Top Secret Bank In Works
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And you just know that everything is on the up and up ;-)
Love and Light.
Top-secret bank in works
'Foreign capital depository' receives conditional approval
September 28, 2005
by David Milstead
Rocky Mountain News
Colorado may soon have a second "foreign capital depository," the ultra secret private banks that help foreign investors stash cash in the U.S.The principals at hedge fund Geronimo Partners plan Banque Tuus, which has received conditional approval from the state banking board. It would join American International as the only two foreign capital depositories in the U.S.
"The wealth that's outside the U.S. is growing faster than the wealth inside the U.S.," said David Prokupek, the CEO of Geronimo Partners. "It's a big opportunity worldwide."
Establishing the depositories has been harder than thought. The first applicant, Liberte International, collapsed before getting final approval.
American International got its charter in 2003, but since any fees it has paid to Colorado are literally state secrets, its progress cannot easily be assessed.
Banque Tuus traveled a rocky road to approval as well, with American International protesting the application. Several of Banque Tuus' founders were either American International consultants or potential investors. Specifically, American International alleged that Ed Hoagland, a former consultant, provided its marketing materials and confidential information to Geronimo CEO David Prokupek.
American International's protest demonstrated that entire paragraphs and pages of Banque Tuus' marketing materials were copies of American International's, with just the name of the institution changed.
"Just as the banking board has given us certain responsibilities, which we take very, very seriously, we are also very, very concerned with the effect this might have, if people of poor character, of poor judgment, are able to do what they've done," American International CEO Jerry James told the board at a Sept. 15 hearing.
Banque Tuus' attorneys said -Hoag land had never signed a confidentiality agreement. Banque Tuus amended its application in August to remove Hoagland as a director and incorporator of the depository. Prokupek and his staff have "character beyond reproach," the Banque Tuus attorneys told the banking board.
In the end, the board decided the dispute was better settled in court and that the application was in order as presented.
"I don't want to get involved in the outlying contractual dispute between the parties," board member Richard Mutzebaugh said.
Banque Tuus' charter got conditional approval, with several requirements. Chief among them: Hoagland must not work for the company, and the name must be changed to remove the word Banque.
What is it?
Colorado passed a law in 2001 to allow "foreign capital depositories," which can have only nonresident noncitizens as customers. The idea is to let foreigners take advantage of the United States' stability and legal system while also getting the privacy normally associated with Swiss banking. The state of Colorado profits through annual fees on the deposits.
David Milstead is finance editor of the Rocky Mountain News. He can be reached at 303-892-2648
Comment: American intelligence agencies have long been interested in identifying and tracking foreign bank transactions. As an example, the DHSs I.I.A. (Internal Intelligence Agency) and one CIA and one NSA branch and sub-branch are now actively engaged in watching foreign bank transfers by tapping into the computer networks of the international bank transfer centers, both in the United States and Europe. As an example, in the event that dissidents overthrow the Saudi royal family, we now know where these very rich rulers have out-of-country bank accounts so that we might seize them (under laws now extant that permit the US to do just that in many foreign banking establishments.) It might be of more interest to the American people if we knew how many high-level Bush administration people and how many members of Congress have such bank accounts. These agencies know but as knowledge is power, will never discuss these evidences of bribery and looting so long as their Congress-generated
budgets remain intact. Brian Harring, Domestic Intelligence Editor
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