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Now Imperial Bank under receivership for 12 months
Rank: Veteran Joined: 6/23/2011 Posts: 1,740 Location: Nairobi
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Let me tell you a secret, bank with them with no fear so long as you owe them money.
Your money keep somewhere else where there is no reason to know who owns the bank
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Rank: Elder Joined: 3/2/2009 Posts: 26,331 Location: Masada
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streetwise wrote:Let me tell you a secret, bank with them with no fear so long as you owe them money.
Your money keep somewhere else where there is no reason to know who owns the bank
Like where exactly can you stash 20 million hard cash "safely" if not in a bank? Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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Rank: Elder Joined: 4/30/2008 Posts: 6,029
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Impunity wrote:streetwise wrote:Let me tell you a secret, bank with them with no fear so long as you owe them money.
Your money keep somewhere else where there is no reason to know who owns the bank
Like where exactly can you stash 20 million hard cash "safely" if not in a bank? It is much safer in the house than in the bank. This nonsense of banks collapsing or cheating you with statements is bad. You should be able to see your own money. Alternatively the bank should give me a drawer with my own set of keys.
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Rank: Veteran Joined: 11/15/2013 Posts: 1,977 Location: Here
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mawinder wrote:Impunity wrote:streetwise wrote:Let me tell you a secret, bank with them with no fear so long as you owe them money.
Your money keep somewhere else where there is no reason to know who owns the bank
Like where exactly can you stash 20 million hard cash "safely" if not in a bank? It is much safer in the house than in the bank. This nonsense of banks collapsing or cheating you with statements is bad. You should be able to see your own money. Alternatively the bank should give me a drawer with my own set of keys. @Impunity read again bold and understand. He actually meant a good undoubted bank like the one's you mentioned. Everybody STEALS, a THIEF is one who's CAUGHT stealing something of LITTLE VALUE. !!!
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Rank: Elder Joined: 4/30/2008 Posts: 6,029
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Boris Boyka wrote:mawinder wrote:Impunity wrote:streetwise wrote:Let me tell you a secret, bank with them with no fear so long as you owe them money.
Your money keep somewhere else where there is no reason to know who owns the bank
Like where exactly can you stash 20 million hard cash "safely" if not in a bank? It is much safer in the house than in the bank. This nonsense of banks collapsing or cheating you with statements is bad. You should be able to see your own money. Alternatively the bank should give me a drawer with my own set of keys. @Impunity read again bold and understand. He actually meant a good undoubted bank like the one's you mentioned. There is none.Read on the Eurozone crisis and in particular Spain and compare with Kenya and Jubilee government Find out what happened to the so called big banks
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Rank: Veteran Joined: 4/16/2014 Posts: 1,420 Location: Bohemian Grove
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mawinder wrote:Boris Boyka wrote:mawinder wrote:Impunity wrote:streetwise wrote:Let me tell you a secret, bank with them with no fear so long as you owe them money.
Your money keep somewhere else where there is no reason to know who owns the bank
Like where exactly can you stash 20 million hard cash "safely" if not in a bank? It is much safer in the house than in the bank. This nonsense of banks collapsing or cheating you with statements is bad. You should be able to see your own money. Alternatively the bank should give me a drawer with my own set of keys. @Impunity read again bold and understand. He actually meant a good undoubted bank like the one's you mentioned. There is none.Read on the Eurozone crisis and in particular Spain and compare with Kenya and Jubilee government Find out what happened to the so called big banks When we get to that point holding the local currency is risky
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Rank: New-farer Joined: 10/19/2015 Posts: 21 Location: Everywhere
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Ok a proposal. Let's say you're an investor with deep pockets (50m USD+). Would you consider the following proposal.
1. Strike agreement with current shareholders to inject capital through a convertible long term bond (can be considered as tier 1 capital).
2. Agree on a strike price of X times book value at the date of conversion. With eye on converting to majority control.
3. Get guarantees that either current shareholders will guarantee a minimum amount of deposits. Also get guarantees of access to discount window of CBK for x period prior to getting back on all your feet (argue that its for the better good of the banking system).
4. If you have that kind of cash you can convince your fellow rich people to deposit agreed amounts in the bank;
5. Commence aggressive legal proceedings for recovery of debt including freezing all previous MD's assets and company assets;
6. The money from step-5 should ideally cover 50% of the provisions you have made;
7. You will have obtained a banking license and 40+ branches etc for an amount that is likely to consist of only your current investment in convertible bonds.
*Requires extensive due diligence to ascertain that the pledged assets currently held as collateral are realisable.
The rationale is that in financial crises, players tend to overreact. So everyone thinks that Imperial Bank is beyond repair but it can be resuscitated.
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Rank: New-farer Joined: 5/20/2010 Posts: 69
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grahamsdisciple wrote:Ok a proposal. Let's say you're an investor with deep pockets (50m USD+). Would you consider the following proposal.
1. Strike agreement with current shareholders to inject capital through a convertible long term bond (can be considered as tier 1 capital).
2. Agree on a strike price of X times book value at the date of conversion. With eye on converting to majority control.
3. Get guarantees that either current shareholders will guarantee a minimum amount of deposits. Also get guarantees of access to discount window of CBK for x period prior to getting back on all your feet (argue that its for the better good of the banking system).
4. If you have that kind of cash you can convince your fellow rich people to deposit agreed amounts in the bank;
5. Commence aggressive legal proceedings for recovery of debt including freezing all previous MD's assets and company assets;
6. The money from step-5 should ideally cover 50% of the provisions you have made;
7. You will have obtained a banking license and 40+ branches etc for an amount that is likely to consist of only your current investment in convertible bonds.
*Requires extensive due diligence to ascertain that the pledged assets currently held as collateral are realisable.
The rationale is that in financial crises, players tend to overreact. So everyone thinks that Imperial Bank is beyond repair but it can be resuscitated. Its a solid proposal, but if I was a rich friend, I would be very weary about putting in my cash in such a deal especially in an economic environment where cash is king
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Rank: Veteran Joined: 11/21/2006 Posts: 1,590
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So what is CBK going to do about Fida, StanChart et al who run the deposit accounts for the thieves? Which of the other banks are audited by PKF? Sehemu ndio nyumba
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Rank: Veteran Joined: 4/16/2014 Posts: 1,420 Location: Bohemian Grove
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Mainat wrote:So what is CBK going to do about Fida, StanChart et al who run the deposit accounts for the thieves?
Which of the other banks are audited by PKF? All options are on the table for the Opus Dei man.And also about the walking dead saga.I'm starting to wonder how much the former chair siphoned
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Now Imperial Bank under receivership for 12 months
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