Time is running short. Get Your money and savings out of your bank! NOW! All legal bank and deposit protections are officially GONE.
Former money manager Ann Barnhardt, who, after the MF Global theft, honorably shut down her brokerage firm; so that, her customers would not be ripped off, is giving a new warning about the stability of US banks and the safety of individual deposit accounts. Legal rulings are siding against the people and for the banks; thus, get your money out and get it out now. This is because the market is destroyed and you no longer have any protection for any money invested in any investment, or banking, system anymore, according to Barnhardt.
For example: In a shocking precedent set by the 7th Circuit Court of Appeals’ decision last Friday the court ruled that Sentinel’s use of $500 million segregated client funds to secure a loan from the Bank of NY Melon for it’s prop trading desk is not fraudulent but is rather perfectly legal.
‘What we’re seeing is the complete disintegration of the financial system before our very eyes! It’s Soviet!‘”, says Barnhardt, ‘You have got to get your money out of the financial system! Not just the futures markets, but the entire thing! Stocks, 401k, IRA. GET YOUR MONEY OUT OR ELSE IT IS ALL GOING TO BE STOLEN FROM YOU! IT’S ALL A PONZI!!!
“I don’t know what else people need. MF Global stole $1.6 billion, PFG Best is $225 million gone, who’s going to be next? It’s clear there’s no regulatory oversight. If you’re still in these markets you’re either stupid or on drugs! That’s the only conclusion that I can come to.”
CLICK HERE for the Sentinel Federal Appeals Court Ruling of August 9, 2012. The entire case reads like an after-the-fact rationalization of a predetermined conclusion.
Please pay particular attention to the section on equitable subordination, on pages 6 through 8. Unbelievably, the court acknowledged in that section that even though some of the bankers lied under oath during the trial, that fact did not prove “sufficiently egregious” actions on the part of the bank.
I will quote the opinion: “Instead of finding that their testimony [i.e. their lies] justified a finding of egregious bank behavior, the district court essentially found that the bank officials were such artless liars that they couldn’t have been concealing deliberate wrongdoing.” See page 7, column 2.
So in other words, a U.S. Court of Appeals has found that if a banker lies under oath during a trial, that fact proves that the bank was innocent of any misconduct with respect to the subject matter of those lies.
Did we get transported to bizarro world without knowing it?