in the U.K. in the 1980s hurt the U.K. industry. You’re offering financial services that are obsolete.”

It’s a view that some Swiss don’t want to acknowledge. Banking has been good to this small alpine country. Wealth is prominently on display in Zurich, where women bundled in fur coats and private bankers in sleek suits and coats stroll along the streets. The main street, Bahnhofstrasse, is among the world’s most exclusive addresses, where the well-heeled go to buy designer clothes and stunning jewellery.

But there’s a darker side to Swiss banking, the one depicted in countless Hollywood movies where unsavoury people hold a Swiss bank account because of dodgy business dealings.

Switzerland gained its reputation as a tax haven over the decades thanks to its strict banking secrecy law that was put in place in 1935. While the Swiss argue that banking secrecy protects the client, critics say the banks are taking other countries’ money to enrich themselves. A report last year from Boston Consulting Group said Switzerland is the top market for offshore money, holding some $2.1-trillion (U.S.) in assets.

The loss of tax revenue has been a sore point for many governments. But the U.S. really began to crack down on the Swiss in 2008 when allegations emerged that employees at UBS, Switzerland’s biggest bank, helped Americans avoid taxes. UBS admitted its guilt the following year, agreeing to pay a $780-million fine and hand over the names of 4,450 U.S. accounts. In return, prosecution was deferred and UBS could continue to operate in the U.S.

That act changed the course of Swiss banking history forever.

The tax fight, teamed with volatile global financial markets, and new banking rules, are making life difficult for Swiss banks. Swiss daily Tages-Anzeiger, citing experts, recently reported that the number of bankers in Switzerland could fall to 80,000 in coming years from 108,000 last year.

Some Swiss banks are changing the way they operate in the U.S. ZKB, for example, is exiting the business of offering bank accounts to clients who reside in the U.S. When Raiffeisen bought Wegelin, it left behind the U.S. customers.

At ZKB’s annual results press conference on Friday, CEO Martin Scholl described the U.S. tax dispute as a challenge but insisted the bank is not scared.

What the Swiss would like to see is a resolution that lets them hold on to the concept of banking secrecy while still dealing with the tax evasion issue. They also want an agreement that covers all Swiss banks rather than just the ones being investigated.

One model is recent tax agreements reached between Switzerland, Britain and Germany, which would see the Swiss impose a withholding tax on assets that would be passed on to those governments without exchanging customer data.

“That’s a model that should work quite well,” said Sindy Schmiegel Werner, a spokeswoman for the Swiss Bankers Association.

But those deals have come under criticism from the European Commission, and Prof. Brown doubts the U.S. authorities would go for it.

Even if Switzerland loses its fight for banking secrecy, the country has other strengths to draw upon, experts say. The country still offers political and economic stability, important considerations when depositing money.

As well, the Swiss economy isn’t just based on banking. The Swiss have created many other world-renowned businesses including drug makers Roche and Novartis and food giant Nestlé.

“Probably it will strengthen Switzerland at the end of the day because we get away from this myth that private banking is the only reason why we’re rich,” Mr. Naville said.

Special to The Globe and Mail


Source


 


Gulf banks shut out US clients

1/23/2012

 
Gulf banks shut out US clients

  By Ryan Harrison

January 23, 2012
Obama's intrusive regulations are simply too much trouble.

Emirates NBD is mulling plans to halt its private banking services to American clients to avoid falling foul of new US rules on tax evasion, Gulf Business has learned.

The decision would be the latest snub for wealthy US citizens living abroad.

In July last year, HSBC said it would axe wealth management services to US clients in the Gulf.

Meanwhile, in Europe, private bank Brewin Dolphin early last year became the latest in a list of departures that includes UBS, Julius Baer and Bank Sarasin.
The main gripe for private banks is the sensitivity of information they will have to disclose about their US clients.

Gary Dugan, chief investment officer for private banking at Emirates NBD, told Gulf Business: "We're worried about the increasing regulations and disclosure rules for investments in the US and in particular for our US clients [in the Middle East]. It could create more problems than the customers are worth. The US authorities make it very difficult for its citizens to bank abroad. And for us, it may mean that we have to tell US authorities all sorts of delicate details.

"The biggest worry is that is if any of our US clients wants to make an investment in US equities or treasuries what will be the future disclosure rules? For instance, will we have to disclose information on US clients because they hold IBM shares? They might not want to," added Dugan.

By 2013, all banks outside the US will have to comply with a new act signed by America's President Barack Obama. The regulations oblige international financial institutions to reveal all accounts held by US citizens that contain more than $50,000. Banks that do not comply will be subject to a 30 per cent withholding tax on all payments made to them in the US.

Credit Suisse last July confirmed it was the target of a US Department of Justice probe while rival UBS was forced to pay a $780 million fine and hand over the information of around 5,000 secret accounts held by US citizens in 2009.

HSBC Middle East said in a statement in the summer: "After a review of services that can be provided to US clients from locations outside of the US, we believe that US clients will be better served by our private banking teams in the United States." HSBC is based in London but has Swiss-style private banking services around the world.
In the immediate aftermath of the bank's decision to halt US-focused private banking, analysts predicted few GCC financial institutions would follow suit. However, the Emirates NBD decision could tip the scales, given that it is the UAE's biggest bank by assets and one of the largest in the Middle East.

It is unlikely to derail the growth of private banking in the region, but will send out strong signals to US authorities.

Experts say over the coming years there will be a shake-out in the industry between those willing to service US offshore clients and those who won't. And Emirates NBD and HSBC's moves are perhaps the beginning of this growing division.

At the extreme end, some private banks are exiting US securities entirely. Switzerland's oldest bank Wegelin & Cie, wrote to clients in 2009 announcing it would no longer trade US securities because of rules changes.

Although Emirates NBD has not made its final decision on whether to wash its hands of US private banking clients, the strain of the changing US policy is starting to show.

How onerous the US authorities' rules become could determine the extent of financial pain that wealthy Americans have to endure in the Middle East. If the last 12 months is anything to go by, the landscape looks likely to shift dramatically in the next year.

© Gulf Business 2012  

SOURCE

What Happens to a Savings Account if a Bank Collapses?

1/12/2012

 
_What Happens to a Savings Account if a Bank Collapses?
By Mark Kennan, eHow Contributor

When a bank fails, most of the money in the savings accounts will be recovered by the account holders as long as the bank was covered by Federal Deposit Insurance Corp. (FDIC) insurance.
Related Searches:

    Bank Credit Union
    Bank Money Transfer

    Definition

        FDIC insurance is a government-run program that protects consumers' bank accounts including savings accounts, checking accounts, money market deposit accounts and certificates of deposit in case a bank collapsing.
    Mergers

        In many cases, a failing bank gets bought buy another bank. If this occurs, your account will simply transfer to the acquiring bank.
    Limits

        In the event that a bank fails, the first $250,000 of your savings account will be reimbursed by the FDIC. The limit is set to return to $100,000 at the start of 2014.
    Time Frame

        According to Investopedia.com, you should receive your funds within a few days of the failed bank's closing.
    History

        No account holder has every lost funds insured by the FDIC since the FDIC was started in 1933.

SOURCE


Bank Account Seizures by ICE and DEA for Money Laundering

1/12/2012

 
_
Home > Seizures > Bank Account Seizures by ICE and DEA for Money Laundering

Posted on December 30, 2011 by Peter Quinter

Bank Account Seizures by ICE and DEA for Money Laundering   Peter A. Quinter, Florida Customs Lawyer

This past year has seen an explosion of seizures of bank accounts by the Drug Enforcement Administration (DEA) and the U.S. Immigration and Customs Enforcement (ICE) or Homeland Security Investigations (HSI) for alleged trade-based money laundering or "structuring". In 2011, I have handled these cases in Miami, New York, San Diego, Boston, Phoenix, San Juan, and Norfolk.  The funds in the bank accounts are taken when the bank is served with a Seizure Warrant signed by a United States Magistrate Judge, based upon an affidavit prepared by the DEA or ICE Agent.   

Typically, the bank (and its customer) do not get to see the Affidavit because the criminal proceeding is ongoing, and the Affidavit is sealed.  The Seizure Warrant itself typically alleges that the money is subject to seizure because it is the proceeds of drug activity in violation of 21 U.S.C. 881 and 18 U.S.C. 1956.  

A related legal basis for the seizure of bank accounts is 'structuring' - the deposit of $10,000 or less in cash repeatedly in a bank account to avoid the filing by the bank of a Currency Transaction Report (CTR) with the Financial Crimes Enforcement Network (FinCen), U.S. Department of the Treasury .  See 31 CFR 1010.314.  A CTR is FinCen Form 104.  A CTR is required to be filed by all banks whenever a deposit of cash over $10,000 is made in a single day into a single account or by a customer into different accounts.  Be aware that deposits of cash into multiple branches of a bank or in multiple transactions is still structuring.  See 31 CFR 1010.313.  Whenever a bank suspects that its depositor or customer is depositing $10,000 or less to avoid the bank filing the CTR, the bank often instead files a Suspicious Activity Report (SAR) .  The SAR reports are analyzed by FinCen, and often referred to the DEA or ICE for investigation.  Some of the investigations results in seizures of bank accounts as mentioned above.  

Bank account holders absolutely have the right to challenge the taking of their money by the DEA or ICE.  If your money has been seized, you have a right to know the legal basis for the seizure, and should, through your attorney, contact the DEA or ICE Agent, or the Assistant U.S. Attorney.  In civil forfeiture cases, there is an administrative process to follow once a Notice of Seizure is issued to the bank account holder by the Fines, Penalties, and Forfeitures Office of U.S. Customs and Border Protection (CBP) or a Notice of Seizure by the DEA.  If the Notice of Seizure is from CBP, file a Petition, and if the Notice of Seizure is issued by the DEA, file a Sworn Claim with the Asset Forfeiture Section located in Quantico, Virginia.  The procedures of both agencies are very specific, and must be followed carefully, otherwise, your right to challenge the seizure will be lost forever.  

Comments or questions, click below, or contact me directly.   Peter Quinter, Partner in Charge, Customs and International Trade Law Department   (954) 270-1864 or

SOURCE

Foreign Exchange Services

12/30/2011

 
_ Foreign Exchange Services

Source Link


TAG "TRANSACTION ACCOUNT GUARANTEE"

12/30/2011

 
_ TAG   TRANSACTION ACCOUNT GUARANTEE

http://www.fdic.gov/news/board/rule2.pdf

IRS Releases Guidance on Foreign Financial Asset Reporting

12/16/2011

 
_IRS Releases Guidance on Foreign Financial Asset Reporting
Form 8938
December 15, 2011

Issue Number: IR-2011-117
Inside This Issue

IRS Releases Guidance on Foreign Financial Asset Reporting

WASHINGTON—The Internal Revenue Service in coming days will release a new information reporting form that taxpayers will use starting this coming tax filing season to report specified foreign financial assets for tax year 2011.

Form 8938 (Statement of Specified Foreign Financial Assets) will be filed by taxpayers with specific types and amounts of foreign financial assets or foreign accounts. It is important for taxpayers to determine whether they are subject to this new requirement because the law imposes significant penalties for failing to comply.

The Form 8938 filing requirement was enacted in 2010 to improve tax compliance by U.S. taxpayers with offshore financial accounts. Individuals who may have to file Form 8938 are U.S. citizens and residents, nonresidents who elect to file a joint income tax return and certain nonresidents who live in a U.S. territory.

Form 8938 is required when the total value of specified foreign assets exceeds certain thresholds. For example, a married couple living in the U.S. and filing a joint tax return would not file Form 8938 unless their total specified foreign assets exceed $100,000 on the last day of the tax year or more than $150,000 at any time during the tax year.

The thresholds for taxpayers who reside abroad are higher. For example in this case, a married couple residing abroad and filing a joint return would not file Form 8938 unless the value of specified foreign assets exceeds $400,000 on the last day of the tax year or more than $600,000 at any time during the year.

Instructions for Form 8938 explain the thresholds for reporting, what constitutes a specified foreign financial asset, how to determine the total value of relevant assets, what assets are exempted, and what information must be provided.

Form 8938 is not required of individuals who do not have an income tax return filing requirement.

The new Form 8938 filing requirement does not replace or otherwise affect a taxpayer’s obligation to file an FBAR (Report of Foreign Bank and Financial Accounts). For more go to the FBAR page on this website.

Failing to file Form 8938 when required could result in a $10,000 penalty, with an additional penalty up to $50,000 for continued failure to file after IRS notification. A 40 percent penalty on any understatement of tax attributable to non-disclosed assets can also be imposed. Special statute of limitation rules apply to Form 8938, which are also explained in the instructions.

Form 8938, the form’s instructions, regulations implementing this new foreign asset reporting, and other information to help taxpayers determine if they are required to file Form 8938 can be found on the FATCA page of irs.gov.

http://www.irs.gov/newsroom/content/0,,id=104345,00.html

7 banks that are still awesome

11/22/2011

 
_7 banks that are still awesome

While other banks are busy hiking fees, these financial institutions are bucking the trend by offering free checking and other perks.

Alliant Credit Union

Alliant is one of the largest credit unions in the United States. And while it's located in Illinois, residents in any state can join if they meet certain requirements.

To become a member, you need to either work for one of more than 175 qualifying companies and organizations, including Google, JetBlue and 1-800-Flowers, or simply make a one-time donation of $10 or more to Foster Care to Success.

The credit union offers a checking account with no monthly service fee and no minimum balance requirement.

While the basic free checking account doesn't pay interest automatically, you can easily earn a competitively high annual percentage yield, or APY, of 1.10% on your checking account if you opt out of paper statements and make at least one online deposit per month.

Customers can also access a nationwide network of more than 80,000 ATMs for use without charge.

Ally

Bank of Internet USA

Connexus Credit Union

The Incredible Bank


ING Direct


Perk Street

LINK

Dumping your bank? How to choose a new one

11/15/2011

 
_Dumping your bank? How to choose a new one

By James O'Toole November 11, 2011: 3:45 PM ET

Thousands of Americans have been ditching large banks like Bank of America in favor of credit unions and other smaller institutions.

NEW YORK (CNNMoney) -- So you've had it with the hidden fees, the monthly minimums and the sky-high interest rates. Like thousands of other Americans in the past few weeks, you want to ditch your bank.

Now what?

The decision to drop a big commercial bank might be an easy one for many frustrated consumers, but the next step may not be so obvious.

For some people, the convenience of a big national institution like Chase (JPM, Fortune 500) or Bank of America (BAC, Fortune 500) may ultimately outweigh any ill will they've built up. For others, there are plenty of credit unions, online banks and smaller banks out there ready to embrace them with open arms.

Whether you decide to stick it out with a big national bank or switch to a smaller institution, there are a number of pros and cons to be weighed. Here are a few things to consider before you decide where to park your money:

Fees: "A credit union is going to smoke a commercial bank every day of the week and twice on Sundays in the fee column," said John Ulzheimer, president of consumer education at SmartCredit.com. That's because, in contrast to commercial banks, credit unions operate as non-profits.

"Earnings... that the credit union makes devolve to the members in the form of lower loan rates, higher deposit rates and lower fees," said Tony Cherin, a professor emeritus of finance at San Diego State University.

Smaller banks and online banks too, often offer free checking accounts and lower fees. As with many credit unions, they may also provide reimbursements for fees from ATMs outside their networks.
40,000 join credit unions in protest

Part of the reason the big banks ding customers with so many fees is that they need to appease shareholders and maintain a strong bottom line. And running those nationwide networks of branches and ATMs makes it more expensive to maintain customer checking accounts.

They're also already "swimming in deposits," and therefore don't need to be as aggressive in attracting new customers with lower (or no) fees, said Greg McBride, senior financial analyst at Bankrate.com.

That's not to say that some big banks aren't offering customer-friendly deals. Charles Schwab is advertising a free checking account with unlimited rebates on ATM fees worldwide and a minimum balance of just one cent for customers who also open a brokerage account with no minimum requirement.

Convenience: This is one area where the big banks have historically held the advantage, although smaller banks and credit unions are closing the gap.

With more branches and ATMs nationwide, leading banks like Citi (C, Fortune 500) and Chase have advantages based on scale that simply aren't available to smaller banks and credit unions, said Ulzheimer. They've also usually got customer service lines open 24/7, in contrast to the Monday through Friday, 9-to-5 schedule that is typical of most credit unions and community banks.
'I dumped my bank!'

As credit union membership has grown though, the industry has made strides on the accessibility front. The CO-OP Network, an alliance of credit unions across the country, offers surcharge-free ATM access at 28,000 ATMs in the U.S. That's only a shade behind the 29,000 ATMs nationwide offered by Citi.

Community banks and online banks also often belong to ATM networks. The Allpoint network, for example, includes both small banks and credit unions and offers access to 43,000 free ATMs nationwide. For people without an affiliated ATM nearby, there's also the option of getting cash back when you make debit card purchases, for example at the grocery store.

People who make frequent cash deposits -- like waitresses or bartenders -- or those who enjoy the face-to-face service that a teller provides should probably steer clear of online banks. But for people comfortable with a no-frills experience, online banks offer the ability to deposit checks by mail or to scan them at home via the Internet.

Rates on loans, credit cards and deposits: Because of their non-profit structure, credit unions usually offer more competitive rates than big banks on things like credit cards and CDs. For example, Citi's Platinum Select Mastercard has a variable APR of between 12% and 22% (after an introductory APR of 0% for the first 21 months) compared with the 10% purchase APR offered by the Pentagon Federal Credit Union, according to Bankrate.com.

For bigger loans, though, like mortgages or new business loans, the megabanks often have the advantage because they can better absorb the cost if the borrower defaults.

"Think about it this way -- is defaulting on a million-dollar loan going to hurt a smaller credit union more or a commercial bank?" Ulzheimer said.

For money market and savings accounts in particular, online banks offer some of the industry's best deals. Bank of Internet USA, for example, offers a savings account that pays 0.8% interest, compared with the 0.2% offered by USAA, according to Bankrate.com.

Will my money be safe? While smaller banks in particular have failed in larger numbers during the economic downturn, this shouldn't be a major concern. As long as your bank is backed by the Federal Deposit Insurance Corporation, your money is covered up to $250,000.

In the case that your bank fails, loan rates are locked in and checking services should be transferred seamlessly to a new institution, said Bankrate's McBride. The biggest threat when it comes to a bank failure is simply inconvenience.
7 banks that are still awesome

To make sure your bank is covered by the FDIC, and to see what kinds of accounts are protected, visit the FDIC website. If you want to check out the relative safety of an FDIC-insured bank, visit Bankrate.com, which provides safety ratings of up to five stars based on an institution's capitalization, asset quality, earnings and liquidity.

As for credit unions, most accounts are insured up to $250,000 by the National Credit Union Administration. Check to make sure your credit union is part of this group before opening an account.

There's a lot to keep in mind when switching banks, but experts say what's most important is to do your research and be open to new possibilities.

"Rather than focusing on just one type of institution, cast a wide net and make sure that you're finding the best deal for your financial needs," McBride said.

First Published: November 11, 2011: 2:08 PM ET

LINK

 

The IQD Team: G-20 labels eight US banks as SIFIs

11/5/2011

 

G-20 labels eight US banks as SIFIs

by KERRI PANCHUK

Friday, November 4th, 2011, 1:55 pm

The G-20 international monetary policy organization named eight U.S. banks systemically important financial institutions, or SIFIs, this week.

The eight institutions are part of a list of 29 global banks that obtained the designation from the G-20, putting the institutions in the position of having to comply with global SIFI requirements that will eventually enforce capital surcharges that fall somewhere between 100-basis points and 250-basis points, the G-20 said. Critics of the SIFI designation say it is simply a more politically correct way to describe "too big to fail" at said financial institutions without solving core operational issues.

The eight U.S. banks designated as SIFIs include Bank of America (BAC: 6.49 -6.08%), The Bank of New York Mellon, Citigroup (C: 30.34 -1.43%), Goldman Sachs (GS: 105.04 -2.45%), JPMorgan Chase (JPM: 33.97 -1.19%), Morgan Stanley (MS: 16.72 -1.36%), State Street (STT: 39.99 -0.94%) and Wells Fargo (WFC: 25.40 -1.59%).

The G-20 reported both positive and negative news stemming from the official naming of the world's systemically significant financial institutions. The positive is the fact that the move "should open the door for the big U.S. banks to boost their capital distributions in 2012," wrote analysts at MF Global. However, the negative is the fact that global regulators decided to hold off another 12 months before naming where in the 100-to-250 surcharge range the SIFIs will fall in, the firm said.

Surcharges on the SIFIs will not be phased in until January 2016. It is likely to take another three years before that process is complete. The G-20 noted in its Friday report that "there was no talk of accelerating the phase in (of the charge), which is another reason why we believe the door is open to higher capital distributions in 2012," MF Global said.

Write to Kerri Panchuk.


http://www.housingwire.com/2011/11/04/g-20-labels-eight-us-banks-as-sifis

LINK


The IQD Team Factbox: The FSB's list of 29 globally important banks

11/5/2011

 
Factbox: The FSB's list of 29 globally important banks

Fri, Nov 4 2011
Factbox: The FSB's list of 29 globally important banks

CANNES, France | Fri Nov 4, 2011 10:40am EDT
(Reuters) - Following is an alphabetical list of the 29 global systemically important financial institutions (G-SIFIs) released by the Financial Stability Board (FSB) on Friday:

Bank of America

Bank of China

Bank of New York Mellon

Banque Populaire CdE

Barclays

BNP Paribas

Citigroup

Commerzbank

Credit Suisse

Deutsche Bank

Dexia

Goldman Sachs

Group Crédit Agricole

HSBC

ING Bank

JP Morgan Chase

Lloyds Banking Group

Mitsubishi UFJ FG

Mizuho FG

Morgan Stanley

Nordea

Royal Bank of Scotland

Santander

Société Générale

State Street

Sumitomo Mitsui FG

UBS

Unicredit Group

Wells Fargo

(Reporting By Daniel Flynn)

http://www.reuters.com/article/2011/11/04/us-g20-fsb-list-idUSTRE7A344L20111104

The IQD Team G20 names 29 banks for capital surcharge, recovery plan

11/5/2011

 
G20 names 29 banks for capital surcharge, recovery plan

By Daniel Flynn
CANNES, France | Fri Nov 4, 2011 10:30am EDT
Nov 4 (Reuters) - Twenty-nine banks were named on Friday as being deemed so important to the global financial system that they are likely to need to hold more capital than rivals and must put in place a plan to allow them to be wound up without taxpayer help if they hit trouble.

Of the banks listed at the Group of 20 meeting in Cannes, 17 are from Europe, eight are U.S. banks, including Goldman Sachs , JP Morgan and Citigroup , and just four from Asia, including Bank of China .

The G20 endorsed a core capital requirement surcharge starting at 1 percent and rising to 2.5 percent of risk-weighted assets for the biggest banks -- which would be phased in over three years from 2016. The aim is to ensure taxpayers will never again be called on to foot the bill in a major banking crisis.

International industry watchdog the Financial Stability Board (FSB) also said the 29 banks need to meet resolution planning requirements, dubbed "living wills", by the end of next year. National authorities can extend this requirement to other banks at their discretion, it said.

The list of global systemically important financial institutions -- known by regulators as G-SIFIs -- will be reviewed annually each November. The capital buffer will apply to banks identified in November 2014.

"We consider these to be minimum rules," said Svein Andreson, secretary general of the FSB, which has been tasked by the G20 with coordinating the global regulatory response to the financial crisis.

He said a top level of 3.5 percent could be imposed on banks as a deterrent.

http://www.reuters.com/article/2011/11/04/g20-financials-idUSL6E7M42LC20111104
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