Mark Carolin

Archive for the ‘Banking News’ Category

According to the latest industry news, a renowned bank in New York, U.S. “Signature Bank” has stated that its fourth quarter profit shot up 60%. It also indicated deposit and loan growth and reduced investment losses. Its results topped Wall Street estimates and shares too jumped. These are positive signs that indicate an uplift in the economic progress.

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A question that comes up frequently is why offshore private bank account opening procedures require so much information from the client. Some clients believe that legendary numbered bank accounts still exist, or that offshore banks operate a ‘no questions asked’ policy when it comes to source of funds etc. In fact, nothing could be further from the truth, as banks in offshore banking centers operate very strict due diligence policies.

It is, however, quite possible still to open your own offshore bank account – even, if you wish, to open it by mail, if you have the right documentation.

As an offshore banking consultant, I get to see the account opening processes of many different banks in different jurisdictions, and how widely they vary.

I can see both sides of the equation – the bank’s perspective, and the client’s. Often, literally and figuratively, they speak different languages. My job is to act as intermediary and make sure both parties understand each other.

So, how do you open an offshore bank account? You will typically need your passport, one or more bank reference letters, and proof of source of funds. But let’s look at why all these questions are necessary…

I can fully understand that if clients are seeking privacy, they may not feel comfortable baring their financial souls to their bankers. But there are good reasons why banks need to collect so-called ‘Know Your Customer’ information. And there are steps you can take as a client to manage your banking and to protect the confidentiality of information you hand over.

The first and foremost reason is because the law dictates it. In all reputable jurisdictions, banks are required to collect certain information. Failure to comply would have absolutely dire consequences that may include closure of the bank and/or jail for its managers. You are looking for security – and dealing with banks that are prepared to bend, break or flout laws is not the way you are going to find security! There are only a few places in the world left where you can still open accounts without ID and – trust me – you don’t want to be banking in those places!

Secondly, banks also have to protect themselves and their reputations, in order to protect their honest clients. If they take on clients who bring problems or bad publicity to the bank, it is bad news for you the client. So you should really be happy to deal with a bank that is quite picky about the clients it takes on. For example, if it turns out later that clients were involved in white collar crime like running a ponzi scheme or any kind of unlicensed offshore investment activity, the bank will almost certainly be on the receiving end of a lawsuit from people who lose money. Sometimes scammers are very good at hiding their activities, and they look like honest, respectable business people. If the bank has never met you before, they really need to check you out.

Thirdly, many people compare offshore account opening procedures to opening an account in their home country. This should be obvious, but it’s not the same thing. One thing that might have escaped your attention, though, is the extent of Big Brother databases that exist in your home country. Banks will automatically run a credit report when you open an account, even if you are not applying for credit. They can check you out online. Offshore banks, however, cannot run online credit checks. To do so would leave an electronic footprint that would generally be a breach of confidentiality laws. That is why they have to ask new customers for a lot more paperwork. Of course, it’s more convenient for the customer that the bank can verify everything online and doesn’t have to ask the customer for so many documents. But such online checks completely nullify any expectation of privacy in the relationship.

Finally, it’s just good business for banks to know their customers. If they know a bit about who they are and where you are coming from, they can give you better quality advice and they can respond more intelligently to your requests. They can be proactive in offering services you might need, that you might not even know existed. Having a good relationship with your private offshore banker is absolutely beneficial. That banker will be more motivated to look after you. Try to be a ‘perfect client’ for the bank – that way, if for some reason you really need a special favor from the bank at some time in the future, you are much more likely to get it.

Banking secrecy, as I’ve often said, is far from dead, despite the propaganda that would have you believe otherwise. I even believe now that the tide has turned. Bank secrecy is a basic human right, and is more necessary than ever. What is rather pass

I just finished reading an article about a network news program that did a negative report on reverse mortgages, citing an incident in Los Angeles of a senior borrower who was talked into buying annuities that did not mature until the year 2033 without a substantial penalty. I saw the actual Nightly News piece with Tom Costello. I was very concerned with the piece because I saw that they interviewed a woman identified as Robin Talbert with the AARP.

I have to believe that only part of Ms. Talbert’s comments were represented in the piece on the program as her comments stated “We’re all living longer and you don’t want to outlive that equity in your home to which the piece cut away immediately to Mr. Costello who added Because the bank could then take the home. Ms. Talbert is absolutely correct, and the AARP champions all things for seniors, but they are extremely aware of how reverse mortgages operate and Mr. Costello’s remarks are done in a way to mischaracterize reverse mortgages.

This is the type of misinformation and misreporting that we have been running into for several years now. While I do not know all of the borrower’s circumstances in this particular situation and I always get extremely angry when I hear of any mortgage professionals who do not keep the borrower’s best interests at heart, it is not the Reverse Mortgage that is the rip off here, it was the end use of the funds.

The notion that the bank will take the borrower’s home when her equity is gone is just plain wrong and bad reporting. The whole idea behind the reverse mortgage and one of the reasons the borrowers pay mortgage insurance is that no matter what happens to the equity, the borrower will never make another house payment and the borrower or the borrower’s heirs will never owe more than the property is worth, regardless of what the equity position does. The loan is set up so that you own your property, not the bank.

If the Nightly News or Mr. Costello had researched reverse mortgages more thoroughly, they would have learned that if the borrower had chosen what is known as the tenure option or payments for life, she would have received those payments for the rest of her life so long as she continued to occupy the property and the bank would never then take the home when the senior outlived the equity as the report leads the listener to believe.

I think it is very important for seniors to not only go through the required counseling, but also to enlist the assistance of their loved ones or trusted financial advisors whenever available. In this piece, the borrower said she didn’t really even need the money, she was doing just fine without it. Her daughter was with her during the television interview and maybe if she had been with her during the reverse mortgage process, she could have helped her to keep from getting the loan in the beginning. Another piece of advice, don’t ever go into the process with someone who is only looking to sell you another product or service.

If you don’t need a reverse mortgage and someone is trying to sell you one so that you can buy something else, or you do need one for living expenses and then someone tries to tell you that you should put the money into something else instead, find a reverse mortgage specialist who is only looking to help you fulfill your reverse mortgage needs. Many people have used reverse mortgages as retirement tools but make sure that your use of your funds is from your careful plan and decisions, not from someone elses salesmanship.

Reverse Mortgages can be a very viable retirement tool and I’ve seen them help many senior borrowers. Like almost anything, they can be abused but if you take the time to research the products and the people with whom you are working, the reverse mortgage can be the difference to many seniors of staying in their homes or having to leave; between barely surviving and aging in grace and dignity.

I would hate to see a senior borrower avoid this viable option that may be badly needed due to bad or partial reporting.

Henry Liu is not a savant by the regular definition books of Forex trading, He has never traded for any bank, or directly even for a trader but he has smartly panned out his Forex trading ideas in a way that it is helping many retail Forex traders get the best out of their business. His news profiteer system bases itself on fundamental news releases. He tries and sees the entire Forex trading through different eyes. According to him there is always the technical angle present to a trader. It makes him evaluate various lines of market trends, and candlestick charts. Further there are the Fibonacci retracements to consider. The technical angles though, do not prepare a trader for few market uncertainties. There is also the mental angle, one which lets a trader gain a toehold on associated baits of money which results in excess greed and fear.

Henry Liu believes that the entire trading market with all its experience miss out on a very precious dictum. It is thought about a hundred thousand times but trade pundits deliberately give it a miss. It is fundamental news trading. Henry Liu, in his newsletter tries to give such fundamentally tradable news and his neutral views on their impact. According to him market impact of such news is unexpectedly high and yet the boardroom dividend declarations and important mergers get a miss in the trader’s book. So Liu in his news profiteer review gives all neutral review on tradable news, those which have a high impact on market and adds details of trade inclusive of time of news release, related figures and course of action after the new is out; whether it is time to sell or buy.

In his e-book he prescribes great ways to always remain on the better flank of the system and generate as many as 25-30 pips per trade. The news profiteer system aims to eliminate the inconsistency gradient associated with trading and effectively does so. People especially love it when Henry Liu focuses on a number lesser or greater than the amount of pips. It is then that his erudition in the field comes to the fore. He can trade London, he can trade Nikkei and within any possible timeframe. The good part is, through his news profiteer review he lets us trade as well and profit from it. 25-30 pips per trade are no mean business and it is all possible by paying heed to fundamental news releases.

Henry Liu suggests that there are two kinds of traders; those who learn all the technical jargon of the subjects and understand its execution. Such people grace forums and online trade rooms but there is never enough shekels in there live accounts. Others who only understand the theory of rally and correction, support and resistance but learn the effect of fundamental news on world Forex trade and end up being the eventual winners. News profiteer helps you get the best knowledge of market cycles, precise times for entry and exit from the markets and much more. Believe in the power of news release and you will draw shekels you never thought possible.

What has the Bush Administration decided to do?

The Bush administration has decided that the US financial crisis is too big and to urgent to fight lightly and decided to work on a massive government bailout plan that would end up costing the taxpayer more than $1000000000000, yeah that is one trillion dollars. The rescue plan would cause the tax payer to purchase virtually worthless bank investments that have plagued Wall Street and the US economy for some time. The news of the plans came out and boosted Wall Street which caused the market to close almost 400 points higher than the previous day.

What has the middle class had to do?

IF (WE THE PEOPLE) referring to the constitution, the middle class tax payers, are going to pay the price to bailout the very same rich banking and investment firms who have made our lives nearly impossible; and (WE THE PEOPLE) who have suffered so much to keep a roof over their families heads, also ones who have lost their jobs and are struggling to put food on their table. There have been reports that some have committed suicide because of the pressure. If we are the people who are going to bail out the gritty rich firms who have had their heartless thumb over us all this time, then we the people must demand a payback that is attainable.

In conclusion the Feds should assume half of our mortgage so we can refinance and lower our bills to loosen the noose around our heads. If the Feds gave back to the people, who are out on the street without a job, homes and a job so they can stand back up then the US would be a better place to live. The Financial Companies should start from scratch and get rid of the top executives that are making millions and hire some people that need a job and have the necessary education to perform the required duties.

Whilst it was bad news that the waiver on claims was extended for a further six months, the update was tempered with the new guidance for dealing with those in financial difficulty (also known as hardship cases). The new guidance suggests that if you have received more than