Clients pull money from Bushy Bank

[IdesOfOctober]

http://yahoo.reuters.com/news/articlehybrid.aspx?storyID=urn:newsml:reuters.com:20061106:MTFH71302_2006-11-06_21-50-07_N06305862&type=comktNews&rpc=44

"State Street Global Advisors, the fund management arm of State Street Corp., saw the biggest outflow in the month of $2.2 billion, while American Funds posted the biggest inflows of $5.6 billion."

It appears that State Street - the Beloved Bank of BushCo. - may be paying a price for the outrageous conduct of Andy Card's high school chum, Chairman and CEO Ron Logue, the rogue.

http://journals.democraticunderground.com/IdesOfOctober/15

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=364&topic_id=2347614&mesg_id=2347614

Can't wait to see Congress get hold of the BushCo. Bankers.

Ides

[Blackhatjack]

1. Hit 'em Where It Hurts --Take Away Their Money!! (and track where it goes!)

.... nothing helps an investigator more than to have their 'target' engage in transferring money to other locations in anticipation of charges or seizure of their funds.

Keep it up and draw straight lines from the 'Bushy Bank' to other entities and we will learn even more.....

I am betting a lot of the entities withdrawing their funds had a little inside info.

[IdesOfOctober]

6. Some are just plain fed up...

"I am betting a lot of the entities withdrawing their funds had a little inside info."

... with the "leaders" of State Street, and their antics.

Ides

[Blackhatjack]

2. So How Much 'Pension' Money Is Stranded in the Bushy Bank?

I would suspect the withdrawals are by those in the know, and not by those who invested pension funds there. What do you think?

[windbreeze]

3. Well, if state street goes down....

so do we....they administer our pension...
windbreeze

[Blackhatjack]

4. Well the ENRON model of pre-crash behavior permits massive transfers....

prior to declaring bankruptcy. I don't doubt for a moment that those in the 'know' would transfer out of this institution first, and eventually the attempts to transfer huge pension funds out would be dishonored because of a freeze.

Pensioners will likely be left holding the bag if there is a shortage of funds.

[IdesOfOctober]

8. Not so...

... State Street is managing the clients' funds, doing custody, trustee work, etc.

While some clients may be in the know about problems, even an unlikely "worst case scenario" - a failure - would not cause clients' funds to suffer much more than a cutover to a competitor.

Ides

[Blackhatjack]

9. Are there not 'fees' involved in switching to another institution??

I heard an investment advisor tell clients that moving pension funds to another investment fund would trigger 'fees' so large that the benefit of the transfer would disappear. I thought at the time that once the funds are invested, you are basically stranded unless you willing to lose money to switch those invested assets.

[IdesOfOctober]

12. Not under a court-ordered transfer, no

If a client bails early, there are often fees involved. But if there are escape clauses that are triggered, or if a court intervenes...no.

Ides

[Buttercup McToots]

5. Whew...

gettin` hot...

[IdesOfOctober]

7. Not true...

... there are plenty of other administrators, custodians, and trustees.

Ides

[w4rma]

11. This is *exactly* why Rethugs want to privitize social security. (nt)

[IdesOfOctober]

13. You said it...

... and you might see my journal threads on State Street and Social Security privatization:

http://journals.democraticunderground.com/IdesOfOctober

http://www.google.com/search?as_q=idesofoctober+privatize+%22state+street%22&num=10&hl=en&btnG=Google+Search&as_epq=social+security&as_oq=&as_eq=&lr=&as_ft=i&as_filetype=&as_qdr=all&as_nlo=&as_nhi=&as_occt=any&as_dt=i&as_sitesearch=democraticunderground.com&as_rights=&safe=images

Ides

[Buttercup McToots]

10. Up Up

Sure is busy here taeday...
Up ye go...

[CorpGovActivist]

14. Bushy Banks and Congressional Oversight

Nice dawn a`comin`, Buttercup!

- Dave

[Blackhatjack]

15. Nice Preview of Coming Attractions!.. Bushy Bank Exposed!!!! n/t

[CorpGovActivist]

16. Waxman Owns This Chess Board

LOL.

- Dave

[CorpGovActivist]

17. Look for Wall Street to Recoil...

... in horror, in certain sectors today.

; )

- Dave