Rank: Elder Joined: 12/25/2014 Posts: 2,301 Location: kenya
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tom_boy wrote:winmak wrote:tom_boy wrote:winmak wrote:tom_boy wrote:mungaits wrote:Also put funds into CIC MMF recently, not a bad parking for money compared to bank account. So far, the interest earned in a month is more than what Equity paid me in a whole year 🤣😂 My beef with MMF is that its not as safe as I initially thought. 30% of my money still stuck in Amana. Useless m*+/"'@$rs. How do you put 20% of your fund in one entity with cashflow issues. How can I get any recourse to this. Really stinks. 20% of a fund in one entity???? Aiii... Is it an Amana issue or an entire MMF issue? And what's the reason they are giving for not giving your whole amount? Kindly inform so that those of us heading here can approach cautiously Its Amana. They put 20% of the fund in nakumatt bond. Greedy matapakas. They wanted to earn 24% interest while giving us 10% return. Now nakumatt is gone, so is the money invested, which happens to be my money. Even CIC had cash in nakumatt but a tiny percentage. They likely just absorbed the loss and moved on. Thanks, I get you now. The lessons I pick from your case then is not to MMF your cash and go to sleep. Hawk eye is needed here as well. Oh, and I get the feeling that the bigger schemes with bigger capital wouldn't invest in higher than usual risky bonds like the Nakumatt one and if they do, the loss is cushioned by the larger liquidity How do you do hawk eye with MMF. They dont disclose where the money is invested and how much. They just say something like 30% in corporate bonds. Getting further info is impossible. By the time a company goes under and you discover you are affected, its too late. For Amnana, the insiders withdrew their cash early and left the outsiders, yours trully, holding the sh*t. And that's why you need sober legislatures to pass laws that encourages transparencies on these financial organizations
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