Quote:
Originally Posted by SleazyDream
maybe i'm missing something but what I saw was one day Epass was working and the next day it wasn't - visa option was pulled by the bank for unexplained reasons and frozen by them.
Suddenly everybody wanted everything out - and like all banking institutions, not everything would be instantly liquid so they stalled a bit on the wallets...
Some wallets got paid - some are supposedly in transit...the rumor is the visa's are operational on Thursday to withdraw money...
i don't think I'd be ragging on Chris for a least a few months
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I haven't been ragging on anyone, I've been hopeful for resolution. Epassporte was NOT a bank. It was not their business to lend money. They took no real financial risk, there is no right to having any liquidity issue that would extend beyond a few months of admin or operating expense which probably could total no more than a few million excluding whatever salary or draws Chris had himself on.
There were hundreds of millions at play here annually, my guess anyway. The judge of this situation is the grand sum of unpaid dollars when the cards are turned over. The float and money on deposit belongs to the depositors, not the money transfer service in my opinion.. at most, less some amount of real operating expenses excluding owner pay. Businesses do fail, sure, but this is a different kind of business with a unique responsibility to its customers and a fee base that was risk adverse.
Brad