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Chase Bank loss...another case of cooking the books?

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kamundu		#431 Posted : Monday, April 11, 2016 2:03:09 PM
Rank: Member Joined: 5/9/2011 Posts: 786 Location: Mashinani		http://www.mediamaxnetwo...ehind-chase-banks-fall/ Discuss (10mks) Peace in our Homeland.
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murchr		#432 Posted : Monday, April 11, 2016 2:10:13 PM
Rank: Elder Joined: 2/26/2012 Posts: 15,980		MaichBlack wrote: Rafiki have also shafted themselves!!! The minute you cap withdrawals at 10,000/= there is no way you are going to convince anyone everything is okay.They have practically/technically put themselves in receivership. The minute they lift the cap, everyone transfers all their money to another bank or under a matress. No one will want to bank in a place where their withdrawals are capped at some random figure no matter how much you have in the account!!! And the longer the cap stays the worse the situation becomes. Rafiki's goose is also cooked. And they dry fried it themselves! There is no way the run will be stopped! Capping is the best way of controlling runs...infact, they should cap it to 10K and give the customer the money in 100/- notes.... "There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore .
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Impunity		#433 Posted : Monday, April 11, 2016 2:24:23 PM
Rank: Elder Joined: 3/2/2009 Posts: 26,331 Location: Masada		murchr wrote: MaichBlack wrote: Rafiki have also shafted themselves!!! The minute you cap withdrawals at 10,000/= there is no way you are going to convince anyone everything is okay.They have practically/technically put themselves in receivership. The minute they lift the cap, everyone transfers all their money to another bank or under a matress. No one will want to bank in a place where their withdrawals are capped at some random figure no matter how much you have in the account!!! And the longer the cap stays the worse the situation becomes. Rafiki's goose is also cooked. And they dry fried it themselves! There is no way the run will be stopped! Capping is the best way of controlling runs...infact, they should cap it to 10K and give the customer the money in 100/- notes.... Member once "capped" my withdrawal and they gave me 30K in mixes of kes.200 and kes.100 crisp notes...sema kuonekana millionaire! First the ATM machine took like forever doing "krrrrr' counting my worth. Then non of the nearby Mpesa outlets will accept my loose change(s). I threw the cash in the car boot and drove home, intended mission cancelled. Its not a wise thing to happen to you at the ATM especially if you had planned to go pick a machungwa. Portfolio: Sold You know you've made it when you get a parking space for your yatcht.
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Lolest!		#434 Posted : Monday, April 11, 2016 2:44:13 PM
Rank: Elder Joined: 3/18/2011 Posts: 12,069 Location: Kianjokoma		kamundu wrote: http://www.mediamaxnetwork.co.ke/people-daily/212530/islamic-banking-could-be-behind-chase-banks-fall/ Discuss (10mks)
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whiteowl		#435 Posted : Monday, April 11, 2016 3:08:17 PM
Rank: Veteran Joined: 4/16/2014 Posts: 1,420 Location: Bohemian Grove		Impunity wrote: murchr wrote: MaichBlack wrote: Rafiki have also shafted themselves!!! The minute you cap withdrawals at 10,000/= there is no way you are going to convince anyone everything is okay.They have practically/technically put themselves in receivership. The minute they lift the cap, everyone transfers all their money to another bank or under a matress. No one will want to bank in a place where their withdrawals are capped at some random figure no matter how much you have in the account!!! And the longer the cap stays the worse the situation becomes. Rafiki's goose is also cooked. And they dry fried it themselves! There is no way the run will be stopped! Capping is the best way of controlling runs...infact, they should cap it to 10K and give the customer the money in 100/- notes.... Member once "capped" my withdrawal and they gave me 30K in mixes of kes.200 and kes.100 crisp notes...sema kuonekana millionaire! First the ATM machine took like forever doing "krrrrr' counting my worth. Then non of the nearby Mpesa outlets will accept my loose change(s). I threw the cash in the car boot and drove home, intended mission cancelled. Its not a wise thing to happen to you at the ATM especially if you had planned to go pick a machungwa.
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MaichBlack		#436 Posted : Monday, April 11, 2016 3:21:23 PM
Rank: Elder Joined: 7/22/2009 Posts: 7,836		mlennyma wrote: Impunity wrote: Spikes wrote: MaichBlack wrote: Rafiki have also shafted themselves!!! The minute you cap withdrawals at 10,000/= there is no way you are going to convince anyone everything is okay.They have practically/technically put themselves in receivership. The minute they lift the cap, everyone transfers all their money to another bank or under a matress. No one will want to bank in a place where their withdrawals are capped at some random figure no matter how much you have in the account!!! And the longer the cap stays the worse the situation becomes. Rafiki's goose is also cooked. And they dry fried it themselves! There is no way the run will be stopped! If they suffer liquidity trap Opus Dei has instituted a standby facility for their rescue. Then the depositors will conntinue with the run until Rafiki has no deposits left..any rescue KES CBK will wire in will be quicly withdrawn. Their goose is cooked and fry dried. the worst thing when you know of a struggling financial institution, only withdrawals happen and no deposits. ..as good as dead @Spikes - It is too late for Rafiki!! The facility was meant to make the customer's rest easy because their money is always available whenever they need it. For Rafiki customers, the already know (through experience no less!) that is not the case. As soon as they can, they will withdraw ALL their money. Rafiki is as good as dead! A financial institution with zero deposits and zero active customers is called a...? Answer this two questions: 1) How many customers a likely NOT to withdraw their money as soon as that is possible? 2) How many customers are likely to deposit their hard earned cash at Rafiki moving forward. Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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MaichBlack		#437 Posted : Monday, April 11, 2016 3:25:15 PM
Rank: Elder Joined: 7/22/2009 Posts: 7,836		whiteowl wrote: Impunity wrote: murchr wrote: MaichBlack wrote: Rafiki have also shafted themselves!!! The minute you cap withdrawals at 10,000/= there is no way you are going to convince anyone everything is okay.They have practically/technically put themselves in receivership. The minute they lift the cap, everyone transfers all their money to another bank or under a matress. No one will want to bank in a place where their withdrawals are capped at some random figure no matter how much you have in the account!!! And the longer the cap stays the worse the situation becomes. Rafiki's goose is also cooked. And they dry fried it themselves! There is no way the run will be stopped! Capping is the best way of controlling runs...infact, they should cap it to 10K and give the customer the money in 100/- notes.... Member once "capped" my withdrawal and they gave me 30K in mixes of kes.200 and kes.100 crisp notes...sema kuonekana millionaire! First the ATM machine took like forever doing "krrrrr' counting my worth. Then non of the nearby Mpesa outlets will accept my loose change(s). I threw the cash in the car boot and drove home, intended mission cancelled. Its not a wise thing to happen to you at the ATM especially if you had planned to go pick a machungwa. @Impunity - KYA!!! Know Your Atm. For most banks, there is an ATM that dispenses 1000/= and 500/= and another that does 100/= and 200/= (If there are two or more machines). If there is a place you frequent, you should know which machine is which!!! He he he. Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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kamundu		#438 Posted : Monday, April 11, 2016 3:56:01 PM
Rank: Member Joined: 5/9/2011 Posts: 786 Location: Mashinani		Lolest! wrote: kamundu wrote: http://www.mediamaxnetwork.co.ke/people-daily/212530/islamic-banking-could-be-behind-chase-banks-fall/ Discuss (10mks) What does Dubai, Imperial , NBK and Chase have in common? Peace in our Homeland.
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Impunity		#439 Posted : Monday, April 11, 2016 4:10:32 PM
Rank: Elder Joined: 3/2/2009 Posts: 26,331 Location: Masada		MaichBlack wrote: whiteowl wrote: Impunity wrote: murchr wrote: MaichBlack wrote: Rafiki have also shafted themselves!!! The minute you cap withdrawals at 10,000/= there is no way you are going to convince anyone everything is okay.They have practically/technically put themselves in receivership. The minute they lift the cap, everyone transfers all their money to another bank or under a matress. No one will want to bank in a place where their withdrawals are capped at some random figure no matter how much you have in the account!!! And the longer the cap stays the worse the situation becomes. Rafiki's goose is also cooked. And they dry fried it themselves! There is no way the run will be stopped! Capping is the best way of controlling runs...infact, they should cap it to 10K and give the customer the money in 100/- notes.... Member once "capped" my withdrawal and they gave me 30K in mixes of kes.200 and kes.100 crisp notes...sema kuonekana millionaire! First the ATM machine took like forever doing "krrrrr' counting my worth. Then non of the nearby Mpesa outlets will accept my loose change(s). I threw the cash in the car boot and drove home, intended mission cancelled. Its not a wise thing to happen to you at the ATM especially if you had planned to go pick a machungwa. @Impunity - KYA!!! Know Your Atm. For most banks, there is an ATM that dispenses 1000/= and 500/= and another that does 100/= and 200/= (If there are two or more machines). If there is a place you frequent, you should know which machine is which!!! He he he. That place was not my usual area but it had 6 ATM machines, the 6th ATM was rather fat, positioned much lower and looked sexiest...sijui I also heard it can accept hard cash and cheques. Portfolio: Sold You know you've made it when you get a parking space for your yatcht.
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Ric dees		#440 Posted : Monday, April 11, 2016 4:19:34 PM
Rank: Member Joined: 3/6/2008 Posts: 632		Years ago I lost cash at Nyaga Stockbrokers and I hoped to recover my money but never saw a cent. Lesson Numero Uno. A few years later I was holding a portfolio at NSE and I pestered my broker day and night to buy me Uchumi shares which for some reason could not get.One morning out of the blue, shares were found which I instructed him to acquire and the next day Uchumi crashed, we all can guess what happened. Lesson Numero dos and certainly this was the last Its fascinating reading all this stuff from arm-chair finance gurus, google students and the latte sipping crowd about what really happened at Chase Bank. Terms like "Qualified Opinion", "NPLs", "Receivership" etc have come to the fore. How many people used to watch Kiini Mach them days. Now this is the real deal... How many know what really happened to PN at EQ? Why was he pushed out? (Clue 1) Who wrote the anonymous letter to CBK about hands in the cookie jar and why (Clue 2) Who is the chairmans husband? Partner at which Big 4? Who is his best friend? (Clue 3) What happened to CO at KCB? (Clue 4) Now the talk is all about Tier 1 banks - another big joke. https://drive.google.com...k/view?pref=2&pli=1 Mimi nilkaangwa nikiwa kijana nikakanngika, nikaangwe tena nikiwa mtu mzima kwani niko na kichaa? I was a Chase bank Client and loved the online portal, excellent customer service and more, I got the "exit" notification some time last month and duly moved my exposure to Stanchart where I strategise what next. Kenya is a captive state, let those who understand this understand. As one Moi insider told me at Mt Kenya Safari club 2 years ago "Kenya iko na wenyewe" and I will add this IF YOU ARE NOT AT THE TABLE, YOU ARE ON THE MENU Kazi iendelee..pun intended. The greatest danger in times of turbulence is not the turbulence; it is to act with yesterday's logic.
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