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SWMO | I know this is hard to understand, but here is what happens with this kind of joker. They get behind by making bad deals/ trading the board, whatever. Just like in any fraud, they start playing with the numbers to borrow money on things they don't own. Meanwhile, they keep buying and selling, hoping that the next deal will be a good one.....only it's not. They buy and sell in increasingly bigger amounts to beat the float(deposit for what he sells has to beat the check for what he buys back to the bank), and/or to satisfy an monster ego, which in this case is a big part of it. They keep digging the hole bigger and deeper, all the time lying to the bank until at some point, the bank smells a mouse and the whole deal crashes into a heap. At that point, any cattle that were purchased by E, whether the check cleared or not, becomes the property of the bank because they are the secured creditor. Reality is that all of these bad check cattle were were bought with bad debt. Yes, the cattle are somewhere in a feedyard, but the bank is the one who will collect and will put money money against the big mother loan. Could it be said that Fifth Third wanted there to be a lot of cattle in transit after they found out what was going on? You bet. Did that happen on purpose? Only a few that work there know. Would I blame them? Heck no. They are going to hold a big enough bag of bad debt the way it is. I have been in a deal or two like this before. The only way you can go get your cattle is if E has not processed and comingled your cattle with someone else's(ex... still in a receiving pen) AND you have not received a check for them. If E has presented you with a check, you are out of luck. I know it doesn't seem right, but that is the law. Tommy Gibson should be tried in about one hour and hanged like it was 1890, but that's not how we do it now. Also, GIPSA protection is worthless. They need to shut the doors and quit wasting our tax dollars. | |
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Eastern livestock question again
