I wonder if this bank was a way for them to move shady money round - also interesting that the Harkles have lost a shit ton of cash after Oprah persuaded them to go all in - I’ve thought their charity grift was aimed to be a replacement for the Clinton laundromat (cos that’s still going through the tax court with Moynihan and Doyle). Markle and her meat puppet are desperate to offer themselves as a replacement “royal” charity grift (and thus get clout and money and status) and have even been putting up trial ballon’s recently about “wanting to buy a private island” so possibly throwing their hat into the ring to take over Epsteins operation and island?
There’s long been rumors that she was involved in that pay to play scene and she’s been in the orbit of the Clinton Foundation and their bill for a long time - Hildabeest has spoke out in support of her but interestingly BigMike has distanced themself from her. Epsteins operation was disrupted but I’d take a bet that if the opportunity arose to resuscitate it then thr DS would jump at it especially if it were directly linked to the Crown and thus protected with more security paid for by tax payers…
The problem is that when you have this kind of money, you really can't protect it in the way that modest sums can be. There is significantly higher risks with these massive sums of money and when they are trying to evade taxes, it gets even more risky. Typically, they have accounting firms that manage the money and do all the sleight of hand stuff to mitigate tax liability, but obviously they did not see this coming, which makes it even more unusual. The theory that this was an asset forfeiture seems more plausible, unless the bank was involved in a massive ponzi scheme and the books were cooked until it was too late. Either scenario is possible, but I like to think on the brighter side and believe that she got stung by the good guys!
Cash management accounts exist to automatically sweep money between multiple banks to maximize FDIC coverage. These programs (https://www.moneycrashers.com/best-cash-management-accounts) can do $1-2M in FDIC coverage with debit cards, ATM, and check writing access. That should be enough for wealthy folks to manage their day-to-day spending. Anything beyond that should go into federal bonds which are protected by the 14th amendment to the US Constitution. Large purchases, like houses, boats, aircraft, etc. can be planned for in advance.
It's kind of a standard plan for high net worth individuals. I'd be very surprised if Oprah was keeping $500M in a regular bank.
Unless these funds were irregular. To see this kind of cash stockpiled is very unusual. Most amounts of this size would be safely invested in high yield, relatively secure investments and highly diversified to mitigate risk across multiple investment firms and platforms.
I'm sure everyone with big money has a rainy day fund. Most of them have to have a "Flee the country to a non-extradition country" fund. At least the dirty ones do. The legit ones probably have a 10-20% security fund for bad financial decisions or catastrophic market failures. At least I would. Plus some actual physical liquid assets on hand in a secure location. It is hard to say how some of these folks manage to bankrupt themselves. It may be several factors, but ultimately there has to be some serious personality disorders to squander huge sums of wealth.
I initially thought that as well, but then I remembered one thing. These people LOVE to virtue signal and that bank gives them an easy opportunity just by putting their money there.
I also wonder if the funds were being used to fund woke programs in the background and some of the "bigger depositors" (kek - Oprah) knew and added more money to push that agenda.
I find this hard to believe. Anyone with large sums of money knows the FDIC limits and how to work around them.
Harry and Me-again may also have lost millions (Harry's "Spare" money?) at SVB - https://twitter.com/isource_news/status/1634413085787316225
He can always write a new book. South Park has already suggested a title, "Waaah!"
I wonder if this bank was a way for them to move shady money round - also interesting that the Harkles have lost a shit ton of cash after Oprah persuaded them to go all in - I’ve thought their charity grift was aimed to be a replacement for the Clinton laundromat (cos that’s still going through the tax court with Moynihan and Doyle). Markle and her meat puppet are desperate to offer themselves as a replacement “royal” charity grift (and thus get clout and money and status) and have even been putting up trial ballon’s recently about “wanting to buy a private island” so possibly throwing their hat into the ring to take over Epsteins operation and island?
Wow, I thought they "just wanted privacy" in getting an island . . . but makes sense if they want an island for nefarious money making activities.
There’s long been rumors that she was involved in that pay to play scene and she’s been in the orbit of the Clinton Foundation and their bill for a long time - Hildabeest has spoke out in support of her but interestingly BigMike has distanced themself from her. Epsteins operation was disrupted but I’d take a bet that if the opportunity arose to resuscitate it then thr DS would jump at it especially if it were directly linked to the Crown and thus protected with more security paid for by tax payers…
The problem is that when you have this kind of money, you really can't protect it in the way that modest sums can be. There is significantly higher risks with these massive sums of money and when they are trying to evade taxes, it gets even more risky. Typically, they have accounting firms that manage the money and do all the sleight of hand stuff to mitigate tax liability, but obviously they did not see this coming, which makes it even more unusual. The theory that this was an asset forfeiture seems more plausible, unless the bank was involved in a massive ponzi scheme and the books were cooked until it was too late. Either scenario is possible, but I like to think on the brighter side and believe that she got stung by the good guys!
Cash management accounts exist to automatically sweep money between multiple banks to maximize FDIC coverage. These programs (https://www.moneycrashers.com/best-cash-management-accounts) can do $1-2M in FDIC coverage with debit cards, ATM, and check writing access. That should be enough for wealthy folks to manage their day-to-day spending. Anything beyond that should go into federal bonds which are protected by the 14th amendment to the US Constitution. Large purchases, like houses, boats, aircraft, etc. can be planned for in advance.
It's kind of a standard plan for high net worth individuals. I'd be very surprised if Oprah was keeping $500M in a regular bank.
Unless these funds were irregular. To see this kind of cash stockpiled is very unusual. Most amounts of this size would be safely invested in high yield, relatively secure investments and highly diversified to mitigate risk across multiple investment firms and platforms.
Agreed.
If this story is actually true, it does seem suspicious that so much cash was just left in a bank.
I'm sure everyone with big money has a rainy day fund. Most of them have to have a "Flee the country to a non-extradition country" fund. At least the dirty ones do. The legit ones probably have a 10-20% security fund for bad financial decisions or catastrophic market failures. At least I would. Plus some actual physical liquid assets on hand in a secure location. It is hard to say how some of these folks manage to bankrupt themselves. It may be several factors, but ultimately there has to be some serious personality disorders to squander huge sums of wealth.
I am inclined to agree but stranger things have happened before.
I initially thought that as well, but then I remembered one thing. These people LOVE to virtue signal and that bank gives them an easy opportunity just by putting their money there.
I also wonder if the funds were being used to fund woke programs in the background and some of the "bigger depositors" (kek - Oprah) knew and added more money to push that agenda.