Replay: 641.715.0623, PIN CODE 409029#
Ray: . . . No updates over the weekend. Iraq back and forth, approved, not approved. IMF rejected, no it was good. All that foolishness. A bunch of political foolishness. I did not send that stuff out.
Tony: Gooooooooooood Afternoon, TNT. Told a couple of days the value was going to change. Meeting with the Kurd’s today and tomorrow. Will make changes in the budget which does not require a re-vote. Expect the budget on Wed., if you guys still care.
Told it would start today, tomorrow. Employees told no vacation, no time off. We got specific times today to look for it. Supposed to start this morning. They requested a delay so they could bring everybody up to speed. We’ll see what happens. That’s from both our people here and there and the banking people.
Told the NDA was finalized but we don’t have it. Told the 800 #’s out but we don’t have them.
We heard about people getting paid over the weekend and people scheduled to get paid today. The guy with 10 ZIM notes was told to come back this week. According to information we’ve been told prior to the 15th. Today is the 12th.
Tomorrow is my anniversary so I won’t get mad but I’d rather get paid today. We are waiting for the bank to start. Exchange was supposed to start at 10 AM this morning.
This morning at 10 am they were supposed to get started but they wanted to run some exchanges through first so they did not get lost in the crowd. Supposedly that is what is going on right now.
CURRENT WINDOW: Tony: Exchange was supposed to start at 10 AM this morning. A delay was requested so they could get caught up administratively. We are waiting for the bank to start. The window is open and they could go at any moment right now.
They have a 12 hour window to activate it today. Hopefully we will get the 800 #’s right before they activate it.
IRAQ: Ray said there was “political foolishness” in Iraq this weekend with reports of budget on again, off again and the IMF rejecting the budget, etc.
Kurd’s – Iraq is meeting with the Kurd’s both today and tomorrow.
Budget: There will be changes made to the budget but this will not require a re vote. It is to be published in this coming Wednesday’s Gazette. Tony: . . . if you still care by then.
IMF, UST and Iraq know the exact moment it’s going to happen.
Banks: A delay was requested so they could get caught up administratively. Bank of America and Wells Fargo are the two lead banks to start the exchange. Tony: Still some differences between what we are being told and what the banks are being told.
Taxes: All currencies exchanged are part of this non-taxable event unless your in a group. Groups are a different category and are taxable. Tony: 11% tax was written into their contracts.
800 #’s: Tony: Will have to do one more call before giving out the 800 #’s so everyone will know the rules of engagement.
NDA completed but still not in Tony’s hands.
Veterans: There is some consideration for veterans. Tony was going to check on it.
EXCHANGING: Tony: Still saying the banks cannot absorb this amount of currency unless (pause) a bank decides to do it on it’s own.
Under $1 million exchanged funds see a teller.
$1 million to $10 million exchanged funds see the teller to be referred to a private banker.
Over $10 million exchanged funds will call the 800 # and get an appointment with a wealth manager.
Exchange fee: .005 or .0025. Tony said when they calculated it the fee was came out to $1,000 per million dollars.
Lifetime limit for all currencies is (1) one billion dollars.
First Exchange is limited to the equivalent of (1) one 100 Trillion note. (can be two 50 Trillion notes) And you can try other combinations as Tony says, “nothing beats a failure but a try.”
Lifetime Exchange limit on the ZIM is the amount of (10) ten 100 Trillion notes or (1) one billion dollars. Tony: This program was not put in place for that.
No exemptions or stipulations for senior citizens.
Tony: We are waiting to get a call back and clarification on the ZIM. We told you one way and the banks are having conference calls and being told something different.
ABOUT ASKING STRATEGY QUESTIONS:
Tony: Asking questions, your giving away strategies I’m not sure you want to. It changes the rules of the game to the way they want it to go.
Q & A: TNT Forum
- – Can my wife exchange 10 million and I exchange 4 million so we can both get the contract rate? Ray: Marriage is based on the concept of two become one. Don’t be surprised if they say no. We’ve expressed we do not want to be involved in circumvention.
- – Will we have the option to put the currency in a foreign currency account until we are ready to exchange. Tony: Ask your wealth manager.
Q & A: Callers
- – My understanding was the Admirals group would go first and kick this whole thing off. Tony: We been hearing about the Admiral’s group for years. It is a legitimate group. There were 300 groups that went through the treasury. What was supposed to happen is the internet people and group people were to go at the same time. We are going to exchange and get paid that day. They are going through paymasters and wait. Some of them may not get paid for weeks while their paymaster is trying to figure it all out. They signed contracts and sent their money into those groups, which they will probably never see again. China was doing this because China could not get involved as they needed it to buy the oil from Iraq.
- – Will the veterans program cover their widows. We’ve lost a bunch of the veterans waiting for this. Ray: They are going to do something different.
- – My broker told me it was a live rate at $11.74 and it was 4:30 and I could not get into the city to exchange. The next morning it was back to .1183. Tony: Your broker told you it was a live rate. Caller: Yes, sir.
- – Tony:
- – Tony:
Tony . . . All I can tell you is we gave you the latest greatest that we had today, what we got over the weekend from our sources, bankers, committee members and Iraq. That’s what we got over the weekend and this morning. Just waiting to see what happens and where it goes. Supposedly a 12 hour window. Did not see a memo. Bankers talking to bankers and then we verified it.
All we can do is wait and know it is happening. Iraq said show in a couple of weeks to a couple of days. . . I’m just going to let it ride out. Should be this week with everything we are hearing. Once it comes out pick the plan your going to go with.
I’m hoping this is our last call. Pay attention to Twitter. We’ll send something out if something happens.
Ray . . .Reminder the best of us. When the information comes out identify with why you are going. Contract rate . . .leverage opportunity . . . 1st mouse, 2nd mouse. Keep believing. We sure do. (played “I Believe.”)