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Looking for a futures broker and wonder whether the ratings from Atlas are valid?
I really like what I read about Matt and his team at Optimus, but Vision Financial is rated #50 by Atlas. That seems to be only marginally better than PFGBest/Peregrine …
"FBI agents said in court records that Wasendorf admitted to embezzling money from PFG for more than 20 years. They also show that agents were talking to Wasendorf at University of Iowa Hospitals and Clinics in Iowa City on Monday, within hours of the suicide attempt."
Does anyone really believe U.S. Bank did not know what was going on? They should be the first to notice a company with the size and activity of PFG should have more than just $5M in their segregated account. After all, banks know more about segregation than anyone, they would spot a disparity in no time.
Don't kid me, it is more than just Wasendorf. He is just the fall guy. Let's see if U. S. Bank provided any leverage to Wasendorf and his Iowan partners in energy investments.
I was in banking for 10 years. When I moved to Denver I transferred everything to ....US Bank. Over the years I learned more about other products and eventually transferred my 401K into an annuity at Midland. It guarantees never to lose the principal. So far, it's held true. When everyone else lost money with a market downturn, I didn't make money, but I didn't lose either. After my 10 year stint in banking, I went to work for the RTC when it was created to bail out the savings and loans. That's where I learned details about the corruption that brought the S&L industry to their knees. We liquidated their assets and re-packaged the mortgages and auctioned them to investors. My own father was a victim of an S&L shutdown. I couldn't tell him that his S&L was about to be seized, and I tried to "hint" that he needed to move to a bank. He didn't take the "hint." lol
There was talk way back then that the banks were next. When I moved here and bought my home, my mortgaged changed hands 12 times in 13 years through the sale of mortgage packages among all the banks (not S&L's). Through my experience at RTC, I knew what the banks were doing, but there was nothing I could do. Refinancing myself was no guarantee that I could keep my mortgage with the bank I chose to do business with.
I've often wondered if it is even possible for the FDIC to go bankrupt? All the talk about Romney and his offshore bank accounts.....have you ever heard of anyone with an offshore account who lost all their money?
We've already seen what's happened with many banks. I truly believe there's more to come...it's just a matter of time. In these times, sadly, I don't trust anyone who is charged with the responsibility of handling my money.
A while back I watched an interesting video on YouTube about whether or not there really is any physical gold in Fort Knox. They were saying that if there IS any physical gold, it doesn't belong to the US because the US has used it as "collateral" to borrow cash to pay its debts. On the other hand, how much of what is on YouTube can you believe? And I read over 20 years ago that China was slowly and secretly buying up as much physical gold as they could get their hands on. All this is so mind boggling to me.
Darn it, another lie; "What Happens in Vegas Stays in Vegas." This one from then Mayor Oscar Goodman. Now our fine city is involved, as if we did not have enough of our own.
Read on:
CEDAR FALLS, Iowa --- Russell Wasendorf Sr. married his fiance in Las Vegas June 30, just nine days before he attempted suicide back home in Cedar Falls.
According to Clark County, Nev., records, Wasendorf and Nancy Paladino obtained a marriage license June 30, the marriage was recorded on July 6.
Paladino and Wasendorf had been engaged since last winter, with a wedding planned for August 4 at Bethlehem Lutheran Church in Cedar Falls.
A reception had been scheduled to follow at his home northwest of Cedar Falls.
Wasendorf had announced Paladino would manage the kitchen for the planned second myVerona restaurant in the Cedar Valley TechWorks complex.
A psychological profile? Who would pay for that? The taxpayer? He's obviously an insecure buffoon with a narcissistic personality disorder. As my relatives from the deep south would say, he's not worth the gunpowder it would take to blow him up!
It's a State law, or etc, that when someone tries to kill themselves they have to be held for observation for xx hours. I think that is what was happening.
Much of what goes on in business is built on "trust" and the good old boy's network. That's why regulatory agencies fail to do their jobs properly. There's always been the saying.....anyone can be "bought" for a price. Anytime you have humans involved, there is the risk of corruption. The ones who aren't corrupt never seem to last long in big business. And I'm sure there are some individuals who have high moral standards and integrity!
I think about the "threats" that some of these "good old boys" face. They have families to support too. They get put in situations that would be unimaginable to most of us, I'm sure. And some of them become victims themselves. It will be very interesting to watch things unfold as this investigation continues. We may never know the full story.