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Tuesday Morning Guru Opinions @ 9:55 AM CST - 2/11/2020


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2-11-2020   Intel Guru Frank26   Question [Once this happens  - Please explain the strategy of putting money into the Iraqi satellite banks here in the United States versus a U.S. non-satellite bank.]  ...I think it depends on how many dinars you have.  I think that's the best answer I can give you on this question...If I go to an American bank and I say here's a million dinars and we converted into a million American dollars and it stays in that bank I pay the taxes on that capital gain right there.  And then I go to one of the [CBI] satellite banks like one up in Dearborn Michigan maybe and there I could say to the satellite Dearborn bank let me convert half a million into American dollars.  I'll leave it here or transfer it to my American bank...do you want to pay taxes now?  Then just go to an American bank.  If you don't want to pay tax on everything and let's say you want to cash in half a million of your dinar and convert them into American dollars.  You pay taxes on it now and the other half a million I want to leave them in dinars.  So you leave it in the satellite bank because they'll stay that way...this is all in my opinion.  You have to make your own decisions...[Speak with your financial adviser and tax professional at the appropriate time.]

 

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7 hours ago, adhoc10 said:

This has me curious, Is there a source for Iraqi (cbi)satellite banks in the US???

 

As far as I know there aren't any at this time. Back in 2012 there was some talk that the CBI was working with Citibank to open satellite branches in the US, but it never came to fruition. That's all I can remember. Blessings...:tiphat:RON

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