Bloody ponzi scheme is what it is.
With their promised double digit returns with an effective compounding rate of +20%, there's no legit bank in the world currently able to offer or sustain these level of payouts. More to the point, institutional investors do not get involved in these no matter how 'good' the promised rate of return. You look at their clientele and its always the retirees, students, grandmas, and whatnot. How is it that finanical moguls like the Vincent Tans, Teh Hong Piow etc, are not all clambering aboard. Doesn't that tell you something or at least ring alarm bells ?
For what its worth, the raids were jointly and in tamdem by BNM and the Singapore Monetary Authority within their respective jurisdictions. Even if you think BNM is staffed by a bunch of inepts and motivated by corruption (which I think is a bunch of BS propagated by Genevve themselves), that still does not rule out the raids by SMA, which is an organization that oversees some of the strongest banks in Asia, eg. OCBC, UOB, DBS etc.
Holding a piece of gold given to you as a cash equivalent means didley squat and there's no commercial logic for trading cash for a piece of commodity when liquid cash is always king. You have to convert the gold to cash and the truth of the matter is if trade that gold today you get discounted and won't recoup on any short-term holdings. This is not a case of you buying gold on the low, and holding it over the longterm as an investment hedge. I think people are getting duped into thinking they are having an illusion of a collateral when really they will take a hit if they decide to recoup that collateral.
Listen folks, real money don't grow on trees and don't get made so easily. Don't be so goddamn naive.
