Highlights of TNT conference call. Updated as the call progresses.
Ray: Winston/DC is celebrating a birthday today. You can post to him in the forum.
An International currency has stages in that process. This week there is some eye-brow raising as to why we have not seen that as a public reality. That's all I can say on that. Maybe this week some other things will tie it all in.
CURRENT WINDOW: Ray: How much longer? Hours or days. No back wall date at this point. I will look to today and then tomorrow and day after tomorrow. As far as I am concerned, we are right on it. . . It puzzles me why people would think this would go into June.
800 # Rumor is that Ray has them. Ray emphatically denied this. Ray "I do not have any 800 numbers to give out at the moment. . . . For Canada, there are 800 numbers for you. Canadians you can smile. . . If they give them to me I will let you know."
IRAQ: Parliament voted on Saturday on the 2007 budget and they threw in the kitchen sink. It was done to clear the books. There actions were made public. As was first thought they did not vote on Abadhi's nominations. Maliki's supporters are attempting to block certain things. Meeting today is to vote on the nominations by Abadhi. Ray: Political turmoil going on over there that may hold things up a bit. Maliki is trying to save his neck. Our understanding is everything is wrapped up, signed, sealed and delivered and the turmoil going on right now is just a hindrance. But, where is the rate change? Where is the RV?
- CBI
INTERNATIONAL:
- IMF
- Rates: ZIM: Ray: Still nose bleed high. Dong: Looks like base rate will be .47 and $2-$3 rate could be contract.
UNITED STATES: US has sent a Presidential Envoy to help Iraq with their internal struggles.
- UST:
- Banks: Two notices were issued over the weekend telling people to come in on Monday. One was issued on Sunday reminding them to come in on Monday. Ray: Some banks were telling people on Friday to hold onto their dinar and come back on Tuesday.
- Exchange Centers can either be bank branches or store fronts like Travelex or other travel type currency exchange establishment. It is expected that only banks and their exchange centers will have the contract rate, but Ray suggests calling the commercial travel currency exchanges when the time comes.
- TAXES: Still plan on setting aside 50% until the tax information is settled/known. Don't stick it in a shoe box. Just designate it for possible taxes but put it to work earning interest, CD, money market where risk is minimal. Keep it under the umbrella of trust or whatever asset protection plan you use.
- Donations: No limit how much you can donate, but there is a yearly limit how much you can write off for taxes.
EXCHANGING: Different banks may have different procedures.
CE a Single Note: Ray said he's heard it might lock you into that rate for a later exchange. Ray: Whether it holds true or not, I don't know. I don't think it will affect the rate at your appointment. If your in a group you need to ask the group leader (about exchanging a single note and it's affects on the group exchange)
WARNING: Email's going around that only their group can get you exchanged and or exchanged through the IMF.
Ray: Don't fall for this. If it comes your way report it. Be your brothers keeper. Look out for the one who can't see it. You can do it anonymously or sent it to me. I'll do it.
Q & A:
Q. - Shelf Trust? Ray: Said I would rather go with the POD on the account because of the unknowns of the banks shelf trust.
Q. - What would happen to a structured payout if the bank failed? Ray: I would assume they would move the payout to another bank.
Q. - This site coming down after RV? Ray: Shortly after the announcement. It won't be here 30 days later either.
Q. - Re: Transferring property into a Trust. Do as a quit claim or sale? Ray: A regular sale could produce tax implications, sales tax, etc. I would need to review and look at it again. Been sometime since I've been involved with that.
Q. - How do you close out a trust? Ray: File a 1041 form and check box that says, "last filing." Physically, you deplete all the assets in it, but you still need to do the last filing.
Q: Are waiting on laws passed on Saturday be published in the Gazette? Ray: I don't know.
RAY’S CLOSING STATEMENT:
Ray: Looking for this today, tomorrow because I don't know what Iraq might be doing. Could be public release today. Private exchanges have taken place in the past. Would not surprise me if some banks do more private exchanges today. I'm not on a list for something like that, but happy for those who are.
Is it guaranteed to happen? Of course not. I get information on what people intend and plan to do. Until it gets done you won't hear it from me. How do I know it won't change? It has in the past.
All we can do in the meantime, in between time is to hold on, believe or not. We'll be back if there is a need for us to come back. A tweet or a text message. (played "I Believe")
TONY: Tony can receive cards, notes, magazines, soft cover books, but No food. Address is in the forum where to send it.
After the music:
RAY: I forgot to put in my opening monologue that services are being restored over there. Electricity up for more than four hours a day. Young people are into electronics the same way the young people are in the west.
