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2012/08/03

Nigerian 419 Letter

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Nigerian 419 Letter

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Just when you thought the banksters couldn’t possibly get more inept, they find new ways to out-stupid themselves.

In a new twist, banks themselves are now at the top of the list for many con men, according to a post on “The Problem Bank List” http://problembanklist.com/banks-desperate-for-funds-victimized-by-con-men-0554
 
The article says the banks are such an easy target to defraud because they need money. Well, duh! Severn hundred seventy two banks, or almost 11% of all FDIC insured institutions, are on the FDIC Problem Bank List.

Allegedly, the banks are falling for the classic scams that require you to send money upfront with promises of future repayment. It’s recently deposed Nigerian minister who wants you to help him get money out of the country or the friend who needs money wired to Western Union because they lost their wallet while travelling abroad. And yes, some banks have actually fallen for this ploy.

According to an alert published by the FDIC:

The FDIC has become aware of multiple instances in which individuals or purported investment advisors have approached financially weak institutions in apparent attempts to defraud the institutions by claiming to have access to funds for recapitalization. These parties also may claim that the investors, or individuals associated with the investors, include prominent public figures and that the investors have been approved by one or more of the federal banking agencies to invest substantial capital in the targeted institutions. Ultimately, these parties have required the targeted institutions to pay, in advance, retention and due diligence fees, as well as other costs. Once paid, the parties have failed to conduct substantive due diligence or to actively pursue the proposed investment.

The FDIC goes on to offer the sage advice that banks should be “extremely cautious” if offered money for upfront fees and that the credibility of the solicitation should be scrutinized.

The in-your-face irony of the situation is almost too much to handle. Not only do we have to worry about the banksters defrauding us, we have to worry they don’t have the smarts not to fall for an internet phishing scam.

 
Trade well and follow the trend, not the so-called “experts.”
 
 
Behold the age of infinite moral hazard! On April 2nd, 2009 CONgress forced FASB to suspend rule 157 in favor of deceitful accounting for the TBTF banking mafia.

 

larrylevin@tradingadvantage.com
Trading Advantage
(888) 755-3846

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    Larry Levin's Trading Advantage is a leading investment education firm that empowers traders to achieve and surpass their financial goals. More than 50,000 students have used Larry Levin's proven techniques for powerful results.
 
 

Trading Signals from the Electronic (ES) mini-SP 500                              
  1. No “Secrets” trades signaled today.
  2. Algorithm positions (2)
  3. “Reading the Tape” positions (0)combined Secret’s, Algo, &   “Reading the Tape” total… +1.00

 
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Value Areas:
ES        1365.00 / 1354.00
POC... 1359.75
YM      12860 / 12762
NQ       2632.75 / 2608.25

 

 
   
 
 

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