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 RayRat/Tony Call Notes 2/6/18

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PostSubject: RayRat/Tony Call Notes 2/6/18   Tue Feb 06, 2018 8:35 am

(Notes by Adept1)

TNT Call 5-February-2018

Replay: 641.715.0623, PIN CODE 409029#


AUDIO REPLAY LINK

[Sound of fireworks, then clock ticking]

RayRen: Good afternoon, TNT super-fantastic family! This is Marvelous Monday, February 5 2018, with yours truly RayRat98 here, and I guess Tony is going to join us.

Judge's email/phone: ksd_murguia_chambers@ksd.uscourts.gov  913-735-2340

DA's email/phone:  Scott.Rask@usdoj.gov   913-551-6730



Let’s get right into the thick of the matter. There was an update over the weekend; things were coming in after the Friday call, with some sources sending in information as we were speaking. That came in too fast to put the information on the call, and it wasn’t quite hot enough to justify another update, so we just posted the high points:

Sunday’s update:

From Friday’s meeting, we learned of a “plan” for a slow roll-out, however, they are still in planning meetings and this information is very much subject-to-change come Monday.

  • Banks are to receive a directive on the manner of which exchanges will take place. 
  • Two lead banks will begin the process for a few days, then others will come on board to complete all exchanges. The lead banks have many branch locations. Then other banks will come in a few days behind, so the floodgates will open. 
  • Banking appointments will be “timed” to insure a steady, slow pace is maintained for exchanging. We don’t know how much time will be allowed for each appointment, but they do want you to have time to ask the most important questions. 
  • Wealth Managers will be utilized for setting appointments. 
  • Transactions of $10 million and higher to be handled via appointment process, smaller amounts via a “Dedicated Teller” at the counter. That is, there will be a designated teller to help with smaller exchanges. 
  • Verification processes are to be short and efficient, with no long authentication procedures will be required.

Iraq Happening:

The IMF and the World Bank are reportedly demanding that the 2018 Budget must be approved before the Kuwait Conference on February 12. That is a donors’ conference.

The payments for the Kurds (once again) have been resolved. Article 140 should no longer be an issue. With 140 and the Budget approval being resolved, the coast will be clear for completion of the economic reforms. Bring on the rate change!!


RayRen:
That was the weekend information, and no changes have been made from that plan so far as well know. However, but they are meeting again today and we may get more detailed information during the course of the day.


Tony:
The Budget and Article 140 issues were only resolved for an hour; now both are unresolved again, apparently because the Kurds didn’t show up for the vote. Then someone got into a fight, so they have put it all off until Sunday, again. There is no agreement on those issues as of this moment. They didn’t sign off or do the second reading yesterday like they were supposed to. How will that affect us? We will find out after we get off the phone. Also, ten million or below will go to a dedicated window with a teller who will NOT be able to negotiate—people will have to take the screen rate, or walk away and come back a day or so later, if the rate rises to what they want. You can also go to your own wealth manager, if you have one. If you are exchanging for ten million dollars or less, then you do not make an appointment, you just go to the teller.


RayRen:
The information I’m hearing from members and their dealers is that the price of dinar is going up, and the currency is harder to get now, especially uncirculated notes. To me, that is a great sign. We are also hearing more about the lower denoms being in some people’s hands, although there is still not public distribution. That is also a good sign of progress. These reports are coming in from the ‘last’ city, so it should be happening everywhere else in Iraq and Kurdistan first.


Also exciting is hearing about there being a backlog in some vehicle purchases (in Iraq). There are issues getting enough of those vehicles into the country. That’s all good stuff.

Tony: It shows that the economy is thriving. The lower denominations are probably being dealt with similar to the cards – in certain areas first, to certain levels first. We know the lower denominations are showing up in the higher echelons, and by the end of the week they should get to the lower levels. So I don’t think the Budget is an issue.

The Kuwait Conference starts on February 12th, and they will decide how much money they will make any more investments or loans to Iraq. Iraq is being told they will not receive any more loans until their Budget is sorted out. I don’t’ know how that will happen when they are taking the week off and are not planning to meet until Sunday. I suspect that they will meet anyway, without explaining what is going on.

Questions from the TNT forum

Q: So has the budget been approved AND passed yet? I have been hearing conflicting information on that issue. Also, do you know if the payments to the pensioners and retirees have actually begun?
A: This has been addressed.

Q: In your Sunday tweet, you mentioned the banks would be doing a quick verification process. Does this mean they will tentatively accept what we bring in, credit our accounts, but still send it off for actual verification? This is important for some of us who have substantial numbers of various currencies that there won’t be time to verify by individual notes. Or, is there another meaning for this process?
A: We don’t know exactly what that means yet; they are meeting today and we’ll get more on how they intend to process us.
Tony: The banks are trying to set this up, and some banks wanted a 15-day process to authenticate your currency and where it came from, with background checks, etc. The US Treasury wants them to use the Delarue machines, verify and process the currency right there, and credit you with the exchange. The designated tellers will have the machines and/or books to verify your currency on site. It’s still better to go to the bigger branches, but they will give you the credit for the currencies even if smaller banks have to send off the currencies to their regional center.

[There is a website where you can check for Delarue machines: http://bank-with-de-la-rue-machine.localbv.info/]

Q: If TWO lead banks will begin the process fro a few days, then others will come on board to complete all exchanges, do you know the name of the two banks that are the lead banks?
A: We’re waiting for more detailed information on that as well. We don’t want to release names and start a frenzy of phone calls to those banks.

Q: I have been a customer of the lead bank for over 20 years, and I purchased a lot of currencies from them. I asked Private Bankers and Wealth Managers about IQD and GCR over the years, and none would admit knowing anything. I doubt they even kept my name. I would like the lead bank to show me some loyalty and give me a shot at the contract rates. This slow process sounds like more of the bankers “friends and family plan” again. That has already been going on for years. It’s time for the 800 number to be released and let people like me have a chance. Loyalty should be a 2-way street. This latest plan seems like an excuse to delay the 800 number appointments.
A: Was there a question in there?

Q: I had a call from a relative who had a call from another relative that has contact with some reliable sources. These sources expect the RV very soon (like this week). They also gave some advice concerning the banks and the exchange process:
1. For safe deposit boxes, make sure that your currency is accessible. Some banks may block access to currencies. If necessary take some out ahead of time to make you have access in case there is a hold placed on your box.
2. Keep aware of the going rates and don’t be bamboozled into taking less. Do you have any other advice or information on this?
RR: No. Tony: I would have the rates on my phone, keeping in mind that some banks only update once a day. Personally, I don’t think any bank will prevent your access to your currencies. It’s possible that some banks will not exchange this currency or that currency. When this was originally set up, the banks were asked which wanted to be involved, and some said no, and their regions will not be exchanging currencies.

Q: During one of the recent conference calls, you mentioned that our NDA would be with the Dept. of Homeland Security. Why? If the bank is giving the money to us and negotiating the contract rate, wouldn’t the bank be the entity that cares about having and enforcing the NDA?
A: There are going to be background checks by Homeland Security – I never said the NDA is from Homeland Security. For contract rates, the CONTRACT part is with the bank.

Q: 1. In your recent conversations with the banks is there any discussion of extended hours for exchanging?
A: There hours are supposed to be 7am to 7pm during the exchange process. We have not been told otherwise. It will apply to those with ten million or above. Below that level, people will go to the teller window during normal banking hours.
2. Is the .000000147 still the Zim rate on the screens?
A: Didn’t get a rate today.

Q: Is it your understanding that the passing of the budget and the payment of the retirees and pensioners must be completed first before the RV can go forward?
Tony: We are hearing both sides. Some people in Iraq are saying that Article 140 and the Budget have to be resolved first, and banking people in the US say that they are already starting the slow rollout. They are starting at the government level with the lower denominations, and it will take about four days to get down to the street level. [So that indicates that Iraq is also moving forward regardless of 140 and the Budget.]

Q: I’d love to know what anyone on the call who wants to answer has on their list of The First 10 Things To Do When the RV is Announced. If a few of you would like to share, I’d be most grateful.
A: There is already a forum post on this topic: http://tntshowtime.activeboard.com/t64349992/ten-things-to-be-ready-for-prior-to-the-exchange-process-exa/

Q: Will HSBC be a better bank to exchange Zim more than Wells? How many contract rates are still left?
A: I don’t know if there will be a difference between those two. Both think they are in charge and that the other bank works for them. We don’t know a number of contract rates that are left, but there are some left.

Q: With the news that Wells Fargo will not be allowed to get any bigger until they resolve their customer issues, and since they are a Prime Bank for the exchanges, especially ZIM, how will they be able to do that with the banking industry restrictions placed upon them?
A: I have no idea. WF has put ten years into this, so maybe they have been grandfathered in. Otherwise, they would have to start over with this.

Q: Just to clarify the tax question: taxes are being taken out by the bank before we exchange so the money we get in the exchange is all ours. There is no further state or federal taxation on the money we receive. Is that correct?
A: So far as we know, that is correct.

Q: From what tony said on the call .. 10 million and above (combined currencies) would be handled by a wealth manager. Is the 10 million determined by the USD value after we exchange or 10 million value of the combined notes of IQD, VNN etc. before we exchange?
A: I’m assuming that is ten million dollars worth.

Q: What about people who have Zim and are under ten million? Earlier we were told that Zim holders would go to an exchange center.
RR: Surely that is unlikely, as most people bought 100 or 50 trillion Zim notes. Now, if they have thousands, millions, or billions, that might be possible.

Q: is it better to wait after rv to set appt w wealth mgr or will we have to do it when they release 800#?
Tony: I would set up an appointment as soon as you can, especially if you already have a wealth manager. The plan is for those with over ten million to go through the 800 number system to set up appointments, and for smaller amounts to go to the dedicated teller.

Questions from live callers

404/865: So those with less than ten million can walk in and exchange at the teller desk?

Tony: That is our understanding.

Caller: Iraq is now under pressure to get these issues resolved before February 12th. What pressure is on the UST to get this done?

Tony: The UST is putting the pressure on Iraq and Kurdistan; there is no pressure on the UST itself because things are progressing, with exchange centers and tellers who can exchange up to ten million dollars’ worth. There is a limit that they want to reach each day, a dollar amount, and they are pretty much ready to go. The US picked the leaders of the IMF and the World Bank, so I don’t think the US is experiencing pressure from them.

404: About the brouhaha in Parliament, with the consequent delay on the Budget until Sunday… do you think that this may be a smoke screen for negotiating this week?

Tony: Historically, that has happened and may well be happening this week as well. In Iraq they are saying there are fights in Parliament so that is their story.

602 caller: [Appreciation]

019 caller: My text messages have dried up…

RayRen: Send this text to 40404: FOLLOW @THE_TNT_TEAM

951 caller: Tony, you mentioned having more information about Maliki…

Tony: Today Maliki announced he is running for Prime Minister again!

Caller: Do you think the Budget has anything to do with this?

Tony: I don’t think the Budget is significant in terms of the rate, but I do know that the US is putting pressure on Iraq to get the Budget approved as well as Article 140. People are fighting over the terms and percentages of Article 140, just like politicians here. This was designed to have already been done before the Kuwait Conference on the 12th. I’ve talked to people laying out the format here, and they say they don’t need that. And in Iraq, they are already starting to release the lower denominations; what else is left?

303 caller: You both said that under ten million they will be directed to the teller; however, depending on the rate, you might have over or under ten million.

Tony: Over ten million, you will automatically be sent to a wealth manager; otherwise, you can go to a teller and IF you want to a wealth manager, they can set that up. Having said that, the teller will NOT be able to negotiate the rate – they will exchange at screen rates only. They are not going to give a teller authority to negotiate anything.

Caller: Does the slow rollout have to do with the pace of exchanges, or change in rates?

Tony: That term first came to us from Iraq, and their definitation is that they will do just what they did with the Qi cards, giving them out to different levels and groups in a measured way. Now they are doing it with the lower denominations: they are in the banks, now being giving to the higher echelons and by levels until it reaches street level. In the US, they are going to start with two banks, and gradually open it up to the other banks. However, those first two banks will do the bulk of the exchanges.

Caller: If I have X dinar in hand, and 5X in layaways, what is best strategy?

Tony: I would definitely tell the wealth manager that you have it.

Caller: What is the bank’s role in collecting taxes on these exchanges?

Tony: Banks have not been directed to collect taxes; they are not tax professionals and wouldn’t know which taxes apply to you. We have been told that these exchanges are pre-taxed, so the tax will already have been paid on your exchange money.

340 (VI) caller: Will the rate for rial climb in the same way as dinar?

RR: I think that it will.

Tony: I think they all will go up some as people find out about this.

AL caller: For those of us who want the contract rates, is it still set up with an 800 number to go to those first two banks? Is that part of the slow rollout?

Tony: We have a list of 76 banks that handle dinar now, and the slow rollout process means that only two of those banks will do the exchanges to start with. Then they will open it up to the others. If you have ten million or above, you get to see the wealth manager – who is the only one who can negotiate rates and perks, including contract rates. If you are below that, you will be directed to the teller, who cannot negotiate. If you want to wait until the rates go up on Forex, you can still go in beforehand to find out the procedure, and then come in another day when the rate is what you prefer.

Caller: I will be over ten million myself, but might wait anyway for higher rates.

Tony: If it goes up to $8, then you can get that higher rate at the teller.

RayRen: If you don’t want to negotiate a higher rate, I would be happy to take whatever is still on the table! I will get all that I can manage, not leaving anything for someone else who probably doesn’t need it. I’d rather take it myself and give it to someone in need.

740 caller: If we exchange at one of these major banks and it’s not our personal bank, can we have the funds transferred to our personal bank?

RayRen: Sure, why not? It’s your money.

Tony: Your money is with a bank, not a location. The branch where you exchanged doesn’t have your millions of dollars in their vaults – they are credits in a ledger. However, smaller banks may have a limit to what they can hold for anyone. Wealth managers do get credit when you make investments with their bank; other than that, the money is at a particular bank, not that particular branch. You can definitely transfer those funds to another bank or credit union.

636 caller: I have a few things to get off my chest…

RayRen: This is a Question and Answer line.

[I left at this point; look for Sunny’s Cliff Notes for anything else on this call.]

Closing Statement (Sunny’s Cliff Notes)


Tony: All right guys. All we can do is bring you the information, that’s all. We are asked to pass along what we hear and are told. I don’t control it. Ray doesn’t control it. We are ready to go to the bank just like you guys are ready to go to the bank. Been ready to go and we are still excited.

Not as excited as I was 10 years ago but still excited. We are still getting information and dates and for reasons it didn’t happen by the 31st. We all know what they are now so we are going to look to the next date if she’s right. The IMF told them the 14-15th, take it or leave it and that’s going to solve a whole lot of problems. The budget and the 140 and will be free to go as far as the people on that side.

On this side it doesn’t make any difference. We are going anyway. All we’ve got to do is look for today and tomorrow and see which level the lower denom’s are at. I think we can pretty much track it the same way we did the cards (Q cards) and the rates.

And it maybe – they are supposed to start paying today, right? What’s today? The 5th. They changed the payment schedule to start today. We’ll see if they are going to pay the people they said they were going to pay and if they are paying them with lower denom’s now not just all electronic. So we’ll see.

Enjoy your day. I’m going to enjoy mine. If we get any superfantastic news, changes or anything of course we will be back. If not, we’ll see you on Wednesday.

Ray: Okay, sounds good. Time will tell. (played “I Believe”).

RayRen played I Believe: https://www.youtube.com/watch?v=9DYrqOUKLtA


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