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Forum Post: 2012:Year of the Bank Failures

Posted 12 years ago on Jan. 11, 2012, 5:26 a.m. EST by Scout (729)
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" In 1931 an Austrian bank based in Vienna named the Credit-Anstalt failed. The bank was considered "too big to fail" but turned out in the end to be "too big to bail."




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[-] 1 points by MonetizingDiscontent (1257) 12 years ago

Yeah... Who wants to do business with banks doing this nonsense, they're gotten a little big for the britches

::::::::::::::::Why 308,127,404 Americans Are Going To Get Hosed::::::::::::::::



Last week, the US government’s Financial Crimes Enforcement Network (FinCEN), an agency of the US Treasury Department, published its 2011 annual report... http://www.fincen.gov/news_room/rp/files/annual_report_fy2011.pdf ...There are a few numbers that are pretty startling.

We’ve discussed before that FinCEN is the executive agency tasked with ensuring that every US banker is an unpaid government spy through Suspicious Activity Reports.

A Suspicious Activity Report, or SAR, includes details of any transaction that may be deemed ‘suspicious’. Naturally, there’s no clear guidance on what is/is not considered suspicious. Banks, brokerages, money service businesses, precious metals dealers… even casinos are required by law to fill them out.

If you withdraw an unusual amount of cash from your bank account, that could be deemed suspicious. If you set up a new payee in your billpay service, that could be deemed suspicious. Anything and everything is fair game.

Banks and other businesses who do not fill out SARs face hefty penalties, including imprisonment. If they disclose to a customer that s/he is the subject of a SAR, they have hefty penalties, including imprisonment.

When push comes to shove and they have to choose between a nasty penalty, or submitting a SAR about your unusual cash withdrawal, which option do you think they’ll pick?

Unsurprisingly, nearly 1.5 million ‘suspicious activity reports’ were filed across the US banking system in 2011, well over twice the number reported in 2004. On top of this, there were an additional -14.8 million- ‘currency transaction reports’ filed in 2011, a 6% jump over last year.

It’s an unfortunate trend which highlights not only the end of financial privacy, but also the massive amount of data being collected by the government to keep tabs on its citizens.

According to this year’s report, a full 36 distinct federal law enforcement agencies requested information from FinCEN (and even more who haven’t). Three dozen. And that doesn’t include state or local law enforcement.

That there are this many federal law enforcement agencies to begin with is mind-boggling… let alone the thought that some knucklehead at the Fish and Wildlife Service has access to bank records.

This is one reason why international diversification is so important– the likelihood of such collection and monitoring is greatly reduced when you bank overseas. Moreover, should one of these dozens of agencies or courts decide that your ‘suspicious activity’ warrants locking you out of your accounts, they have zero jurisdiction overseas.

This is a common tactic in the US; financial activity is one of the many, many areas with a ‘guilty until proven innocent’ burden of proof. You don’t even need to be doing anything wrong (which is the case most of the time this happens) for one of these agencies to freeze your account ‘pending investigation’ with a simple phone call. Good luck getting it unfrozen.....

(((Continue Reading this article Here))) http://www.sovereignman.com/expat/why-308127404-americans-are-going-to-get-hosed/

[-] 1 points by Builder (4202) 12 years ago

What really amuses me about this TBTFail bullshit, is who will bail out the US economy?

The IMF?

Not phukking likely.

[-] 0 points by Scout (729) 12 years ago

the elephant in the room is that the whole world econony is a great big PONZI !! even retirement pensions are a ponzi.... there will not be enough people working to pay the incomes of retired people let alone government taxes.