November 29, 2016
"Progress is impossible without change, and those who cannot change their minds cannot change anything."
-- George Bernard Shaw
Below are excerpts from a Monday AM phone conversation with a senior executive close to the new roll out process for HSBC:
"RV is anticipated to be revealed sometime tomorrow (Tuesday) in North America, not sure when."
"We are behind due to unforeseen circumstances that have since been corrected by non bank security personnel... it's a non HSBC matter we are told."
"Once we are ready to go, there will be a public government new currency announcement which not so subtly signals the RV has begun. This is also our alert to be ready for redemptions."
"Several regional oversight offices were slow to report today, but they're all ready to perform now, more exchange centers are coming on-line with new transfer codes, by the hour, and in every state and providence as of early this morning."
"Consider this a sudden, but not unexpected manual override of an exchange process that was set into motion over two years ago with Wells Fargo as the general contractor."
"All US banks will still be exchanging first basket currencies, but only HSBC will now be allowed to hold ZIM deposits after Wells Fargo's sudden departure from the lead position due to non performance."
"Yes, this strategy is new, but not completely a surprise to HSBC. We had heard rumors for weeks that Wells was dragging their feet for no good reason. Then, as of Sunday AM, word came in straight from Hong Kong headquarters--HSBC had the con. As a result many worked through their holiday weekend and still are--haven't left in fact."
"Wells Fargo and the Republic brass were not at all happy about losing control of the exchange process--but my guess is they really wanted to keep ZIM deposits in a US bank more."
"There was a plan long in place for HSBC to handle such a system override from the back end, and we are executing this plan now, with some intra-bank details still needing to be worked out."
"Percentages and terms are changing (improving) for most smaller US banks, which means protocols and contracts are also changing. Our poor attorneys have been scrambling ever since."
"Target start time was midnight Monday. We missed that obviously. Going as fast as we can now to catch up to what will be high demand. Hopefully by tonight sometime. Please be patient, we'll get there."
God is with us.