Oct 28 2008
Freezing of funds
Apparently if you have money invested in the accounts of companies like Colonial First State of Challenger Financial (and numerous other finance companies) they can just freeze your investment and give you no recourse to get your money. I am not even aware of any time limit that has been put on this.
Obviously these companies can do this or they wouldn’t be doing it, or can they?
I am lucky, at this stage my money is either in a ‘guaranteed bank’ or I own a share in some of these companies that are freezing these funds. As an owner of several of these finance companies I am happy that there is not a mass panic to withdraw money from these funds but as a human being I can understand the anguish of anyone who currently is refused access to their money.
I would be interested if a person were to visit one of the institutions in which they have money invested, demanded their money, and were refused, what would occur if said person produced a pistol and demanded his money? I am quite sure they would be subdued with the mighty tazer. But realistically, he couldn’t be charged with attempted robbery surely? I would be interested as to how this stands up in court. Maybe this is where the fault of not actually reading the fine print in all those financial documents signed comes home to roost. Welcome to frozen funds, population the customer.
I wasn’t all that concerned about my deposited money in the first place, I was slightly comforted by the government guarantee but am far more concerned with the results we are seeing from this action. Not to side with one political party over another, because both originally supported the policy but maybe the government guarantee of bank deposits in this country is one of ‘most well meaning’, but, biggest stuff ups in recent memory.
Thoughts?
SJ, I have warned you about discussing financial matters on this site!!! Your lack of even the simplest knowledge is dangerous & your comments are potentially damaging to the public perception!!! Do NOT go there agian!!
You are suggesting people rob banks now? I am not sure if that is very responsible.
The freezing is just to stop panic so I doubt it will be to long before these people will have access to their money. This is just an example of the same paranoia that causes other root problems in society.
People need to learn to relax and stop being so greedy.
SJ stick your money under the bed no one will ever look there
There isnt much room under his bed…just some old towel….
Another thoughtful insight from IASM.com no real value added to the discussion at all.
Woodless, if you look under your bed you mightn’t like the number of different blokes boots you see!
Krusty, I WILL TELL YOU THIS ONCE MORE…..I will not discuss serious financial matters in this moronic forum!!
let us know where then ,so we can all tune in Iamadipshit
Think about it this way. You can’t get your frozen mortgage backed secruities out/converted back into cash…..what do you do? sell your shares…….continue on downward spiral…..not very well thought out at all Krudd.
I am amazed that boring knew what the freezing of funds was about. Just for clarity boring, it is NOT putting the funds in iamadipsticks Chicken Shop freezer.
I am also amazed that you are up off the floor after Velcros pizzling!
IatePuPu, was it difficult growing up as Velcrap’s brother??
Oh IASM, you are really struggling with comebacks at the moment. When trying to insult someone by calling them someone elses brother is funny, or for that matter an insult, then your day in the sun will finally be here.