[00:00:00] Speaker A: Any examples used are for illustrative purposes only and do not take into account your particular investment objectives, financial situation or needs and may not be suitable for all investors. It is not intended to predict the performance of any specific investment and is not a solicitation or recommendation of any investment strategy.
[00:00:18] Speaker B: This is another Money Show. Get set for another hour of the latest financial information and economic news affecting your bottom line. J.R. and Anthony are committed to helping more Americans like you optimize their inc. Reduce their tax risk and reach financial freedom. So let's start the show. Here are your hosts, Anthony Correo and J.R. rochford.
[00:00:42] Speaker C: Here we are, your hosts, Anthony Correo and JR Rochford, taking a break from our day to day as financial advisors with Rochford and Associates, a fully independent fourth generation family office right here in Sun City to bring in news you may not find on those other financial stations.
We are aware the last thing you need is another Money show, but we appreciate you being here. And this week is the first recording after the world didn't end like JR has participated in. So he's gonna stop being so doom and gloom and more be more slimy salesmen, I think. Is that was the transition? Is that what it was gonna be?
[00:01:22] Speaker A: Yes. So hang on. We are officially another Money show. Today is gonna be on Roth conversions. Actually today let's do life insurance because there's nothing people want to hear for an hour more than a life insurance sales person.
[00:01:36] Speaker C: So don't we already do that? Like right before the holidays, the generational.
[00:01:40] Speaker A: Wealth transfer talked about it and when we were new with the show and we were still thinking it was going to be more financial, we talked about long term care insurance and asset based long term care insurance. We talked about life insurance. So. But come on, you know better. And I. You said I participated in the end of the world. I think, I don't think that. I think I prognosticated. Is that the word? I think I forecasted the end of the world. I have a question for you. I know the answer, but I just want to put you on the spot. Did you watch the inauguration on Monday?
[00:02:10] Speaker C: Of course I didn't.
[00:02:13] Speaker A: You know it's part of your job, right? I mean, I texted you, I knew you weren't by the tv, but I texted you to kind of give you a reminder that was on. So Monday was the beginning.
[00:02:21] Speaker C: I woke up in the next day and saw the news that, you know, Trump's head had exploded. Then I would know I have to pay attention to some things. But I don't need to watch it live.
[00:02:31] Speaker A: You know whose head did explode? About half of the country.
So apparently we are still polarized. I've been watching the executive orders, obviously reaction. I mean it's, yeah, we're, it's going to be a long four years for half the country. The other half of the country is going to be giddy. And I'm not, I don't mean to put a negative slant right away, but Secret Service standby, you know, they're just underneath things. We're not out of the woods, Anthony. And you know that there's never been a light switch. It's not January 1st. I use these dates just to, you know, keep this going. I'm on a rolling time frame. But when you have a country that's 36.3 trillion in debt, brics, nations want to get rid of us all the same stuff you've heard out of us for years, something is going to give. The politics of things is going to be really interesting to us because we're watching inflations, we're watching the bond rates that drop this week and now they're creeping back up. We're watching gold and silver. So we are watching. We can't wait to see what the inflationary pressure is when there's tariffs. I mean, we have a lot on the table. So we will be with you hopefully to kind of give you the news you're not hearing on the other shows still. Why don't we jump right in so you know our modus operandi. We want you prepared, not scared. We want you proactive, not reactive. So even though I promised I'd be more financial, which I will do today, starting today, I'm where I'm still going to glean things from YouTube and articles. I'm still going to bring you stuff you need to kind of be aware of because we, in addition to watching, you know, normal financial planning, how do you, how do financial planners work? They use your date of birth, your income, your assets, your taxes, your risk tolerance, all that stuff. You know, what we add to that mix the world around you. We are very aware of the fact that one of the things that can take your financial planning off track, a black swan event. So that's what we're watching in addition to normal financial planning. So not only do we want you prepared, not scared, we want to we our thing. We prefer planning over products. We prefer education over sales. I mean we really, we want to sit with every single one of our listeners and we want to one person, one couple, one family at a time better their situation. So this year, make sure you come and sit with us. We did have a long time listener of the show. Also a friend and a client named Lori come in this week. She got to meet the office dog, buddy. So I know you're listening, Lori, and thank you for taking the time to come and see us. We always love to be with you.
Let's, let's jump into things. So usdetclock.org that thing is is still a spin in. I looked on it this morning.
One of the things I noticed, I hadn't checked in for a couple days. There's something new on there. If you pull up usdebtclock.org and look in your upper left hand Corner where the 36.3 is represented, you'll see a new thing. There's a Doge clock. So we're going to start tracking a positive number. My presumption of the Doge clock and I just saw this this morning, so I haven't read about it yet. It's basically going to show how much money we're saving. So that's a wonderful thing. If you poke around on that site, also go to the upper right hand corner, there's something called a secret window. Tap on that little button and see what you see. There's periodically they change pictures behind the secret window and some of them, maybe it's foreshadowing but certainly interesting. So make your way over that website. It is definitely worth your while.
Let's jump right into it. Since we didn't all die on Monday or Monday night, let's go back to one of my favorite subjects. Literally, let's go back to the banks. Is that okay, Anthony? Actually, before the banks, let's talk about Yellen for a second.
I did see an article on Monday, 20 January, by the way, today, as we record today, is Thursday, the 23rd of January.
So on Monday there was an article on msn.com, uS treasury set to use extraordinary measures starting Tuesday. So that was just, you know, three days ago. Have they started the these measures? Does anybody listening know what the measures are? I had a neighbor text me and ask what the measures are.
[00:07:04] Speaker C: It's all this was something we talked about two weeks ago where Yellen wasn't worried. You know, I'm not worried right now, but I think we're going to have to be worried right after inauguration. So now it's here.
[00:07:18] Speaker A: Now it's here.
[00:07:19] Speaker C: Still so funny. As if two weeks was enough to not destroy everything that they've ruined over the last decades.
[00:07:26] Speaker A: Yes, decades with an S. But now that Trump is back in office, all of the people that are not a big fan of his can start letting.
[00:07:34] Speaker C: Things Extraordinary measures now. Now's the time. Now it's all bad. Wasn't bad before, but now it is.
[00:07:40] Speaker A: We had ordinary measures. Now it's time for extraordinary. So according to msn.com, the day after President Donald Trump takes office, the US treasury said it will employ extraordinary measures to avoid hitting the debt limit. When you have 36 trillion in debt, what limit exactly are you talking about? So in a letter, outgoing Anthony, hear that word outgoing. Treasury Secretary Janet Yellen said extraordinary measures will begin on January 21st. Because of that limit, you Yellen said she could not fully invest the portion of the civil service retirement and disability fund not immediately required to pay beneficiaries and that a debt issuance suspension period would begin Tuesday and last through March 14th. So on March 15th, are we going to be solvent as a nation? On March 15, are we going to have the central bank digital currency? What are you talking about there, Jan, on your way out the door?
So a couple more things from this article. The debt limit creates a risk that the federal government might not be able to finance its existing legal obligations that Congresses and presidents of both parties have made in the past. She asked Congress to act. I respectfully urge Congress to act promptly to protect the full faith and credit of the United States, she wrote. Big Ponzi scheme, fiat currency train wreck. We are one more thing here. The debt limit is the total amount of money the US Government is authorized to borrow. Borrow from whom? To meet existing legal obligations, including Social Security and Medicare benefits, military salaries, interest on the national debt, tax refunds and other payments. So hang on, if you're due a tax refund this year because it might be later, not show up at all, who knows?
[00:09:40] Speaker C: This is something they've they've seen coming and they were not worried about it up until just now. Now we've got new president, now we're worried as if none of this happened before.
[00:09:51] Speaker A: Well, and I just, you said the magic word. Decades of reckless spending. I mean the whole thing, such a crock. And my thought is who exactly are you borrowing this money from? Who is still looking at us saying, oh yeah, there's the future. Is it South Korea, is it Venezuela, Germany? Germany, you're in a hot mess. China is not good over there. Japan, with your gazillion year recession, luckily, your stock market's flying high. That's one good thing we have our Teflon Dow, so I don't know, I want to get in the banks.
Enough of the doom and gloom. I want to go to happy stuff. Anthony sent me an article this week. Actually it was last week. JP Morgan CEO Jamie Dimon is facing an eternal internal, internal, actually revolt. Here's the main reason for it and what workers are saying. J.P. morgan, Diamond J. Let's see here. Amidst growing discontent over the strict return to office mandate of JPMorgan Chase, several employees are reportedly engaging in numerous discussions about forming a labor union while being inspired by successful efforts at Wells Fargo, another shining beacon on the Hill. According to Barron's, these talks come as management of JPM has mandated that its 300,000 employees work from the office five days a week. You animal, Jamie. Which is a move that has eventually sparked severe backlash among staff. Well, of course. Would you rather work at home where you have a television set, a refrigerator, perhaps a dog or two, or would you rather be in the office and have Monday morning meetings?
So according to Fortune, Wells Fargo has seen a surge in unionization efforts with employees at nearly two dozen branches successfully joining the Communications Workers of America Guild.
Let's see here. Unionization push at Wells Fargo has been driven by issues such as understaffing and low wages. Who doesn't have low wages? We're going to get to that if we have time. At the end of today's episode, got a couple things about low wages and Social Security, so. And a Costco strike coming up. If you have a Costco membership, you may be affected in February. The situation actually highlights a broader trend in the financial sector where workers are increasingly seeking representation to address their grievances. Notice Fortune. All right, Anthony, so why did you send me this article? What's, what stands out to you about this?
[00:12:37] Speaker C: Oh, it's just more places unionizing.
[00:12:41] Speaker A: Is that a good thing?
[00:12:43] Speaker C: The Costco's? Yeah, why wouldn't it be?
[00:12:45] Speaker A: I don't know. I mean, I'm asking you. A lot of times it's, it draws political lines like, you know, if you become a union and you have, let's say you have 10 workers and five of them are lazy pieces of, you know what, and five are really hard workers. They all get the same benefits, they all get the same pay.
It, it basically, well, it's been a.
[00:13:06] Speaker C: Long time since you've had a job that wasn't, you know, something you do on your own. There's a lot of lazy workers now that don't, aren't affected and are you.
[00:13:19] Speaker A: Talking about Me or Macy, there's only three of us in the office. And I know you don't consider yourself lazy, which is ironic. So.
[00:13:25] Speaker C: And by the way, I mean you've been a self run business for a very long time. Engineering was only six years ago. Like I remember what it was like. That was part of why I left is because I was the only one working in my department.
[00:13:37] Speaker A: And yet you're in favor of unions where they're going to pay union.
[00:13:41] Speaker C: And we had the same issues. So shouldn't people still be getting paid a decent wage?
[00:13:47] Speaker A: I don't think so. I don't think people should be. I think, you know, if a government can give billions of dollars to Ukraine, they should give billions of dollars to us. Enough. I think we should all get universal basic income. I mean I am 100% leaning towards socialism, perhaps even communism this year because I want a living wage too.
Let's turn the page a hair. And I know, I mean it's such a deep topic, living wage, I mean the price of homes, the interest rates, everything combined. I don't know how the American dream is possible in this day and age. So let's move over to another article about Jamie Dimon. This one comes From CNBC on the 22nd of January 1st from the 1 and only Sam Davis. Thank you so much. Even Sam is getting in on the train of giving us stuff to scare you with. So Jamie Dimon says the US Stock market is kind of inflated, you think? CEO Jamie Dimon on Wednesday called the US Stock market inflated and he said he felt more cautious than others in the business world because of the risks from deficit spending, inflation and geopolitical upheaval. Asset prices are kind of inflated by any measure. They are in the top 10 or 15% of historical valuations. Dimon told CNBC's Andrew Ross Sorkin at the World Economic Forum in Davos, Switzerland. You know that's going on right now, right Anthony?
Real interesting. I saw a clip this morning sideline to this and basically, and Davos, the WEF is saying a Trump win means a WEF loss. Well, you ain't kidding. I mean he took us out of the World Health Organization already, the climate thing, the Paris agreement. I mean he, you know, we got a new, a new NATO representative. I mean the world has to be watching what's going on real closely right now with Trump. So Dimon said that he was speaking specifically about American stock market, which is in the midst of a multi year bull run. Yeah, Jamie, since about March 9th of 2009 that's one heck of a run we had, Covid. The biggest black swan in the history of the planet. Not just our country. The market went down the month of March 2020, and then April 1st, I believe that's April Fool's Day just spiked right back up. And we've doubled the market and we've doubled the world supply of money and ba ba ba ba ba since then. So yeah, you're right. Jimmy and I noticed the last year, year and a half, you've been pulling a bunch of money out of your own company, out of your own stock. So you are saying what you really feel. I noticed you pulled your money before you come out saying this. Oh, wait, no, that's not true. You talked about a hurricane. Let's see here. He has been sounding a note of caution since 2022 when he said a hurricane was heading for the US economy. That storm, however, has yet to arrive in the US I think it's going to arrive. You know, I'm a perma bear, meaning I'm bearish permanently. I think that everything's manipulated. I think we have a house of cards. I think Jamie Dimon, Warren Buffett, I think these people know what they're doing. So if they're sitting in lots of cash and not a lot of stocks, we should probably take heed. Let's see here.
The s and P500 had back to back gains of more than 20% in 2023 and 2024. The first time that has happened in over 25 years. Last year, Dimon even called for shares of his own company. Expensive. I have a question. 23 and 24. Think about those years. Think about those two years. The stuff with Hamas and Israel, the stuff with Russia and Ukraine. The thought of China re annexing Taiwan, the political division of this country. Really should the s and P500, which is only being floated by a handful of stocks, should that thing be going up 20, 30%?
No. No. The answer is no. It's 100% manipulation. So what do you do about it? You be diversified. You employ diversification and moderation. You come sit with Anthony. Anthony helped a person yesterday. Actually, we. It looks like we're getting a brand new client from New Mexico. We're getting clients around the country. We just had to add our license. For what? Ohio, recently, New Mexico. So sit with Anthony. He will help you figure out your risk tolerance. If you don't know it, he will help you put a protective floor on your retirement savings. What does that mean? He's going to help you with how much money to have at risk, how much money to have safe positioned and ready. So if I'm right and we do have another 2008, I, I think we're going to have a 2000 and 2008 combined if it ever gets here. And Jamie's early too, and he's smart. So when it gets here, you have to be ready. All of the advisors that have you fully invested and then a crash comes and they're going to say, oh, don't panic. It's only a paper loss. It's not real until you cash it out. You just had 15 years where it was only a paper gain. Why didn't you call me twice a year for the last 15 years, say, let's take some money out of our accounts and buy an apartment complex so we have passive income. Let's pay off our mortgage, you know, well, it's only at 3%. I understand that it's. I understand it's low, but let's get under the radar. Let's look into CD alternatives, let's look into generational wealth transfer. We via life insurance or fixed annuities. So much they could have been doing for you. They didn't. They got to keep you invested. Ken Fisher, you know, allegedly out there saying, the more, the more you make, the more we make. Yeah. Okay. When we have another 2008, are you going to waive your fees? That's different. So, yeah. Anyway, I'm sorry to get so passionate, but I think that things are coming. Personally, I think they might be a lot worse than they would have been if we had normal corrections over the years.
All right. I'm very passionate today. My apologies. Let's go to a different bank. Let's get out of Jamie Demon's bank and go over to Chicago for a minute. So According to banking dive.com, see how I go to all kinds of different sources, not just the Daily Total and Gateway Pundit and Zero Hedge, the ones that always bring me the end of the world stories. So I went to Banking dive on the 21st of this month. Chicago's Pulaski Savings bank is 2025's first to fail in the US first one, so good for you. There's a ribbon involved. Chicago based Pulaski Savings bank was shuttered Friday by the Illinois Department of Financial and Professional Regulation over what the agency called unsafe and unsound condition along with impaired capital position. Kevin, if you're listening, get out the generator. Some of these words, what does that mean? It means they were doing stupid stuff. It Means they didn't have enough money for what they're doing. It means that they like mortgage backed securities and derivatives and stupid stuff. Okay, so Pulaski's failure will cost the FDIC's deposit insurance fund roughly $28.5 million, the FDI said, adding that suspected fraud caused higher. That's why I'm talking about the shenanigans. Suspected fraud caused the higher estimated cost to the dif. So when Silicon Valley bank took a dump, FDIC wasn't affected. You know why? Because Mark, Mark Cuban, remember that guy? Something to do with basketball or something, this thing and hating Trump and all that. So when you have all these elites, social elites that had way more than 250,000 per account, they're going to be fine. If you live in Chicago and you get your Social Security and your pension check deposited into Pulaski Savings bank, you might be affected and, and then the FDIC insurance would get used. It wasn't used for Silicon Valley Bank. Let me read just a hair more about this cause it's pretty self explanatory. Pulaski is the first bank to fail in the US in 2025. The last failure came in October when Oklahoma based First National bank of Lindsay collapsed. A still active about us page on Pulaski's website said that the bank has. I got to read this to you because this is true.
The page is still active. I don't know if it is today, but it was when I looked at it.
It says on their website, it says we have a conservative no nonsense practice that help ensure that our successful past will lead to a bright future for all of us. The bank first opened its doors in 1818. Bank since 1890 just got taken over. The FDIC had to use some of their money in their insurance fund and then the assets went over to Millennium. So Millennium is your new bank, not Pulaski. I have no idea when Millennium started, but if your grandfather's grandfather was at Pulaski, it's done, you know, and. Well, I've never heard of Pulaski Bank. I'm in Phoenix, Arizona. That doesn't affect me. No, it does. There's what, 4800 or something banks other than Wells, Chase and B of A and whichever magical credit union you belong to. Have you ever heard of 4799 banks? Of course you haven't. The country runs on a massive bank and credit union system and they are in trouble. So we want to bring that stuff to you so you keep your eyes open. Well, what's the answer. Have some cash at home. Understand what a bail in is. Look it up. Bail in. We've been screaming it for years in our office. Make sure you understand that the FDIC, the old Federal Deposit Insurance Corporation, the DIF, the depositor insurance fund is broke. It has 1.2% coverage and it just got shrunk by $28 million. Thanks a lot. Pulaski family in Chicago.
[00:23:56] Speaker C: Who?
[00:23:57] Speaker A: I need to take a break. Let's.
[00:23:58] Speaker C: I think it's funny though, because all these marketing schemes these places have, you know, they're suspected of fraud, but conservative. No nonsense. When I was in Texas for my buddy's wedding a couple months ago, there was a PNC advertisement and I took a picture of it and it said, keep your money boring, predictable so life doesn't have to be.
[00:24:21] Speaker A: Wow.
[00:24:21] Speaker C: Yeah. They want to keep your money boring and predictable, which is exactly what we love in this office. However, that is not what PNC bank actually does.
[00:24:31] Speaker A: What is my least favorite bank I've ever talked about?
[00:24:34] Speaker C: 100% PNC.
[00:24:36] Speaker A: 100%. You know, I used to like them when they were compass. I was fine with them. I never had a problem when they were bbva. I mean, I've had an account with that bank for, I don't know, two decades. And then when they became PNC man, do they change? And not in a good way real quick. They did. In my experience, that was the bank that depending on the day I get there and the teller, I could only take out different amounts of cash. I'm like, do you have any rules on this? Do you have any rhyme or reason? Remember Anthony me getting in a couple of scraps in the lobby with the teller? It's not physical, obviously, because you love fighting with them. I did. I did. I actually enjoyed it. I think I went and got cash a couple times that I didn't even need it. I just. I was bored. I wanted to not stay predictable and boring with my money.
[00:25:19] Speaker C: That's because you escalate too quickly. We even went in and the lady that I'm friendly with over there was like, oh, had I known he was your stepdad, be like, oh, maybe they would have treated you nicer. Which is kind of funny that that's shouldn't help be the way it is, you know, Know if you need your money, they're a bank. They should just give you your money. It shouldn't have to be that kind of fight. But she was essentially said that if she had known, they would have been nicer to you and I might, I am nice.
[00:25:48] Speaker A: I might have a little bit of a little man syndrome, a little bit of a short fuse, but not crazy. I mean, I'm always reasonable. As soon as you're not reasonable, then I, I escalate. I mean, I'll admit, I admit that some of it I could deescalate further than I do.
We've got a couple more bank stories, but I know we're getting close to break time. I do want to share something with you. When I say that the FDIC has 1.2% coverage, one of my neighbors went to Chase and told them about that and they denied it. And then they looked into it. I guess she showed them how to look into it. They looked into it and they're like, well, this, it doesn't matter. It's like this is, it's blah, blah, blah. They've never done this and that. I just want you to know, be aware, be awake, be nimble. If things get sketchy with banks this year, it's going to be first come, first serve. Call us and we'll tell you what to do about it. So anyway, if you want to find the numbers, go to fdic.gov, look up statistics at a glance, look up the FDIC historical trends and you will see 1.2% coverage right now. With that said, we got to take a break. Thank you so much for being with us. We appreciate you.
Reach out to us, show ideas, Set up an appointment, sit down with us, 623-523-0444 or
[email protected] and check out our YouTube channel. We're going to start putting the miscellaneous shorts back up. So I'm kind of excited about the YouTube. We'll be right back.
[00:27:16] Speaker B: This is another Money show, except this one's different. This one's at Rochford and Associates. We know you've worked hard to earn your money and you've worked even harder to save it. When it comes to wealth management and Planning for retirement, J.R. rochford and his team of specialists have been helping individuals, families and business owners find financial freedom at their veteran owned firm for more than 25 years. Give us a call now at 623-523-0444. That's 623-523-0444.
Another weekend, another money show.
[00:28:02] Speaker A: Visit anothermoneyshow.com welcome back to another money show. Thank you so much for being here. As we always say, we're little fish in a big pond and we rely on your help. So checking out the YouTube channel telling people about it, forwarding things like subscribe all the stuff you know how to do and come in and sit with us. We are mission. We want to ramp up a little bit on meeting all of you. We want to meet you all one at a time. We don't want all of you to show up at the office on a Wednesday, but we want to meet you and sit down with you. We want to help you with when to draw Social Security. You know that, that, that might take center stage here in the next couple of years. It's about at the end of its productive Ponzi scheme run. So let us help you with all that. But I want to finish up a couple things on the banks. I found an article here from the daily HODL. On 18 January, US banking regulator FDIC hits bank with $20 million penalty. About a quarter of the lender's total assets. Think about that. If you're a business and somebody is going to fine you a quarter of your profits, whatever. So guess what? This bank is about to be on my list of Pulaski and it's about to be gone. I would think so anyway. The US banking regulator says it has determined that CBW bank failed to maintain an adequate anti money laundering counterfeiting of the financing of Terrorism compliance Program and is consequently imposing a fine of $20.448 million over the violations which occurred between December of 2018 and August of 2021.
[00:29:40] Speaker C: I love that they make an example of this tiny bank that nobody's heard of. But when was it US bank or Wells Fargo? B of a td? Oh, a whole other one. Yeah. Yep. And it was pocket change to these big banks when they get caught doing things like this.
[00:29:56] Speaker A: The exact same scapegoat. It's like three people that I was able to find later following up with the TD bank crap. Three people were arrested over that. You have a system that's corrupt and three people took the fall. So anyway, so this little tiny bank, it's out of Weir Wire. W E I R Kansas. It's a Kansas bank. Hey Sam, you from Kansas? Maybe you've heard of this bank. Maybe you have CDs there and I can show you CD alternatives that give you just as much money and they're.
[00:30:25] Speaker C: 100% guaranteed instead of laundering money through this bank. I hope he is part of why they're getting this fine. It's because they were helping out Sam.
[00:30:34] Speaker A: Sam is an upstanding. Sam is, is licensed. Sam is not doing any of the shenanigans Anyway, during the review period. I. My point with that whole thing, reading the dates, we're now finding them in 2025. They were doing ridiculous things from 18 to 21 and they're getting their hands slapped in 2025. If a dog has an accident in the living room rug, unless you see it happening and you get over there quickly, you really can't. You can't get home from work and not know when they had the accident and roll up a newspaper and smack their little nose. They don't remind me.
[00:31:07] Speaker C: I'm actually gonna go smack Buddy right now for something he probably did weeks ago. I'll be right back.
[00:31:12] Speaker A: You're abusive looking so I'm sure you're abusive acting. If you haven't met Anthony yet, he looks like. Well, he looks abusive. That's all I'm saying. Anyway, so he's my stepson. That's why he's less good looking than I am. No, actually, he's more good looking. Who was it that called you the eye candy of the office and ladies?
Susan. You're saying names on the radio show now? Susan. I wonder if Susan listens to the show. We need to send this episode to her so she knows she got a shout out.
[00:31:37] Speaker C: Our networking friend. And that was no, I think I made that joke. But she was the one that remembered it. Like she was the only one that brought it up. So thank you for humoring me. We appreciate it.
[00:31:47] Speaker A: And get your butt to the optometrist. So anyway, this bank, during a review period, the respondent failed to file hundreds, not a few hundreds of suspicious activity reports, lacked an appropriate risk based customer due diligence process and maintained an inadequate due diligence program for FFI correspondent accounts. What the heck does any of that mean? According to the fdic, most of CBW Bank's earnings came from offering fee based correspondent banking services. Wait to hear this. For foreign financial institutions located in Africa, Central and South America, Europe and the Middle East. If you're a small bank in Canada and one of your larger one of your larger customers are out of the Middle east, yeah, we're probably going to scrutinize you. We're not going to do it for until six years later, but we're probably going to look into you. So. Interesting. The penalties sought by the FDIC is unreasonable and unprecedented for a bank of this size, complexity and supervisory history. There is no justifiable basis for any cmp, let alone for one of this magnitude. Given the conduct at issue in this case, all of that, that I just read in Greek to you means the bank is saying you're throwing us under the bus. You're picking on us unfairly. Anthony, to your point, that is probably true. You're telling me TD that did the exact same stuff, which they'll weather their fine, no problem. By the way, whenever there's fine on a little bank or a big bank, do you think they pass it along to the consumer or they take that directly out of the CEO and the chair people's earnings? Exactly. Let's move on. Oh, one of my favorite. I have some good news. I have some good bank news from Morningstar. Morning. Even the name of the article I got this from is Lightnery. This is from Morning star on the 14th of this month. So, former Wells Fargo executives find for role in FL flawed in flatulent in fraudulent bank accounts. So three former Wells Fargo executives have been fined a total of 18.5 million for their alleged roles in opening fraudulent bank accounts. The Office of the Comptroller of the Currency set on Tuesday.
[00:34:16] Speaker C: What they did like 15 years ago.
[00:34:19] Speaker A: Correct.
[00:34:20] Speaker C: Now they're being held responsible.
[00:34:21] Speaker A: This was when they didn't have armored cars. They used stage coaches. But we caught up with them. So the fines are related to sales misconduct in the mid 2010s. So you were right, Anthony, in 2016. Why am I reading about this in 2025? In 2016, the Consumer Financial Protection Bureau fined Wells Fargo for illegally creating millions. I did not read that wrong. I know I don't know the difference between a million and a trillion, but I'm going to read again. Find Wells Fargo for illegally, illegally creating millions of fraudulent bank accounts for clients without their consent or knowledge. It was the result of aggressive internal sales goals. The OCC set the occasional is fining former Community Bank Group risk officer Claudia Anderson 10 million in civil penalties. The agency alleged that from 2013 to 2016, Anderson did not credibly challenge Wells Fargo's incentive compensation program, manage risks posed by sales practices misconduct and consistently downplay that misconduct. The second one, former Chief auditor David Julian is being fined 7 million, while former executive audit director Paul McLindo was fined 1.5 million. Both are receiving a personal cease and order. Good. The OCC said Julian and McClindo did not plan audit activity that would detect the misconduct. That was their entire job. Like, you know, when you're in our industry, you have a compliance officer. Their job is to make sure you're compliant. Apparently these people thought their job was different, which, yeah, I'm sure they work from home. During COVID one last thing from this article. The fines orders are in line with a recommendation made in 2022. Eight other former Wells Fargo executive paid a total of 43.2 million to the OCC for the misconduct. These were the remaining outstanding enforcement actions among the 11 individuals allegedly related to the bank's misconduct. So out of all of the millions of accounts at Wells Fargo, 11 people have been fined. I didn't read one single word here about prison confinement. I didn't read one single word about representatives, tellers, personal bankers, that sort of thing at the banks getting in trouble. They come on when you, if you have a sales incentive contest. If you and I from one of our, our companies had a sales contest and it was, you know, the way to get ahead was to do shenanigans, would we do it? Of course not. If we look at, you know, I mean right is right, wrong is wrong, whether somebody's looking or not. And then we have to deal with compliance department. We are a fourth generation fiduciary, fully independent practice. That doesn't mean we don't have people watching us. We have compliance people. We have to get this radio show through compliance before it airs. Can you imagine the stuff you'd hear if we knew we could say whatever we wanted? We, oh man, we need to be on Sirius or XM or one of those things.
[00:37:39] Speaker C: Actually I'm surprised they haven't stopped us from saying any of the things that I ever wanted to say.
[00:37:45] Speaker A: Well, they are now that you just pointed out to them. So yeah, this will be the first episode that you're going to hear an hour on like nothing that we said. Yeah, no, it's shocking to me that this stuff goes on and then we just move on. Nobody gets in trouble.
Let's get out of the bank for a second. Let's go to our industry. Here is an article from the Wealth Advisor that I read yesterday. This is from the 21st of January. So it's not just the banks. LPL, if you've heard of LPL, that is a massive brokerage. LPL Financial settles allegations of inadequate anti money laundering procedures. LPL has agreed to pay $18 million to settle allegations of failing to close or restrict thousands of high risk accounts due to inadequate anti money laundering procedures. The securities Exchange Commission, the old SEC claims that between May of 2019 and December of 2023. Have you noticed all of these? There's a huge delay in punishing the people. So LPL's vetting program suffered from significant failures leading to accounts staying open even when the firm could not verify customers identities, they couldn't tell if a customer was the customer, and the account remained open. That's great. According to the sec, thousands of accounts, including certain foreign and cannabis related accounts, remained active despite being prohibitive under LPL's own AML policies. The agency attributes this to the inconsistent record keeping system that fell short of meeting the firm's written consumer identification program standards, a fundamental requirement of any AML program. The SEC alleges that LPL's registered representatives often circumvented these restrictions by directly contacting the firm's service staff to resolve issues on behalf of account holders. During these interactions, service personnel frequently lifted account restrictions while still on the call, bypassing the required CIP resolution steps.
So, big, huge firm. I realize in every job, every industry, every firm, if you will, there's good and bad people, good and bad employees, good and bad representatives. I get it.
One thing, you know, do, do. Right is right, wrong is wrong, whether people are looking or not. I don't know how to say that more clearly. We have. We know people that have accounts with LPL representatives. I mean, there's one that listens every week, so I wonder if this is okay with her. But, you know, the problem is, where do you turn? You know, you can't go to Wells Fargo because they're crooked. You know, Wells Fargo Financial Service Advisors. Holy cow. Blue suit, white shirt, red tie, highly polished shoes. The quotas pressure, fake account. It's just slimy. I guess your only option is to go to Rochford and Associates, conveniently located on 98th Avenue in Bell, in Sun City. And we are getting a lot of clients out of state. We love Zoom, we love the telephone. The client that we just made a client yesterday, we're going to go visit him in his home state. So I'm looking forward to that. So, one more thing. I'll read on here. Actually, two more things. LPL's settlement with the SEC underscores the critical importance of robust AML procedures in safeguarding the integrity of financial markets. You think we're Wells Fargo Advisors? Well, did I say Wells Fargo? Man Freud, ease up on me. Wealth advisors and RIAs, which is registered investment advisors relying on LPL's infrastructure, should take note of the firm's commitment to enhancing its compliance framework and rebuilding trust in its operations. So if you had LPL before now, you know, maybe you're all right, maybe you weren't. But now they're going to be good. Now that they got caught, they're going to be Good. I'm sure the same thing at Wells. No more fake accounts because they got caught. The last thing I want to read from this article just because I find it funny. Cannabis related accounts. Did you hear me sneak that one in earlier? I mean, I understand the foreign accounts and all this stuff. Cannabis related. This one's interesting. LPL's AML lapses extended to screening accounts associated with cannabis related businesses. As of February 2023, the SEC reported approximately 1400 cannabis related accounts holding a total of $350 million. Despite LPL's stated prohibition against engaging with entities involved in marijuana production, distribution or related activities. So LPL does not let you work with clients that have money from marijuana industry. And yet they're saying here they found 350 million. That's related. So I guess it's good work if you can get it.
[00:42:53] Speaker C: Well, the fact that they're not allowing these companies to have bank accounts is kind of atrocious.
[00:42:58] Speaker A: Well, isn't marijuana legal in a lot of states?
[00:43:02] Speaker C: But the state said it is legal and should be.
[00:43:05] Speaker A: Yep. So weird.
[00:43:07] Speaker C: Shouldn't still be federally illegal. It's so obnoxious.
[00:43:11] Speaker A: Wow, Sounds like you're a little pro. Pro. Freedom of things that grow out.
[00:43:18] Speaker C: I thought you liked freedoms. I thought, I thought we lived in America.
[00:43:23] Speaker A: If, if, if I had a choice between banning marijuana or oxycodone, something that grows out in nature versus something you know, has to be made in a lab, I would probably stick with marijuana if I had to choose one. I don't like to be distorted. I'm too hyper. I'm too. I have to have my senses about me. So I'm not a good candidate for drugs. So. But here, nor there. Anyway, let's, let's move on. This is the most important thing we're going to bring you today, Anthony. We still have plenty of time.
[00:43:56] Speaker C: Oh, good.
[00:43:58] Speaker A: So I have a Zero hedge article that I really. I hope people look this up. It's from 16-01-2025 18. Incredible statistics about America's rapidly growing retirement crisis that will blow your mind.
See here it says we are facing an unprecedented retirement crisis in this nation. Millions upon millions of baby boomers are retiring and most of them are struggling. In fact, it has been estimated that 80% of our retirees are either struggling right now or are in serious danger of falling into financial insecurity. We are supposed to be the economic powerhouse of the world. How could we have allowed this to happen?
First of all, people are living significantly longer than they did decades ago and so retirees need more money these days. Secondly, most retirees did not save enough for retirement and many of them entered their retirement years carrying high levels of debt. Thirdly, health care costs are completely and utterly out of control in this country. We desperately need to do something about this. Fourthly, high inflation has made the cost of living extremely oppressive. Fifthly. Is that really a word, guys over at Zero Hedge? Fifthly, pension plans are less common than they were once and so more retirees than ever are depending on Social Security as their primary source of income. So we know all those things to be true. Anthony, you haven't brought it up in a while, but don't you have a movie that we can let people see that addresses the 401k situation versus the lack of a pension situation?
[00:45:46] Speaker C: I'm glad you said that because I do and I hadn't watched it in a while and I started to watch it again yesterday and it was really good. I realized really quickly how great it was except for the acting part of it. The documentary part is fantastic. The acting that they try to throw in and make it a movie movie is a little obnoxious, but I think it gives people something to relate to. Anyways, the movie is called Baby Boomer Dilemma and talks about kind of the death of the retirement system as it used to be, what your parents and grandparents aware of and what they had and why they were happy in retirement and why the odds are you will not be.
So if this is something that you would like to watch, reach out to us
[email protected] give us a call. 623-523-0444. It's called the Baby Boomer Dilemma. We bought a bunch of passes. We've given a ton of them away. How many have actually been used? I am not sure how many we have left. I'm not positive either. But reach out. This is not one of those reach out in the next five minutes otherwise we're not going to give it to you. I will keep giving these away until we've given them all away. And once we've given them all away, maybe I'll even buy more. We'll see. So great movie. Reach out to us team@Another Money Show.com if you want to check out the Baby Boomer Dilemma and hear experts talk about the death of the American Retirement system instead of just listening to us complain about it on 960 the Patriot.
[00:47:19] Speaker A: And unfortunately it is compounding. It is getting worse. I mean all the stuff you'll see in that movie Is. Is not going away. So. And you know, haven't you ever heard of the law of scarcity? I like how you say this is not one of those. You have to, you know, reach out in the next five minutes. I. That's kind of bad, Anthony, to do that. Tell people we only have three left. You need a call today.
We need the law of scarcity here, Anthony. Yeah, yeah.
[00:47:41] Speaker C: We should say using more sales tactics. We're really bad at this. Sorry for not being slimy salespeople. We'll try harder. I know you're all disappointed.
[00:47:52] Speaker A: And if you've done the heavy lifting and you've saved at least $250 million towards your retirement, we have a no obligation complimentary consultation for you, Mark Cuban. We're waiting for your call.
[00:48:05] Speaker C: You also have no money either. We'll sit down with you, too.
[00:48:09] Speaker A: You might need us more. We might need to help you get to where you are, Mark Cuban. Except less of an a hole. Can I say that? Allegedly. I got to be careful. He. He has the money to sue me. I'll have to borrow money from you, Anthony. If Mark Cuban sues me, if that's.
[00:48:23] Speaker C: Okay, you got an umbrella policy, you'll be fine.
[00:48:26] Speaker A: That's true. As long as he doesn't sue me for too much, I'll be all right. So let's just hit a couple points from this article. When you step back and consider the big picture, it is clear that we have a major problem on our hands and there are no easy solutions.
The following are 18 incredible statistics about America's retirement crisis that will blow your mind. I'm only going to do about four or five to blow your mind. I don't think it'll take 18. I'm going to read number four. Number four says only about half of all US households currently have retirement savings accounts. Let that one sink in for a second. Half of our country has nothing saved for retirement. If you have saved for retirement, you do still have to watch out for Black Swan events. You have to watch out for inflation. You have to watch out for certain things. But yeah, half of you need to get into our office, like right now. We'll start getting you on a $50 a month Roth IRA plan or something to start changing your trajectory. The time value of money is something we can explain to you. So half the people that floored me. Jumping down to number nine, There is a. There is supposed to be a approximately $2.7 trillion in the Social Security trust fund, but our politicians took all of that money and spent it instead. Today our Social Security trust fund is simply a colossal pile of government bonds.
I need to think of another term. We need a substitute word for a colossal pile of government bonds. Oh my gosh. Number 10.
Social Security is the primary source of income for most Americans over the age of 65. They don't give me a number most, that means more than 50%. Number 11. According to the National Academy of Social Insurance, 33% of Social Security recipients receive all or nearly all of their income from Social Security.
Number 13. That's lucky. Nearly. Let's see. In 2024, nearly 68 million Americans received 1.5 trillion from Social Security. But if you read number 14, it says they pay approximately 1.2 trillion in the Social Security system through payroll taxes. Number 15, as you can say from the c, from the previous two items, our Social Security payroll taxes are not enough to cover the amount being paid out in benefits. So it's a Ponzi scheme. The people getting their Social Security payments right now are only getting them because people are paying in. There's no fund, there's no money. We have 36 trillion in debt. The banks have 1.2% coverage. If we have a modern day run in the banks, our financial system is amazingly in trouble. So a couple more things here, but we desperately need to do something because our $36 trillion national debt is growing very rapidly and it threatens to overwhelm us. We are in so much trouble. As our debt continues to explode and general economic conditions continue to deteriorate, I expect the plight of our retirees to intensify. Yeah, I do too. And Sam, Sam sent us an outline two weeks ago with statistics on Social Security. I'm going to dig through it. I think we should spend a little more time on Social Security because Anthony, you and I do a lot of Social Security planning for people. You know, we talk about full retirement age. We talk about the extra 8% if you can make it to 70. We also talk about the break even point. So it's worth it to stay. Later we talk about, you know, the fact that they're going to have to raise the age to draw it. They're going to have to lower the benefit. Eventually they're going to have to make younger workers instead of six and a quarter percent pay in more. So it's kind of ugly.
Any thoughts on that, Anthony? Do we have time for anything else? My last two things I had was Costco's unionized workers vote.
[00:52:32] Speaker C: We already talked about that.
[00:52:34] Speaker A: Well, we didn't talk about it. We Just mentioned that we might talk about it. So.
[00:52:37] Speaker C: Yeah, no, well, the only thing that, the only thing in my notes that we talked about earlier with Yellen that I forgot to mention is it says in that, in that same article, it says since the 1960s that the government has raised the debt limit 78 times.
And some quick math says that, you know, even if they started that Countdown in 1960, that's only 65 years. That averages more than once a year. We've raised the debt ceiling to get by. So do we really have a debt ceiling? Do we really have a debt limit? If we're going to just raise it every time we. It's like maxing out your credit card and they just raise the max every time you get there. You never really fully max if they're just going to raise it, you know, there's no accountability for their actions. And I don't see anything getting better at this point. I don't see them changing course. I think it just gets worse until it collapses and it's real sad.
[00:53:34] Speaker A: And then we go to central bank, digital currency fed.
[00:53:36] Speaker C: Now we're already going to all of that, but it's not going to fix.
[00:53:41] Speaker A: It's going to be different over the next years and decades. The brics nations that, you know, we're not going to be the world reserve currency. We're going to have sweeping changes. And one of my things, you know, you can't control any of that. Anthony, you're a champion of letting people know there's things we can affect and things we can't. You know, I mean, on a more micro level, let us help you with how to pay down debt. Let us help you with how to be safer. Let us help you with how much cash to keep at home. We can brainstorm with you to figure things out. We had a guy in the office yesterday that talked about food and water. He's like, he's seen us speak, he's seen us do presentations. Thank you, Jay. By the way, if you do listen for coming in, it's great to sit with you. And he want to know, based on my situation, what do you think I should do with cash, food, water, all that stuff? So wonderful. I mean, that's what we want to do. We want to help people, not just financial advising and planning. Want to help you with life plan. You know, we're going to do. We're going to be life coaches. That's our new thing. We're going to be life coaches.
So.
[00:54:43] Speaker C: So if you want us to be your life coach, if you like any of the things you heard, you have questions on any of the topics today or you want to sit down with us to review your personal situation, reach out. Reach out to us team at another money show.com find us on the web another money show.com we are also on YouTube. Give us a call 623-52-30444. That number again is 623-523-0444. No minimums, no cost for appointments. We'll see you Sunday at 1pm and next week Saturday at noon right here on 960 the Patriot.
[00:55:21] Speaker B: Thanks for listening to another money show. You deserve to work with a private wealth management firm that will strategically, strategically work to protect your hard earned assets. To schedule your free no obligation consultation, visit anothermoneyshow.com Investment advisory services offer through Brookstone Capital Management, LLC, BCM. A registered investment advisor, BCM and Rochford Financial are independent of each other. Insurance products and services are not offered through BCM but are offered and sold through individually licensed and appointed agents. Investments involve risk and unless otherwise stated, are not guaranteed. Past performance cannot be used as an indicator to determine future results.
