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Kaperoni - Possible Warka Bank Liquidation !


DinarThug
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CNN. Broadcasting From The End Of A Long Line Of Camels At The Warka Bank Drive Thru !

TLAR: Iraq to my knowledge does not have any insurance for any depositor like FDIC insurance.

I know at one time they talked about this but I have not seen anything done in the years I've been reading. If this is the case and there is no governmental insurance as of yet, anyone with deposits in Warka is at a greater risk than just owning the currency. TLAR & OTHER’S COMMENTS BELOW

BAGHDAD / obelisk: Central Bank has given the Warka Bank for ten days to comply with its decisions Judge deposit of $ 200 billion Iraqi dinars and not to damage the interests of its clients.

A statement issued by the bank and got the obelisk, a copy of "I faced the Warka Bank for Investment and Finance several problems and committed his administration a lot of mistakes, which summoned the Iraqi Central Bank to impose trusteeship upon start act Capricorn liquidate him has offered major shareholders in the bank several proposals for his rehabilitation."

"The keep the bank on this case is contrary to trends central bank in building a Iraqi bank Rezin and strengthen confidence" past to say "it Council decided to extend a warning to the Warka Bank until 12/31/2012 to pay what was agreed upon deposit of $ 200 billion dinars, Otherwise take the Central Bank of the necessary measures to eliminate him. "

FULL ARTICLE & MORE LINKS BELOW

KAPERONI: FYI, if any of you have money in Warka, might be time to get it out.

...

CARRELLO: Thanks Kaperoni. This is not good news for anyone with money in Warka, and it certainly is not a LOL event.

BYE THE SEA: How many people did Breitling steer in the Warka direction. Over and over on his show he told Dinarians to open an account and to get ready for the ISX opening. The Warka account would make transfers to and from the ISX much faster. Probably hundreds of folks sent their money. I still have all of his instructions, as I almost fell for it. Geez. What a mess.

RUSS: Hi guys, it's obvious to me none of you are in Warka so I guess your opinion is from that perspective. Warka and the ISX is another level in this investment and therefore carries a higher level of risk, however, the possibility of far greater return.

Nobody should invest in any level of the IQD money they are not prepared to loose.

Your comments just cause people to go up and down in their emotions and are not helpful to them. I expect to gain in some aspects of my Iraq investments and may loose on others.

If we base our Investment on 1 article you would have all dumped your cash many times, eg when M took over the CBI.

Warka may fail and it may not. if it does it has still provided me with a gateway that will cover my investment many times over.

Warka is no more or less of a risk now than two years ago. To my fellow Warka investors, relax. The last thing I'm doing is pulling out. Still sleep with my fingers crossed though in all aspects regarding the IQD. My post is not to convince people that Warka is fine, but to bring a different perspective to those posted so far. Just my opinion and I could be wrong as my wife often reminds me.

MR. G: Russ, thanks for stepping out on this. I have a big stake in Warka and involved with ISX trading with them. I trust what Breitling says and knows and if your involved like we are with Warka you know the risks but also know their are two sides to every story. I don't think Warka is going down at all and Breitling would let us know if he had concerns. I emailed him with the link to this article.

TLAR: Iraq to my knowledge does not have any insurance for any depositor like FDIC insurance.

I know at one time they talked about this but I have not seen anything done in the years I've been reading. If this is the case and there is no governmental insurance as of yet, anyone with deposits in Warka is at a greater risk than just owning the currency.

If Warka cannot meet this Dec 31st deadline it looks to me like they will be liquidated. Also depositors will most likely only get a portion of their money back if that after this liquidation, only if there is any monies left to be divided.

In the US when a company is liquidated as was done with Stanford Financial out of Houston, depositors and bank instrument owners were left holding the bag after the US trustees got done with closing the bank.

This was a well funded 55 billion dollar institution and there still was almost no money left over to pay depositors after the government trustees, lawyers and accountants took "their" share.

If it had not been for FDIC insurance the depositors would have all taken it up the arse. In Warka's case, I believe the depositors are at total risk of losing everything if this insurance does not exist.

Were I a depositor in Warka I would attempt to quickly pull my funds out until the worst is over. If the equivalent of FDIC insurance or something like it is not in place, and the government liquidates all the assets, I can assure you what money is there will disappear as the "expense to liquidate" faster than you can say speeding bullet.

Sorry Russ. I know we are all at some risk as investors in the currency, but depositors in Warka at present are in a much greater risk at present than just owning the currency.

I'm not sure if it is too late to pull your investment in Warka and just sit on the sidelines for the time being to minimize your risk, but in MHO that's exactly what I would attempt to do.

Why not sit on the sidelines when you might still have a chance of salvaging your investment? If you owned a stock that you knew could either be the same value tomorrow or quite possibly collapse tomorrow based on a coming event, what should you do? The prudent answer would be to safe harbor your investment dollar until after the event.

RUSS: Thanks mr g. Will be interesting to hear Breitlings comments. Again they will only be his opinion and none of us will really know how our Warka project pans out for another 3 years or so.

tlar, I agree totally with your post. I said in mine that Warka carries a much higher level of risk. In fact I guarantee I can find many convincing reasons why to stay away. If I had wanted my money SAFE, The last thing I would have done is wire it to Warka.

By the same token my communication with them has been excellent in every aspect. Warka is one of the biggest private banks and has the eyes of the international investment public on it like no other. The CBI getting involved I saw as a good thing, and for Iraq wanting to convince the world that they are a safe please to invest, and then allow Warka to collapse, would not be in their interests.

thar, your knowledge and those of Kap and others on this site is fantastic. I appreciate what you share. I could never understand these things to the degree you do. So please keep it up.

I'm a simple investor. However, knowledge is of no use if your not in the game. I simply chose to put my money on the table, and if you like, that's where I lost it. (As an aside thought, I'm already ahead) Imagine if I pull my money off the table and they RV tomorrow.

Im sorry if Im a little off track with my comments, but Im over seeing people go up and down based upon over analyzed, poor news articles. We need to regularly step back and see the big picture.

The reason I stepped in to this post was the advice to "get out now " based upon this article. I choose to keep my chips on the table. Based on the big picture, Im still in with a 50/50 chance.

KAPERONI: Look at the issue for what it is...And I must say Tlar layed it out the Warka issue as clear as anyone could. You either take your money now while you still can, or risk a substantial discount if Warka is liquidated. You are fairly warned. Recently the ISX has created a new "custodial banking relationship" and IMO, if you desire to continue to trade, find out who that is and transfer your funds ASAP. Use your own instincts on this matter.

KAPERONI: Russ, it's not important what I think. I am clearly just stating that this is a real problem. And as someone such as yourself who uses Warka as a tool to invest in the ISX, it seems like a no brainer to transfer the funds to the new ISX custodial banking partner if you want to continue trading. Now I dont know who that is, but I am sure it would not take much effort to get that information. It might even be on the ISX website.

http://www.isx-iq.net/isxportal/portal/homePage.html?currLanguage=en

FULL ARTICLE & LINK FROM ABOVE WITH MORE LINKS TO OTHER ARTICLES FOR FURTHER READING

BAGHDAD / obelisk: Central Bank has given the Warka Bank for ten days to comply with its decisions Judge deposit of $ 200 billion Iraqi dinars and not to damage the interests of its clients.

A statement issued by the bank and got the obelisk, a copy of "I faced the Warka Bank for Investment and Finance several problems and committed his administration a lot of mistakes, which summoned the Iraqi Central Bank to impose trusteeship upon start act Capricorn liquidate him has offered major shareholders in the bank several proposals for his rehabilitation."

The statement noted that "the Board of Directors of the Central Bank studied two options to address the situation Bank Warka first heading toward (liquidation) and the second emphasizes the (rehab) under very careful on the interests of depositors and their rights and noted that the liquidation of the bank threaten their rights."

"The keep the bank on this case is contrary to trends central bank in building a Iraqi bank Rezin and strengthen confidence" past to say "it Council decided to extend a warning to the Warka Bank until 12/31/2012 to pay what was agreed upon deposit of $ 200 billion dinars, Otherwise take the Central Bank of the necessary measures to eliminate him. "

The Central Bank of Iraq announced, (5 March 2012) on the status of the Warka Bank under trusteeship after the failure of talks with British bank Standard Chartered, which began in April 2011 to buy a stake in it after suffering a financial crisis summoned and placed under guardianship.

Warka Bank for Investment and Finance, which was established in 1999, 130 branches and 350 ATMs in all parts of Iraq.

It is noteworthy that Iraq has seven banks owned by the state and 23 private banks and eight Islamic banks in particular, according to the site's central bank, while dominated by the banking sector banks Rafidain and Rasheed Aovernmaan, and subject currently restructuring in order to pay off the debts accumulated after years of war and sanctions. LINK

#2 Central Bank gives a Warka Bank between liquidation and payment of 200 billion dinars

19-12-2012 Alsumaria news/Baghdad LINK

#3 CBI announces its guardianship "Warka" and waving his elimination

Wednesday, January 19 1 / December 2012 21:31

Twilight News / board of the Central Bank of Iraq, Wednesday, the liquidation of the Warka Bank did not pay the amount of 200 billion dinars before the end of the year. Warka Bank 130 branches across Iraq. LINK

#4 Central Bank Warka Bank choice between liquidation and payment of 200 billion dinars

Published in: 1:27 pm, December 20, 2012 LINK

BAGHDAD (Iba) .. The face of the Iraqi Central Bank warning liquidation of Warka Bank for Investment and Finance did not pay $ 200 billion Iraqi dinars before the end of this month.

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Warka, are you serious? Why would an investor dump money into a Warka account?

Believe it or not, some investors like Russ above chose to use Warka as a vehicle to invest in the ISX..... that is a way to diversify....it may or may not spread risk depending on how you view the article this post refers to. Why belittle what others do with information around at that point of time they weighed up the options and made an investment decision. Naturally things change, with hind sight we could all be smart investors ;)

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Clearly, I disagree with the Warka investment vehicle.

We are entitled to our opinions. People need to study their options and invest their money safely.

Peace Fly.

I take it you also disagree with anyone invested in the ISX through other means? What other means have you invested in the dinar besides physicaly currency? Rewind to a few years ago when investors were first allowed to invest in Warka, and assume you only had the information available at that time. What made it seem like bad idea?

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A Warka account would most certainly help diversify our investment (Back in the day) when we thought there was a possibility of an "In country RV only".... meaning you HAD a very short time period to cash in and HAD to go to Iraq to cash in. If you had a Warka account... it was in Dinars (And a small portion of USD which they required)then you could in theory cash out without having to fly over there. Just another way to protect our investment. As already mentioned...... also a way to invest in the Iraq Stock Exchange (ISX) ... further diversifying our investment

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I bought stock through Warka. Below is an email I received for ISX on December 11th 2012

Kindly note that Our ISX department is currently transferring stocks one company at a time and moving to the next as the transfer is completed into the names of the shareholders holding shares in that company.

To participate in the Iraqi Stock Exchange according to the firm regulations and requirement set by the ISX to transfer and purchase stocks under your name you must first have the following documents certified by the Iraqi Embassy or Iraqi Consulate in your country.

1- Valid Clear Colored Passport Copy and Valid Clear Colored ID Copy

2- Address and contact details.

3- Your three signatures for verification.

The documents must bear the Iraqi Embassy seal and are to be sent to our mailing address where it will be submitted to the ISX for verification and approval. Once approved the ISX (Iraqi Stock Exchange) will register your name and information in their electronic system issuing your investment trading number within a period of 2- 3 weeks where once issued our ISX department isx@warka-bank-iq.com will confirm to proceed accordingly with purchasing stocks in your good.

Our mailing address:

Warka Bank for Investment and Finance - Main Branch – Baghdad Iraq

International Foreign Relations Department

Watheq Square – Salman Faiq St. – Hay Alwihda – Sec. 902 – 14th St.

For any further information please feel free to contact on our mailing address isx@warka-bank-iq.com to be of best assistance.

Best regards,

ISX Department

Warka Bank for Investment and Finance

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The statement "its not over until the fat lady sings" should be applied here.

Warka is still the better investment if there is an in Country RV. The bank just needs to stay afloat.

I very much doubt anything negative will happen to Warka by the end of the month. When was the last time Iraqi officials did something on time with something like this. They created a world record for taking so long to form a govt!

If it does happen to RV before then then it should help Warka.

Edited by Goodlife
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I could be mistaken but I swear I read that all banks in Iraq or at least Warka, has their funds guaranteed by the CBI......

But either way, I never thought it was safe to send my money across seas at a bank in such a corrupt and unstable country.....

i`m with you keep-em,, if you can`t at least drive too the bank in a day or so, it isn`t a useful tool, { just my logic in trying to keep my money close at hand .} hope warka works out for folks but like every other investment bunch they are looking out for their money not so much yours ,, again just me thinking

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I could be mistaken but I swear I read that all banks in Iraq or at least Warka, has their funds guaranteed by the CBI......

But either way, I never thought it was safe to send my money across seas at a bank in such a corrupt and unstable country.....

That would be nice, but I think its up to the first 5k then other preferential creditors take their share.

Its just another story in this saga. Its a bit like a soap opera.

I believe its going to have a happy ending. A bit of faith and some testicular fortitude is required. B)

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Email I received from the ISX

Please note that Al Warka Bank is not closing , with regards to the CBI press statement please note that our CEO and Chairman of the Board of Directors has submitted to the CBI a proposition a get well business plan exceeding the capital requirement set by the CBI covering over IQD 300 billion over a period of 6 months the standard period in accordance with the set business precedes protocols and guidelines where the board of directors hopes that this proposition is taken into consideration and approved for the good benefit of all the fine parties concerned where a notice will be posted on our website regarding the result of this proposal.

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Has anyone been able to successfully cash in on your investment or withdraw substantial amounts of money from your Warka account?

Warka is still under guardianship so no money coming out until issues resolved.

Investment isnt ready to be cashed in irrespective of Warkas situation.

It makes no difference to me if Warka ebbs and flows as long as the investment is secure. I wouldn't pull it out if they said yes. Defeats the purpose of putting it there in the first place.

Lot of you Warka na-sayers dont understand why warka is a good vehicle ( providing it doesnt fold, which I doubt it will) for holding Dinar. It is far superior to holding cash when calculating returns and the important ability to convert to USD in an instant to take a RV and possibly swap back if there is significant see saw movement. Great flexibility. No big losses incurred with spreads when doing this as the currency doesn't have to be sold . Just converted internally via Internet banking at our leisure in our time.

If Iraq rvs in country only, then warka is trumps. Remember the last time they changed their notes it was in country only.

I get interest which compounds. - If the bank folds then interest is meaningless but it hasn't folded and the plan is still valid.

There is a yawning gap between what a managed warka account can do compared to holding cash. Having both Warka account and cash hedges. I dont have cash because I have no where to cash in and cant transport easily through international customs.

No one is going to talk me out of the plan. The plan is solid.

I am hoping that Warka can also be financially stable and solid. But there is no other Iraqi bank to work with so Warka is it, warts and all. Thats the way it is.

So let it play.

Edited by Goodlife
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Brielting pushed Warka accounts all of 2011 & 2012... ask him how to get your money liquidated...

If your gonna call out Brietling why not Adam Montana, if you've read his Intel book he also talked about diversifying by opening a Warka account. I have money in Warka and I'm not going to hit the panic button just yet nor will I blame some one else if I loose it all.

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Warka is still under guardianship so no money coming out until issues resolved.

Investment isnt ready to be cashed in irrespective of Warkas situation.

It makes no difference to me if Warka ebbs and flows as long as the investment is secure. I wouldn't pull it out if they said yes. Defeats the purpose of putting it there in the first place.

Lot of you Warka na-sayers dont understand why warka is a good vehicle ( providing it doesnt fold, which I doubt it will) for holding Dinar. It is far superior to holding cash when calculating returns and the important ability to convert to USD in an instant to take a RV and possibly swap back if there is significant see saw movement. Great flexibility. No big losses incurred with spreads when doing this as the currency doesn't have to be sold . Just converted internally via Internet banking at our leisure in our time.

If Iraq rvs in country only, then warka is trumps. Remember the last time they changed their notes it was in country only.

I get interest which compounds. - If the bank folds then interest is meaningless but it hasn't folded and the plan is still valid.

There is a yawning gap between what a managed warka account can do compared to holding cash. Having both Warka account and cash hedges. I dont have cash because I have no where to cash in and cant transport easily through international customs.

No one is going to talk me out of the plan. The plan is solid.

I am hoping that Warka can also be financially stable and solid. But there is no other Iraqi bank to work with so Warka is it, warts and all. Thats the way it is.

So let it play.

+++

You have commented on this very well......Thank you for your thoughts........

I look at this as a 3 pronged investment......

1. Have physical IQD in my possesion.......

2. Have funds in Warka...which as you stated is the only hedge against an in country only RV..........

3. and own stocks listed on the ISX........

and....... only have funds that you are willing to lose in these investments......that way you won't be hurt......

Merry Christmas everyone.....

Warka, are you serious? Why would an investor dump money into a Warka account?

Merry Christmas to you Ski....... Warka is a hedge against an "In Country only RV"...........At the time I got involved with them they were not having any difficulties.......

My belief is that because they are the only Bank that has this type of arrangement .......allowing foreign investors to participate......

they will not want to screw us by closing the bank..........

as this would not send a very good message to the many investors that they hope will invest in Iraq in the near future....

So, we will see........take care...

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Thanks for the post Thug!wink.gif

As far as investing in Warka... that is definitely an "at your own risk" venture... even according to Adam if I'm not mistaken.

So what's wrong with voicing your opinion one way or the other folks??? emot-shakehead.gif... go ahead... say what your gonna say... but don't neg someone for sayin what they say, just cause it's different from what your sayin..blink.gif.. I'm just sayin!!! peace.gif

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I believe TLAR to be an idiot and a calamity howler. Warka nor the CBI can ill afford to screw a handful of depositors. According to the CBI it is said that Warka has fewer than 10,000 foreign depositors. So in the big picture Warka depositors are small potatoes in deposits when compared to the loud voice they can spread over the internet and destroy any credibility that the CBI and the GOI have built up. If anything Warka depositors are more in the drivers seat position than any US depositors with FDIC insurance. Don't listen to these trailer trash gurus and their negativity. There is so much not revealed in these articles about Warka and the struggle with the CBI over private banking control......IMO

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I believe TLAR to be an idiot and a calamity howler. Warka nor the CBI can ill afford to screw a handful of depositors. According to the CBI it is said that Warka has fewer than 10,000 foreign depositors. So in the big picture Warka depositors are small potatoes in deposits when compared to the loud voice they can spread over the internet and destroy any credibility that the CBI and the GOI have built up. If anything Warka depositors are more in the drivers seat position than any US depositors with FDIC insurance. Don't listen to these trailer trash gurus and their negativity. There is so much not revealed in these articles about Warka and the struggle with the CBI over private banking control......IMO

Nope you have that backwards.

If the CBI and the GOI did NOT take action against a bank that had $200,000,000 of missing deposits then the CBI would lose credibility.

The fact that they are taking a hard stance shows the world that the CBI and GOI will not allow banking fraud and corruption.

Also you may want to ask yourself what the US government did to help the investors who lost billions of dollars in the Berrnie Maddoff scandal?

Answer: Not a darn thing.

We have seen billions and billions of dollars lost in the Enron, AIG, Maddoff and most recent MF Global scams and what did the US government do for all of the poor people who lost all of their retirement money? They told them "better luck next time" and that was it.

So keeping THAT in mind who do you think would care more for your investments? The US Government (fail) or the GOI?

Just sayin.

Edited by coolbeans
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