Entry Submitted by Shep at 6:08 AM EDT on May 23, 2021
Parisse Deza: A Pressing Question for Ron Giles, Why NDAs?
Thank you, Parisse, for your well-articulated article. I, too, was taken aback by the statement: “If you or anybody in your including a wealth manager breaks the terms of the NDA, you will lose your funds. Count on it.”
The concept is oppressive and fear provoking, and certainly begs the question why an innocent person would be penalized for someone else’s crime. Given the frequent assertions that yet more 100s and 1000s of bad bankers have been arrested, one begins to wonder if they will ever all be arrested. And, it also fails to mention what happens to the bad wealth manager who commits the crime. Only the innocent gets penalized? And, what happens to the stolen money? Does the bank get to keep it (highly doubtful, but…) If the QFS is as it has been promoted, how would the crime happen in the first place (omniscience), or if it did happen, how would it not be recovered as fast as it was stolen?
I’ve also wondered what the purpose of an NDA could be and the only thing I’ve thought of would be security. What difference does it make if we disclose today or in 90 days? I think, personally, either time frame could put recipients of great wealth in danger. The 90 days could, possibly, be for the purpose of giving recipients enough time to get the wealth put into trust accounts or other safe financial vehicles, where the ability to rob would be greatly reduced. Why would a bank need an NDA? How would 90+ days provide protection for it, if the funds are locked up tight in a QFS system, which knows everyone’s intentions?
I agree that Humanitarians (recipients) would be the best protectors of the knowledge of their wealth. So, who stands to benefit from an NDA? Good question. The quote above sounds like it was written by a bad bank or wealth manager. It also contradicts what has been being said recently that the people we will interact with during and post RV have our best interests in mind. This statement absolutely invalidates any trust in the process. It made me feel like, momentarily, that I’d rather just take street rates and not get involved with an NDA. Then I thought, no, that’s the intention behind that statement, making the NDA a weapon of mass RV destruction.
I’m looking forward to reading Ron Giles’ perspective.
Shep
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