MCViewPoint

Opinion from a Libertarian ViewPoint

Posts Tagged ‘Wells Fargo’

IRS Warns Against Keeping IRA Funds In Gold At Home | Zero Hedge

Posted by M. C. on February 26, 2020

What the heck is a windfall profit anyway?

As far as I can tell, it’s whatever politicians decide it is. It’s completely arbitrary. There are no objective measures to define it.

In short, a windfall profit is simply a profit politicians don’t like. The whole concept is a scam—a word trick to camouflage and sanitize legalized theft.

Gold-harder to steal than a digital bank account. Gold-It screams independence. The government like neither.

Never use a safety deposit box. If legal troubles find you the box gets a lock for which you are not allowed a key. If the bank gets in trouble-same.

If you bank is like Wells Fargo the contents of your box are up for grabs.

https://www.zerohedge.com/news/2016-09-07/irs-warns-against-keeping-ira-funds-gold-home

 

The Internal Revenue Service isn’t too keen on the recent advertisements suggesting retirement savers store their tax-free individual retirement account funds in gold at their house or in safety-deposit boxes, the Wall Street Journal writes.

Storing Gold at Home: Legal, But with Caveats

The statement from the IRS comes in response to a number of ads online and on the radio, such as one from Hartford Gold Group, suggesting investors can avoid stock market turbulence by investing IRA accounts in gold coins and bullion they can store where they like, including their home, according to the Journal.

 

But the law on such practices is cloudy, the publication writes.

 

For example, IRA assets can’t be stored in collectibles such as antiques, gems, artworks or wine, according to the Journal. On the other hand, it’s legal to keep IRA investments in coins and bullion-quality bars in metals such as gold, silver and platinum, the publication writes.

 

But few IRA investment providers offer the option — Vanguard and Charles Schwab don’t allows their clients to invest IRAs in physical metals, according to the Journal.

 

The IRS may be taking issue with just how difficult and expensive investing in physical gold could end up for the investor. Fidelity, which allows IRA investing in some coins and bullion, charges up to 2.9% to buy and 2% to sell the assets, and a further 0.125% quarterly storage fee, the publication writes.

 

And keeping the gold at home is not an option: out of tax compliance considerations, Fidelity requires physical metals to be stored at a qualified facility and doesn’t let IRA investors take the gold out or even view it without notification from the IRA custodian, the Journal writes.

 

Proponents of store-at-home gold say that IRA owners can legally keep their gold in a safe-deposit box or at home if they are the owners and managers of a limited-liability company that uses the funds from the IRA to obtain the gold, according to the publication.

 

Some attorney says this structure would allow investors to store coins owned by the LLC at home — but for bullion, they would still have to store it in an LLC-owned safety-deposit box, the Journal writes.

 

Home storage can get pricy, too: one professional whose company provides paperwork for at-home storage of IRA gold charges $400 to $1,200 to set up such an LLC, according to the publication.

 

And because the issue of LLC ownership by IRA has no legal precedent, companies advertising home storage of IRA gold are careful to note that they don’t provide legal advice, the Journal writes.

*  *  *

Amid the increasingly mainstream “war on cash” and ‘hoarding’ across the globe, the timing of the IRS’ warning about keeping gold in your IRA seems highly coincidental at best and more than worrisome at least as the “different this time” confiscation methods shift attitudes from concerns to actions…

The government blatantly stole wealth from the American people before.

Many worry the U.S. government might confiscate gold again if it becomes desperate enough. I don’t think those fears are unfounded. The U.S. government’s abysmal financial situation is only getting worse.

But would it really do a 1933-style grab again?

I don’t think it will. However, there is another growing threat to your gold.

More Likely Than Outright Confiscation

Today, only a tiny fraction of the U.S. population owns gold. Heck, I’d bet most Americans have never even seen a gold coin, much less appreciate its value.

This wasn’t the case in 1933, when the U.S. was still on a variation of the gold standard. That’s why the government probably won’t repeat the 1933 rip-off. It’s simply not worth the effort.

If the government wants to confiscate wealth, it’s far more likely to go for the easy option… steadily debasing the currency by printing money. It’s a stealthy way to confiscate from savers.

That doesn’t mean gold owners are in the clear.

I think the government will try a new scam: taxing windfall profits on gold. This would make it much easier for the government to accomplish something similar to its 1933 heist.

There’s precedence for it, too. In 1980, Congress passed the Crude Oil Windfall Profit Tax Act, which taxed up to 70% of “windfall profits” of domestic oil producers.

What the heck is a windfall profit anyway?

As far as I can tell, it’s whatever politicians decide it is. It’s completely arbitrary. There are no objective measures to define it.

In short, a windfall profit is simply a profit politicians don’t like. The whole concept is a scam—a word trick to camouflage and sanitize legalized theft.

If the price of gold explodes, I wouldn’t be surprised if Congress passes a Fair Share Gold Windfall Profit Tax Act levying a tax of 80%, 90%, or more on gold profits.

Be seeing you

Bernie

 

 

 

 

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Data on your spending habits could be a gold mine for banks

Posted by M. C. on December 2, 2019

Banks know many of our deepest, darkest secrets — that series of bills paid at a cancer clinic, for instance, or that big strip-club tab that you thought stayed in Vegas. A bank might suspect someone’s adulterous affair long before the betrayed partner would.

Only if you let them and are dumb enough to pay a strip club bill or pay your liquor store bill or buy your ammo or … with plastic.

https://www.fox5ny.com/news/data-on-your-spending-habits-could-be-a-gold-mine-for-banks

There’s a powerful new player watching what you buy so it can tailor product offerings for you: the bank behind your credit or debit card.

For years, Google and Facebook have been showing ads based on your online behavior. Retailers from Amazon to Walgreens also regularly suction up your transaction history to steer future spending and hold your loyalty.

Now banks, too, want to turn data they already have on your spending habits into extra revenue by identifying likely customers for retailers. Banks are increasingly aware that they could be sitting on a gold mine of information that can be used to predict — or sway — where you spend. Historically, such data has been used mostly for fraud protection.

Suppose you were to treat yourself to lunch on Cyber Monday, the busiest online shopping day of the year. If you order ahead at Chipotle — paying, of course, with your credit card — you might soon find your bank dangling 10% off lunch at Little Caesars. The bank would earn fees from the pizza joint, both for showing the offer and processing the payment.

Wells Fargo began customizing retail offers for individual customers on Nov. 21, joining Chase, Bank of America, PNC, SunTrust and a slew of smaller banks.

Unlike Google or Facebook, which try to infer what you’re interested in buying based on your searches, web visits or likes, “banks have the secret weapon in that they actually know what we spend money on,” said Silvio Tavares of the trade group CardLinx Association, whose members help broker purchase-related offers. “It’s a better predictor of what we’re going to spend on.”

While banks say they’re moving cautiously and being mindful of privacy concerns, it’s not clear that consumers are fully aware of what their banks are up to.

Banks know many of our deepest, darkest secrets — that series of bills paid at a cancer clinic, for instance, or that big strip-club tab that you thought stayed in Vegas. A bank might suspect someone’s adulterous affair long before the betrayed partner would.

“Ten years ago, your bank was like your psychiatrist or your minister — your bank kept secrets,” said Ed Mierzwinski, a consumer advocate at the U.S. Public Interest Research Group. Now, he says, “they think they are the same as a department store or an online merchant.”…

Be seeing you

With new ecosystems, is the future bright for banking?

 

 

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Wells Fargo Center Unveils Rage Room Where Fans Can Break Stuff And Unleash Their Anger

Posted by M. C. on October 9, 2019

A safe room for sports fans. Truly pathetic.

Are high schools and universities next?

One wonders what kind of sports person tolerates it.

What do you expect from a stadium named after one of the most corrupt banks in America.

Wells Fargo Center Unveils Rage Room Where Fans Can Break Stuff And Unleash Their Anger

By Matt Bowker

PHILADELPHIA (CBS) — Picture this: The Flyers are going through a February slump. The orange and black just inexplicably lost a 5-1 home game to the New York Islanders.

You need to blow off some steam before sitting in traffic.

So you go into the Wells Fargo Center’s Disassembly Room and smash some dishes, take a sledgehammer to a TV and unleash your rage upon everything in sight.

That’s right. The Wells Fargo Center has unveiled the first-ever rage room in a major professionals sports arena.

The rage room allows fans and guests to let out some stress by breaking, smashing and crushing items inside of the brand new Disassembly Room. Some of the breakable items even include the opposing team’s logos…

Be seeing you

Wells Fargo blames former retail division head for Wells ...

 

 

 

 

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Democrats are waging a financial civil war in America, targeting banks that fund pro-liberty projects that Leftists don’t like – NaturalNews.com

Posted by M. C. on March 21, 2019

How dare the company do that, Rep. Carolyn Maloney (D-N.Y.) lectured. How dare Wells Fargo not bow to the browbeating of Leftist Democrats and follow the lead of other banks in ditching gun makers and retailers.

Specifically, she blasted Sloan because Wells Fargo hasn’t adopted what the anti-gun Left calls “best practices” for the banking industry when it comes to firearms…

https://www.naturalnews.com/2019-03-17-democrats-waging-financial-war-in-america-targeting-banks-that-fund-pro-liberty-projects.html

(Natural News) Let’s get one thing straight: The Democratic Left hates the Constitution. They always have and they always will because it is so effective in preventing authoritarians like them from taking over all the reins of power…

The Left looks at sabotaging the Second Amendment in the same way. Because they know they won’t ever muster support among enough states to repeal it, they are focusing instead on strategies to simply neuter it.

That’s what Operation Choke Point (OCP) was designed to do. As a refresher, OCP was an Obama-era initiative implemented by lawless hacks at his “Justice” Department to investigate (i.e. harass) banks that did business with gun dealers, as well as payday lenders and other companies thought to be involved in fraud or money-laundering.

As Frank Keating wrote in The Hill last year:

A little-known program carried out by President Obama’s Department of Justice (DOJ) whipsawed small business for years, and to date no one has been held accountable. Federal officials pressured banks to close the accounts of businesses solely because they were ideologically opposed to their existence. This runs counter to the very principles of due process and fairness that form the backbone of our nation’s laws.

The Obamaites knew they couldn’t get a GOP Congress to approve legislation that would put gun makers and dealers out of business, so they devised another way to do it: Ruin them economically by cutting off their access to financial services, despite the fact that they were lawful businesses operating on the up-and-up.

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Why Big Banks LOVE Paying Fines to the U.S. Government | The Daily Bell

Posted by M. C. on May 9, 2018

http://www.thedailybell.com/news-analysis/why-big-banks-love-paying-fines-to-the-u-s-government/

The Double Standard

When Volkswagen executives found out U.S. regulations would kill one of their diesel models, they pulled some tricks. They fooled U.S. regulators by installing software which misrepresented the emissions released.

But the U.S. found out, and arrested the top executives involved.

One of them, a German citizen, was sentenced to 7 years in prison late 2017 for his role in the scandal.

That’s a pretty intense prison sentence for trying to trick regulators. The government says that society is the victim in this case, because the regulations are an attempt to keep the environment clean.

But how does the government respond when a business directly victimizes hundreds, thousands, or tens of thousands of its own customers?

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