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Author |
Thread Statistics | Show CCP posts - 1 post(s) |
Ray McCormack
Kisoken Innovations
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Posted - 2009.08.25 18:09:00 -
[31]
Originally by: Rie Takahashi
Originally by: Ray McCormack As of now both withdrawals and interest are frozen until further notice.
ITT Ebank scams for the rest of the money that they hold
We're publishing some quasi-live financials here, feel free to follow them.
Some people call me the space cowboy, yeah |
SCORPY
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Posted - 2009.08.25 18:11:00 -
[32]
First to predict this thread will be huge.
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Toast515
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Posted - 2009.08.25 18:19:00 -
[33]
I'm out 70 something million that I will never see again. Well played "EVE Bank". Well played indeed.
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Ray McCormack
Kisoken Innovations
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Posted - 2009.08.25 18:21:00 -
[34]
Originally by: Toast515 I'm out 70 something million that I will never see again. Well played "EVE Bank". Well played indeed.
Don't despair, we'll get it back to you once we can get it back to everyone.
Also, in some other news, our in-game channel has gone bonkers during some motd changes. We've petitioned, but it's been moved from stuck to the ui petitions queue (oh lord no). So expect it back by next downtime.
Some people call me the space cowboy, yeah |
Rie Takahashi
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Posted - 2009.08.25 18:22:00 -
[35]
Edited by: Rie Takahashi on 25/08/2009 18:22:42
Originally by: Ray McCormack
Originally by: Rie Takahashi
Originally by: Ray McCormack As of now both withdrawals and interest are frozen until further notice.
ITT Ebank scams for the rest of the money that they hold
We're publishing some quasi-live financials here, feel free to follow them.
I shall indeed - and follow them closely - but, whichever way you want to dress it up semantically, IMO unilaterally declaring 'no more withdrawals' is tantamount to the same thing.
Not trying to flame, just saying
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Deovina
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Posted - 2009.08.25 18:24:00 -
[36]
EBank depositors should welcome Ray as their benevolent dictator. Going for transparency is the right thing to do. Transparency on E-Banks history would be even more juicy if it's going to be possible.
Tough closing down Ebank with 40% of the deposits returned might be the more reasonable approach. But that's for the customers to lobby for. I just wondered why Ray is going trough all of this hassle.
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Ray McCormack
Kisoken Innovations
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Posted - 2009.08.25 18:24:00 -
[37]
Originally by: Rie Takahashi I shall indeed - and follow them closely - but, whichever way you want to dress it up semantically, IMO unilaterally declaring 'no more withdrawals' is tantamount to the same thing.
How so? It's the only course of action that can see us recover the deficit and return everyone's ISK. Otherwise we will just collapse like a ponzi.
Some people call me the space cowboy, yeah |
Zila Shadow
Higgs-Dyson Collegium Amarria
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Posted - 2009.08.25 18:38:00 -
[38]
I'll be much less annoyed by this news if it doesn't apply to withdrawals made before the announcement, though I don't have my hopes up.
Have fun with my ISK.
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Athre
Minmatar The Higher Standard
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Posted - 2009.08.25 18:43:00 -
[39]
Originally by: Zila Shadow I'll be much less annoyed by this news if it doesn't apply to withdrawals made before the announcement
Zila, yes your withdrawal is in before the cut off as are all unprocessed withdrawals from the 24th.
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Ray McCormack
Kisoken Innovations
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Posted - 2009.08.25 18:43:00 -
[40]
Originally by: Zila Shadow I'll be much less annoyed by this news if it doesn't apply to withdrawals made before the announcement, though I don't have my hopes up.
If you made the withdrawal request before the time of the announcement you will get your ISK. If you deposit ISK after the time of the announcement you are free to withdraw it.
Some people call me the space cowboy, yeah |
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Zila Shadow
Higgs-Dyson Collegium Amarria
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Posted - 2009.08.25 18:47:00 -
[41]
Originally by: Athre
Originally by: Zila Shadow I'll be much less annoyed by this news if it doesn't apply to withdrawals made before the announcement
Zila, yes your withdrawal is in before the cut off as are all unprocessed withdrawals from the 24th.
Accordingly, I am much less annoyed with this announcement. Good luck EBank.
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Bernie Ebbers
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Posted - 2009.08.25 18:47:00 -
[42]
Hey guys, if you need any help from me, let me know.
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Seraph Castillon
Gallente
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Posted - 2009.08.25 18:48:00 -
[43]
Rofl, am I glad I just withdrew the content of my account.
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Mephistocles
Red Frog Investments Blue Sky Consortium
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Posted - 2009.08.25 18:49:00 -
[44]
Originally by: Bernie Ebbers Hey guys, if you need any help from me, let me know.
rofl |
altinateee
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Posted - 2009.08.25 18:52:00 -
[45]
75bn Salaries?
It seems like EvE bank was actually just a huge de facto ponzi scheme. No actual sources of reliable return, and most the interest payments coming out of the coffers of new investors.
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Sophie Daigneau
CAPITAL Assistance in Destruction Society GoonSwarm
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Posted - 2009.08.25 18:53:00 -
[46]
At this point, the best thing to do would be to close up shop and return everyone's money as a fraction of what they invested. There's no telling how long it could take for you to restore ebank to being fully liquid, especially in light of these revelations of gross incompetence by EBANK leadership.
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Ray McCormack
Kisoken Innovations
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Posted - 2009.08.25 18:54:00 -
[47]
Originally by: Sophie Daigneau At this point, the best thing to do would be to close up shop and return everyone's money as a fraction of what they invested. There's no telling how long it could take for you to restore ebank to being fully liquid, especially in light of these revelations of gross incompetence by EBANK leadership.
And how would we decide who lost out?
Some people call me the space cowboy, yeah |
Moon Dogg
Gallente The Arrow Project Morsus Mihi
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Posted - 2009.08.25 19:06:00 -
[48]
I have to say that I am happy to hang around with some popcorn and see what Ray and the Board of Directors can do to return the bank to profitability. I have approximately 1 billion in the bank, but I've been flying without it for a while now - so I must not need it that badly!
Would this possibly be an opportunity to do an IPO on the bank and take it public?
*********************************** "Burn the land, boil the sea, you can't take the sky from me..." |
Trixie Rose
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Posted - 2009.08.25 19:12:00 -
[49]
Originally by: Sabina Rutha Time for a new Ebank Banner instead of "EBANK ISK EVOLVED" I'm thinking "EBANK - YOUR ISK DESOLVED"
Pokemon reference time!
"Ebank fell asleep!"
"Ebank evolved into Eblank!"
"Ricdic used Absorb, it was super effective!"
But on a serious note, kudos to the Ebank staff for persisting through all these issues which are inherent in running a bank, internet spaceshipz or not! Keep up the good work guys.
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Athre
Minmatar The Higher Standard
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Posted - 2009.08.25 19:15:00 -
[50]
Originally by: Moon Dogg
Would this possibly be an opportunity to do an IPO on the bank and take it public?
Please refer to the OP sections Recovery and The Future.
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Julian Koll
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Posted - 2009.08.25 19:20:00 -
[51]
Edited by: Julian Koll on 25/08/2009 19:25:14 The 337,5b in Titan BPOs suggest you own 5 BPOs, however the 15b monthly income suggests you only hold 4.
Just curious which number is correct.
Edit:
Another thing that bugs me are your losses to default being 430b in total, but i see no collateral showing up in the balance sheet, just a mere 30ish b of 'other assets'
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cosmoray
Cosmoray Construction
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Posted - 2009.08.25 19:23:00 -
[52]
Well firstly, thanks Ray for coming forward with the facts. Transparency and reporting is the best approach at all times.
I don't think finger pointing will help until EBANK works through the process of what assets they ACTUALLY have and how they are controlled and what profit they make.
What will have a HUGE effect on the secondary market is the freezing of withdrawals.
This means that 2 Trillion ISK of customers money is frozen in the medium term, with no guarantee of getting it ALL back.
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Nemi Lethal
Gallente DarkStar Armada One Stop Research
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Posted - 2009.08.25 19:25:00 -
[53]
The problem as I see it, as I seen it along time ago. EBank continually increased their deposit CAP into ever increasing (Expensive) amounts of money, excess money. Money the staff could not adequately work at a rate to cover the interest rate guaranteed on that money.
So, what do you do? you begin to contract that work out to others, get the little people to do the work for you right? with the ever increasing amount of money that needed to be worked and as the options to work that money become less, the RISK involved with holding that money increases.
Were just going to go ahead and coin this Ebank Theory = Increased Deposits and Liabilities equals a greater chance of Risk / Failure.
Therefore a virtual bank can only take on enough funds that it can successfully manage / work to pay the interest guaranteed without compromising security.
We need an independent third party that can dictate to future eve banking operations exactly how much funds they can take on or manage to prevent these entities from hanging themselves.
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Vilgan i'Lakin
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Posted - 2009.08.25 19:26:00 -
[54]
Unilaterally blocking all withdrawals seems pretty darn close to stealing. You should at LEAST offer a withdrawal option where people don't get the full value of their deposit back. Let people choose. Hoping you can get it back to them within a year is a bit ludicrous given the %'s people can make for themselves if they are active and not ******ed.
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Ray McCormack
Kisoken Innovations
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Posted - 2009.08.25 19:28:00 -
[55]
Originally by: Julian Koll The 337,5b in Titan BPOs suggest you own 5 BPOs, however the 15b monthly income suggests you only hold 4.
That's a conservative estimate, and based on recent auctions and sales it may become an accurate one.
Originally by: Julian Koll Another thing that bugs me are your losses to default being 430b in total, but i see no collateral showing up in the balance sheet, just a mere 30ish b of 'other assets'
It bugs me too, there was little documentation of collateral. We have some to sell, which is included in the 31b asset valuation; but most of the defaults were not collateralised.
Some people call me the space cowboy, yeah |
cosmoray
Cosmoray Construction
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Posted - 2009.08.25 19:29:00 -
[56]
I would strongly consider freezing deposits also. That would make the bank look more like a ponzi scheme. Using potential new accounts to pay of old liabilties.
Not saying that is what is happenning, it just looks bad.
I wouldn't recommend depositing funds into EBANK if there is no guarantee of getting any funds from EBANK back.
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Vaerah Vahrokha
Minmatar Dark-Rising
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Posted - 2009.08.25 19:30:00 -
[57]
Athre why did you decide this MOST UNFORTUNATE choice to freeze the accounts and interests? You dug your own grave needlessy. If all you needed were 36-40B a month, it's not impossible to make them, some guys make 25B in *solo*, you should have made a subsidiary IPO and then slowly recovered back to "black".
The freeze will not be condoned nor forgotten, not when you have another recent scandal still hanging around. - Auditing and consulting
Before asking for investors, please read http://tinyurl.com/n5ys4h and http://tinyurl.com/lrg4oz
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Ray McCormack
Kisoken Innovations
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Posted - 2009.08.25 19:32:00 -
[58]
Originally by: Vilgan i'Lakin Unilaterally blocking all withdrawals seems pretty darn close to stealing. You should at LEAST offer a withdrawal option where people don't get the full value of their deposit back. Let people choose. Hoping you can get it back to them within a year is a bit ludicrous given the %'s people can make for themselves if they are active and not ******ed.
This has been raised internally, and it can still be discussed. It won't happen until I'm one hundred percent certain of the true deficit so we can establish an actual percentage difference.
Some people call me the space cowboy, yeah |
Bret Caliaro
Fortuna inc. Leather Rose Syndicate
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Posted - 2009.08.25 19:35:00 -
[59]
I applaud your current actions I think they are best in the circumstances given, it's always fun trying to make up for others mistakes but I wish you all the best in this endevor.
I personally think EBANK just got too big trying to invest all that isk and keep track of it I can imagine would be hell. _________________________________________________
I'm a so very lazy, so I play smart not hard. |
Ray McCormack
Kisoken Innovations
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Posted - 2009.08.25 19:36:00 -
[60]
Originally by: cosmoray I would strongly consider freezing deposits also.
People are free to withdraw any ISK they deposit after this announcement. I cannot however stop them from sending ISK to the deposit corp should they so wish.
I could go around breaking everyone's fingers so they're not able to, but that might take more than a year or so and by then we'll be open for business again.
Some people call me the space cowboy, yeah |
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