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EBANK Athre
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Posted - 2009.06.22 19:40:00 -
[1]
It has been over a week since the announcement that Athre has stepped up as CEO of EBANK. As with any change to public entities we fully expected our customers to start withdrawing funds, and they did just that. However, as always, EBANK had ISK at its disposal to handle runs of this nature. This was the single largest run on EBANK to date, exceeding the hundred billion ISK runs we usually experience on major patch days with the introduction of new BPOs. Just how large was it? In the space of two days, EBANK experienced a run of over five hundred billion ISK. It is important to note that all withdrawals were and still are being processed within the 48-hour period allowed by the service level agreement.
Some of you may wonder where 500+ billion came from when so much was lost? The answer is simple: security, diligence and forethought of the entire EBANK Staff. As we have grown to the monumental size of 2.5 trillion ISK, excess ISK has been distributed to staff to limit exposure. While a loss of 200B seems staggering, Hexxx personally held over 250B. Other non-tellers held nearly 100B. Furthermore, our loyal venture managers provided spare funds from capital provided by EBANK.
You can mark it down as the competence of EBANK as a whole. In the past EBANK was associated almost exclusively with one person. As the past week has shown, EBANK was never just a single person. Together we've stemmed off a run that was larger than the second largest public entity in EVE.
So where are we now? As we predicted withdrawals outpaced deposits for a time, which is not necessarily a bad thing. Part of the problem EBANK suffered from in the past was the attitude that bigger is better. Some of EBANK's board of directors have been wanting to downsize the organization for a while. EBANK pays out over one billion ISK per day in interest; as the trusted few with a large amount of ISK grew concerned over the staggering numbers, the board members voted in favor of a full audit. Although the past leadership confidently reported one billion ISK or more a day as doable, the staff and the board of directors wanted to make sure. With that leadership no longer associated with EBANK, the staff and board of directors have again reached a consensus on how to operate EBANK.
At the moment EBANK's withdrawals are still being processed within the 48 hour SLA, and the bank is smaller then before. This will make the bank more stable. The run is over; it ended less than two days after the original announcement. While we've had some sizable withdrawals since then, the first 36 hours showed the majority of ISK removed. When we turned on deposits we had tens of billions of ISK deposited as a sign from our customers that they want us to continue working. This is important to us because in the first 12 hours, along with everything else, shutting down EBANK was on the discussion table. We chose to leave it up to our customers.
While EBANK is not a publicly owned corporation, a lot of our actions are driven by what we believe the customers really want. They have spoken out in support by depositing ISK into their accounts, so for the time being EBANK will live on and do what it has always done: offer a secure place to deposit spare ISK.
EBANK Board of Directors |

John Lupo
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Posted - 2009.06.22 19:48:00 -
[2]
Thanks for posting. Great to see current staff is still ready to rock :) |

cosmoray
Cosmoray Construction
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Posted - 2009.06.22 20:05:00 -
[3]
Thanks for the update
Communication is king !!!!!! |

Vaerah Vahrokha
Minmatar Dark-Rising
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Posted - 2009.06.22 20:06:00 -
[4]
As of my posts on EBank's forum I always liked Athre.
I like Athre more now. |

HawkBlade
Minmatar The Higher Standard Virtue of Selfishness
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Posted - 2009.06.22 20:37:00 -
[5]
Originally by: Vaerah Vahrokha As of my posts on EBank's forum I always liked Athre.
I trust no one more than I trust Athre.. |

Kazzac Elentria
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Posted - 2009.06.22 20:41:00 -
[6]
Glad to have you as the CEO Athre.. I trust you enough to share my safe word with you  |

Mroe Bree
Minmatar Sebiestor tribe
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Posted - 2009.06.22 20:44:00 -
[7]
Originally by: Kazzac Elentria Glad to have you as the CEO Athre.. I trust you enough to share my safe word with you 
I think I just threw up in my mouth. No, scratch that. There was definitely a mouth breech. |

Ji Sama
Caldari Tash-Murkon Prime Industries Sex Drugs And Rock'N'Roll
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Posted - 2009.06.22 20:57:00 -
[8]
Originally by: HawkBlade
Originally by: Vaerah Vahrokha As of my posts on EBank's forum I always liked Athre.
I trust no one more than I trust Athre..
not even yourself
TMPI |

HawkBlade
Minmatar The Higher Standard Virtue of Selfishness
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Posted - 2009.06.22 21:02:00 -
[9]
Originally by: Mroe Bree I think I just threw up in my mouth. No, scratch that. There was definitely a mouth breech.
You've never had a finer moment. Originally by: Ji Sama not even yourself
Oddly enough, yes.
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Thoraemond
Minmatar Far Ranger
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Posted - 2009.06.22 21:15:00 -
[10]
Originally by: EBANK Board of Directors [I]n the first 12 hours, along with everything else, shutting down EBANK was on the discussion table. We chose to leave it up to our customers.
It is heartening to see that both (i) this option was considered and (ii) it was proved unnecessary.
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Solisk
Gallente HyperFang Aquisitions And Logistics
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Posted - 2009.06.22 21:56:00 -
[11]
I am very happy to hear that things are going relatively smoothly. I think that most of us here were confident that Ebank would survive and that the secondary market would be all the better for it.
You mentioned a full audit in the OP and I was wondering if that has taken place yet or if it is still in the works. If such an audit is completed, will Ebank be sharing the results with the public in a monthly/quarterly update?
While I agree that downsizing will benefit the bank's health as a whole, I still find myself a bit bummed out. It was nice watching Ebank grow larger and larger. Have the BoD reached an agreement on a sustainable size yet? |

eVaLF
Delivery Luck
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Posted - 2009.06.22 22:07:00 -
[12]
In some aspects you being the CEO is probably one of the best moves Ebank could make right now. I assume Hex is still chairman?
First congratz on your company's strength to endure these hard times, but I do have a few questions, please don't consider these attacks but I know I would like to know, and I am sure others do as well.
1) Hexxx has always stated you are a bank so reporting ot the public is not a concern. What is your status and Ebanks current status on this? Will the public start to see reports from EBANK in some sort of manner (Monthly/Quarterly/Yearly) and when bad things happen and good things will they be reported on.
2) Have you reduced your size enough to make you happy at this moment or will you try to downsize futher yet?
3) As mentioned above I think, who is now your auditor, when will a report be put out, and will the auditor do a continious audit or one time thing. Do you think an Auditor can prevent Ricdic type happenings again?
Again congratz on this so far and I do wish you and Ebank the best of luck. -----
POS FUEL DELIVERY & HIGH & LOW SEC FREIGHTER SERVICES |

Mr Horizontal
Gallente KIA Corp KIA Alliance
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Posted - 2009.06.23 00:08:00 -
[13]
Originally by: eVaLF 1) Hexxx has always stated you are a bank so reporting ot the public is not a concern. What is your status and Ebanks current status on this? Will the public start to see reports from EBANK in some sort of manner (Monthly/Quarterly/Yearly) and when bad things happen and good things will they be reported on.
In answer to Solisk's question above this as well, we have said that if the bank is in deficit then we will announce it asap. After all it was Hexxx who's OP started the threadnought. Obviously we as the board do need to gather facts and discuss things before any announcement, but asap usually means within hours of the event happening.
In terms of audits, and actual raw business figures, the board release it as it sees fit. I strongly believe it is necessary for you all to know how EBANK is generally performing, though it's not necessary for you all to know specific aspects due to confidentiality etc. But generally, we do try to be as transparent as possible.
Originally by: eVaLF 2) Have you reduced your size enough to make you happy at this moment or will you try to downsize futher yet?
How long is a piece of string? EBANK like any business is about balancing cashflow and when equilibrium is met, then we will know the 'right' size. The audit is still progressing so even we don't know absolute firm figures right now.
Originally by: eVaLF 3) As mentioned above I think, who is now your auditor, when will a report be put out, and will the auditor do a continious audit or one time thing. Do you think an Auditor can prevent Ricdic type happenings again?
The auditor and audit is 100% confidential for now and I cannot comment on it at all. Be safe in the knowledge however it's being conducted extremely deeply and is in extremely safe hands.
Director | www.eve-bank.net |

Solisk
Gallente HyperFang Aquisitions And Logistics
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Posted - 2009.06.23 00:50:00 -
[14]
Originally by: Mr Horizontal
The auditor and audit is 100% confidential for now and I cannot comment on it at all. Be safe in the knowledge however it's being conducted extremely deeply and is in extremely safe hands.
Thank you for taking the time to answer, even if you couldn't give us specifics. I've a pretty decent idea who the auditor is, as only two people come to mind.
Hopefully the stream of information keeps coming to the masses satisfied. 
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Selene D'Celeste
Caldari The D'Celeste Trading Company ISK Six
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Posted - 2009.06.23 02:27:00 -
[15]
Edited by: Selene D''Celeste on 23/06/2009 02:30:07
Originally by: Mr Horizontal In answer to Solisk's question above this as well, we have said that if the bank is in deficit then we will announce it asap.
Originally by: eVaLF 2) Have you reduced your size enough to make you happy at this moment or will you try to downsize futher yet?
How long is a piece of string? EBANK like any business is about balancing cashflow and when equilibrium is met, then we will know the 'right' size. The audit is still progressing so even we don't know absolute firm figures right now.
As I mentioned to a few people privately recently, please do be careful about how you and others are talking about EBANK's financial health, especially given (as you just mentioned) a thorough audit post-Ricdic is still not complete. I am concerned an unknowing overstatement could come back to bite EBANK in the ass. I'm also concerned that at a time where everything is being reorganized, the amount of ISK EBANK is paying interest on is not decreasing since the run, and that existing damage could become worse while this is taking place. But in the end, it's not my bank, I just hope you all know what you're doing.
Just so that no one mistakes this post: while I left EBANK and disagree on how it was (and still is) being run -- (it's not a project I want to sink my time into, but I like the people) --- I do hope that the final tallies are as friendly as possible and that EBANK is able to be a healthy bank in the future. I'm also glad you have a good auditor for this (one who has the time to go through that mess). =P
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Ava Santiago
Minmatar
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Posted - 2009.06.23 04:24:00 -
[16]
As someone who liked EBank's risk profile up until the expansion beyond 1 trillion, I hope that things stabilize at a profitable and effective point.
Here's hoping that your reduced size can overcome the diseconomies of scale held by your former size.
Concord doesn't provide consequences. Concord provides insurance payouts. |

Solisk
Gallente HyperFang Aquisitions And Logistics
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Posted - 2009.06.23 04:58:00 -
[17]
I am also curious as to whether Ebank's financial downsizing will also result in staff downsizing. With all the dirt that was aired, it seems that Ebank may have too many players on staff.
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Athre
Minmatar The Higher Standard
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Posted - 2009.06.23 16:13:00 -
[18]
Some questions have come up about the audit, what it is, who is it, what does it entail and most importantly will you, the public, get to know the bottom line.
The Board of Directors are participating in filling in the pieces of a full and complete audit. One of the regulars to this forum is heading up the audit. This person has full and complete access to EBANK's data. The way the audit is laid out is so that we can keep track of things on an ongoing basis. In other words, it is a living breathing document that will constantly be changing as EBANK's activities change. A Dashboard if you will. To the best of my knowledge, there is no plans to make it public. It is a tool for the Board to use.
While we appreciate the public's interest over our internal operations the average person wants to know "How much ISK is my investment worth now?" And they can get that any time they login to EBANK's website. They can then withdraw that ISK, or keep it in there. Although the ISK in EBANK is public what we do with it is private for the security of our customers, so long as we make interest payments and people are happy with their investment, we're going to continue to operate this way. |

EBANK Athre
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Posted - 2009.06.23 16:15:00 -
[19]
^^ should have been posted with Banking too. |

Vaerah Vahrokha
Minmatar Dark-Rising
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Posted - 2009.06.23 17:19:00 -
[20]
Originally by: Athre Some questions have come up about the audit, what it is, who is it, what does it entail and most importantly will you, the public, get to know the bottom line.
The Board of Directors are participating in filling in the pieces of a full and complete audit. One of the regulars to this forum is heading up the audit. This person has full and complete access to EBANK's data. The way the audit is laid out is so that we can keep track of things on an ongoing basis. In other words, it is a living breathing document that will constantly be changing as EBANK's activities change. A Dashboard if you will. To the best of my knowledge, there is no plans to make it public. It is a tool for the Board to use.
While we appreciate the public's interest over our internal operations the average person wants to know "How much ISK is my investment worth now?" And they can get that any time they login to EBANK's website. They can then withdraw that ISK, or keep it in there. Although the ISK in EBANK is public what we do with it is private for the security of our customers, so long as we make interest payments and people are happy with their investment, we're going to continue to operate this way.
You were too big and too much opaque. Opaque as in, not just caring for privacy but going to obfuscate your procedures and more.
Now you are not too big any longer. You may as well do it right and also drop obfuscation.
Customers recently lost their virginity and it hurted. They may want to see something beyond "so long as we make interest payments and people are happy with their investment" which I find a bit irreverent of your Customers.
Maybe you intended something different, but others read the sentence as: "as long as we feed the blinders donkeys with the carrot of interests they smile happy and we keep doing our stuff.
Transparency. Transparency is what your Institution needs. Not breach of security, not disclosing of secret strategies but a mindful and certified statement of balance sorted by macro-accounts. Making a reduced version of that audit public would turn things a lot. It'd probably take a Shar to have the guts to do it though.
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HawkBlade
Minmatar The Higher Standard Virtue of Selfishness
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Posted - 2009.06.23 18:08:00 -
[21]
Originally by: Vaerah Vahrokha Transparency. Transparency is what your Institution needs. {...} It'd probably take a Shar to have the guts to do it though.
Thank you for the compliment. I am not doing the eBank auditing. I am privy to the " living document", to the identity of the auditor, and to the eBank forums. (Though I don't bother reading much even still) eBank is looking for more transparency alright however they are doing it by having independent, and not all the friendly, critical eyes looking over their shoulders. Here's the ballsy part of this statement: eBank is not yet ready to go into detail about the few things that did go wrong. It is embarrassing to some of the old cadre (some current, one who shamelessly jumped ship) so there is a hesitancy about just how much to make public. This does not mean that the issues are not being discussed however. /whisper on "You know, the guys are tired of pumping up the ego of their former CEO. The more he is discussed the more he lingers in the air. I agree with the idea of clearing the air as not only is he a foul odor but, to me, quite stale. But the truth is that Ric was a buffoon. Much of the work he did with eBank, now that everyone is digging through it, was done in such a slipshod manner that ... it is an embarrassment to those who worked (or supported) him. While there are full records by which to go by the level of disorganization and complexity makes it serious work extract any level of coherency." /whisper off There, that is the white elephant in the room. |

Solisk
Gallente HyperFang Aquisitions And Logistics
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Posted - 2009.06.23 19:08:00 -
[22]
Originally by: HawkBlade
Originally by: Vaerah Vahrokha Transparency. Transparency is what your Institution needs. {...} It'd probably take a Shar to have the guts to do it though.
Thank you for the compliment. I am not doing the eBank auditing. I am privy to the " living document", to the identity of the auditor, and to the eBank forums. (Though I don't bother reading much even still) eBank is looking for more transparency alright however they are doing it by having independent, and not all the friendly, critical eyes looking over their shoulders. Here's the ballsy part of this statement: eBank is not yet ready to go into detail about the few things that did go wrong. It is embarrassing to some of the old cadre (some current, one who shamelessly jumped ship) so there is a hesitancy about just how much to make public. This does not mean that the issues are not being discussed however. /whisper on "You know, the guys are tired of pumping up the ego of their former CEO. The more he is discussed the more he lingers in the air. I agree with the idea of clearing the air as not only is he a foul odor but, to me, quite stale. But the truth is that Ric was a buffoon. Much of the work he did with eBank, now that everyone is digging through it, was done in such a slipshod manner that ... it is an embarrassment to those who worked (or supported) him. While there are full records by which to go by the level of disorganization and complexity makes it serious work extract any level of coherency." /whisper off There, that is the white elephant in the room.
I have no idea why more Eve institutions aren't trying to snatch you up for a PR role (or perhaps they are?).
You just told me absolutely nothing, but made me feel damn good about it. Amen caffeine.
To the EBank Reps: While I have no desire to know the specifics of what isk-making ventures you're currently involved in, I do believe that you're taking the wrong stance on intending to keep the public in the dark as pertaining to the end result of the audit "as long as you're making interest payments". It really tends to breed mistrust in the company as a whole.
This is making me think even more about my post in the Eve Banking discussion thread about how the public is made to feel as if they are expendable and should withdraw their isk if they disagree.
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Athre
Minmatar The Higher Standard
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Posted - 2009.06.23 19:40:00 -
[23]
~ This reply is my personal view ~
The purpose of this thread was to inform and it has done that. Please refer to the top post, the original statement.
Solisk, it is as simple as this - EBANK is not a publicly owned corporation. For some unknown reason MD believes it is their god given right to know all about it. Any little information out and more is demanded, insisted and people are harassed over it. I am tired of being harassed to the point of feeling violated.
VV - As Shar's exceptionally close friend I can tell you that transparency is a value I do hold dear to. In this instance though, that transparency I am heading is within EBANK, not without.
One thing I would greatly appreciate everyone to keep in mind. EBANK is a participatory organization. That means each person opts in to give their time. Many people in MD are calling for EBANK to do this that or the other. Please understand it takes people, people offering and giving their time. I hear people in MD asking for greater courtesy given by EBANK, I ask that people in MD give the people working IN EBANK courtesy as well.
As stated at the top, these are my personal opinions and observations
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EBANK Athre
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Posted - 2009.06.23 20:00:00 -
[24]
Quote: "I do believe that you're taking the wrong stance on intending to keep the public in the dark as pertaining to the end result of the audit "as long as you're making interest payments".
I feel it is important to correct this particular train of thought. We have no intention of never reporting. We have every intention of updating the public. The problem lies in the fact that until we have our reports completed the Board can not decided just how much will be made known and how much will be kept in house aka "trade secret".
We recognize the desire for many of you to know what is happening. Many of you would also like to have total access to every record and document. What is going to be delivered is going to be somewhere between "what is happening" and "all of our records". We just don't know what that is yet as the audit still has areas needing to be filled in. Until the report is complete, further debate upon this particular issue serves no purpose of any kind.
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Solisk
Gallente HyperFang Aquisitions And Logistics
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Posted - 2009.06.23 20:01:00 -
[25]
Originally by: Athre ~ This reply is my personal view ~
The purpose of this thread was to inform and it has done that. Please refer to the top post, the original statement.
Solisk, it is as simple as this - EBANK is not a publicly owned corporation. For some unknown reason MD believes it is their god given right to know all about it. Any little information out and more is demanded, insisted and people are harassed over it. I am tired of being harassed to the point of feeling violated.
VV - As Shar's exceptionally close friend I can tell you that transparency is a value I do hold dear to. In this instance though, that transparency I am heading is within EBANK, not without.
One thing I would greatly appreciate everyone to keep in mind. EBANK is a participatory organization. That means each person opts in to give their time. Many people in MD are calling for EBANK to do this that or the other. Please understand it takes people, people offering and giving their time. I hear people in MD asking for greater courtesy given by EBANK, I ask that people in MD give the people working IN EBANK courtesy as well.
As stated at the top, these are my personal opinions and observations
And all the MD community asks is for the very same level of transparency that is asked of all PRIVATE corporations that receive PUBLIC isk, which is all that EBank really is. A large private corporation offering highly liquid bonds with ****ty interest rates.
My very first impression of Ebank was a post by you saying almost the exact same thing on your internal forums to a CUSTOMER who was making a suggestion. If you're going to react the same way to every suggestion (because I fail to see where I was demanding anything, in fact, I thought I was being pretty damn courteous), then you may as well step down as a CEO now to avoid any more negative publicity. This is my personal opinion.
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Solisk
Gallente HyperFang Aquisitions And Logistics
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Posted - 2009.06.23 20:07:00 -
[26]
Originally by: EBANK Athre
Quote: "I do believe that you're taking the wrong stance on intending to keep the public in the dark as pertaining to the end result of the audit "as long as you're making interest payments".
I feel it is important to correct this particular train of thought. We have no intention of never reporting. We have every intention of updating the public. The problem lies in the fact that until we have our reports completed the Board can not decided just how much will be made known and how much will be kept in house aka "trade secret".
We recognize the desire for many of you to know what is happening. Many of you would also like to have total access to every record and document. What is going to be delivered is going to be somewhere between "what is happening" and "all of our records". We just don't know what that is yet as the audit still has areas needing to be filled in. Until the report is complete, further debate upon this particular issue serves no purpose of any kind.
I appreciate your clarification on the release of audit info. In the quote below, I'm sure you can see why this mistaken thought was made.
Quote: The Board of Directors are participating in filling in the pieces of a full and complete audit. One of the regulars to this forum is heading up the audit. This person has full and complete access to EBANK's data. The way the audit is laid out is so that we can keep track of things on an ongoing basis. In other words, it is a living breathing document that will constantly be changing as EBANK's activities change. A Dashboard if you will. To the best of my knowledge, there is no plans to make it public. It is a tool for the Board to use.
I would also like to clarify that in no way do I want to have access to every record and document, as isk-making ventures need to remain under wraps to avoid any excess competition in those areas. |

eVaLF
Delivery Luck
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Posted - 2009.06.23 20:15:00 -
[27]
Again this were and I disagree with Ebank even after this entire thing they don't put out what they will do they put out a lot of gibber jabber that means nothing really and continue the stance we wont report.
Personally you should come up with an isk value be it 1mil or 100bil and say anything that effects this much isk will be reported on, anything else is closed. Atleast then we know what to expect, right now its a bunch of fancy words to most my questions and others questions, and the same stance is we are not going to let you know whats going on.
I understand you cant let eveyr little thing known, A) it could hurt what yoru doign and cause profit issues, B) you guys do way to much C) you want to keep names confidential. I understand all that, please dont think I dont, but you can still do much better reporting than what I see you guys trying to say you will do.
Just like the audit issue, its an MD worthy person but we wont report on it. YOu can use anyone if that is the case, since we dont get the report its for the BOD only and you wont even release his/her name.
A lot of this makes zero sense and your guys are putting yoruself back into the same situation you were in 2 weeks ago. Maybe internally your more sound, but publicly wise its the same thing. |

HawkBlade
Minmatar The Higher Standard Virtue of Selfishness
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Posted - 2009.06.23 20:17:00 -
[28]
Originally by: Solisk And all the MD community asks is for the very same level of transparency that is asked of all PRIVATE corporations that receive PUBLIC isk, which is all that EBank really is.
Hilariously, you have just demonstrated the value of your opinion, personal or not. There have been many large isk projects based upon public isk that did not present any transparency. Some were bad, some are still good, but the truth is that most projects don't offer much transparency if any at all. Your delusional interpretation of history not withstanding, eBank has always done some reporting. You want more, that's fine. You demanding more, not going to work. Equally, if eBank gives out more information it will have absolutely nothing to do with your desires, demands, or posts. I just thought you should really understand how inconsequential you really are in this matter. Athre is far too nice to tell it to you straight up. Don't just take my word for it: Being lady like you will understand your level importance from her silence towards you.
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HawkBlade
Minmatar The Higher Standard Virtue of Selfishness
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Posted - 2009.06.23 20:25:00 -
[29]
Originally by: eVaLF Just like the audit issue, its an MD worthy person but we wont report on it. YOu can use anyone if that is the case, since we dont get the report its for the BOD only and you wont even release his/her name.
A lot of this makes zero sense and your guys are putting yoruself back into the same situation you were in 2 weeks ago. Maybe internally your more sound, but publicly wise its the same thing.
The only thing similar to two weeks ago is you barking at the moon to no good purpose. Instead of wasting your limited abilities on a few details why not try to broaden your mind. You could simply ask why isn't the name of the person being disclosed? To my understanding, the auditor wants to remain undisclosed so (s)he can work without someone like you, yes you, harassing him/her for information while doing the actual work. Mind you, I'm sure you would not be the only one trying but you are incessant in your whining. Are you perhaps trying to scream "eBank" "eBank" "eBank" loud enough that people will forget the billions upon billions in the very very close relationship you had with Ric? After all, you consciously chose to be his stalking horse... you think perhaps the intelligent people amongst us know that you still do the same?
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Ji Sama
Caldari Tash-Murkon Prime Industries Sex Drugs And Rock'N'Roll
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Posted - 2009.06.23 20:30:00 -
[30]
<3 @ athre :D let me know if there is anything i can personally do to assist. i could offer 1-2 hours to ebank once every odd day or so...
TMPI |
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