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cosmoray
Cosmoray Construction
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Posted - 2009.06.10 13:37:00 -
[1]
So the most important character in EBANK scammed.
Not only did he run off with a good chunk of ISK, he most likely kept accepting ISK deposits to character EBANK Ricdic in the last few days.
1. How much money is typically deposited in a NORMAL day via EBANK Ricdic
2. How will you handle the claims from people who deposited money but that hasn't reached their account (API audit?)
If I read the EBANK reports correctly only about a third of the 2.3T ISK is in liquid form (approx. 700B). Ricdic scammed 200B of that leaving around 500B in anticipation of a run on the bank.
The bank is now trying to liquidate assets to be able to pay their withdrawals.
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cosmoray
Cosmoray Construction
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Posted - 2009.06.10 13:56:00 -
[2]
The risk of putting your money in EBANK has significantly increased.
There is now NO justification having money in EBANK in accounts not earning any interest.
3% savings rate is no longer high enough to justify the risk.
There may arguments about EBANK being the gold standard and lowest risk, but not anymore.
Only entities that have not scammed move up the table by default.
Investors will be asking (rightly too) why should I leave money in an EBANK sweep account when I earn nothing, and also why should I loan them cash at 3% as the risk factor has gone up.
Some private bonds and successful IPO's now have a better risk profile.
Ray, BMBE, Bad Bobby, Kwint, Cosmoray, DBANK some of the newer investments now look at least as safe as EBANK.
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cosmoray
Cosmoray Construction
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Posted - 2009.06.10 14:02:00 -
[3]
So according to LVV, Ricdic gave an unsecured loan of 275B, AND then scammed 200B+.
That is a huge difference if correct.
That means nearly 500B is gone, and that is 25% of capital. A huge amount
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cosmoray
Cosmoray Construction
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Posted - 2009.06.10 14:19:00 -
[4]
 Originally by: Hexxx
Originally by: cosmoray
So according to LVV, Ricdic gave an unsecured loan of 275B, AND then scammed 200B+.
That is a huge difference if correct.
That means nearly 500B is gone, and that is 25% of capital. A huge amount
We had a bunch of withdraws, but currently we have 2.3 Trillion in deposits, which means that 475 total is 20% of deposits. Prior to the withdraw rush we had 2.45 Trillion I believe. However....everybody seems to forget that we had a sizable surplus. EBANK was very profitable.
Yes, EBANK took a hit. We could have been fine if Ricdic hadn't scammed but his scam hit us just as we absorbed a large default. We're going to have to shrink a little to reduce liabilities and boost our profits - effectively this means that instead of focusing on growth, we'll focus on profitability to regain our footing.
Why didn't you say up front you lost 475B (20%) of capital but instead said 200B (8.6B).
According to your reports only about a third is liquid cash the rest in performing assets (loans, BPO's, businesses). Theoretically you have lost over half your liquid capital.
You will be liquidating profitable items.
You talk about profitability, which means low rates and less customers.
Why would investors accept non-paying account and interest accounts that pay 3% per month.
The risk profile of EBANK has shot up and 3% is no longer a fair reflection of risk.
No matter what statements EBANK make, their most senior member scammed public funds so your credit risk HAS TO GO UP.
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cosmoray
Cosmoray Construction
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Posted - 2009.06.10 17:23:00 -
[5]
Two other thinmgs that interest me:
1. I wonder why Ric didn't go through with his 100B+ Titan bond because he could have picked up some extra free ISk's.
Maybe he did the SCAM after that date.
2. You now know why Ric wasn't crowing in YGR's thread (I always thought he would come and gloat), because he was busy running over the hills with his sack of ISK's. |
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