Use access key #2 to skip to page content.

alstry (36.03)

Will the Govt Simply Seize Your $$$$$

Recs

17

November 04, 2009 – Comments (6)

DON'T SAY ALSTRYDOMOUS DIDN'T WARN YOU.....it is not the end of the world, just the end of the world as you know it when money runs out in preparation for the Alstrynomic Age.......

San Francisco resident Carla Ruff's safe-deposit box was drilled, seized, and turned over to the state of California, marked "owner unknown."

"I was appalled," Ruff said. "I felt violated."

Unknown? Carla's name was right on documents in the box at the Noe Valley Bank of America location. So was her address -- a house about six blocks from the bank. Carla had a checking account at the bank, too -- still does -- and receives regular statements. Plus, she has receipts showing she's the kind of person who paid her box rental fee. And yet, she says nobody ever notified her.

"They are zealously uncovering accounts that are not unclaimed," Ruff said.

To make matters worse, Ruff discovered the loss when she went to her box to retrieve important paperwork she needed because her husband was dying. Those papers had been shredded.

And that's not all. Her great-grandmother's precious natural pearls and other jewelry had been auctioned off. They were sold for just $1,800, even though they were appraised for $82,500.

"These things were things that she gave to me," Ruff said. "I valued them because I loved her."

Bank of America told ABC News it deeply regrets the situation and appreciates the difficulty of what Mrs. Ruff was going through. The bank has reached a settlement with Ruff and continues to update its unclaimed property procedures as laws change.

Ruff is not alone. Attorney Bill Palmer represents her and countless other citizens in a class action lawsuit against the state of California.

"They figured the safety-deposit box was safer than keeping it under the mattress," Palmer said. "In the case of a lot of citizens, they were wrong, weren't they?"

California law used to say property was unclaimed if the rightful owner had had no contact with the business for 15 years. But during various state budget crises, the waiting period was reduced to seven years, and then five, and then three. Legislators even tried for one year. Why? Because the state wanted to use that free money.

"That's absolutely correct," said California State Controller John Chiang, who inherited the situation when he came into office. "What we've done here over the last two decades has been dead wrong. We've kept the property and not provided owners with the opportunities -- the best opportunities -- to get their property back."

Chiang now faces the daunting task of returning $5.1 billion worth of unclaimed property to people. Some states keep their unclaimed property in a special trust fund and only tap into the interest they earn on it. But California dumps the money into the general fund -- and spends it.

"It's supposed to be segregated and protected," Palmer said. "California has taken all of that $5.1 billion and has used it as a massive loan."

California became so addicted to spending people's money, that, for years, it simply stopped sending notices to the rightful owners. ABC News obtained a 1996 internal memo in which the lawyer for the Bureau of Unclaimed Property argued against expanding programs to notify rightful owners. He wrote, "It could well result in additional claims of monies that would otherwise flow into the general fund."

http://abcnews.go.com/m/screen?id=4832471

Seriously Fools....if government is out of money.......where do you think they are going to get it if you have money??????????????????????????????????????????????????

Remember, at the end of the day......it is government's name on that money.

6 Comments – Post Your Own

#1) On November 04, 2009 at 1:13 PM, Gemini846 (57.91) wrote:

It's too bad that same treatment couldn't apply to Nancy Pilosi. I'd like to see her siezed, drilled, and turned over marked "owner unknown".

Report this comment
#2) On November 04, 2009 at 1:22 PM, debtRichQuick (< 20) wrote:

"On the other hand, with Buffett's all in bet with railroads.....it is clear he has a vision on the green path to success.  This is not much different than America's migration from the agricultural age in the 1870s into the industrial age in the 1900s.  Just like the horse and buggy was the means of transporation for hundreds of years prior to being dislocated by the internal combustion motor automobile......prepare for radical changes in the way humans travel going forward."

 AWESOME! This is exactly what I thought when I ready it! All in bet on rail! I wouldn't be surprised it either tax laws shift or maybe the second stimulus contains much more rail funding. This is going to really shift the RE landscape for us Alstry! Think of all the areas we can get to before the sheep figure it out! It's a whole new playing field! Definitely exciting!

I think we are close to being done with the pain. One or two more punches in CRE and the housing sector and we should be on our way out. I don't buy all the cheering either, but I do think people's psychology is pretty good an depressed, so a major launch coming out of this will definitely take place.

Report this comment
#3) On November 04, 2009 at 1:49 PM, jddubya (< 20) wrote:

"DON'T SAY ALSTRYDOMOUS DIDN'T WARN YOU.....it is not the end of the world, just the end of the world as you know it..."

WRONG!  LOL!  It is obviously the end of the world as YOU know it.  For me and millions upon millions of others, the end of the world as *I* know it isn't happening in my lifetime.  Or yours.

Alstrydiculous isn't warning anyone about anything worth listening to.

And for all of you truly blinded Alstry followers, which by my count is less than 20.... please answer me this:  What did you do when your leader called the top in April with DOW @ 8300?

Report this comment
#4) On November 04, 2009 at 1:55 PM, alstry (36.03) wrote:

Actually, Alstry only called a hard top at 8300 with a 10% margin of error....factoring the decline in the dollar and holding cash and metals like Alstry indicated.....I would say we are still well within an acceptable range considering the Super Hard top call at 14,000.

Report this comment
#5) On November 04, 2009 at 4:40 PM, alstry (36.03) wrote:

Concentric Contraction is NOT a distraction......

Foundation Giving Has Shrunk more Than Expected This Year

NY Attorney General : Intel Charged with Antitrust

Personal Bankruptcies Climb 9% in October

Research Firm: US Lost 284,000 Jobs in October, and 5.9 Million in 12 Months

Even Cisco's revenues are DOWN double digits!!!!!!  If Cisco is not growing....not much is....unless we are contemplating military, welfare, or unemployment.

Unless we restructure debt......the world as you know it is about the change radically.  You can't give banks money for free and cut off credit to consumers and business and not expect the private economy to implode.

Report this comment
#6) On November 04, 2009 at 5:12 PM, globalsailor (47.93) wrote:

I rec'd this article just because we need to know this information.  (Whether or not we can use it)

Report this comment

Featured Broker Partners


Advertisement