Subject: RE: TONY: VERY IMPORTANT! (10/8/13)
Do Not Call Banks.
T - Bank people on high alert, on lock-down, told again it will be this evening. Last night they were given additional instructions and this morning they were told they were given additional instructions. The rates are still the same. There is a time tonight it's supposed to come out. The additional thing we learned last night - and I don't understand how it work - they're saying now because of the situation of our economy and what's happened for the past 10-11 years, anyone cashing in any of the currencies included in the GCR will have to sign an NDA that lasts for 10 years - at all the banks.
T - The reason behind it is very simple: they don't want the world to know. How they're going to keep it, I don't know. The NDA is 10-years or 10-years prison. They don't want panic in the streets, riots, etc. people who said it was a scam and lots of reasons behind it. I'm not going to tell you the specific reason - but it's not to protect you and me. Bank personnel were briefed on this last night and again this morning. I don't know if you can opt out and not sign. We're less than 24 hours to the news. What I don't think is that it gives the restrictions the group deal does. It's a simple NDA - no talking, no book deals, no interviews, etc.
T - I'm trying to get precise with you and give you the details of the info before you go in. What I'm told is that it includes even if you exchange 1 note. We're waiting and have been given the shortest window ever. It did go live this morning for 20-30 minutes at the teller screens prior to the bank opening. They know it's there in the system and doing what it's supposed to do.
C - My concern is that there will be so many people attempting to cash in, will I have time to exchange a note and set up an LLC, see my attorney, etc.?
T - You can get your EIN instantly online. I don't know how long it will take people, but their goal is to have people start cashing out within 2 hours of the announcement. I was even told you will not be able to request a specific date for your appointment. It's locked into the system and you'll get the next opening as it comes up.
C - The reason I am bringing this up is that if you did not put it in an LLC you would have normal income, and if you transferred to a trust you would be able to get the capital gains that was changed.
T - I don't know the tax implications. They are changing the tax laws. Those are questions you can start asking tax attorneys right now. Have a basic strategy in place now.
C - Regarding cashing in 1 note on the 1st visit and going in with the balance later, is that 2nd appt with a wealth manager?
T - Yesterday they told me you will be assigned to a cash-in center based on your volume. They 're looking for individuals in setting up these appointments. They'll need your name, zip code and amount you hold. There is a time limit on the calls - 2 minutes. You'll have 15-20 minutes to CE, then make appts to meet with your wealth manager.
C - time frame for RV is set, right? Have you been told a time you can't reveal? T - yes, and I can't tell it. The good news is that it's right now. Things are happening right now. The last word we got was "wish us luck."
C - You mentioned exchanging only 1 $25K note?
T - Yes, what I've heard with WF is that you can cash only 1 note before the appointment. The significant thing is that you now have to sign an NDA that prohibits disclosing where your money came from. Everybody start thinking about how you're going to explain this. Only 10K have only $5M. Only 1,000 have above $50M. They will concentrate on those. As of this morning they don't expect most to have this in 2 years or less.
True story...not a pretty one, but I hope you get the point. An employee saw their employer put what was probably a few hundred dollars into his wallet one day. Employee's relative was having money difficulties, so they decided to rob the employer. For a few hundred dollars they murdered the man and his wife, then set their home on fire.
We all need to learn to be wise and to be quiet. If anyone reading this has been one of those who just has to discuss his/her income with co-workers, friends and relatives...it is time now to stop! If you have to, put duct tape across your mouth, but be quiet!! The money from this investment can be dangerous if we do not use wisdom from day one!! Time for all of us to mature in this area. Don't mean to offend anyone, but please, if the shoe fits, WEAR IT!!
I used to work for one of the big three and still have friends that are managers in local branches and are regional managers. I was just told that all staff is required to be at work at 6 am on Thursday. They were also told the bank is bringing in extra security that will be around for the next week. All they were told was to expect a major currency to be updated.
Though these folks are calling this an NDA, my guess is that it will be a security oath to the US Treasury Dept. Those agreements do have teeth, and a 10 year prison term for violation would be light treatment.
My advice would be to take the NDA seriously. You don't want to be the test case that winds up in a security prison for 10 years, and loses all his money to boot.
Posted by John MacHaffie at 10:53 AM