BackRoom_Knox wrote: ↑Tue Jan 30, 2018 6:59 pm
I think some of you are missing the big picture. Even if the Defendants are convicted, which is very possible, the Federal Reserve security protocols have huge serious issues. Terrorism related issues. The ACH has a two day window. Now it appears that window is one day for some accounts and will go to one day for all. This appears to be the Defendants start of "Clean Up."
Does anyone admit 300,000 people accessed this scheme or "scam," as some would put it?
Does anyone admit the Federal Reserve has security protocol issues?
Did you know that the Federal Reserve had 0 losses from these events, however corporations are out cash and they are highly affected?
Would anyone admit that this is a problem in terms of what real terrorists could do to our banking system using the federal reserve?
Can you imagine ACH being shut off for days? What would that be like?
The prosecution could sway me back to believing that the Defendants are bad people. As the judge would say its not over till its over. So we will see what happens tomorrow. I do believe Beane will be fodder.
You need to actually speak to someone who understands accounting, banking and ACH protocol. The ones you’re talking to at the trial can barely balance their checks books. These individuals think that anything is proof, that backs their theory.
Try checking out Virgo Triad’s channel on YouTube, she did a great series on debunking every aspect of their theories.
Other than USAA, financial institutions didn’t take a large hits nor did the FRB. The problem in the beginning was it was taking the FRB so long to reject the transaction, and return it to the originator bank/vender. Sometimes as long as 3-4 weeks. The longer the payments stuck it gave credence to their theory. Once those initial transaction started being rejected and returned, it didn’t take long for ACH and many venders to fix the problem. All they did was remove any FRB routing number or government agency routing numbers from their routing number data base, this their system would neither recognize or process a transaction should the user try to put one in.
Most loses occurred from what I can tell to utilitity companies. Those I can tell you just from looking at it was lack of accounting on the companies side. There may have been some cars released, but usually state law covers those situations, when the lender releases they no longer have any security for their loan, or the loan was paid off fraudulently, they have a court system to correct those errors.
If you wonder why HATJ and RKB are on trial is because they are the only ones that were successful temporarily, and got the $ transferred to his private account, and then transferred out from there. The Harvey Dent they took about, never got any money that he could spend. Barclays froze his account before he accessed the $ and thus Dent didn’t get any $ and the institution didn’t lose and money.
If anyone made money on this recycled scal it was the financial institutions that charged for returned check fees and late charges.