U.s. bank rancho cucamonga

CRH: The World's Largest Coin Roll Hunting Community!

2012.07.28 23:39 Weaselbrott CRH: The World's Largest Coin Roll Hunting Community!

Welcome to the world's largest Coin Roll Hunting community! Come meet other hunters, share your finds, give and get advice, and share in whatever else has to do with the hobby of Coin Roll Hunting (also known as Bank Roll Hunting).
[link]


2015.06.21 09:26 open_spirit Tax info and discussion for U.S. expats

This sub is for Americans who live outside the US and want to learn about how US tax law applies to them. For other tax-related topics, please try tax. Note that we do not allow any advocacy for violating US tax law.
[link]


2013.02.27 22:01 Dorkside The Blacklist

Subreddit for "The Blacklist", an American crime thriller television series that premieres on NBC.
[link]


2023.06.06 04:00 thisisforfun6498 What is this card called ?

What is this card called ?
Not sure what the bottom one is called.
submitted by thisisforfun6498 to baseballcards [link] [comments]


2023.06.06 04:00 fuckmigraines Talk shop about this week's biggest headlines! Dec. 23, 2022 - JAn. 23, 2022

As always, feel free to discuss any headlines that went down in kpop this week — including, but not limited to: comeback announcements, touring news, controversies, achievements, business moves, the latest social media outrage, you name it.

COMEBACK NEWS & RUMORS

AWARD SEASON 2023

CONCERTS & TOURING

CHARTING, SALES & STREAMING

HEALTH

GENERAL NEWS

UPCOMING RELEASES

ARTIST TITLE RELEASE DATE RELEASE TIME (KST)
BSS (BooSeokSoon) Second Wind February 6 6 p.m
NCT DREAM Best Friend Ever (JP) February 8 TBD
tripleS ASSEMBLE February 13 TBD
Key Killer February 13 6 p.m
STAYC Teddy Bear February 14 6 p.m
TRI.BE W.A.Y February 14 6 p.m
LIMELIGHT Honestly February 14 TBD
Hyojin (ONF) Love Things February 14 6 p.m
PURPLE KISS Sweet Juice February 15 6 p.m
JAY B (GOT7) Seasonal Hiatus February 15 TBD
TNX I Need U February 15 6 p.m
OnlyOneOf chrOme arts (Jp) February 15 TBD
THE BOYZ BE AWAKE February 20 12 p.m
Stray Kids THE SOUND (Jp) February 22 TBD
CLASS:y TARGET (Jp) February 22 TBD
Hwang Minhyun Truth Or Lie February 27 6 p.m
submitted by fuckmigraines to kpophead [link] [comments]


2023.06.06 03:35 KingOfThePlayPlace The HSS Fuck Physics

Hello again HFY, second story. Takes place in the same universe as my last one, no laughing matter, but doesn’t follow the same story, just goes into more detail about the HSS Fuck Physics as requested by u/Yolosnas. Any feedback or corrections are appreciated, I’m not much of a writer and I would like to improve.
Peace is the time between wars when everyone stands around reloading. At least this was the logic the humanity used to justify maintaining such a large military when there hasn’t been any sizable war in living memory.
The galaxy was big and there were many species so minor skirmishes and territory disputes were a given, but they were quickly resolved through diplomacy and never escalated beyond a single minor battle.
But humanity had developed a very “prepare for the worst hope for the best” worldview and were alway trying to make bigger and better weapons. The size and strength of their fleet were nothing to scoff at, indeed it was likely the largest in the galaxy, but they kept it hidden. A fleet like that would raise concern and questions from the more peacefully minded species, the ones who only thought about a military when it was absolutely necessary.
Unfortunately humans can also be very paranoid, and assumed other species had just as large, if not larger fleets that were also kept hidden. Thus the humans began a secret arms race against an imaginary enemy in the longest span of peace the galaxy had ever known. Humans, am I right?
What happened next was a simple system where the government offered large sums of many to any company that could design and/or develop a new weapon. Anything from a new kind of bullet or a more powerful laser to something that could crack planets like they were eggs. As promised, when a company wanting to remain anonymous for obvious reasons proposed such a weapon, the government gave a very generous compensation.
Testing it was difficult, since the destruction of an entire planet was likely to draw attention from someone, which would cause the galactic council to look a bit more closely into just how much they were spending on their military. Eventually the humans managed to test it on an unsuspecting planet and brushed any questions off by saying it had an unstable core.
The test went off without a hitch, and finally the psychotic apes had a weapon they thought couldn’t be improved upon. Where could one even go after destroying a planet?
At least until a red giant in the klantari’s territory seemed to just vanish.
Well, it didn’t vanish, the energy readings from what used to be that solar system were beyond what anyone had ever seen before, and far more than if the star had just gone supernova, so something clearly happened. But no one had any inkling of what, and the klantari couldn’t offer any answers. The humans however were certain. It was destroyed on purpose, which could only mean one thing: someone had a bigger stick.
The reaction in the human government could best be described as what happens when someone puts a bunch of bees in the tube of one of those bank drive throughs, because of course those still existed.
Once again the search for bigger and better weapons gripped the interest of any corporation with even a little engineering prowess. Many designs for a star killer were proposed and deemed infeasible, but with the promise of a massive payday at the end they kept looking.
As was inevitable, some utterly insane individual had an idea. A truly awful idea that any reasonable person would have disregarded immediately, but humans in general aren’t know to be very reasonable. The idea was to use the one thing even more volatile than a star: a blackhole. Specifically the largest one in the galaxy that happened to also be perfectly centralized, Sagittarius A.
The design was simple in principle, not so much in execution. Use the hawking radiation collected from the blackhole to warp the event horizon, creating a passageway directly to the singularity where a massive laser, also powered by hawking radiation, was focused into. What would happen after that was anyone’s guess, but it sure sounded promising. And destructive.
The biggest drawback to the plan was actually gaining access to Sagittarius A. Being the center of the galaxy, lots of hyperspace lanes traveled near it, and certain luxury space cruises saw it as an exotic attraction. The humans weren’t about to let that stop them from having the biggest gun around though so they bribed a few patrols here, brokered a deal with one of the core species there, and next thing you know, the HSS Fuck Physics was under construction. It took 7 years and most of humanity’s military budget for the next 20, but soon enough it was time to make sure the thing actually worked.
No one was entirely sure what would happen when they tried it, but it was either going to be really cool or it would destroy the universe. The day of the test fire was somehow also the first time anyone asked a very simple question.
“How do we aim this thing?”
But they weren’t about to stop the test so they initiated phase one, opening a passage way into the event horizon. Easier said than done, the process to do so would instantly make any matter that tried to pass through stop existing, but it could let light through, and what they saw, after messing around with the settings of the warp drive they were using to make this possible, was a star. After a quick check to make sure this star wasn’t surrounded by an inhabited planet, the sensor station gave the go ahead to fire away.
What happened next almost tore the very fabric space time as the stored energy of 24 months of hawking radiation was released in 24 seconds. The next thing anyone knew once existence settled down was that the star was gone.
It was only at this point that the sensors station realized the star had been a red giant in the klantari’s territory.
Somewhere on earth a grave burst open and the pissed off corpse of Erwin Schrödinger rose from the dead.
This is of course just a long winded way of asking a rather simple question: Who wrote Beethoven’s fifth?
https://youtu.be/u4SEDzynMiQ
submitted by KingOfThePlayPlace to HFY [link] [comments]


2023.06.06 02:01 megaman1850 To anyone with an Altitude Go credit card, does food delivery like Uber Eats/Doordash count as the 4% reward?

I'm looking at the U.S. Bank Altitude Go (Visa) credit card, and it says you get 4% back on dining, takeout and restaurant delivery.
Does anyone with the card know if you get the 4% back on food delivery places like Doordash? I know on some cards it's coded different and you don't get it, on other cards you do. How does it work with the Altitude Go?
submitted by megaman1850 to CreditCards [link] [comments]


2023.06.06 01:07 UnPresoMas Glosario ... Un poco de gerga carcelaria.

Para que no tenga que explicar ciertas palabras o conceptos, voy a usar este espacio como glosario de los modismos tumberos, que son usados a modo de código interno en este ambiente.
A - Abierta: Se usa en referencia a cuando tenés la celda abierta.
B - Bagallo: Las bolsas con mercadería, comida, ropa, puchos, elementos de higiene, que les traen los familiares a los presos.
C - Casucudos: Policías anti-motines, llamados así por su uniforme compuesto de casco, chaleco, escudo y cachiporras.
D - Dinosaurio: Preso viejo que lleva muchos años en cana.
E - Engome: Cuando te encierran en la celda.
F - Fiche: Taquero.
G - Gancho: Percheros tumberos hechos con encendedores, lapiceras, cepillos de dientes o cualquier otro material de plástico. Los cuales son derretidos en un extremo y colocados en hueco en pared para asegurar un buen agarre.
H - Hermanitos: Presos pertenecientes a pabellones cristianos.
I - Ingreso: Preso nuevo.
J
K
L - Leonera: Son jaulas afuera de los penales, a cielo abierto (se llaman así por la similitud que tienen con las jaulas para leones de un circo o zoológico).
M - Mira: Espejo o CD. Se les dice así porque sirve para mirar por fuera de la celda.
N
O
P - Primario: Es el preso que encanta por primera vez.
Q
R - Rancho: La celda y compañeros de celda son tu rancho. Ejemplo: La celda tres es mi rancho y mis compañeros Menganito y Juanito, son mis rancho también.
S - Sapo: Candado.
T - Tumbero: Se usa en referencia a todo lo de origen y fabricación carcelario, ya sea herramientas, armas, o cualquier otro objeto. También se usa en referencia a presos conflictivos y/o violentos.
U
V - Violín: Violador.
W
X
Z - Zorsagueo: Son chistes con connotacion sexual y/o homosexual.
... Estos son todos los términos que conozco hasta la fecha, iré actualizando a medida que vaya aprendiendo más. Existen muchas otras más palabras y conceptos, pero estas están envueltas en contextos y filosofía que darles una definición, ameritaría un capítulo aparte. También existe un lenguaje de señas tumberos, pero este no lo sé ni pienso aprenderlo.
submitted by UnPresoMas to u/UnPresoMas [link] [comments]


2023.06.06 00:45 Appliance7717 Helpful Links - comment to add your own!

Visa info
Portugal Visa & Permit Guidelines.doc
Portugal Visa Requirements - List of Documents Required (visaguide.world)
Types of Portugal Visa: Your Guide for Visiting and Staying in Portugal (beportugal.com)
For Living in Portugal and Family Reunification – The Official Website of Portuguese Immigration (sef.pt)
NHR
Non-habitual resident (NHR) - Registration (portaldasfinancas.gov.pt)
https://www2.deloitte.com/content/dam/Deloitte/pt/Documents/tax/NHFlyer-RNH2021-General.pdf#:~:text=Employment%20and%20self-employment%20income%20can%20be%20liable%20to,in%20Portugal%2C%20as%20listed%20in%20a%20Ministerial%20Order.
Guide to the Non-Habitual Resident Tax Regime - Portugal.com
NIF & bank accounts
https://www.bordr.io/
https://wise.com/
Bordr Answer Everything You’ve Ever Wanted to Know about the NIF Number – Portugalist
https://taxesinportugal.com/
FBI Background Checks
Rap Sheets (Identity History Summary Checks) — FBI
lawyers
LVP Advogados
housing
https://www.imovirtual.com/compramoradia/
https://www.idealista.pt/
https://www.green-acres.pt/en
https://www.pureportugal.co.uk/
https://www.rightmove.co.uk/overseas-property/in-Portugal.html
https://www.olx.pt/
https://kippertree.com/
https://www.liiiving.pt/en
Cheap Property Europe
https://nomadx.com/
https://casa.sapo.pt/
https://www.spotahome.com/
EXP United Kingdom (expportugal.com)
https://www.iadportugal.pt/
https://www.kyero.com/en/portugal
KW Portugal
Spencer Becks Estate Agents - Property for Sale in Portugal
BuyProperty - The Intelligent Search Portal for Portugal
relocation help
Home Liveasy (liveasylisbon.com)
https://www.portugaltheplace.com/
https://www.expacity.com/
https://relocatetoportugal.com/
https://taxesinportugal.com/
https://www.globalmobility.pt/
Using A Buyer’s Agent To Buy a Property in Portugal – Portugalist
Home Relocation
Paco Services Making life easy Lisboa
phone info
Using Mobile Phones in Portugal - by Carol A. Wilcox (ourportugaljourney.com)
https://iplum.com/
https://www.simoptions.com/best-prepaid-sim-card-portugal/
tax infohttps://htj.tax/
https://www.tietax.com/
Simple Tax Guide for Americans in Portugal (taxesforexpats.com)
LVP Advogados
https://taxesinportugal.com/
https://www.taxesforexpats.com/
Home - DFK
Bright!Tax US Expat Tax Services Expatriate Tax Preparation (brighttax.com)
CPAs for Expats - The Lowest Price Expat Tax Services
US Expat Tax Firm American Expat Tax Accountants Expat CPA
travel health insurance & regular health insurance recommended
SafetyWing - Insurance for Nomads, by Nomads
https://www.afpop.com/en/page?benefits=health-insurance
https://www.imglobal.com/
https://www.insurednomads.com/
general info/misc
https://www.expatseverywhere.com/
https://delaneyjaye.com/packing-list-for-living-abroad/
https://www.portugalist.com/
https://juliedawnfox.com/
https://www.expacity.com/
https://upakweship.com/
https://weatherspark.com/
https://www.americansabroad.org/
https://portugallivingmagazine.com/
https://relishportugal.com/
https://www.metrolisboa.pt/en/travel/diagrams-and-maps/
https://yourlisbonlife.com/how-portugal-addresses-work-8-essential-tips-to-keep-in-mind/?fbclid=IwAR1SXvH2L_Jpf4wGTWya9WwHuEBQhpzqNzt7OGdVbfONK395WlnPay2kFx4
https://www.rentalcars.com/
learning portuguese
https://journey.portuguesewithcarla.com/offer-collab/?ref=5
https://www.practiceportuguese.com/
Talk the Streets
https://deckmill.com/
https://www.lusaschool.com/portuguese-courses/
https://learn-portuguese.org/
https://www.uc.pt/international-applicants/oportunidades/linguas/portuguese-courses/index/
https://www.escolacaravela.pt/en/
Learn Portuguese in Lisbon, Portugal - Learning Portuguese in Lisbon
https://school.learn-portuguese.org/
helpful facebook groups
Americans & FriendsPT Facebook
https://www.facebook.com/groups/SilverCoastOurHome
SILVER COAST OUR HOME EVERYTHING ACCOMMODATION Facebook
https://www.facebook.com/groups/CentralPortugalAdvertising
https://www.facebook.com/groups/PIEC.PROPERTIES
pet travel
USDA APHIS Pet Travel from the U.S. to Portugal
https://www.allpettravel.com/
driving/driver's license info
Driver’s License Exchange Information for U.S. Citizens in Portugal - U.S. Embassy & Consulate in Portugal (usembassy.gov)
https://blog.nomadx.com/driving-in-portugal/?fbclid=IwAR2fYXHDBoDxz2HD4m8Cdb-Vy7cZwExqq7af9ysSzxypVjxGMONrVhVXajg
food
https://thechilliexperience.com/
https://www.google.com/maps/place/Hamilton+Pizzaria+Frangaria/@41.8476362,-9.4243196,9z/data=!4m5!3m4!1s0xd25c0f17d2a9c0f:0x7dc37c620b42bccd!8m2!3d41.8476427!4d-8.8640293?hl=en-US
https://www.eatwith.com/
https://www.travelingspoon.com/
Devour Tours – Delicious food & tapas tours in Europe
Virtual Mailbox Address
https://physicaladdress.com/
https://www.anytimemailbox.com/
submitted by Appliance7717 to PortugalDigitalNomads [link] [comments]


2023.06.05 23:46 Nearby_Anxiety_9287 Preferred exchange

If you’re in the U.S. what exchange do you use to buy HBAR? I’d used binance in past, but with SEC news thinking something else. Coinbase ? Curious if anyone uses Bank Social as well
submitted by Nearby_Anxiety_9287 to Hedera [link] [comments]


2023.06.05 23:26 haberveriyo There could be a first in Turkish economic history

There could be a first in Turkish economic history
Hafize Gaye Erkan
Following Mehmet Şimşek's appointment as the Minister of Treasury and Finance, it is expected that Hafize Gaye Erkan will become the head of the Central Bank. Erkan, who resides in the United States and holds the title of "youngest finance professor," reportedly arrived in Ankara from the U.S. yesterday after her appointment to the cabinet. If appointed, Erkan will become the first female president in the history of the Central Bank.
submitted by haberveriyo to economy24 [link] [comments]


2023.06.05 23:21 cya_cyco Marcus (Online Banks) snatching deposits from Big B&M Banks like Truist etc

From today's Wall St Journal
"Online banks have managed
to pull off what has become a
tall order in 2023: They
brought in more deposits than
they lost.
Deposits in the first quarter
fell from December at regional bank
powerhouses such as U.S.
Bank, Truist Financial and Citizens
Financial. They were
down more sharply at the
smaller regional banks that
have been under investor scrutiny,
like Western Alliance and
PacWest.
But deposits were up quarter
over quarter at Ally Financial
and Goldman Sachs
Group’s online bank Marcus,
which don’t have branch networks.
Deposits also were up at
Capital One, which has far
fewer branches than the other
big regionals. Online-focused
banks can often offer higher
rates, as they don’t have to pay
for the real estate, employees
or equipment required to run a
traditional network of
branches."
submitted by cya_cyco to MarcusInvest [link] [comments]


2023.06.05 23:21 _ZukosHonor_ What’s better? Canon mirrorless vs mirror

Camera broke down so i’m in the market for a new one. Specifically in the Canon EOS realm bc i wanna use the lenses I already have. Don’t know if I should get a mirrorless camera “of the future” lol or just stick w what’s always worked for me, just a plain mirror dslr.
if i go for the second option, probably leaning towards an 80D (i’m upgrading from an XTi).
what would u guys do
edit: probably worth noting i’m not trying to break the bank lol. budget is the 500 max 600 pushing it. i’m interested in photography and still getting into videography
submitted by _ZukosHonor_ to Cameras [link] [comments]


2023.06.05 23:18 ChillyShilly01 Janie and Jack is a weird way of spelling Cohen and Icahn.

Janie and Jack is a weird way of spelling Cohen and Icahn. submitted by ChillyShilly01 to gme_meltdown [link] [comments]


2023.06.05 22:59 neo_mad Move from BE to USA

Hi all, I am about to move to the U.S. permanently. Anyone here who went through the same process and has some good recommendations to avoid wasting money in the process? I am planning to keep social security and pension active in case I ever come back. Will also keep open one of my bank accounts here. What about investments? I have about 40k on Bolero. How do I transfer to a U.S. friendly investing platform without paying a fortune in transfer fees? Any other recommendations? Things you wish you had thought about? Thanks a lot 🇧🇪🇺🇸
submitted by neo_mad to BEFire [link] [comments]


2023.06.05 22:30 gucci_mane_officlal S.E.C. Accuses Binance of Mishandling Funds and Lying to Regulators [#BNB short]

S.E.C. Accuses Binance of Mishandling Funds and Lying to Regulators [#BNB short]
The Securities and Exchange Commission on Monday accused Binance, the world’s largest cryptocurrency exchange, of mishandling customer funds and lying to American regulators and investors about its operations, in a sweeping case that has the potential to remake the landscape of power and wealth within crypto. The S.E.C.’s lawsuit was the second time this year that federal regulators have accused Binance of evading laws designed to protect investors in the United States. Regulators have long seen the exchange, which has said it does $65 billion in average daily trading volume, as a major target in their quest to bring to heel a crypto industry that has been built around an explicitly anti-government ethos. In the 136-page complaint, the S.E.C. said Binance had mixed billions of dollars in customer funds and secretly sent them to a separate company, Merit Peak Limited, which is controlled by Binance’s founder, Changpeng Zhao. The complaint also said Binance had misled investors about the adequacy of its systems to detect and control manipulative trading and about its efforts to restrict U.S. users from trading on its international platform. U.S.-based customers were supposed to have access only to an ostensibly separate company formed specifically to operate within the United States, called Binance.US. Binance and Mr. Zhao “enriched themselves by billions of U.S. dollars while placing investors’ assets at significant risk,” regulators said in the civil lawsuit, which was filed in Federal District Court in Washington. In a blog post on Monday, Binance said its leaders had been trying to negotiate a settlement with regulators and were “disappointed” and “disheartened” by the S.E.C.’s decision to bring a case. The company said the case was a “misguided and conscious refusal to provide much-needed clarity and guidance to the digital asset industry” and added that it would fight back “vigorously.” Binance also charged that the S.E.C. had rushed to court to file the lawsuit, noting that last week regulators had served “a new set of 26 document requests.” to the company. The charges were the latest actions by U.S. regulators and prosecutors to rein in the Wild West of crypto trading and force major players in the space to come into compliance with U.S. laws. Sam Bankman-Fried, the founder of FTX, which had been a big crypto trading rival of Binance’s until it filed for bankruptcy in November, faces an October trial for fraud and other charges. In recent months, the S.E.C. has also levied fines and other penalties against crypto lending firms. The S.E.C. has taken the position that most crypto tokens issued by exchanges like Binance and FTX should be treated as securities under federal law. “U.S. regulators are putting pretty huge speed bumps for Binance and are continuing to put the crypto world on notice,” said Reena Aggarwal, a finance professor at Georgetown University. Binance was already under increasing pressure. In March, the Commodity Futures Trading Commission filed its own civil enforcement action against Binance and Mr. Zhao. The Justice Department is also investigating the exchange for money-laundering violations. Binance lost its outside auditing firm late last year, and the company has seen its control of the crypto market shrink. To improve its reputation, Binance has hired new compliance officials, including a former federal prosecutor who now heads its compliance operation. The S.E.C. complaint “exposes the underbelly of crypto,” and big global exchanges like Binance have “misled the public at large for years,” said David Silver, a lawyer who has sued Binance several times. In all, the S.E.C. filed 13 charges against Binance and Mr. Zhao, better known in the crypto world as C.Z. It is seeking restitution from Binance and wants to bar Mr. Zhao from serving as an officer or director for any registered entity in the United States that issues securities. “We allege that Zhao and the Binance entities not only knew the rules of the road, but they also consciously chose to evade them and put their customers and investors at risk,” said Gurbir S. Grewal, director of the S.E.C.’s enforcement division. The C.F.T.C. is also seeking to bar Mr. Zhao for life from doing business that falls under its jurisdiction. The agency also wants to permanently banish Binance from the United States. The S.E.C. and C.F.T.C. often coordinate the filing of enforcement actions when they are investigating the same company, but the agencies have been engaged in a turf battle to determine which would emerge as the primary regulator of crypto trading. Binance has long been based outside the United States, offering high-risk trading options that are not legal for American customers. In 2019, it started a separate exchange in the United States that offered a smaller array of trading capabilities. The company said that the new exchange, Binance.US, would operate separately from Binance, under its own leadership. But the S.E.C. said the separate entity was really intended as subterfuge to conceal the fact that Mr. Zhao and his associates were actively enabling U.S. customers to trade on Binance’s much larger, unregulated offshore exchange. The S.E.C.’s complaint accuses Binance of recruiting American customers to the international exchange, even though it was not supposed to operate in the United States. “On the surface, we cannot be seen to have U.S. users but in reality, we should get them through other creative means,” a Binance executive wrote in an internal message excerpted in the complaint. When Binance took steps to submit to a U.S. regulatory regimen, it did so disingenuously, the filing said. Binance.US was supposed to be separate from its offshore parent, but “behind the scenes,” Mr. Zhao and other senior Binance leaders were “intimately involved,” the complaint said. That led one executive to remark that “the entire team feels like they’ve been duped into being a puppet,” according to the complaint. The S.E.C. said Mr. Zhao gave instructions to encourage so-called V.I.P. customers to bypass systems meant to restrict U.S. customers’ access to the platform. “Binance’s plan to retain lucrative U.S. investors while pretending to restrict them was a success,” the complaint said. Some of the allegations against Binance echoed the behavior that brought down FTX, leading to criminal charges against Mr. Bankman-Fried for using customers’ deposits to conduct other business operations and make political and charitable donations. According to the complaint against Binance, the bank account of Merit Peak, the trading firm controlled by Mr. Zhao, has received more than $20 billion, including customer funds. FTX is accused of having used a trading firm called Alameda Research, controlled by Mr. Bankman-Fried, to improperly divert and use customer money. “Sending Binance customer funds to Merit Peak placed those funds at risk, including of loss or theft, and was done without notice to customers,” the complaint said
submitted by gucci_mane_officlal to crypto_god [link] [comments]


2023.06.05 22:29 gucci_mane_officlal S.E.C. Accuses Binance of Mishandling Funds and Lying to Regulators [#BNB short]

S.E.C. Accuses Binance of Mishandling Funds and Lying to Regulators [#BNB short]
The Securities and Exchange Commission on Monday accused Binance, the world’s largest cryptocurrency exchange, of mishandling customer funds and lying to American regulators and investors about its operations, in a sweeping case that has the potential to remake the landscape of power and wealth within crypto. The S.E.C.’s lawsuit was the second time this year that federal regulators have accused Binance of evading laws designed to protect investors in the United States. Regulators have long seen the exchange, which has said it does $65 billion in average daily trading volume, as a major target in their quest to bring to heel a crypto industry that has been built around an explicitly anti-government ethos. In the 136-page complaint, the S.E.C. said Binance had mixed billions of dollars in customer funds and secretly sent them to a separate company, Merit Peak Limited, which is controlled by Binance’s founder, Changpeng Zhao. The complaint also said Binance had misled investors about the adequacy of its systems to detect and control manipulative trading and about its efforts to restrict U.S. users from trading on its international platform. U.S.-based customers were supposed to have access only to an ostensibly separate company formed specifically to operate within the United States, called Binance.US. Binance and Mr. Zhao “enriched themselves by billions of U.S. dollars while placing investors’ assets at significant risk,” regulators said in the civil lawsuit, which was filed in Federal District Court in Washington. In a blog post on Monday, Binance said its leaders had been trying to negotiate a settlement with regulators and were “disappointed” and “disheartened” by the S.E.C.’s decision to bring a case. The company said the case was a “misguided and conscious refusal to provide much-needed clarity and guidance to the digital asset industry” and added that it would fight back “vigorously.” Binance also charged that the S.E.C. had rushed to court to file the lawsuit, noting that last week regulators had served “a new set of 26 document requests.” to the company. The charges were the latest actions by U.S. regulators and prosecutors to rein in the Wild West of crypto trading and force major players in the space to come into compliance with U.S. laws. Sam Bankman-Fried, the founder of FTX, which had been a big crypto trading rival of Binance’s until it filed for bankruptcy in November, faces an October trial for fraud and other charges. In recent months, the S.E.C. has also levied fines and other penalties against crypto lending firms. The S.E.C. has taken the position that most crypto tokens issued by exchanges like Binance and FTX should be treated as securities under federal law. “U.S. regulators are putting pretty huge speed bumps for Binance and are continuing to put the crypto world on notice,” said Reena Aggarwal, a finance professor at Georgetown University. Binance was already under increasing pressure. In March, the Commodity Futures Trading Commission filed its own civil enforcement action against Binance and Mr. Zhao. The Justice Department is also investigating the exchange for money-laundering violations. Binance lost its outside auditing firm late last year, and the company has seen its control of the crypto market shrink. To improve its reputation, Binance has hired new compliance officials, including a former federal prosecutor who now heads its compliance operation. The S.E.C. complaint “exposes the underbelly of crypto,” and big global exchanges like Binance have “misled the public at large for years,” said David Silver, a lawyer who has sued Binance several times. In all, the S.E.C. filed 13 charges against Binance and Mr. Zhao, better known in the crypto world as C.Z. It is seeking restitution from Binance and wants to bar Mr. Zhao from serving as an officer or director for any registered entity in the United States that issues securities. “We allege that Zhao and the Binance entities not only knew the rules of the road, but they also consciously chose to evade them and put their customers and investors at risk,” said Gurbir S. Grewal, director of the S.E.C.’s enforcement division. The C.F.T.C. is also seeking to bar Mr. Zhao for life from doing business that falls under its jurisdiction. The agency also wants to permanently banish Binance from the United States. The S.E.C. and C.F.T.C. often coordinate the filing of enforcement actions when they are investigating the same company, but the agencies have been engaged in a turf battle to determine which would emerge as the primary regulator of crypto trading. Binance has long been based outside the United States, offering high-risk trading options that are not legal for American customers. In 2019, it started a separate exchange in the United States that offered a smaller array of trading capabilities. The company said that the new exchange, Binance.US, would operate separately from Binance, under its own leadership. But the S.E.C. said the separate entity was really intended as subterfuge to conceal the fact that Mr. Zhao and his associates were actively enabling U.S. customers to trade on Binance’s much larger, unregulated offshore exchange. The S.E.C.’s complaint accuses Binance of recruiting American customers to the international exchange, even though it was not supposed to operate in the United States. “On the surface, we cannot be seen to have U.S. users but in reality, we should get them through other creative means,” a Binance executive wrote in an internal message excerpted in the complaint. When Binance took steps to submit to a U.S. regulatory regimen, it did so disingenuously, the filing said. Binance.US was supposed to be separate from its offshore parent, but “behind the scenes,” Mr. Zhao and other senior Binance leaders were “intimately involved,” the complaint said. That led one executive to remark that “the entire team feels like they’ve been duped into being a puppet,” according to the complaint. The S.E.C. said Mr. Zhao gave instructions to encourage so-called V.I.P. customers to bypass systems meant to restrict U.S. customers’ access to the platform. “Binance’s plan to retain lucrative U.S. investors while pretending to restrict them was a success,” the complaint said. Some of the allegations against Binance echoed the behavior that brought down FTX, leading to criminal charges against Mr. Bankman-Fried for using customers’ deposits to conduct other business operations and make political and charitable donations. According to the complaint against Binance, the bank account of Merit Peak, the trading firm controlled by Mr. Zhao, has received more than $20 billion, including customer funds. FTX is accused of having used a trading firm called Alameda Research, controlled by Mr. Bankman-Fried, to improperly divert and use customer money. “Sending Binance customer funds to Merit Peak placed those funds at risk, including of loss or theft, and was done without notice to customers,” the complaint said
submitted by gucci_mane_officlal to crypto_god [link] [comments]


2023.06.05 22:26 skornd713 TTD to USD currency exchange help

Attempt number 2 at posting this...My dad went down to Trinidad in '12 to try to help my grandmother, after having a couple of serious strokes, get her affairs in order and deal with property and finances. We didn't/don't have the kind of money to fly back and forth from NY to POS so he stayed there dealing with her health, legal stuff, finances and all that, then her death, and everything after that. He passed in '19 and now I'm dealing with all this crap but getting the currency converted is my biggest problem. The insurance company used to be able to convert and wire money as I needed it but they dont fo that any more. My aunt was able to help with contacts from a bank she worked at but the location closed. I tried talking to the U.S. Embassy for advice, they gave me different institutions to try and they either said they couldn't or gave me some other link. I have a Citibank account here in NY and know there are citibanks in TT. Is there anyone out there who can give me any kind of help as to someplace that will or dies currency exchanges without bs or what should I say or anything that'll help? I feel like it should be illegal to hold money and not help me get access to my money cause this is killing me. Please, anyone, help. Any advice is greatly appreciated.
submitted by skornd713 to TrinidadandTobago [link] [comments]


2023.06.05 22:25 RADIOKNIF3 Starter Business Credit Card? No Business revenue.

Starter Business Credit Card? No Business revenue.
My personal credit is around 720+ My oldest cc is around 1yr and 9months I have 3 cc, 2 with discover and 1 with Capital one. I also have a checking, savings and auto loan with Capital one. I have 10k in my savings but don't really want to use but if I have to then I might.
Some cards I seen and was wondering if I can get them are: Capital One Spark Cashback, US Bank Triple Cash, Amex Blue, Amex Gold, Brex Business CC, Chase Ink & Divvy.
submitted by RADIOKNIF3 to llc [link] [comments]


2023.06.05 22:24 pleasure_hunter Thought this was appropriate to share here. Oggi ad in a 1987 Vogue.

Thought this was appropriate to share here. Oggi ad in a 1987 Vogue. submitted by pleasure_hunter to longhair [link] [comments]


2023.06.05 21:52 Dismal-Jellyfish Federal Reserve Alert! Today a CLOSED meeting of the Board of Governors of the Federal Reserve held as it was determined that the public interest did not require opening the meeting. Matter Considered: Review & determination of the advance and discount rates to be charged by the liquidity fairy.

Federal Reserve Alert! Today a CLOSED meeting of the Board of Governors of the Federal Reserve held as it was determined that the public interest did not require opening the meeting. Matter Considered: Review & determination of the advance and discount rates to be charged by the liquidity fairy.
https://www.federalreserve.gov/aboutthefed/boardmeetings/20230605closed.htm

Background on discount rates and what they could be talking about:

Deposits at commercial banks has stabilized slightly, maybe?
https://preview.redd.it/3tmprdh6694b1.png?width=1096&format=png&auto=webp&s=4e2bef78c5f04f7b3783b83b9931ecdc6b5a11a6
https://fred.stlouisfed.org/series/DPSACBW027SBOG
A little over a year ago (4/13/2022) the high was hit at $18,158.3536 billion
Date Deposits, All Commercial Banks (billions) Down from all time high (billions)
4/13/2022 $18,158 0
2/22/2023 (Run picks up speed) $17,690 -$468 billion
3/1/2023 $17,662 -$496 billion
3/8/2023 $17,599 -$559 billion
3/15/2023 $17,428 -$730 billion
3/22/2023 $17,256 -$902 billion
3/29/2023 $17,192 -$966 billion
4/5/2023 $17,253 -$905 billion
4/12/2023 $17,168 -$990 billion
4/19/2023 $17,180 -$978 billion
4/26/2023 $17,164 -$994 billion
5/3/2023 $17,149 -$1,009 billion
5/10/2023 $17,123 -$1,035 billion
5/17/2023 $17,152 -$1006 billion
5/24/2023 $17,238 -$920 billion

All this money pulled from commercial banks as M2 (U.S. money stock--currency and coins held by the non-bank public, checkable deposits, and travelers' checks, plus savings deposits, small time deposits under 100k, and shares in retail money market funds) is decreasing:

https://fred.stlouisfed.org/series/M2SL
https://www.federalreserve.gov/releases/h6/current/default.htm
A little less than a year ago (July 2022) the M2 high was hit at $21,703 billion
Date M2 (billions) Down from all time high (billions)
July 2022 $21,703 0
August 2022 $21,660 -$43 billion
September 2022 $21,524 -$179 billion
October 2022 $21,432 -$271 billion
November 2022 $21,398 -$305 billion
December 2022 $21,358 -$345 billion
January 2023 $21,212 -$491 billion
February 2023* $21,076 -$627 billion
March 2023 $20,840 -$863 billion
April 2023 $20,673 -$1030 billion
\Bank run in commercial banks picked up in February 2023.)
  1. M1 consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (3) other liquid deposits, consisting of other checkable deposits (or OCDs, which comprise negotiable order of withdrawal, or NOW, and automatic transfer service, or ATS, accounts at depository institutions, share draft accounts at credit unions, and demand deposits at thrift institutions) and savings deposits (including money market deposit accounts). Seasonally adjusted M1 is constructed by summing currency, demand deposits, and other liquid deposits, each seasonally adjusted separately.
  2. M2 consists of M1 plus (1) small-denomination time deposits (time deposits in amounts of less than $100,000) less individual retirement account (IRA) and Keogh balances at depository institutions; and (2) balances in retail money market funds (MMFs) less IRA and Keogh balances at MMFs. Seasonally adjusted M2 is constructed by summing small-denomination time deposits and retail MMFs, each seasonally adjusted separately, and adding the result to seasonally adjusted M1.
  3. Currency in circulation consists of Federal Reserve notes and coin outside the U.S. Treasury and Federal Reserve Banks.
  4. Reserve balances are balances held by depository institutions in master accounts and excess balance accounts at Federal Reserve Banks.
  5. Monetary base equals currency in circulation plus reserve balances.
  6. Total reserves equal reserve balances plus, before April 2020, vault cash used to satisfy reserve requirements.
  7. Total borrowings in millions of dollars from the Federal Reserve are borrowings from the discount window's primary, secondary, and seasonal credit programs and other borrowings from emergency lending facilities. For borrowings included, see "Loans" in table 1 of the H.4.1 statistical release.
  8. Nonborrowed reserves equal total reserves less total borrowings from the Federal Reserve.

However, borrowing from the liquidity fairy is spiraling to make up for it shrinking M2 and dwindling deposits:

  1. Bank Term Funding Program (BTFP)
  2. Discount Window/Primary Credit
  3. "Other Credit Extensions"

Bank Term Funding Program (BTFP):

https://fred.stlouisfed.org/series/H41RESPPALDKNWW
Tool Bank Term Funding Program (BTFP) Up from 3/15, 1st week of program ($ billion)
3/15 $11.943 billion $0 billion
3/22 $53.669 billion $41.723 billion
3/29 $64.403 billion $52.460 billion
3/31 $64.595 billion $52.652 billion
4/5 $79.021 billion $67.258 billion
4/12 $71.837 billion $59.894 billion
4/19 $73.982 billion $62.039 billion
4/26 $81.327 billion $69.384 billion
5/3 $75.778 billion $63.935 billion
5/10 $83.101 billion $71.158 billion
5/17 $87.006 billion $75.063 billion
5/24 $91.907 billion $79.964 billion
5/31 $93.615 billion $81.672 billion

https://www.reddit.com/Superstonk/comments/11prthd/federal_reserve_alert_federal_reserve_board/
  • Association, or credit union) or U.S. branch or agency of a foreign bank that is eligible for primary credit (see 12 CFR 201.4(a)) is eligible to borrow under the Program.
  • Banks can borrow for up to one year, at a fixed rate for the term, pegged to the one-year overnight index swap rate plus 10 basis points.
  • Banks have to post collateral (valued at par!).
  • Any collateral has to be “owned by the borrower as of March 12, 2023."
  • Eligible collateral includes any collateral eligible for purchase by the Federal Reserve Banks in open market operations.

Discount Window/Primary Credit:

https://fred.stlouisfed.org/series/WLCFLPCL
Tool Discount Window Down from 3/15 high
3/15 $152.853 billion $0 billion
3/22 $110.248 billion -$42.605 billion
3/29 $88.157 billion -$64.696 billion
4/5 $69.705 billion -$83.148 billion
4/12 $67.633 billion -$85.22 billion
4/19 $69.925 billion -$82.928 billion
4/26 $73.855 billion -$78.998 billion
5/3 $.5345 billion -$152.3185 billion
5/10 $.9323 billion -$151.9207 billion
5/17 $.9048 billion -$151.9482 billion
5/24 $.4211 billion -$152.4319 billion
5/31 $.3971 billion -$152.4559 billion

Primary Credit allows banks to borrow against collateral at the current federal funds rate What they talked about today!):

https://preview.redd.it/r8hcv0vv694b1.png?width=2411&format=png&auto=webp&s=02b706f8289d99d29752b20835e294cc76847a47
Overview:
Federal Reserve lending to depository institutions (the “discount window”) plays an important role in supporting the liquidity and stability of the banking system and the effective implementation of monetary policy.
By providing ready access to funding, the discount window helps depository institutions manage their liquidity risks efficiently and avoid actions that have negative consequences for their customers, such as withdrawing credit during times of market stress. Thus, the discount window supports the smooth flow of credit to households and businesses. Providing liquidity in this way is one of the original purposes of the Federal Reserve System and other central banks around the world.

The "Primary Credit" program is the principal safety valve for ensuring adequate liquidity in the banking system. Primary credit is priced relative to the FOMC’s target range for the federal funds rate and is normally granted on a “no-questions-asked,” minimally administered basis. There are no restrictions on borrowers’ use of primary credit.

https://www.frbdiscountwindow.org/Pages/General-Information/Primary-and-Secondary-Lending-Programs.aspx
Examples of common borrowing situations:
  • Tight money markets or undue market volatility
  • Preventing an overnight overdraft
  • Meeting a need for funding, including a short-term liquidity demand that may arise from unexpected deposit withdrawals or a spike in loan demand
The introduction of the primary credit program in 2003 marked a fundamental shift - from administration to pricing - in the Federal Reserve's approach to discount window lending. Notably, eligible depository institutions may obtain primary credit without exhausting or even seeking funds from alternative sources. Minimal administration of and restrictions on the use of primary credit makes it a reliable funding source. Being prepared to borrow primary credit enhances an institution's liquidity.
Notice how use of the Discount Window has PLUMMETED as BTFP has come in to play? BTFP offers slightly lower interest and longer terms. I wonder how many folks paid back their Discount Window loans with BTFP money?

“Other credit extensions”:

https://fred.stlouisfed.org/series/WLCFOCEL
Tool Other Credit Extension Up from 3/15, 1st week of program ($ billion)
3/15 $142.8 billion $0 billion
3/22 $179.8 billion $37 billion
3/29 $180.1 billion $37.3 billion
4/5 $174.6 billion $31.8 billion
4/12 $172.6 billion $29.8 billion
4/19 $172.6 billion $29.8 billion
4/26 $170.3 billion $27.5 billion
5/3 $228.2 billion $85.4 billion
5/10 $212.5 billion $69.7billion
5/17 $208.5 billion $65.7 billion
5/24 $192.6 billion $49.8 billion
5/31 $188.092 billion $45.292 billion
"Other credit extensions" includes loans that were extended to depository institutions established by the Federal Deposit Insurance Corporation (FDIC). The Federal Reserve Banks' loans to these depository institutions are secured by collateral and the FDIC provides repayment guarantees.
For example, $114 billion in face value Agency Mortgage Backed Securities, Collateralized Mortgage Obligations, and Commercial Mortgage Backed Securities about to be liquidated 'gradual and orderly' with the 'aim to minimize the potential for any adverse impact on market functioning' by BlackRock.
How I understand this works:
  • The FDIC created temporary banks to support the operations of the ones they have taken over.
  • The FDIC did not have the money to operate these banks.
  • The Fed is providing that in the form of a loan via "Other credit extensions".
  • The FDIC is going to sell the taken over banks assets.
  • Whatever the difference between the sale of the assets and the ultimate loan number is, will be the amount split up amongst all the remaining banks and applied as a special fee to make the Fed 'whole'.
  • It can be argued the consumer will ultimately end up paying for this as banks look to pass this cost on in some way.
There has been an update on this piece recently:
Whatever the difference between the sale of the assets and the ultimate loan number is, will be the amount split up amongst all the remaining banks and applied as a special fee to make the Fed 'whole'.
FDIC Board of Directors Issues a Proposed Rule on Special Assessment Pursuant to Systemic Risk Determination of approximately $15.8 billion. It is estimated that a total of 113 banking organizations would be subject to the special assessment.
https://www.fdic.gov/news/fact-sheets/systemic-risk-determination-5-11-23.html

What does all this borrowing look like for the banks? They sure as heck aren't getting funding from deposits...:

https://www.reddit.com/Superstonk/comments/13eme4d/bank_funding_during_the_current_monetary_policy/
Over the few weeks prior to the FDIC receivership announcements on March 10 and 12, the banking sector lost another approximately $450 billion. Throughout, the banking sector has offset the reduction in deposit funding with an increase in other forms of borrowing which has increased by $800 billion since the start of the tightening.
The right panel of the chart below summarizes the cumulative change in deposit funding by bank size category since the start of the tightening cycle through early March 2023 and then through the end of March. Until early March 2023, the decline in deposit funding lined up with bank size, consistent with the concentration of deposits in larger banks. Small banks lost no deposit funding prior to the events of late March. In terms of percentage decline, the outflows were roughly equal for regional, super-regional, and large banks at around 4 percent of total deposit funding:
https://preview.redd.it/xjs4bki7794b1.png?width=572&format=png&auto=webp&s=c2a50d9b8f95c05ee28120e7dcba6d8875da7a6a
The blue bar in the left panel above shows that the pattern changes following the run on SVB. The additional outflow is entirely concentrated in the segment of super-regional banks. In fact, most other size categories experience deposit inflows.
The right panel illustrates that outflows at super-regionals begin immediately after the failure of SVB and are mirrored by deposit inflows at large banks in the second week of March 2022.
Further, while deposit funding remains at a lower level throughout March for super-regional banks, the initially large inflows mostly reverse by the end of March. Notably, banks with less than $100 billion in assets were relatively unaffected.
However, during the most acute phase of banking stress in mid-March, other borrowings exceeded reductions in deposit balances, suggesting significant and widespread demand for precautionary liquidity. A substantial amount of liquidity was provided by the private markets, likely via the FHLB system, but primary credit and the Bank Term Funding Program (both summarized as Federal Reserve credit) were equally important.
https://preview.redd.it/rodct489794b1.png?width=557&format=png&auto=webp&s=06f249a663690ad118e69f7dd6d1831eb236ecf7
  • Large banks increased borrowing the most, which is in line with deposit outflows being strongest for larger banks before March 2023.
  • During March 2023, both super-regional and large banks increase their borrowings, with most increases being centered in the super-regional banks that faced the largest deposit outflows.
  • Note, however, that not all size categories face deposit outflows but that all except the small banks increase their other borrowings.
  • This pattern suggests demand for precautionary liquidity buffers across the banking system, not just among the most affected institutions:
Banks have been replacing deposit outflows with the borrowing we have covered above.

Report: U.S. regulators will potentially raise capital requirements for large banks by about 20%.

Source(s): https://www.wsj.com/articles/big-banks-could-face-20-boost-to-capital-requirements-c68c1e1b
https://www.marketwatch.com/articles/goldman-citi-bank-stocks-capital-7f2ffd5e
U.S. regulators will potentially raise capital requirements for large banks by about 20%.Regulators are preparing to increase a banks capital requirements, with the exact amount determined by each specific financial institution’s business activities, according to people familiar with the matter, according to the report.The changes are expected to be proposed as soon as this month, with the largest banks expected to face the biggest increases in capital requirements.The FDIC told Barron’s it was unable to offer comment on the report. Barron’s also reached out to the Board of Governors of the Federal Reserve System for confirmation and comment on the report.Bank stocks were little changed in early trading Monday. JPMorgan Chase (ticker: JPM) and Wells Fargo (WFC) shares were up 0.2%, while Goldman Sachs (GS) and Bank of America (BAC) gained less than 0.1%. Citigroup (C) shares declined 0.3% while Morgan Stanley (MS) stock was down less than 0.1%.These rules would be part of regulators’ efforts to place stronger regulations on the banking sector following the collapse of several smaller banks over the last few months.Michael Barr, vice chair for supervision of the Board of Governors of the Federal Reserve System, has been pushing for tighter banking regulations since before the collapse of Silicon Valley Bank, and has continued to do so since.“My review of Silicon Valley Bank’s (SVB) failure demonstrates that there are weaknesses in regulation and supervision that must be addressed, and I am committed to doing so,” Barr said in remarks to the Senate Committee on Banking, Housing, and Urban Affairs in May.“We need to evaluate whether our capital requirements appropriately measure the ability of banks to absorb losses,” he added.

What could this mean?

  • Reduced Lending: Banks with higher capital requirements may reduce their lending to maintain compliance, as they need to hold a greater amount of capital relative to their loans.
    • This could potentially restrict credit for businesses and individuals, possibly slowing economic growth.
  • Higher Borrowing Costs: To compensate for holding more capital, banks might raise their lending rates, making borrowing more expensive for consumers and businesses.
  • Quick Implementation Challenges: A sudden increase in capital requirements could be disruptive, forcing banks to quickly adjust their business models, strategies, and balance sheets to comply.
  • Capital Availability: As we have seen with withdrawals from commercial banks, in this financial environment, banks may struggle to raise the necessary capital quickly.
  • Small and Medium Bank Impact: While larger banks might have the resources to meet higher capital requirements, smaller banks could struggle, potentially leading to MORE consolidation in the banking industry...

TLDRS:

  • Today a CLOSED meeting of the Board of Governors of the Federal Reserve held as it was determined that the public interest did not require opening the meeting.
    • Matter Considered: Review & determination of the advance and discount rates to be charged by the liquidity fairy.
  • Folks have pulled $920 billion in deposits since 4/13/2022
  • Folks have pulled $452 billion in deposits since 2/22/2023
  • Folks have added $86 billion in deposits 5/17-5/24
  • Report: U.S. regulators will potentially raise capital requirements for large banks by about 20%.
    • Deposit rates have been artificially suppressed for so long, can banks survive this?
  • Did they discuss behind closed doors tweaks to the terms of what the liquidity fairy offers coming soon to bail banks out further?
https://preview.redd.it/80ioaiae794b1.png?width=610&format=png&auto=webp&s=f34f8dc515f15da0afe892f9a48627439b2335e6
submitted by Dismal-Jellyfish to Superstonk [link] [comments]


2023.06.05 21:33 d0rkyd00d Regulation Best Interest: The Game Changer That Wasn't (Part 1)

Up until very recently I was in compliance supervision for a large U.S. financial services company, working specifically in the brokerage, or investment services, division. My responsibility was to oversee the sales activity of approximately 50 Financial Advisors on a daily basis. Sales activity could include solicitation of new clients or prospects to open an account or purchase an investment product, or sales activity with existing clients (mutual fund switch, managed "wrap" account, variable annuity liquidation with a CDSC, etc.). Before that I assisted several Financial Advisors (FA) as what some refer to as a sales or client associate, which is an assistant for the operations and some sales aspects of the FA's daily business. I would give you my CRD number so you could verify the good standing of my 7, 9/10, 63, and 65 licenses, but if you work in the industry then I hope you can verify the voracity of my claims for yourself.

Part of me is writing this for cathartic and therapeutic purposes. Another part of me wants to peel back the curtain a little bit for those who have not worked for a large broker-dealer and may be oblivious to just how fucked this industry is. Hope you get some enjoyment from it.

The Problem:
Guys, I have to tell you a secret. There's a little problem in the investment services industry. In an ideal world, everybody would act virtuously and ethically, with regard above all for the well being and best interest of those whom an individual is hired to serve. But for a person who sells investment products, there is an additional incentive in the form of compensation. And the compensation in the financial sector is fucking sweet.
As an aside, I've come to realize something: if you want to find the industries that pay extremely well, have lots of security and very little personal accountability, just look to the ones that are rife with nepotism: law, entertainment, finance., etc. Some people work so their kids have a better life, others want to make damn sure their kid enjoys the same honeypot they have. But I digress.
As I mentioned, the compensation for selling financial products is so sweet it'd send a diabetic to the E.R. You can make a great living in other areas of sales, when you get to certain levels. But finance is special in that you are being compensated most of the time in direct proportion to the amount being invested. For instance, if you are a pencil salesperson, you might sell it for $2.00 and get to keep .50 of that while the company keeps the other $1.50 for producing the pencil for you to sell. When selling financial products, however, you are asking how much money somebody wants to invest and you are taking a percentage of that. Investing $100,000? I'm keeping $1k of that. Investing $1,000,000 instead? Oh boy my cut is now $10,000. And so on.
So immediately you can see there is a conflict here in that when posed with the question of whether your money should be invested with a financial rep or "Financial Advisor" (FA) as I will often refer to them, as they will benefit more if you invest more of your money with them. But there is another oddly concerning variable when it comes to the compensation of those selling these products, in that different financial products pay FA's different percentages. For instance, an FA might get paid 7% of money invested in a whole life insurance product or variable annuity, whereas the FA would only get 1% if the money was invested in a c-share mutual fund. But this isn't the only funny business happening with FA compensation: an FA can, in fact, charge a higher percentage for the exact same product. So let's break down what these means in real world examples.

Let's say a customer walks into XYZ bank and has $500,000 to invest. They sit down with FA Bob Moneygrubb who looks over their finances and starts thinking about how to invest this $500,000. Now, if Bob invests all $500,000 in a c-share mutual fund, for simplicity let's say Bob will get 1% of that, or $5,000, to his "production grid" (I can expand on this for anybody interested). Then, after the firm takes its cut (which can range widely depending on what the firm provides the selling FA for office space, equipment, etc.). When all is said and done, Bob now has $1,000 from your investment in his pocket. But Bob could do something else here. He could also take $250,000 of your money and invest it in a variable annuity, which let's assume pays Bob 5%. With the other half he could invest in the C-share mutual fund, paying the same 1%. Now what does Bob get paid? He receives $12,500 for the variable annuity and $2,500 for the c-share trade, or $15,000 to his grid. Bob stands to make three times as much off your ass if he can convince you to invest half of your hard earned money in a longer term, higher cost product. He will receive $25,000 if he can convince you to put all $500K into the variable annuity. Sell, Bob, sell! One has to ask, what is the likelihood that the person selling these financial products is going to be able to ignore the triple higher pay and do the right thing for the client, regardless?
Here's another interesting fact. Brokerage firms have managed portfolios called "wrap" accounts, or fee-based accounts. Instead of the typical up front commission an FA would usually receive, they instead will agree with the client to charge a fixed percentage fee on all of the money invested in the wrap ccount, and a third party manager will take care of rebalancing and the due dilligence (i.e. 1.5% annually). But guess what? An FA is also able to adjust the fixed percentage they are charging you. Which means just by walking into the wrong office, or meeting the wrong FA, you could take an enormous hit over the life of your investments. I'll show you what I mean.

Unfortunately for Bob Moneygrubb, you've decided you don't want to take his initial advice and invest half of your money in a variable annuity and the other half in a C-share. But Bob wants to show you something else, a wrap-account where a third party manages the account and takes care of rebalancing and trading, all for the cost of 2%. This sounds like a great idea, since you are now going to be managed by the pros over at Madoff investment funds and you still have access to an FA for any other questions that may pop up (do I need to take an IRA distribution this year?). But here's what Bob doesn't tell you. Every single FA at XYC bank has access to this product, and can charge as low as 1% without taking a "hit" to their own payout. Because Bob believes his shit doesn't stink and deserves 2%, you're now going to lose out on hundreds of thousands of dollars in returns over the course of your life that are paid to Bob as fees. I hope this annual review comes with a reach-around! (By the way, a nifty tool for analyzing the effects of fees on your investments is the Finra Fund analyzer, it's a free tool available to everyone here https://tools.finra.org/).

So as you can see the FA has a lot of different ways they can be compensated, and it is very flexible in that they can choose to get their money up front or over the life-time of the investment depending on what product they sell and what sales charge it has. I'll bet you can guess where this is going, but I'm here to spoil the ending. As it turns out, people in positions of power and responsibility don't always act ethically, especially when faced with an incentive to get paid a shit-ton more for selling certain products rather than others. Now you'd think the robust compliance and oversight system in place in both broker-dealers and as implemented by FINRA, the SRO that enforces and builds upon regulatory framework laid out by the SEC and other bodies, would be enough to ensure human's worst thoughts, desires and behaviors are squelched and obliterated, but it turns out that's not the case......

Regulation Best Interest: The Game Changer That Wasn't (Part 2) COMING SOON
Edit: part 2 preview

In 2019 / 2020, Regulation Best Interest was rolled out to further clarify what it meant to be a fiduciary and to act in the best interest of a client vs. ones self or the company, along with more red tape intended to help control FA behavior and ensure appropriate recommendations were made. In part 2, I'll detail why it was an epic failure and how you can still get fucked high, wide and frequent, even with all the new fancy red time FINRA's came packing with. (To Be Continued, I need a pause....)
You can read the Reg B.I. overview for yourself here: https://www.govinfo.gov/content/pkg/FR-2019-07-12/pdf/2019-12164.pdf
submitted by d0rkyd00d to wallstreetbets [link] [comments]


2023.06.05 20:05 Toomin3 Republican would be everyone's party if they changed some things about themselves.

Image - Someone who will do what the republicans say they will do - balance the budget and actually make progress into paying down the deficit. It's not fair to our kids to make them pay our debt with compounded interest. They should also be very tolerant as far as social policies go, but not to the point where it feels like they are forcing you to agree with opinions or basically anything that isn't proven science. Tolerance will be emphasized but acceptance will not be required.
Next, they will eliminate wasteful government spending. They will tax the top 1% the most and eliminate loopholes for large corporations and more heavily regulate big banks. They will instead give all of the tax breaks to the smaller companies in order to break up monopolies and foster competition for a change. The government will look to downsize what it does, as much as possible, in order to work on paying down our debt to strengthen the dollar and truly stop inflation. Also, Outsourcing will be allowed but it will be taxed to at the very least meet or exceed a reasonable salary expectation for the position. Taxes will be strategically used to keep jobs in the U.S at any cost.
They will eliminate public assistance and in its place will be government work available for anyone. This can include things as simple as cleaning trash up on the highway, green projects, helping with education, roads and infrastructure, helping with foster children, the list goes on and on. Nobody will be rejected and the only people unable to get a job and still claim assistance will be people with proven disabilities that can't do anything; a much shorter list. Society will now see a return for the money spent on these programs while at the same time we will virtually eliminate unemployment.
Medical monopolies will be broken up. There will be no universal health care or non disabled Medicaid BUT laws will be put into place capping the maximum amount a person can pay for healthcare to be 5% of their monthly income. Companies will once again have to compete for business, as it should always be.
Education shall be focused on making the individual successful at working and earning a high salary. Basic tax and business principals will now be taught. Parents may allow children to take things related to liberal arts as electives, but students will now have the option to skip anything that won't give them a marketable skill. The first two years of college or trade school will now be included. This will be one of the few concessions we will allow our government to tax us for, since it will pay for itself over the long run.
We will continue to send older weapons and money to allies willing to put that in writing; Ukraine, for example, will continue to receive money to continue their efforts as well as our older unused weaponry. However, we will no longer be the aggressors or the world police, under any circumstances. Ukraine will serve as an example of our foreign policy for future generations; help our allies help themselves! We will cut R&D into new weaponry as well as manufacture of new weapons of war, at least until the time our deficit is paid back. We will maintain what we have now and continue to have our military on standby, just in case. Hopefully, we can cut the military budget by at least 75% with this strategy, using the money to either pay down the deficit or create even more government sponsored jobs.
The wall will be finished and migrants will be allowed legal processes to get into this country. Nobody who enters illegally will be allowed to stay now. If we don't respect our own laws why would the rest of the world?
Once our deficit has been paid in full we can go back to lots of R&D for weaponry / medical research. Also, infrastructure beyond just the bare minimum. We can create more jobs at the same time doing this. There will eventually be so many jobs Wage growth will create the job market we so desperately need. We will also begin to send aid to countries that need it.
We will have a government that actually does very little, instead mostly just facilitating the creation of jobs and maintenance of the status quo. This candidate will have a lot of work in front of him; his/her priority will be to make a positive impact on as many peoples lives as he/she possibly can.
Feel free to comment on what you agree/disagree with. This is sort of what I'd like to see from my party, and what I feel like they say they want to do.
submitted by Toomin3 to TrueUnpopularOpinion [link] [comments]


2023.06.05 19:50 Toomin3 My ideal candidate!

Someone who will do what the republicans say they will do - balance the budget and actually make progress into paying down the deficit. It's not fair to our kids to make them pay our debt with compounded interest. They should also be very tolerant as far as social policies go, but not to the point where it feels like they are forcing you to agree with opinions or basically anything that isn't proven science. Tolerance will be emphasized but acceptance will not be required.
Next, they will eliminate wasteful government spending. They will tax the top 1% the most and eliminate loopholes for large corporations and more heavily regulate big banks. They will instead give all of the tax breaks to the smaller companies in order to break up monopolies and foster competition for a change. The government will look to downsize what it does, as much as possible, in order to work on paying down our debt to strengthen the dollar and truly stop inflation. Also, Outsourcing will be allowed but it will be taxed to at the very least meet or exceed a reasonable salary expectation for the position. Taxes will be strategically used to keep jobs in the U.S at any cost.
They will eliminate public assistance and in its place will be government work available for anyone. This can include things as simple as cleaning trash up on the highway, green projects, helping with education, roads and infrastructure, helping with foster children, the list goes on and on. Nobody will be rejected and the only people unable to get a job and still claim assistance will be people with proven disabilities that can't do anything; a much shorter list. Society will now see a return for the money spent on these programs while at the same time we will virtually eliminate unemployment.
Medical monopolies will be broken up. There will be no universal health care or non disabled Medicaid BUT laws will be put into place capping the maximum amount a person can pay for healthcare to be 5% of their monthly income. Companies will once again have to compete for business, as it should always be.
Education shall be focused on making the individual successful at working and earning a high salary. Basic tax and business principals will now be taught. Parents may allow children to take things related to liberal arts as electives, but students will now have the option to skip anything that won't give them a marketable skill. The first two years of college or trade school will now be included. This will be one of the few concessions we will allow our government to tax us for, since it will pay for itself over the long run.
We will continue to send older weapons and money to allies willing to put that in writing; Ukraine, for example, will continue to receive money to continue their efforts as well as our older unused weaponry. However, we will no longer be the aggressors or the world police, under any circumstances. Ukraine will serve as an example of our foreign policy for future generations; help our allies help themselves! We will cut R&D into new weaponry as well as manufacture of new weapons of war, at least until the time our deficit is paid back. We will maintain what we have now and continue to have our military on standby, just in case. Hopefully, we can cut the military budget by at least 75% with this strategy, using the money to either pay down the deficit or create even more government sponsored jobs.
The wall will be finished and migrants will be allowed legal processes to get into this country. Nobody who enters illegally will be allowed to stay now. If we don't respect our own laws why would the rest of the world?
Once our deficit has been paid in full we can go back to lots of R&D for weaponry / medical research. Also, infrastructure beyond just the bare minimum. We can create more jobs at the same time doing this. There will eventually be so many jobs Wage growth will create the job market we so desperately need. We will also begin to send aid to countries that need it.
We will have a government that actually does very little, instead mostly just facilitating the creation of jobs and maintenance of the status quo. This candidate will have a lot of work in front of him; his/her priority will be to make a positive impact on as many peoples lives as he/she possibly can.
Feel free to comment on what you agree/disagree with. This is sort of what I'd like to see from my party.
submitted by Toomin3 to moderaterepublicans [link] [comments]


2023.06.05 19:41 Specwar762 In the process of saving another eBay 5600C

In the process of saving another eBay 5600C
After rehabbing a 5600C I bought years ago that fell apart after wearing it a few weeks (band and bezel rot), I decided to snag another rough example on eBay to save too. I’m waiting on another bezel to show up from Portugal. I paid around $25 for the watch, and will have $60 or so invested in a bezel, band, o-ring, and battery. I used a NOS Casio band for my first rebuild, but I think I’ll hang on to the 2nd one I bought for a rainy day and use the aftermarket band that. Came with my bezel from Portugal. They look really close, and most people could never tell.
submitted by Specwar762 to gshock [link] [comments]