Hello everyone,
I have been researching lovely pile of garbage called the dodd-frank (aka fraud-snake bill) that was wonderfully made to protect us "little guys". It is my impression that they want to cut us out of trading altogether (obviously) not for our own good, but because we are doing better than the banks are.
There are provisions in the bill that allow the banks to trade all they want and when they lose, they go straight to the fed get more money, without any questions. Now here comes the scary part! There is another provision making them exempt from the Freedom of Information Act!
Anyway as for my ideas to get around some of this crap for us traders.
1. The part that allows those with 10,000,000 in assets to trade.
A- Go to the local art supply store, get some paint, canvas, clay(etc), and make a few paintings, make a couple sculptures, use some creativity. Then you slap a nice price tag of 10 mil (or something extra, after all they are all one of a kind). Who can say they are not worth your asking price?
B-There is always sentimental value. I am sure almost everyone has family heirlooms that are priceless to you. That value counts as well. That will take some creativity as well.
2. Panamanian Foundations- There are no owners of these entities, they are not like trusts that have grantors or a beneficiary, they are not corporations that have owners, they are not located in the US and have very strict privacy laws. They can be a bit expensive and difficult to get a bank account for, but are worth looking into.
But, make sure your broker will recognize this entity. Do some research on them.
3. Offshore Trusts and corporations- This may be the way I go. Setting up an offshore trust, and have it as the owner of an offshore corporation. This is the most important part. Have the corporation hire you to manage the affairs. That would not make you the investor, share holder, or owning any of the property, but an EMPLOYEE. You are employed to push buttons, and advise the company/trust how to manage its funds using your expertise.
Just thought I would throw out a few ideas. I hope someone finds them useful.
I found out Dodd was not running for re-election(wonder why). I also wonder where he will go for work hmmm......
The part where it allows us residents to keep trading how they like, but us citizens are restricted also shows us how great our illegal immigration laws are. I bet someday in the near future the people trying to get in to Mexico will out number the people trying to get out of Mexico!
Thanks for reading and if we can all stick together we can get around this,
FXMON33