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Virtual Bank Woes
bobmorning writes "EVE Online's largest player-controlled virtual bank, Ebank, just can't seem to catch a break these days. A few months after it was revealed that the company had been defrauded of a staggering amount of virtual cash, it turns out that the institution's digital vaults are far more barren than many realized, leading to an in-game freezing of accounts for any individual or organization that happened to have invested any InterStellar Kredits (ISK) with the bank. Early this summer, it came to light that a veteran EVE player (known only as 'Ricdic') had embezzled — and then sold in the real world — over 200 billion ISK from Ebank, causing a run on the virtual financial institution. However, this was just the beginning of the problems for the player-owned bank. Recently-installed Ebank Chairman Ray McCormack admitted that the bank had been mismanaged, and rules, safeguards, and controls were not enforced. As a result, it's been revealed that Ebank is 380 billion ISK poorer thanks to a number of defaulted loans. Because of the aforementioned mismanagement, it apparently took the bank's new officers a while to figure out just how far in the red their institution is."
Typical. I am just thankful that the only money I ever borrowed in my life was to buy my own place and that is now paid off, but as long as society believes in "Boiler Houses" Getting a return on your investment forget it. Hedge Funds, will be the next thing to hit the banking industry and when it does... you can kiss all investments worldwide goodbye including your cash. Forget the Federal Reserve or the IMF. The only safe way to avoid any economic depression, is buy gold. You have been warned, the time bomb is ticking!
All cows eat grass!