The Dalles Bank worries
To the editor:
I have been following the latest banking situation in Cyprus and have concerns that it will happen here.
I have learned of a joint paper signed by the US-FDIC and Bank of England, dated Dec. 10, 2012, called the FDIC-BOE Agreement Resolving Globally Active, Systemically Important Financial Institutions, also known as the Open Bank Resolution.
Did you know that under this agreement, the same confiscation scheme that has occurred in Cyprus has been written into law here in these United States?
Did you know that your bank considers your funds on deposit at their institution not your money but theirs and as such are counted as unsecured and that derivatives counter parties are counted as secured?
Did you know that when this Open Bank Resolution takes effect, your funds on deposit will be replaced with an IOU or “shares” in the bank?
Additional references to this Open Bank Resolution are in the 2005 Bankruptcy Law revisions.
I am asking the following questions of officers where I do my banking:
Is your bank a part to the FDIC-Open Bank Resolution?
Does your bank engage in any financial speculation activities, either directly or indirectly?
Does your bank engage in any investment banking, either directly or indirectly?
Does your bank engage in any derivatives trading, either directly or indirectly?