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Nairaland Forum / Nairaland / General / Investment / Why I Think MMM Is Not A "Helping" Scheme (57449 Views)
Apparently MMM is back, Apparently MMM is about to Crash. / 8 Reasons Why MMM Is A Perfect Scam / Why I Think MMM Is Gone For Good (2) (3) (4)
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Re: Why I Think MMM Is Not A "Helping" Scheme by gemale(m): 1:45am On Dec 15, 2016 |
InvertedHammer:Bt @ least bank deposits r insured by d NDIC, which mean s dt even if d bank building burns down, u wld still get ur money. |
Re: Why I Think MMM Is Not A "Helping" Scheme by gemale(m): 2:07am On Dec 15, 2016 |
berrystunn:Deres a Latin saying translated 2 somtn lyk "who wld watch d watchmen?". Hw r u sure dt u r nt PH 2 a front 4 D so called 'guiders'? Who matches u wt d person dt u pH 2? Who regulates him 2 make sure dt dere is no monkey business? I doubt u hv a satisfactory ansa 2 dt question. Do u know dt come 14th Jan, dere wld b a huge deluge of pple trying 2 GH as pple unable 2 GH ds Xmas & pple dt PH (@ d interest rate of 50%)ds Dec wld wnt 2 GH? Wldnt dt crash d system? Or perhaps ds is a calculated move by d originators of d scam 2 covertly implode it & leave smiling 2 d bank quietly, while blaming d govt 4 creating panic & destroying d system? As if freezing GH hasn't created enuf panic & suspicion of D scheme (or rather scam). Anybody who is smiling @ his rising mavros is celebrating prematurely cos he's getting money only on paper scratch dt on a computer screen (@ least paper can b tendered as evidence in court). Perhaps a few wld get settled just 2 keep an appearance of innocence bt I bet dt if thorough forensic accounting is applied, somtn rotten wld be found in Denmark. A system dt can't be regulated by a higher system is prone 2 go rogue. |
Re: Why I Think MMM Is Not A "Helping" Scheme by berrystunn(m): 7:34am On Dec 15, 2016 |
kushe: Tahh go and sleep work for who?? Am a business man All business has is own risk... The end is win or lose Ask if I made profit from MMM? I started with 300k, January 21th 2016, I made profit of 2.4m. I was Waiting for 600k mavro, this week, before the news.... But I gat noting to lose... Next business please.... Export business going on now... Join today and get paid. Stop working your asss out for someone else just for little pay... |
Re: Why I Think MMM Is Not A "Helping" Scheme by Gbengageorge: 11:57am On Dec 15, 2016 |
berrystunn: I think MMM will survive this January too.... |
Re: Why I Think MMM Is Not A "Helping" Scheme by InvertedHammer: 1:10pm On Dec 15, 2016 |
gemale:/ NDIC insurance is what they use to calm nerves of customers. NDIC will not pay you a dime if a bank collapses. Ask ACB, CCB and Community banks' customers how much they got from NDIC after the banks collapsed. \ |
Re: Why I Think MMM Is Not A "Helping" Scheme by GMBuhari: 7:03am On Dec 16, 2016 |
read that story before but not like this Perfect description gemale: |
Re: Why I Think MMM Is Not A "Helping" Scheme by GMBuhari: 7:05am On Dec 16, 2016 |
InvertedHammer: I should ask you if those banks followed due process, had the capital or even insured with NDIC? Collapse and insufficient capital is why banks were merged 20B cap I think |
Re: Why I Think MMM Is Not A "Helping" Scheme by gemale(m): 8:17am On Dec 16, 2016 |
InvertedHammer:Dey weren't insured. Banking then wasn't as regulated as it is nw. U r tlkn abt d days b4 d 25 billion recapitalization criterion was enforced by CBN. |
Re: Why I Think MMM Is Not A "Helping" Scheme by InvertedHammer: 7:25pm On Dec 16, 2016 |
GMBuhari: Every money you deposit belongs to the bank. They issue you I.O.U against the fund. Any government can confiscate her citizens' money at any time. In Cyprus, the government seized 40% of depositors' funds. Go and read full Nigeria Banking laws. |
Re: Why I Think MMM Is Not A "Helping" Scheme by InvertedHammer: 7:42pm On Dec 16, 2016 |
gemale:/ Don't forget that banks operate on Fractional Reserve banking. That is why banks place limit on withdrawals. To withdraw a certain amount from the bank, a depositor will need to give advance notice to the bank because the funds have to be put together. And when a bank collapses, there is a hierarchy followed in settlement. The regular customers may have to wait a lifetime to get that NDIC insurance payment. Legally, banks are not mandated to give advance notice before collapsing. Some things look good on papers. What is pension plan in Nigeria? It is an insurance against old age. Sort of. Right? Well, pensioners have learned that it is not always as rosy as it appears on papers. The same goes for a systemic collapse of the banking industry. Don't forget that banks are loaning out money that they don't have. A bank that has N1000 in its account can write a loan for N10,000. Once you understand how banks work, you will learn how to secure your investments. Nigerians call them serial debtors, but those Nigerian billionaires that owe billions to the banks and their lawyers understand the concept of banking better than the average Joe depositor out there. For example, after Hurricane Katrina in Florida, insurance companies refused to pay compensation to victims because they don't have enough money to cover the costs. When pushed, they filed for bankcruptcy and that was the end. US Fed. Reserve had to step in and crank up the money-printing machine. Remarkably, Nigeria does not have that luxury because she does not print her own currency unlike US Fed. Reserve that can crank up the printing machine any time. \ |
Re: Why I Think MMM Is Not A "Helping" Scheme by RealityShot: 2:59am On Dec 17, 2016 |
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