Replies to post #29886 on Bancorp International Group Inc (fka BCIT)

[Sportsjunkie]

there are a lot of ways to take the ledger off,
and that is the loophole system,but i think that
the loophole system is a joke and was setup by the very wealthy years ago to cheat the system,sort of like our legal
foundation companies to find ways not to pay taxes..
amazing that 1933 and 1934 acts are still allow to exist
70 years later while everyone now is abusing it...

[Sportsjunkie]

i am really enjoying your thoughts and
post on the cmkx thread...
however you baffle me on why there is no
other post on other boards,are you or do just
legal counseling.....

you can answer via pm if you like....

[matrix]

It's not for one year but six months. I think Section 16b of the 1934 Securities Act applies: http://www.law.uc.edu/CCL/34Act/sec16.html


Definition of Swap Agreement (Section 206(b) of the Gramm-Leach-Bliley Act):

(b) DEFINITION OF SWAP AGREEMENT- For purposes of subsection (a)(6), the term `swap agreement' means any individually negotiated contract, agreement, warrant, note, or option that is based, in whole or in part, on the value of, any interest in, or any quantitative measure or the occurrence of any event relating to, one or more commodities, securities, currencies, interest or other rates, indices, or other assets, but does not include any other identified banking product, as defined in paragraphs (1) through (5) of subsection (a).

Ref: http://thomas.loc.gov/cgi-bin/query/z?c106:S.900.ENR:


Registration is not a method to get around this:
http://www.law.uc.edu/CCL/33Act/sec2A.html


Of course, these regs always boil down to whether they're enforced or not.