real terrorism
check this one out and tell me who the real terrorists are:
http://newsandinsight.thomsonreuters.com/Securities/News/2012/08_-_August/Court_keeps_BNY_Mellon_ahead_of_Sentinel_clients_in_payment_line/
a federal court has ruled that segregated customer funds (i.e. the money you and i have in our private personal bank and brokerage and other accounts) remain SECOND in line to the interests of any counterparty bank with which the holding bank or brokerage may have traded. or, put another way--if your bank wants to loot your account, the feds will defend the rights of any other bank ahead of your rights to your own personal property (i.e. money in said offending bank).
your federal tax dollars at work.
http://newsandinsight.thomsonreuters.com/Securities/News/2012/08_-_August/Court_keeps_BNY_Mellon_ahead_of_Sentinel_clients_in_payment_line/
a federal court has ruled that segregated customer funds (i.e. the money you and i have in our private personal bank and brokerage and other accounts) remain SECOND in line to the interests of any counterparty bank with which the holding bank or brokerage may have traded. or, put another way--if your bank wants to loot your account, the feds will defend the rights of any other bank ahead of your rights to your own personal property (i.e. money in said offending bank).
your federal tax dollars at work.
posted by kad barma at 5:25 PM
1 Comments:
The really bad news is that a few examples of this kind bad behavior will strangle the financial industry.
Regards — Cliff
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