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View Full Version : The Straw That Broke Warka's Back



ChinaGirl
08-15-2013, 03:42 PM
This is of my very own humble opinion, but I think Warka's "final" (although, lets face it, many factors were leading up to it) demise came about when Standard Chartered Bank was found guilty of money laundering - no way CBI (or otherwise) was going to permit an affiliation at that point. On the surface, it looked like a simple game of “Gotcha,” when New York Bank regulators blew the whistle on London’s Standard Chartered Bank for laundering money. The fact that the money was allegedly tied to Iran cast a major shadow on the allegations, given the Islamic Republic’s “bad guy” image in American policy circles.
Big money was said to be involved when a NY State regulator, Benjamin Lawsky, considered a publicity seeking cowboy in banking circles, made the explosive charge that Standard Chartered bank abetted $250 billion of money-laundering transactions with Iran.
On the surface the case was open and shut and headline-making, even though other federal regulators didn’t immediately jump in with guns blazing.
Then, as Reuters reported, it all became even murkier when Britain’s Central Bank governor portrayed Lawsky as marching to his own tune, and out of step with federal regulators in Washington. “One regulator, but not the others, has gone public while the investigation is still going on,” the Bank of England’s Mervyn King said at a news conference in London.”
Suddenly, the plot thickened, even as the media tide carried with it the assumption that the bank was guilty as sin. With the Regulator calling Standard Chartered a “Rogue Institution,” its shares began dropping in value. In one morning’s trading, on the basis of accusations in a press release and uncontested legal charges, the bank lost $16 billion after the unproven allegations that US. Sanctions on Iran were violated hit the presss.
http://www.globalresearch.ca/iran-and-the-standard-chartered-bank-money-laundering-charge/32413 -

ChinaGirl
08-15-2013, 04:34 PM
And what happened to Standard Chartered Bank's touted Iraq presence ? A check on the "locator map" http://www.standardchartered.com/en/about-us/standard-chartered-worldwide/index.html - has them not even situated in Iraq at this point - didn't they have a Kurdistan Branch ? Even this April 2013 article had them still eyeing Iraq as a viable market - Despite Challenges, Banks Look to Set Up Branches in Iraq: http://www.nytimes.com/2013/04/04/world/middleeast/despite-challenges-banks-look-to-set-up-branches-in-iraq.html?pagewanted=all&_r=0 http://www.iraq-businessnews.com/tag/standard-chartered/ so... again... thinking the money laundering scandal sent them on the way out, along with Warka. Anyway ... just trying to justify my losses as I head out into the desert sunset, with my tail between my legs.

RoyalBeluga
08-15-2013, 05:11 PM
Lots of opinions .... but that's all it is. It has always been a waiting game and if this ends up being nothing more than waiting for nothing then it's been a pleasure waiting with you all :cool:

seadesk
08-15-2013, 06:28 PM
Well said RB, well said.

ChinaGirl: Just know that you are not alone in feeling uncertain, even stupid at this point, for your Iraq investment decisions.

Certainly I am in that same boat called the "lots-of-bucks-apparently-lost-at-sea-boat." My wife gets all giggly when we talk about it (not).

For me at least, the thing is that we don't know what's going to happen over there and it also seems that we can't easily undue our choices. So we live with them. Just like you've implied - the choice we do have is HOW we live with them. If you behave honorably then sooner or later you get wiser, stronger, and more durable because you can respect yourself at least at that level. Behaving honorably while pissed and disappointed can't be overemphasized and I think that's why RB's message is perfect.:cool:

ChinaGirl
08-15-2013, 07:18 PM
Lots of opinions .... but that's all it is. It has always been a waiting game and if this ends up being nothing more than waiting for nothing then it's been a pleasure waiting with you all :cool:

Agreed.. and no regrets here ... I've always equated this to an Iraqi Slot Machine ... just waiting on the wheels to stop spinning.

40plus
08-15-2013, 11:03 PM
I've decided that patience in this case is a virtue. Though I did take some profits, I missed withdrawing a large portion of my funds by 3 days of the CBI guardianship. Now, there is no choice but to wait it out. I am hopeful that Warka will pull through & I will collect my interest & deposits.

Time will tell.

baz
08-15-2013, 11:09 PM
Well, I got plenty of more years to wait until it happens because I am only sixteen.......

.......So...okay then...... I 'was' sixteen....A little while ago...So okay maybe a while ago then....Perhaps not now.

windy
08-16-2013, 12:27 AM
Well said RB, well said.

ChinaGirl: Just know that you are not alone in feeling uncertain, even stupid at this point, for your Iraq investment decisions.

Certainly I am in that same boat called the "lots-of-bucks-apparently-lost-at-sea-boat." :cool:

I just NOW put 1 million Dinars into a CD... the money's been in WARKA for 6-7 years.... DUH.

seadesk
08-16-2013, 04:20 AM
I just NOW put 1 million Dinars into a CD... the money's been in WARKA for 6-7 years.... DUH.

Windy, dear:

I like you already.

RoyalBeluga
08-16-2013, 12:22 PM
Windy, dear:

I like you already.

Anyone that's Windy must be difficult to live with :cool:

explorerhot
08-17-2013, 02:34 AM
So say Warka does go bust, most of my investment is in the ISX, Shouldn't that live on and be able to be transferred to another brokerage firm?

seadesk
08-17-2013, 02:42 AM
So say Warka does go bust, most of my investment is in the ISX, Shouldn't that live on and be able to be transferred to another brokerage firm?

explorerhot:

I admit that I'm probably not the most informed here on the IIF but, getting past that, I'd say that the answer to your question is theoretically "yes," but know that your excellent question is better than anyone here can answer - to your credit.

ChinaGirl
08-17-2013, 03:22 AM
So say Warka does go bust, most of my investment is in the ISX, Shouldn't that live on and be able to be transferred to another brokerage firm? You would think so, in another post of mine I noted that this is exactly why I moved almost all of my money on deposit (Warka) into the ISX via Warka - I have an ISX trading number (issued via Warka some time ago) - but now I'm wondering if the ISX number issued to me by Warka is even factual - for this reason I have contacted the ISX (Not Warka) directly but no news from them yet - did I outsmart Warka's inevitable (in my opinion) demise or were they always just one step ahead and collected my money, then created false bank accounts and fake share/stock holdings on my behalf? - it all looked real, but now I'm having my doubts - the ISX trading button and features just recently disappeared from my online account, so that didn't help any concerns I have had either. Warka seems to be (and this is in another thread I started http://www.investorsiraq.com/forums/showthread.php?3795-Warka-s-Systematic-Fade-into-the-Sunset) systematically (over the years) slowly dismantling it's operations and heading out the door with all of our assets (be it cash or otherwise). They seem to be doing it (shutting down) slowly enough to cause some concern, but not outrage - just a little here a little there until they have completely cleaned us out and left town. Anyway... JAFO - Just Another "Friggin" Opinion - but I have a strong feeling I'm right here. If anyone knows how I can check on my ISX trading number (is it real or not?) I would be extremely grateful.

Will-it-happen?
08-17-2013, 04:00 PM
It does actually say on warkas website that they trying to fix the shares tracker function on their site

http://www.warka-bank.com/?0d64a1934dcafd4bf6a2baf1b9

HumbleGenius
08-17-2013, 06:59 PM
It does actually say on warkas website that they trying to fix the shares tracker function on their site

http://www.warka-bank.com/?0d64a1934dcafd4bf6a2baf1b9

Yes and it says on the the US coin "In God We Trust". I believe neither statements are true these days.

triumphantcorp
08-18-2013, 03:41 AM
What about the guy from BB&T who was supposedly on the board of the ISX. Does anyone know how to contact him. He might be able to, at least, tell us if our ISX registration numbers are real... and maybe give answers to other questions. Anyone remember who he was and how to contact him?