Bank Story 11.06.14 11:45AM EST
OK guys, going to give you this word for word and draw conclusions after.
I went to my local WF Branch this AM on regular business knowing my wealth manager is there on Thursdays. He and I have had many conversations concerning this event and he has always tried his best to help but he himself has never been briefed other than the company line concerning Dinar.
At a meeting last month we spent an hour going through their entire system looking for clues. All we got then was a series of FRAUD ALERT messages and a statement from their regional foreign exchange desk that it was a scam.
"Ike how ya doin."
"Great," I say, "Got a minute."
"I have ten."
"I need a favor. Can we call that regional desk and ask about Dinar again."
He goes on his computer and retrieves the number. This is an in-house call direct to their NE Regional Foreign Currency Manager.
"Hi Betty (named changed), this is Howard Johnson in Philly (Names Changed), anything new on the Iraqi Dinar? (Betty speaks) OK. (Betty speaks some more) OK. Thanks."
I watched his face the entire time. No indication of anything fishy or trying to cover up. Last time Betty got all excited and started yelling SCAM! SCAM! so loud I could hear it. Howard hangs up.
"She says they did hear something about it last Friday. Several branches have called. They still think it's a risky investment and are not trading at this time."
"So Howard," I said, "let me get this straight. Did she call it a scam like last time?
"No, she said it is not a creditable investment and Wells Fargo is not handling it."
I got up to leave. Howard got up too.
"Ike, you know I want this to go as bad as you. You make money, I make money. I’m hoping you leave all this money here.”
"Well, thanks Howard, always good to see you. Oh, one last question, have you spoken to your buddy with the whale client down in West Chester?"
Howard has a fellow manager on the Private Banking side whose client has millions of Dinar.
(Shaking his head) "Haven't seen him in months. Not even sure he's at the same branch."
"OK then, later."
AND NOW FOR THE GRISTLE
Howard always has time for me, as much as I want. He thinks I’m a potential big fish. It was odd that he led off with a time constraint.
I always have to remind him as to certain terms. Not this time. He had all the lingo down pat.
The woman on the phone was calm and rehearsed. She did all the talking, answering in a specific order as if she knew the line of questioning. She knew the RV had been “announced” on the internet. I couldn’t hear her, but each time Howard was getting ready to ask something she cut him off and gave a simple, concise answer, anticipating his question. Now, she could have gotten used to these answers from the other calls, but the line “We do not think it a credible investment” felt canned, it had “legal” written all over it, and the word “scam” had disappeared.
And then…..Howard made a booboo. He sensed my disappointment (fine). He made sure I knew he was on my side. (fine again). Then he says he hopes I leave “this money” here. “This money”, as in this event is real and I am holding a shoot load of USD. “This money” as if he is already considering it a done deal. “This money” is a reality.
And then…last but certainly not least, his buddy downtown is in their private banking division…people with 10M or more in assets. Howard slipped up last year when he told me the client is a substantial business owner in our area. I know about this guy. He runs a multi-million dollar construction company. The man is no fool. I guarantee he’s not holding a 25K note his cousin gave him. Why would Howard now downplay their relationship? He was supposed to call this buddy after our meeting last month. Now he doesn’t know where he is?
So, what do I think? I think Wells Fargo has done a magnificent job of information control. Have we all forgotten who designed the world wide network to handle this RV? Wells Fargo. Have we forgotten how big a partner the Chinese are in Wells Fargo? Some say as high as 30%. Wells Fargo is always the bank Tony and DC allude to in their calls. And my regional wealth manager who thinks I’m worth 5M and wants all my business is playing it this tight? As Winston says – come on.
Bottom line: take all the current Intel, cut it in half, and place your bets. I say we’re good by Monday. We may end up sneaking in like so many others, but as DAZ says, we are on line, and I like to think we are near the front of that line with another 5 million folks behind us.
I’m happy. Hope you are too.
This is a very interesting analysis of the type of rehearsed response that Wells is now using to create a smoke screen around the event without making future clients mad enough to use another bank after the event. The banks are walking a tight rope.
I rarely post here but I just got a text from friend who's family lives in iraq and he was exicited confirmed that they have dropped the zero's in country and said we are rich!!!