stetson145

So sorry It took this long to get this post out...I promised to let those of you who may be interested, know what information I received at my WF appointment on Tuesday. I have been waiting for a return call from the Branch Manager I originally spoke with on Saturday, so I could verify some info I shared with you in my first post. That call came this morning and I will share that information shortly. First, my appointment with the Private Banker put a little different spin on WF and the Iraqi dinar for me. After he told me what WF could offer me in the way of services after the RV, we discussed the dinar investment. He said that at WF it has been policy to always caution customers against purchasing Iraqi Dinar as an investment. Then over the last couple of months he has received 3 or 4 memos stating that they are to begin keeping track of all their customers who have Dinar. At least at his level of Private banking. It wasn't all I had hoped for, but I thought, it was better than the negative comments we'd been hearing for so many months!! I came home a bit disenchanted, and left a message for the Branch Mgr. to call me. That call came this morning. I wanted to be certain I had not misunderstood what was said on Saturday in our conversation. I promised you an honest report, be it positive, negative or somewhere in between. He remembered our talk very well and agreed with everything we had discussed re: the dinar. He did clarify one point. When he told me, as I reported, (It's going to happen "sooner rather than later"), it was because he is personally looking into the Dinar. This is "not" an official position of WF bank!!! He's doing his own research and has become a big believer, as are a few other people in the bank such as the other gentleman he introduced me to. (Because of the enthusiasm I have to wonder if some of them might have dinar??) I also received a call back from a Private Banker at (J.P.Morgan Chase). The story was much the same. I was impressed with this lady as she was very professional...it was a joy talking with her. Once again, there was no put down of the Dinar investment. Though the bank is not "yet" (was emphasized), taking a position, she has several already established clients who have dinar, and she has personally looked into it. So folks, at the very least we are seeing a bit of a twist in this story...We seem to be making believers out of some of our bankers!!! With all our persistence in asking questions at our banks, I wonder how many bank employees around the country now have dinar???

In March ISX-listed Qimma Financial Investment (VQUF) announced that Warka Bank’s majority shareholder, Saad Al Bunnia, had appointed it to “begin a formal auction process following a due diligence report carried out by Price Waterhouse Coopers.” The announcement, which was posted on Qimma’s website, went on to say that Mr. Bunnia was “interested in entertaining offers” from banking groups “such as Russia’s Alfa Bank or UK-based Standard Chartered.” (Hat tip to “Kickabuck” for sending me this link.) It’s hard to know what to make of this. For starters, while the one-paragraph announcement is worded like something copied from a news agency, it does not appear to have appeared anywhere else. Oddly, it also does not even explicitly say what Mr. Bunnia is selling, though presumably this would be a majority stake in the bank. And if an auction were being organized, you’d think that Warka itself would have made some official statement to this effect. The mention of Alfa Bank as a possible buyer gives the story a ring of truth however. It seems a funny thing for someone to make up—why not just claim that Citibank might bid? And it’s also easy to believe that the Russian lender would be interested in an Iraqi acquisition. With cash and book equity both over USD 3 bn at the end of 2010, it shouldn’t be hard for it to take up the unsubscribed shares from Warka’s failed rights issue. (There’s more on the rights issue here and here.) Its owners should also have little trouble seeing opportunity in a country that, like Russia in the 1990s, has huge unexploited oil reserves and is in the midst of becoming reintegrated into the global economy. Another point in favor of the story: Alfa Bank is not without Iraqi connections. It has a close relationship with Russian natural gas giant Gazprom, which leads the consortium that won the Badra oil field concession in 2009. In 2002, the two companies entered into a strategic cooperation agreement including, among other things, “the implementation of joint projects,” “provision of short-term financing to Gazprom,” and “the participation of Alfa Bank in project financing schemes for Gazprom.” For over a year, rumor had it that Standard Chartered would be taking over Warka. After such a long time, however, you have to wonder if perhaps the British bank isn’t really that interested after all. Could a Russian bank turn out to be a better match? Posted in Investment, Mark DeWeaver on Investments and Finance

Ahhh...my third post, I should be earning lots of credibility by now! First of all, I did call WF bank this morning and spokewith their Regional Private Banker. We have an appointment tomorrow at 1:00 p.m. He is aware that one of my investments is the Iraqi Dinar. I will let you know the results tomorrow. I also called and spoke with the Branch Manager of Chase Bank.This is a very small branch and they don't have a Private banker in house. However, she said she would like to make some calls and find someone for me if that was ok. This was after she wanted to set up a checking/savings account for me, that I declined. Then I was offered an "Investment banker" who would be happy to help me set up an annuity, and/or CD's, or possibly a Retirement Financial Planner could help me. At this point I told her it appeared that we may not be able to do business, because what I've heard so far would be inappropriate for the magnitude of the investment I have coming in. I really need a Private Banker! Now it was time for the "burning question" she wanted to know all along...How much money are we talking about??? This of course was when she made her offer to find someone for me. I didn't know if I would hear back from her or not. About three hours later she called to let me know she had spoken with someone at a Regional office and they will call me back within 24-48 hours to arrange an appointment with a Private Banker. She also mentioned they will accommodate me at any branch that is convenient for me. So we'll see. This is just the first step with Chase and I'm perfectly aware that I could fall flat on my face on this one. If they call and we set up an appointment I'll keep you posted! EASYRIDER...I love your story about Chase Bank. You're a great writer...with a wonderful sense of humor. I laughed all the way through the part about the foreign currency book! Even though what we are usually hearing from the banks isn't very funny...This took the prize!!! We all need to laugh a little more these days, "it feels good" and for this I thank you!! I hope you happen to see this.

Great story easyrider...Thanks for the input! I wrote of my own experience at WF on Saturday...some folks were believers and some weren't, but it was my first post, so I don't have the credibility that you do! Nonetheless, I do have an appointment tomorrow at 1:00 p.m. with their Regional Private Banker! I'll do a very short post in a few minutes on this since some were asking. I also spoke with chase today. Again, thanks for your info.

Wow...Thanks to 30 people so far for your opinions to my bank story. Now, this is my second post...Am I off newbie status yet? I suspect not! I do appreciate the kind remarks that most of you made on my behalf whether you believed the info or not. After getting the negative input all this time from my bankers...when I finally heard the great news today I couldn't wait to get home and share it. For those that felt I might be just another pumper, I assure you "I have a life" way beyond the Dinar and RV and don't have time for such nonsense. For those of you who were encouraged even a little...I'm glad I took the time to do the post! I will bring one more thought to your attention. Of the two gentlemen I met today, one held "the" highest position in the branch and the other, although new, is being trained to fill a very responsible position. His background is in Securities and Investments, etc. My point being...if you were to look at my checking/savings accounts at WF you would have a very hard time getting excited enough to ask me to see their lead private banker A.S.A.P. I currently live strictly on SS and SS widows benefits! Not very impressive! Unless they knew something significant was about to happen why would they waste their time with me?? Oh, by the way "Stetson" comes from the name of one of my dogs. The one on the right in the pic. The other one is Skylar...two of my rescues that I adopted!! My guys.....Aren't they sweet........

Oh No, not another bank story! Oh Yes, BUT, this one is first hand...and it's "mine"! Today I went to my small WF branch, from where I have been sending my wire orders to DB for almost two years now. Most of them were sent by the same gentleman so we began discussing the dinar investment some time ago. His story was always the same...I was wasting my money, it would never RV, be very careful, they were being told it was a scam, etc., etc., etc. But "today", I went in to send a wire to DB and was waited on by a gentleman I've never seen before. While he was typing my wire, I noticed his name tag said he was the Branch Manager. Since I knew the Branch Mgr. I questioned him about it. He told me he was the Mgr. of all the Mgrs. as well as everyone else in this branch, and was usually in a back office. I said well, then you're the guy that has "all" the answers around here...right? His response...I hope so! Next I said you guys must be gearing up for the Iraqi dinar exchange...he stopped typing, looked up at me and said "yes" we are almost ready ......and it's going to happen "sooner rather than later!!! You need to see our lead private banker if you haven't already done so, and gave me the private bankers card. About then, he called over another guy who was walking past, and introduced him to me. Told me he had just joined WF...and had come over from Chase Bank. I mentioned that we were just discussing the Iraqi Dinar...and said, so I suppose Chase is also getting ready for the big exchange? His answer also was "yes". After I then mentioned BOA he said, we're all preparing for this to happen very soon! We left things at, that he will introduce me to their lead private banker Mon. or Tues. I finished by letting him know that I have numerous questions I will be asking them, as well as the bankers at Chase and BOA before I decide who might handle what for me. Yaaaaaah!!!! RV