Our Govt, my bank, my money, I'm PO'd

[-CB-]

Thanks to legislation and executive order by his Highness, Barry Hussein O'Bama, I'm out some nice jingle this year.

How they did it....

I have a nicely stuffed, and never touched bank account that started back in the 70's, and has been thru three or four bank mergers, finally ending up as WaMu.  As you recall - WaMu got "bailed out" by JP Morgan Chase.

In that bailout for the banks was a nice little clause - that basically went like this:

If you have more than "$XXX.xx" in any one account, then all of your accounts at the bank being taken over are subject to the rules of the largest account.   And, to make things worse, if you have had no manual activity on any of those accounts (since you qualified by having one "over the line", in terms of deposit size), then the bank doing the taking over can claim the account, and the user forfeits it in full, unless they file with the FDIC to "claim" the account, and file supplemental paperwork with the IRS and the bank doing the taking over.  And the icing on the cake, is by law and executive fiat, based on the activity and size of the largest account, none of the accounts can bear more than 0.01% interest, until the paperwork goes through.  Thats right, one one-hundredth of one percent interest.

Thats one penny on a hundred dollars of deposited funds.

So.... I expect my yearly statement (I only get yearly statements on these accounts), and I dont get it.

I got to the bank, all is fine they say....

I go again today, and find... hey during 2009 I earned just less than $10 total interest, at .01 percent rate.

Thank you Uncle Sam.  No notification.  No nothing, just "surprise, we stuck it up yer wazoo!"

Not good.  

Next Friday, every last cent... outta there.  Its a matter of "because we could, we did, and because we didn't have to, we didn't".  No respect for the customers.  They grabbed what they could.  The interest that would have been paid, goes to the bank doing the bailout, as a way of "repaying" them for their taking over a failed bank.

Ladies and gents, keep yer powder dry.

 

[dbw]

Well, that sucks, but I'm not sure what Obama has to do with it.  :icon_scratch:

The big banks are bastards.  I pulled all my money out of Citibank after the first bailout.

 

[-CB-]

It was the "BHO" decree and the bailout legislation that "allowed" then to change the rate of interest to essentially zero.  And also allowed them to "grab" the account as their own unless I had my I's dotted and T's crossed.

This sort of thing does not effect the vast majority of Americans, but for those falling in the wealth range that is considered "too wealthy" they'll come up with all sorts of ways to correct that situation.  The bank did it because they're greedy SOB's.  But they wouldn't have been able to, unless the law, enacted by our Congress, and signed by our Savior, his Holiness BHObama, gave them permission, or rather "the DIRECTIVE" to do it.  It was more of a "you will" from Uncle Sam rather than a "you can".

Its ok.  I have a plan.

It involves spark plug ceramic, a raw banger, overalls, and Drambuie.   

 

[Superlizard]

Ladies and gents, keep yer powder dry.

:icon_thumright:

...and yer pitchforks sharp.

 

[dbw]

I'm afraid you guys are suffering Obama Derangement Syndrome, where the sufferer is deluded into thinking that Obama is the root of all evil in the world.  There was no "decree"... if you disagree, please tell me which Executive Order you're referring to.  http://www.whitehouse.gov/briefing-room/presidential-actions/executive-orders

Back here in the real world, Obama has been more like "Diet Clinton" than Marx...

 

[NonsenseTele]

So, not sure if understand... you lost ALL money on this account?

 

[Lucky #7]

I don't think he lost all the money, but he made $10 on an account that sounds like it should have earned a significant amount more.

Obama may be diet-Clinton, but he's full retard.

That said, CB's problem is our government as a whole.  Both sides of the aisle.  None of them are looking out for our best interests. They're all looking out for their reelections and nothing more.  For some reason, some can get back in no matter what dumbass life altering decision they make for the rest of us.  I just hope the balance is restored later this year and neither side can screw us over too much.

 

[zogoibi]

This is a silly place to air your grievance. What the BLEEP does this have to do with guitars.  Call Rush if you've got a beef.    :binkybaby:

 

[NLD09]

Obama is more of a bully than you're giving him credit for. He doesn't need executive orders to get what he wants done. The bank bailouts were a plan "presented" by Obama before he became president, or even won the election. I highly doubt he wrote up the plans and presented them, as the media and his team had us believe. They tricked us into giving up our doubts that Obama was inexperienced by calling him innovative and America believed it. Between Obama's backing and their ability to pull the race card any time somebody finds fault in him, Obama's administration and the entire democratic party can pull anything they want. (including the terms of the bailout CB is having trouble with) with or without an executive order. He doesn't need an executive order anymore.

 

[NonsenseTele]

This is a silly place to air your grievance. What the BLEEP does this have to do with guitars.  Call Rush if you've got a beef.    :binkybaby:

As far as I'm concerned =CB= is one of the most helpfull member of the forum, if he is in trouble and want people to give him some strenght, he'll be always welcome as long as I'm here...

 

[zogoibi]

I prefer scalloped Canary wood over itsy-bitsy political commentary  :guitaristgif:

 

[Death by Uberschall]

As I was told when I post a political thread a while back, "We voted not to have political threads here".

But I'll say this, and keep it short:
People, open your eyes and look at the BIG picture, not just each little thing as a separate occurrence.
Obamation, Pelosi, and Reid need to go!! And Christmas is coming early in November!!  :icon_thumright:

 

[-CB-]

So, not sure if understand... you lost ALL money on this account?

No... they WANTED to take it, and could have.  Instead, I lost all the interest on the money, and that interest would have been enough to easily pay for a new guitar from Warmoth parts, and still have some money left over.

As far as Obama goes - it was HIS imperative on the bailouts, his imperative on the stimulus, and his signature on everything.  He's not fully to blame, but he's in the drivers seat.  The liberal maniac, tax and spend Congress is to blame. 

The pen is mightier than the sword, and the vote is mightier than either, but I'm keepin' my sword close, and wont mind if there's some eye-goo on my pen either.

 

[-CB-]

This is a silly place to air your grievance. What the BLEEP does this have to do with guitars.  Call Rush if you've got a beef.    :binkybaby:

Thats why its called the OFF TOPIC section.  If you read thru here, there are all sorts of personal grievances shared and aired.  And personal joy too.  And... all sorts of stuff.  You're welcome to do the same, or welcome to not read stuff either.

 

[-CB-]

I prefer scalloped Canary wood over itsy-bitsy political commentary  :guitaristgif:

a - then go play with your wood

b - and dont read the commentary

 

[Death by Uberschall]

I'm really starting to think =CB= is mad!!  :icon_jokercolor:

 

[-CB-]

Not so much mad, but more like... how on earth can this happen in the USofA

I'm sitting at the bank, talking to a nice young man, and he's at a loss to explain, so the branch manager comes over with all the legaleeze paperwork, that is meant to "explain" how the bank acted - and acted in the customer's best behalf, by effectively nixing interest and trying to take over accounts.  The "explanation" was that it was better than having WaMu go bust and customers losing all their money, which is now safe at JP Morgan Chase.  Specifically, at the top of their presentation - something very close to these words "In order to conform with recent Banking Industry laws and regulations put in place by the United States Congress, in an attempt to enact President Obamas failed bank bailout"... blah blah....

BS

Chase sent us letters BEGGING us not to withdraw funds from WaMu, saying all would be ok, not to get in a panic and everything will be just fine.  And ya know what?  I thought I was doin' my part.  I thought I was being a good little 'merican and not doing the run on the bank thing.  I could easily... quite easily... put the money into an account at BofA, or just taken it out and bought a sizable amount of precious metal (not gold for god's sake.. its gonna pop like a retread condrum).  But, I held pat with those folks... dare I call them folks.  And as far as I am concerned - they knew what they were doing all along, and conspired, together with our "Government" to do it.

A week from today, their coffers will be quite a bit lighter.  Not enough to make 'em cry, or wince, or even notce - hell they're BIG - but it wont be chump change either my friends.

 

[Wana_make_a_guitar]

I prefer the 'Hide away in a box under the floorboards under the cabinet' approach to saving money. No legal figywidgeeness.

 

[-CB-]

That, sir, is what is called "rat hole money" in these parts.

This is not the end of the world by any means.  Just something to be dealt with - and a lesson learned.

 

[JaySwear]

all my money is in a federal credit union account. which i think is a good place to have it (government might be the last place the rest of the government looks to take money). of course my "life savings" is nothing and it makes next to no interest  :icon_biggrin: