Astonishingly Well Run Companies

[tastefully frank]

I called Schwab retirement services today and asked if I could have certificates for my stocks in my Roth IRA issued in the name of the firm as custodian for my IRA, i.e., "Charles Schwab and Co. custodian/FBO my name IRA." The phone rep had to get her manager for the answer. Like I expected, the answer was along the lines of "What'chu talkin' 'bout, Willis."?

 

Then of course, the rep asked my why I wanted to do this, as if there could be no possible sensible reason why anyone would ever want to do this. I told her "uh, to guard against instability in the financial markets."? She said she didn't think this would accomplish that. I don't think she caught my drift.

 

What I meant to say was "because I think your POS firm is going to be a stinking, rotting carcass within 18 months and I don't want my assets tangled up in bankruptcy receivership for the next 5 years preventing me from trading."

 

They offered no means to get certificates issued in the IRA and suggested it could not be done without tax consequences. So, I'm on the prowl for a broker who would be willing to have share certificates issued to them as custodian for my IRA. If any of yous stoolies could be of help here, I would be most appreciative.

 

Otherwise, I'm half-tempted to at least withdraw the principal from my Roth, which would not be taxable, and get certificates issued in my name, leaving the gains on deposit in the IRA.

620377[/snapback]

 

 

don't you think that they would at least bailout IRA's? Public would approve that.

620379[/snapback]

There is a way to have complete control of your IRA and 401k assets. You can by stock and hold certificates, trade futures and options and buy raw commodities. SInce this is the first time I have contributed, I want to see how this works then I will go into detail.

620596[/snapback]

 

 

OK, it appears that I can barely figure it out, but will go into detail. I have been working with LLC IRA's for a number of years, and will highlight where and how you can go about setting yourself up. Having followed the board for a number of years as well as the Wallstreet examiner intially, I have seen that some of you have considered taking the tax hit to liquidate your assets so that you can hold gold or silver, or have certificates issued. There is a far simpler way to have complete control of your IRA, namely you have formed a special LLC IRA. You can employ many custodians for about 50 dollars a year for IRS reporting.

 

Examples being www.iraresources.com. If you review there materials you will see.

I have worked with www.tsd-ira.com for about a year, and have found them economical for the setting up the operating agreement, and the state and federal filings. You can also go to www.checkbookIRa.com, and there are lots of resources to explain the process.

 

 

So in a nutshell----

 

You employ one of these companies, for about 1700 to 2500 dollars to set up all your documentation, then you have a custodian hold the LLC in the name of the IRA, you take the LLC documentation to your local bank--I have opened many accounts for people-- and then you have your account transfered to the new custodian and have the funds wired down to the bank account. You then can open a new account at schwab or ameritrade, in the LLC's name, and purchase whatever you wnat. THen have them issue certs in the LLC's name, and you can then physically hold assets of the IRA.

 

 

You can have any tax deffered account in this form,,, SOLOK, 401k, HSA, Roth.

 

You can also take that check book, and go down and buy GOLD, or silver in physical form, and open futures accounts in the LLC's name and trade futures, which is what I do.

 

 

Once I figure out how to cut and past, I will bring additional documentation, and if you want the most economical way to accomplish these things feel free to email, and I would gladly help any member of this board get setup.

 

I have seen the generousity of many stoolies over the last few months, especially during the tradegy all expierenced, and it is my hope that you enjoy tax-deffered trading, while haveing the availablility bear market safety.

 

 

ANd just and FYI, I would not recommend completeIRA.com.

[Jimi]

When the market for mortgage securities entered a meltdown over the summer, financial firms holding billions of dollars of hard-to-trade assets used mathematical pricing models that were heavily dependent on credit ratings. When the credit-rating firms began a massive downgrade campaign last month, firms such as Citigroup Inc. and Merrill Lynch & Co. saw the value of their holdings plummet.

 

Citigroup's struggles to put an exact number on its losses demonstrate just how fallible the models can be, and how serious the consequences. Last night, Citigroup said that the downgrades will result in a reduction of fourth-quarter net income of $5 billion to $7 billion. That follows a third quarter when Citigroup recorded mortgage-related write-downs of $2.2 billion in the third quarter, including losses on subprime securities and fixed-income trading.

 

The latest update, much of it involving securities linked to subprime mortgages, follows a revision made late last month by Merrill Lynch that boosted third-quarter write-downs to $7.9 billion from an earlier estimate of about $4.5 billion. As a result, anal cysts are beginning to see Merrill's big hit as less of an anomaly than originally thought.

 

http://online.wsj.com/article/SB1194223284...e_whats_news_us

[bondtrader]

Here is a snippet from John Mauldin's

 

the largest injection that has ever been made

 

 

It looks like Doc is going to have to explain to him about expirations. It is amazing that supposedly well informed writers make these kinds of mistakes.

620550[/snapback]

 

 

This is absolutely shocking. The statement that "The credit crisis this summer ended up with the Fed and central banks worldwide adding massive amounts of liquidity into the system," is also not true.

 

I am shocked... SHOCKED!

620562[/snapback]

 

I told one 40 year trading veteran on business talk radio after he repeated the half-truth about the largest injection that the media never reports the EXPIRATIONS. I referred him to Doc's report on Nov. 1 at Wallstreetexaminer.

 

His name is Phil Grande. He appreciated it.

620601[/snapback]

 

yes that is pretty F'ed up that they never report the expirations ...

[DrStool]

It's funny. Suddenly the whole world is watching the Fed, and almost nobody gets it. Maybe Russ Winter, Hussman, Mish, me, and a few others. Just about everybody else not only does not understand what the Fed is doing, the vast majority thinks that it is doing the opposite of what it really is doing.

 

This is going to end badly I tell you. The whole world is basing its investment policy on a false premise. It's going to end badly, and suddenly.

 

Want a preview? Look at the charts of C and WM now, and the mortgage bankers last summer.

 

Sudaca is right. A lot of very big players are not going to survive. The Fed is not flooding the system with liquidity and neither are any of the other big central banks. I don't know why, and I have no clue what their game plan is and what their goal is or what the endgame is. I just know that they aren't doing what the vast majority of investors think that they are doing.

[Brisbane Bear]

OUR FIRST TRILLION $ COMPANY.

 

That means this company is worth more than the entire GDP of Australia.

 

 

PetroChina Passes Exxon's Market Value as Shanghai Shares Surge

 

 

 

Nov. 5 (Bloomberg) -- PetroChina Co. passed Exxon Mobil Corp. as the world's largest company by market value as it started trading in Shanghai for the first time.

 

PetroChina's Class-A shares more than doubled, advancing as high as 48.62 yuan ($6.52) from their sale price of 16.7 yuan. They reached 45.03 yuan at 9:44 a.m., valuing the company at $1.03 trillion. Exxon is worth $488 billion on the New York Stock Exchange.

 

 

http://www.bloomberg.com/apps/news?pid=206...zCO4&refer=home

[alceringa]

Shorty posted this story earlier. Here it is again for those that missed it...............

 

Level 3 storm about to hit Wall Street

 

.............From November 15, we will have a new tool for figuring out how much toxic waste is in investment banks' balance sheets. The new US accounting rule SFAS157 requires banks to divide their tradable assets into three "levels" according to how easy it is to get a market price for them. Level 1 assets have quoted prices in active markets. At the other extreme Level 3 assets have only unobservable inputs to measure value and are thus valued by reference to the banks' own models.

 

Goldman Sachs has disclosed its Level 3 assets, two quarters before it would be compelled to do so in the period ending February 29, 2008. Their total was $72 billion, which at first sight looks reasonable because it is only 8% of total assets. However the problem becomes more serious when you realize that $72 billion is twice Goldman's capital of $36 billion. In an extreme situation therefore, Goldman's entire existence rests on the value of its Level 3 assets.

 

The same presumably applies to other major investment banks - since they employ traders and risk managers with similar educations, operating in a similar culture, they probably have Level 3 assets of around twice capital. Citigroup, J P Morgan Chase and Bank of America may have less since their culture is different; before 1999 those institutions were pure commercial banks and a substantial part of their business still lies in retail commercial banking, an area in which the investment banks are not represented and Level 3 assets are scarce.........

 

 

http://atimes.com/atimes/Global_Economy/IK03Dj03.html

[DrStool]

I called Schwab retirement services today and asked if I could have certificates for my stocks in my Roth IRA issued in the name of the firm as custodian for my IRA, i.e., "Charles Schwab and Co. custodian/FBO my name IRA." The phone rep had to get her manager for the answer. Like I expected, the answer was along the lines of "What'chu talkin' 'bout, Willis."  <_>

 

Then of course, the rep asked my why I wanted to do this, as if there could be no possible sensible reason why anyone would ever want to do this. I told her "uh, to guard against instability in the financial markets."  She said she didn't think this would accomplish that. I don't think she caught my drift.

 

What I meant to say was "because I think your POS firm is going to be a stinking, rotting carcass within 18 months and I don't want my assets tangled up in bankruptcy receivership for the next 5 years preventing me from trading."

 

They offered no means to get certificates issued in the IRA and suggested it could not be done without tax consequences. So, I'm on the prowl for a broker who would be willing to have share certificates issued to them as custodian for my IRA. If any of yous stoolies could be of help here, I would be most appreciative.

 

Otherwise, I'm half-tempted to at least withdraw the principal from my Roth, which would not be taxable, and get certificates issued in my name, leaving the gains on deposit in the IRA.

620377[/snapback]

 

 

don't you think that they would at least bailout IRA's? Public would approve that.

620379[/snapback]

There is a way to have complete control of your IRA and 401k assets. You can by stock and hold certificates, trade futures and options and buy raw commodities. SInce this is the first time I have contributed, I want to see how this works then I will go into detail.

620596[/snapback]

 

 

OK, it appears that I can barely figure it out, but will go into detail. I have been working with LLC IRA's for a number of years, and will highlight where and how you can go about setting yourself up. Having followed the board for a number of years as well as the Wallstreet examiner intially, I have seen that some of you have considered taking the tax hit to liquidate your assets so that you can hold gold or silver, or have certificates issued. There is a far simpler way to have complete control of your IRA, namely you have formed a special LLC IRA. You can employ many custodians for about 50 dollars a year for IRS reporting.

 

Examples being www.iraresources.com. If you review there materials you will see.

I have worked with www.tsd-ira.com for about a year, and have found them economical for the setting up the operating agreement, and the state and federal filings. You can also go to www.checkbookIRa.com, and there are lots of resources to explain the process.

 

 

So in a nutshell----

 

You employ one of these companies, for about 1700 to 2500 dollars to set up all your documentation, then you have a custodian hold the LLC in the name of the IRA, you take the LLC documentation to your local bank--I have opened many accounts for people-- and then you have your account transfered to the new custodian and have the funds wired down to the bank account. You then can open a new account at schwab or ameritrade, in the LLC's name, and purchase whatever you wnat. THen have them issue certs in the LLC's name, and you can then physically hold assets of the IRA.

 

 

You can have any tax deffered account in this form,,, SOLOK, 401k, HSA, Roth.

 

You can also take that check book, and go down and buy GOLD, or silver in physical form, and open futures accounts in the LLC's name and trade futures, which is what I do.

 

 

Once I figure out how to cut and past, I will bring additional documentation, and if you want the most economical way to accomplish these things feel free to email, and I would gladly help any member of this board get setup.

 

I have seen the generousity of many stoolies over the last few months, especially during the tradegy all expierenced, and it is my hope that you enjoy tax-deffered trading, while haveing the availablility bear market safety.

 

 

ANd just and FYI, I would not recommend completeIRA.com.

620608[/snapback]

 

 

Thanks for that, tastefully. In the future, if you can convert things in doc format to pdf, it would be better. If the doc isn't too long, you can just copy and paste it into your post. But limit that to not more than 6-7 paragraphs.

[tastefully frank]

I called Schwab retirement services today and asked if I could have certificates for my stocks in my Roth IRA issued in the name of the firm as custodian for my IRA, i.e., "Charles Schwab and Co. custodian/FBO my name IRA." The phone rep had to get her manager for the answer. Like I expected, the answer was along the lines of "What'chu talkin' 'bout, Willis."?

 

Then of course, the rep asked my why I wanted to do this, as if there could be no possible sensible reason why anyone would ever want to do this. I told her "uh, to guard against instability in the financial markets."? She said she didn't think this would accomplish that. I don't think she caught my drift.

 

What I meant to say was "because I think your POS firm is going to be a stinking, rotting carcass within 18 months and I don't want my assets tangled up in bankruptcy receivership for the next 5 years preventing me from trading."

 

They offered no means to get certificates issued in the IRA and suggested it could not be done without tax consequences. So, I'm on the prowl for a broker who would be willing to have share certificates issued to them as custodian for my IRA. If any of yous stoolies could be of help here, I would be most appreciative.

 

Otherwise, I'm half-tempted to at least withdraw the principal from my Roth, which would not be taxable, and get certificates issued in my name, leaving the gains on deposit in the IRA.

620377[/snapback]

 

 

don't you think that they would at least bailout IRA's? Public would approve that.

620379[/snapback]

There is a way to have complete control of your IRA and 401k assets. You can by stock and hold certificates, trade futures and options and buy raw commodities. SInce this is the first time I have contributed, I want to see how this works then I will go into detail.

620596[/snapback]

 

 

OK, it appears that I can barely figure it out, but will go into detail. I have been working with LLC IRA's for a number of years, and will highlight where and how you can go about setting yourself up. Having followed the board for a number of years as well as the Wallstreet examiner intially, I have seen that some of you have considered taking the tax hit to liquidate your assets so that you can hold gold or silver, or have certificates issued. There is a far simpler way to have complete control of your IRA, namely you have formed a special LLC IRA. You can employ many custodians for about 50 dollars a year for IRS reporting.

 

Examples being www.iraresources.com. If you review there materials you will see.

I have worked with www.tsd-ira.com for about a year, and have found them economical for the setting up the operating agreement, and the state and federal filings. You can also go to www.checkbookIRa.com, and there are lots of resources to explain the process.

 

 

So in a nutshell----

 

You employ one of these companies, for about 1700 to 2500 dollars to set up all your documentation, then you have a custodian hold the LLC in the name of the IRA, you take the LLC documentation to your local bank--I have opened many accounts for people-- and then you have your account transfered to the new custodian and have the funds wired down to the bank account. You then can open a new account at schwab or ameritrade, in the LLC's name, and purchase whatever you wnat. THen have them issue certs in the LLC's name, and you can then physically hold assets of the IRA.

 

 

You can have any tax deffered account in this form,,, SOLOK, 401k, HSA, Roth.

 

You can also take that check book, and go down and buy GOLD, or silver in physical form, and open futures accounts in the LLC's name and trade futures, which is what I do.

 

 

Once I figure out how to cut and past, I will bring additional documentation, and if you want the most economical way to accomplish these things feel free to email, and I would gladly help any member of this board get setup.

 

I have seen the generousity of many stoolies over the last few months, especially during the tradegy all expierenced, and it is my hope that you enjoy tax-deffered trading, while haveing the availablility bear market safety.

 

 

ANd just and FYI, I would not recommend completeIRA.com.

620608[/snapback]

 

 

Thanks for that, tastefully. In the future, if you can convert things in doc format to pdf, it would be better. If the doc isn't too long, you can just copy and paste it into your post. But limit that to not more than 6-7 paragraphs.

620614[/snapback]

Will do, but will first learn to do. THank you for the opportunity to educate as well as be educated. This board as loads of free thinkers who are full of loads. I enjoy sorting the humor, and commraderie, in an era of full of stool.

[DrStool]

Another thing I was thinking about is that an awful lot of people, some of whom I respect, think that we are headed for high sustained inflation.

 

Here's what I'm thinking.

 

What if we already had it?

 

Think about it.

[DrStool]

Here's a thread you can practice on

 

http://www.capitalstool.com/forums/index.php?showforum=1

 

I just noticed something there that I just had to borrow.

[Drano]

That avatar is freaking me out.

 

Are you my long-lost brother?

[Jimi]

Nice new look, Doc!

 

 

I remember when your old avatar had a purple hat for a short spell.

[DrStool]

When the market for mortgage securities entered a meltdown over the summer, financial firms holding billions of dollars of hard-to-trade assets used mathematical pricing models that were heavily dependent on credit ratings. When the credit-rating firms began a massive downgrade campaign last month, firms such as Citigroup Inc. and Merrill Lynch & Co. saw the value of their holdings plummet.

 

Citigroup's struggles to put an exact number on its losses demonstrate just how fallible the models can be, and how serious the consequences. Last night, Citigroup said that the downgrades will result in a reduction of fourth-quarter net income of $5 billion to $7 billion. That follows a third quarter when Citigroup recorded mortgage-related write-downs of $2.2 billion in the third quarter, including losses on subprime securities and fixed-income trading.

 

The latest update, much of it involving securities linked to subprime mortgages, follows a revision made late last month by Merrill Lynch that boosted third-quarter write-downs to $7.9 billion from an earlier estimate of about $4.5 billion. As a result, anal cysts are beginning to see Merrill's big hit as less of an anomaly than originally thought.

 

http://online.wsj.com/article/SB1194223284...e_whats_news_us

620609[/snapback]

 

 

From my earliest recollections of getting interested in the stock market, Heard on The Street was the single most important journalistic factor in influencing the market. I doubt if that's still the case, but I would assume that it still has a certain level of gravitas in the eyes of all professional investors. Going to be interesting to see how the financials do tomorrow.

[DrStool]

That avatar was posted by Pit Privy. I hope that he doesn't mind my borrowing it, and I hope that he rejoins us!

[mdporter]

San Diego RE article:

 

Third, once you've got your $475,000 home, you have to make the monthly mortgage payments. Brooks notes that after making a 10 percent down payment on a $500,000 home, a borrower would end up paying $3,700 a month, after factoring in principal, interest, taxes, insurance. That kind of borrower (or dual-income couple) would have to make about $120,000 per year to qualify for the loan.

 

To qualify for the Realtors' median of $614,000, the borrower would need to make about $138,000, Brooks said.

 

?And that's an absolute minimum, assuming that the borrowers had no other debt, had $61,000 for a down payment and could afford to spend 40 percent of their income on mortgage payments, which is the absolute maximum recommended,? Brooks said.

 

Look around and try to figure out how many people you know who would qualify for that loan and you'll get an idea of why demand for San Diego housing is going to be soft as long as prices remain where they are. Which makes it unlikely that the market will come back any time soon.

 

Full text here