Hello Everyone :cheesy:
I am looking into opening US bank A/C (simple one)...
I am looking into opening US bank A/C (simple one)...
- GBP vs USD relationship I presume will see GBP decline eventually
- IF (1) holds any water THEN is now a reasonable time to move some GBP's to USD's?
- I am probably not alone in experiencing hassel when attempting to make purchases from US merchants (the 9/11 incident has not helped...)
- Given (3) and to alleviate the draconian rules for offshore customers - it would seem resonable to have US bank A/C so that paying is not an issue.[/list=1] Via google "international personal finance" searchString, I landed on Wachovia. (the fourth largest bank in US)
Opening an a/c with them appears to be very simple and can be done over the phone - 'course probably helps that I'm US citizen and many decades ago resident
Now, I then did quicky google groups search on "Wachovia" and was rather intrigued by the quoted post shown below. Is over my head but I did locate Wachovia's 4th qtr '03 published accounts http://www.wachovia.com/file/wb4Q03pr.pdf and did a search on "derivatives" which gave 20 hits. That tho is as far as I can decipher the stuff!!!
I admit to being out of my depth totally here however it is topic I really do need feedback/ideas/comments/... on and perhaps others have contemplated similar ideas - if even in passing
T2W is as usual, a delight to read and all you 'bright sparks' out there always make my surfing the site a pleasureable time.... (ah shucks )
Link to following posting:
Search Result 3
From: Szaki ([email protected])
Subject: U.S. ... BANKRUPT AND BLUFFING?
This is the only article in this thread
View: Original Format
Date: 2004-02-12 00:43:21 PST
COOKING THE BOOKS: U.S. BANKS ARE GIANT CASINOS
by Michael Edward
While media financial reporters keep the current focus of the public eye on
Martha Stewart, the insolvency of U.S. banks due to their derivative
is being swept under the carpet.
Because banks have not been making a profit from traditional lending,
derivatives became a fantastic way for them to net huge gains by trying to
(gamble on) future prices of commodities or stocks. They were able to take
gambling risks because the Fed is supposed to back them from losses that
make them insolvent (more liabilities than assets). The worst part is that
derivative transactions stay off the books and away from the prying eyes of
investors and analysts.
U.S. interest rates being kept low by the Federal Reserve System (which is
neither Federal nor does it have any intrinsic reserves) is to simply hide
nearly hundred $billion ($100 Billion U.S. Dollars = $100,000,000,000) of
derivative losses and the true insolvency of U.S. banks. The moment interest
start to run up, U.S. banks will be left holding little paper value assets
offset their vast derivative gambling losses.
U.S. stock markets are being manipulated to show overall value gains and
"profits" is to keep U.S. banks "paper solvent". In reality, the public is
conned into thinking that U.S. banks are still solvent because they show
"gains" in their stock "paper" value. If the U.S. markets were not
banks would collapse overnight along with the entire U.S. economy.
U.S. banks are merging with each other to hide their derivative losses with
"paper asset" bookeeping that incorrectly shows they are solvent with enough
"assets" to overcome their losses. In reality, this is smoke and mirror
accounting, a scam worth $Trillions.
U.S. banks - with the privately owned Federal Reserve System at the helm -
have turned into giant casinos by running a Casino Economy that is
into vast piles of insolvent firewood. The kindling was lit in the early
1990's, but now a bonfire is raging with great plumes of red-ink smoke. Can
and the Fed-controlled media keep the public from seeing that red smoke with
their manipulative mirrors? If the public would just open their eyes and
up, they would see what's really going on, so here's something to focus your
The top 25 U.S. banks with the largest derivatives holdings (estimate based
on OCC Q3-2003 report and updated from news releases since 10/03). Remember,
Billion U.S. Dollars = $1,000,000,000.
RANK - BANK NAME - DERIVATIVES (in $US BILLIONS)
1 - JPMORGAN CHASE BANK - 33,700 ($33 Trillion, 700 Billion )
2 - BANK OF AMERICA - 13,800
3 - CITIGROUP - 11,000
4 - WACHOVIA CORPORATION - 2,457
5 - BANK ONE CORPORATION - 1,133
6 - HSBC - 1,043
7 - WELLS FARGO BANK NA - 911 ($911 Billion)
8 - FLEET BOSTON - 494
9 - BANK OF NEW YORK - 496
10 - COUNTRY WIDE FINANCIAL - 410
11 - STATE STREET - 320
12 - TAUNUS - 307
13 - NATIONAL CITY - 203
14 - ABN AMRO - 188
15 - MELLON - 153
16 - KEYCORP - 98 ($98 Billion)
17 - SUNTRUST - 82
18 - FIRST TENNESSEE BANK NA - 58
19 - U S BAN CORP - 54
20 - PNC BANK NATIONAL ASSN - 45
21 - DORAL - 31
22 - NORTHERN TRUST - 25
23 - CIBC DELAWARE - 25
24 - METLIFE - 22
25 - UTRECHT-AMERICA - 20
If you want to get a hint at how much red ink your U.S. bank casino is
swimming in, look at their latest financial report and keep an eye out for
such as, "adjustment of derivative financial instruments" or "adjustment of
non-interest instruments". If they list such an "adjustment" (most do not),
means they have written off the losses incurred from their derivative
If you bank with one of the 25 banks listed above, you can expect worse than
the 1986-1990 Savings & Loan bank collapses when people were unable to
all or most of their money from their accounts until years later. This time,
you can expect to lose whatever they claim to "hold" for you because the
and the "Fed" have no means to replace the losses with any intrinsic value.
If you choose to keep accounts with these U.S. banks, you have just become a
high-stakes gambler, and the odds are stacked against you.