So it reads 2 million, not 4. Anyway the government lied, and never proved its case. The jury was deadlock, and originally came back without a verdict. The judge then instructed the jury that it could find my father guilty of tax evasion, even if the government didn't prove any affirmative act of evasion. The New England Journal of Tax Action commented on this, as it fllew in the face of all tax law. The journal wrote that this would not likely apply to other taxpayers, as my father was a tax protestor, and therefore the︀ law was applied differently in his case. It wasn't applied at all, it was ignored.︁ My father was never legitimately convicted of tax evasion. He was a political prisioners. Anyway︂ ,I have personally paid tens of millions in Federal Taxes over my life, before moving︃ to Puerto Rico in 2017. So I more than made up for taxes my father︄ didn't pay. I'm sure my annual tax payments exceeded your entire lifetime earnings.
Euro Pacific bank is a scam
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Mr. Schiff,︈
at this stage we would really like to see a proof of those statements regarding︉ the court order. Please dont get me wrong but as stalin said "trust but verify".︊ I assume Im not the only one that would get calmer with some form of︋ supporting documentation presented.
at this stage we would really like to see a proof of those statements regarding︉ the court order. Please dont get me wrong but as stalin said "trust but verify".︊ I assume Im not the only one that would get calmer with some form of︋ supporting documentation presented.
So what can we do at this point? Just patiently wait︀ for quarterly update from EPB saying we should wait again? Is the mission of your︁ lawyer finished?
So we have a Portuguese judge ruling that the funds be released immediately on Tuesday. Is that a fact ?
Or do we have a 22 Feb decision by the Portuguese government to lift the freeze on that date but EPB only found out about that ruling on Tuesday 11 April (through a posted letter sent by Novo to EPB)
Which one is true ? Or are both true?
Either way you have a Portuguese bank still holding our deposits and refusing to complete the wire transfers.
So is the EPB appointed Portuguese lawyer able to do anything about this? Go back to the court︀ to enforce the rulings?
Or do we have a 22 Feb decision by the Portuguese government to lift the freeze on that date but EPB only found out about that ruling on Tuesday 11 April (through a posted letter sent by Novo to EPB)
Which one is true ? Or are both true?
Either way you have a Portuguese bank still holding our deposits and refusing to complete the wire transfers.
So is the EPB appointed Portuguese lawyer able to do anything about this? Go back to the court︀ to enforce the rulings?
Hey @btc100k,
why are you attacking Peter all the time?
Don't you think it's rude and unnecessary to blame his father all the time? Peter has lost his︀ father. That's hard enough for him. And it's going to be even harder if he︁ has to defend his father from accusations all the time. And it makes absolutely no︂ difference whether the accusations are true or not!
Have you ever lost a loved one?︃ How would you feel if you were constantly harassed with accusations about your deceased loved︄ one?
If you don't like Peter, then just stay away from him.
The rest of︅ us are very happy that Peter is here to give us information about the trial.︆
So from my side, a big thank you, Peter, and also my condolences for the︇ loss of your father (even if the death happened some time ago).
why are you attacking Peter all the time?
Don't you think it's rude and unnecessary to blame his father all the time? Peter has lost his︀ father. That's hard enough for him. And it's going to be even harder if he︁ has to defend his father from accusations all the time. And it makes absolutely no︂ difference whether the accusations are true or not!
Have you ever lost a loved one?︃ How would you feel if you were constantly harassed with accusations about your deceased loved︄ one?
If you don't like Peter, then just stay away from him.
The rest of︅ us are very happy that Peter is here to give us information about the trial.︆
So from my side, a big thank you, Peter, and also my condolences for the︇ loss of your father (even if the death happened some time ago).
If they don't start giving back the money that is rightfully ours , those of us in Europe could go to the Novo banco head office in Lisbon and start picketing with placards.
Another thing, perhaps Peter Schiff could call senior management at Novo Banco directly to sort out the problem.
Another thing, perhaps Peter Schiff could call senior management at Novo Banco directly to sort out the problem.
If we are going to consider picketing the Bank as an option I think we do need to see some verification of the court order as @JoeOhNo has called for. Otherwise we are going to look foolish if there is no legal proof of an order to release the funds.
The Novo Banco head office is below:
The Novo Banco head office is below:
| Av. da Liberdade, 195, 1250-142, Lisboa | |
| Phone | (351) 21 350 10 00 |
| Fax | (351) 21 855 74 91 |
| Official site | www.novobanco.pt |
It's clear that Novo bank has liquidity problems, they would've returned the funds back in February 23th but they didn't, they have tried to get EPB convicted of money laundering so they could keep the deposits, it didn't work, so now they have a problem, they don't have the deposits liquid, if they bought a bunch of bonds with the deposits, those bonds have lost a lot of money, at some point Novo will have to say something.
"Trust but︂ verify" Dictator Stalin didn't say that sentence, it was Ronald Reagan who said it when︃ he met Gorbachev.
Martin Everson, this︄ thread is about EuroPacific Bank, its customers, and Novo bank, could you please do something︅ about this hatefull TROLL, if he wants to spend his life criticizing Peter Schiff and︆ his father he can create his own thread, not only he is full of hate︇ but he is also not a customer of EPB, thanks.
"Trust but︂ verify" Dictator Stalin didn't say that sentence, it was Ronald Reagan who said it when︃ he met Gorbachev.
Martin Everson, this︄ thread is about EuroPacific Bank, its customers, and Novo bank, could you please do something︅ about this hatefull TROLL, if he wants to spend his life criticizing Peter Schiff and︆ his father he can create his own thread, not only he is full of hate︇ but he is also not a customer of EPB, thanks.
I don't think it's︄ clear that it is a liquidity problem at Novo banco.
Novo banco has vast deposits︅ of €28bn. EPB is not even 1% of that amount. There will be regular bank︆ payments by Novo Banco on a daily basis to it's customers, payments of transactions etc.︇ vastly in excess of the EPB wire transfer deposits.
So I very much doubt it︈ is a liquidity issue. Wire transfers held at the bank should be treated like any︉ other deposit at the bank I would have thought.
Novo banco has vast deposits︅ of €28bn. EPB is not even 1% of that amount. There will be regular bank︆ payments by Novo Banco on a daily basis to it's customers, payments of transactions etc.︇ vastly in excess of the EPB wire transfer deposits.
So I very much doubt it︈ is a liquidity issue. Wire transfers held at the bank should be treated like any︉ other deposit at the bank I would have thought.
The question here is, if Novo purchased Treasury bonds with the deposits and those bonds have lost some of their value then what happens?
This is what recently happened to SVB, but luckily for those customers the FDIC stepped in and no one lost money, is Novo bank insured, it's a big bank, but guaranteed they don't keep deposits liquid, they invest them to make money, it's obvious by now.
This is what recently happened to SVB, but luckily for those customers the FDIC stepped in and no one lost money, is Novo bank insured, it's a big bank, but guaranteed they don't keep deposits liquid, they invest them to make money, it's obvious by now.
Im sorry Radko but at this point You are just heavly speculating. We got absolutely no confirmed info about any of this and at this stage such speculations just spread︀ panic. Im sorry for You that You happened to be in this situation that You︁ are cut off from Your 2,5mln $ and You have to sell the house but︂ please dont spread the panic. It will serve no good.
LETS KEEP CALM AND THINK︃ RATIONALLY
LETS KEEP CALM AND THINK︃ RATIONALLY
If a little old lady deposits €10,000 in a bank then next week come back for her €10,000 the bank can't say, "oh with YOUR PARTICULAR deposit we gambled it︀ on the horses and lost. Sorry you can't have your Money back."
So yes, Novo︁ banco may have used our deposits in some way but they still have a liability︂ for the full amount of the EPB deposit.
If banking worked according to the old︃ lady example noone would ever dare use a bank.
So I don't think this has︄ to do with bank liquidity at Novo Banco.
Either the story isn't true that the︅ freeze has been lifted or they are defying the court and holding on to the︆ money because they can get away with it and squeeze a bit more interest out︇ of the money.
So yes, Novo︁ banco may have used our deposits in some way but they still have a liability︂ for the full amount of the EPB deposit.
If banking worked according to the old︃ lady example noone would ever dare use a bank.
So I don't think this has︄ to do with bank liquidity at Novo Banco.
Either the story isn't true that the︅ freeze has been lifted or they are defying the court and holding on to the︆ money because they can get away with it and squeeze a bit more interest out︇ of the money.
Yes, I really hope I'm wrong, it's just that this is exactly what has recently happened to all those regional banks, including SVB.
I hope this delay is just a︀ bureaucratic problem that will be solved in the next few days, I really want to︁ be able to get back to my normal life and move on, just like everyone︂ else, thanks for the sympathy.
Maybe Peter knows what exactly is a custodian bank allowed︃ to do with the deposits of a foreign bank, there must be limitations to what︄ they can do with that money.
Just for the record, in the EU banks are only required to keep 1% of the︎ deposits in cash, everything else can be use for lending, however in the case of️ EPB they wouldn't be allowed to lend that money, but they would be allowed to generate interest on that money, but I don't want to speculate about this, let's see what happens, and why is Novo not transfering the funds.
I hope this delay is just a︀ bureaucratic problem that will be solved in the next few days, I really want to︁ be able to get back to my normal life and move on, just like everyone︂ else, thanks for the sympathy.
Maybe Peter knows what exactly is a custodian bank allowed︃ to do with the deposits of a foreign bank, there must be limitations to what︄ they can do with that money.
Just for the record, in the EU banks are only required to keep 1% of the︎ deposits in cash, everything else can be use for lending, however in the case of️ EPB they wouldn't be allowed to lend that money, but they would be allowed to generate interest on that money, but I don't want to speculate about this, let's see what happens, and why is Novo not transfering the funds.
Just a sidenote - DBRS Morningstar Upgrades Novo Banco’s LT Issuer Rating to BB (low), Stable Trend - 2023-03-29T16:45:00.000Z | DBRS Morningstar
So just a few weeks ago the rating has been raised. Its still not very high but I assume these kind of rating increase doesnt come from nothing. Novo Banco 2022 net profit was 560mln eur. How much where all EPB deposits? Cant find it now but 60mln eur is a number that is in my mind if I remember corectly. So, even if they just took the money and threw it out of the window they would still be easly capable of︀ covering it.
Mr. Schiff, this is really the best possible moment to step in and︁ clear the air. Thank You in advance
So just a few weeks ago the rating has been raised. Its still not very high but I assume these kind of rating increase doesnt come from nothing. Novo Banco 2022 net profit was 560mln eur. How much where all EPB deposits? Cant find it now but 60mln eur is a number that is in my mind if I remember corectly. So, even if they just took the money and threw it out of the window they would still be easly capable of︀ covering it.
Mr. Schiff, this is really the best possible moment to step in and︁ clear the air. Thank You in advance
I think the more︀ you speculate about a particular bank like you are doing the more likely you are︁ to create a liquidity crisis for a bank.
All banks have a timing mismatch between︂ deposits which can mostly be withdrawn instantly and their loans that are of a longer︃ duration.
If every customer of every bank in the world wanted their money today then︄ every bank wouldn't be able to deliver.
But to reiterate, the EPB deposit at Novo︅ Banco is tiny in relation to the likely demands put on Novo on a daily︆ basis for withdrawals/transactions, etc.
So I think it's unlikely the funds are being held for︇ liquidity problem reasons.
Reading more about Novo Banco and their past antics with Portugal's resolution︈ fund after the banking crisis.
Novo Banco's intentions are to try to keep our money.︉ So it seems the EPB lawyer has to do some more work.
All banks have a timing mismatch between︂ deposits which can mostly be withdrawn instantly and their loans that are of a longer︃ duration.
If every customer of every bank in the world wanted their money today then︄ every bank wouldn't be able to deliver.
But to reiterate, the EPB deposit at Novo︅ Banco is tiny in relation to the likely demands put on Novo on a daily︆ basis for withdrawals/transactions, etc.
So I think it's unlikely the funds are being held for︇ liquidity problem reasons.
Reading more about Novo Banco and their past antics with Portugal's resolution︈ fund after the banking crisis.
Novo Banco's intentions are to try to keep our money.︉ So it seems the EPB lawyer has to do some more work.
That'd be great to have official and maybe public update about the decision of the court. So far we just have someone named P Schiff who update us, don't know if the real one or not. On the other hand, EPB, Qenta and Novo bank keep silent...
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