A Bank Committed a Big Crime

➡ Dan informs that Pharma’s Insurance has ceased operating in California, impacting over 100,000 policies and potentially leading to job losses and policy renewal complications; he also mentions a problematic shift to online banking by Citibank, and reports on the bank’s hefty fine for racially profiling Armenian customers.
➡ Citibank is under criticism for allegedly racially profiling Armenians in California by denying them credit cards due to their last names. This has raised serious concerns, with speculations of a massive class-action lawsuit against the bank.
➡ Airbnb and Apple are facing tax issues in Italy, with accusations of unpaid taxes amounting to millions of dollars. This has led to seizure of funds from Airbnb’s account by the Italian Finance Ministry.
➡ Certain practices such as the use of electric snow plows in New York have proved to be inefficient, leading to a return to diesel-based plows.
➡ Despite the boom in the electric vehicle industry, companies like Rivian are incurring significant losses.
➡ The current car market is saturated with high prices and vehicles financed above their value. This is leading to a cycle of repossession and resale, often leaving financial institutions at a loss. It is advised for prospective car buyers to start at banks and credit unions who are dealing with these repossessed vehicles.
➡ The video recommends getting finances in order especially in preparation for possible financial instability; mentions WeWork’s bankruptcy which could lead to an influx of commercial real estate in the market; touches on the subject of mortgage rates and the complexity of refinancing; and concludes with commenting on Oregon’s decision to eliminate the bar exam which could lead to potentially incompetent lawyers practicing.

Hey, it’s Dan. Welcome back. This is I allegedly, and I’ve got a good one for you today because they are out of here. And another one bites the dust. Another one’s going down. A lot to cover today. Please don’t forget to like the channel. Subscribe to the channel today. We have a sponsor, ageless multicolagen. But I’m going to get right into it. First things first, guys, think about this.

We have such a problem here in California and across the country with homeowners insurance, car insurance, and people’s premiums are going through the roof. We just heard that pharma’s insurance is leaving California right now. Now, you can sit there and say, well, Jen, they thought that they weren’t going to write policies. No, they’re done. They just sent letters out to people to say that as of December 17, they are completely finished with the state of California.

So I know a farmer’s agent who, his mother was a farmer’s agent, and he took over her practice. What’s going to happen with them? Seriously, think of all the people this guy employs and everybody that works for him that basically is going to sit there and just be paper pushers and wait for them to be able to write policies again. Now they’re claiming fire damage and all the issues with this.

And California is an expensive state, but it affects over 100,000 policies right now in California alone. And for those of you that don’t know the insurance industry, insurance people get a commission when they write the policy. But when you renew the policy, there’s ongoing fees that they make in perpetuity, as long as you maintain the policy. And the problem with this is that by cutting that off, you’ve got your set revenue that you have for your business, and they’re done.

These guys are finished. So a lot of the state Farm people I’ve talked to had this problem. Thank God, Dan, I have money in the bank. Thank God I’ve saved all my money. Okay, so you’re going to see this as a real problem. But the problem, yeah, the business owners are going to be done, but the biggest problem is the insurance customers are the ones that are going to pay the most.

We’re going to see things that we’ve never seen before. Now, What they’re telling people is if you live in a questionable high risk area, now here’s the thing. They’re taking areas that were Just normal areas and saying, you’re now high risk and you want Something. You want to entertain yourself when you walk through an open house what’s the homeowner’s insurance like for this house, and is it considered high risk? The agent.

Okay, better. No. Right now, there is a program called Fair. And I like the fact that the insurance people sit there and say it’s not good and it’s not fair, and the coverage sucks and it’s anything but fair. I just love it because they all make fun of it and talk about what a debacle it is. So you can go to the fair program, which is basically fire coverage only.

But if Johnny slips and falls at your kid’s birthday party and cuts his mouth or hand or anything, you’re out of luck. So you’re going to see real problems with this. But Farmers is the latest one to be out of here, and this is going to create such a problem. I have not had one subscriber, not one who has said that their premium has been the same as last year.

Not one person. If you are somebody that has had a renewal and you’ve been lucky enough to experience no increase in your premium, let me know. Every single person that has written me about this has talked about dramatic increases, and they say, hey, it’s only 7%, it’s only 6%, and they’re getting 40% increases. And the Real numbers, oh, Yours may Be a Little Different. The LiEs that They were being Told.

The LiEs that Were being Told. So, FarMErs is the latest. There’s a lot more to cover in this video. Let me know. But I Love STarting My Day out HEre. Now, just to give you an idea, this dock that I just started on, it’s got a time stamp on it. What they do is they paint the time. YOu Can BE here 3 HOurs, 72 HOuRs, 48 HOurs. The Harbor Department is coming out here to write everybody a ticket right now.

And what they’re going to do is they’re going to sit there, and they’ve tagged the boats before, and you can see how long people have been there. And it’s great because it’s a free dock, which I had to get educated on. So it’s kind of a cool spot. So kind of like a free parking spot. But they’re going to go and write these people tickets right now. So share your thoughts on that, too.

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Do yourself a favor, try it. So many of you have purchased this, but the best thing is people have told me that they’ve reordered time and again. Check out ageless multicolagen today. Go to healthwithdan. com and check it out today. Now, these two stories are about one bank and unbelievable. Okay, first of all, I appreciate every time you guys send me stuff. It’s so crucial to the channel, and I just cannot thank you enough.

Craig sent me a memo from Citibank, and the memo from Citibank is really clear. You have to have an online statement. There will be no more paper statements moving forward. So Craig’s like, wait a second, we have to do this. So they have a memo and there will be no more paper statements. So the problem with this, guys, is the numbers do not lie about this. Like Craig said, dan, I’m like you, where I keep stacks of it and I have them set in files so that you can go through it.

Now, I know what people are going to say. Just print your statements, Dan. It’s that simple. Now, here’s the problem with this, is that if you have notifications set on an app or from a bank and you do a transaction, I have thresholds set. So, like, if something happens over a certain amount, I know that, hey, wait a second. I didn’t do that. And I report it and things like that.

So it’s a great way to keep track of things. But with Citibank, this is going to create a problem where you’re going to have more and more people that are going to have late payments and have charges that were a month too old. Wait a second, I didn’t charge that. Why do I have no credit on my account? Okay. It’s awful. So Citibank has done that. Now, Jane Fraser, who is the new CEO, we talked about her a couple days ago about how she is cutting back.

No, it’s not. Thanks. I’m working. Thank you. We’ve got street sweeping. Okay, so they’re going to write a ticket for these people. I thought, you know what? I’m going to leave that in. How ridiculous. The parking Princess. Let’s just leave it that way. Whoa. I get to call her a bad name anyways. Ridiculous. So there’s that. Now, here is the most ridiculous story of the day that you’re going to hear more and more about.

And there’s going to be massive lawsuits. This will be catastrophic and huge. And this goes to Citibank also, Citibank just got fined by the Consumer Financial Protection Bureau, CFPB, okay, for $25. 6 million. And what they did was they took people of Armenian descent with Ian at the end of their name and said, you know what? Most of these people are criminals. We’re not going to give them credit, and we’re just going to deny them whether they have good credit or not.

I want you to think about this racial profiling. Wow. Here’s the thing. I know about Armenians as business people. For example, let me give you a couple things. Let me just give you a main One. My ex wife worked for one of the largest landowners in Orange County. Commercial landowners. They sold tile and stone and things like that. Brilliant business people. Great family. Just a great company all the way around.

I think that in the state of California that they employ just over a thousand people. Okay? Huge company. Should you not give that guy a credit card because of his last name? Think about that. Think about how bad this is. This is going to be catastrophic. You’re going to see Citibank get the $25 million. Is going to be. It’ll be pocket change compared to the lawsuit that the Armenians are going to file.

If they don’t have the biggest class action lawsuit ever, I will be shocked. Utterly shocked. Think about this. They denied people, mainly here in California, with the Armenian last names and said that they’re basically know. We just wanted to get rid of theft rings. So because of your last name, they profiled you, racial profiled you and denied you credit. Basically, Glendale area, these people are all gangsters. And Citibank said what they did was impermissible.

And I’m like, impermissible. It was awful. It was catastrophic. But what’s going to happen between 2015 and 2021 if you were denied credit for a credit card by Citibank? They’re going to sue your brains out. Okay? They’re going to sue Citibank till the cows come home. Okay? It’s that simple. Now think about this, okay? Who else was denied if they did it to the Armenians, okay? Isn’t that terrible? I mean, you cannot make this stuff up.

This is 2023. And as you look back, you’re like, are you kidding me? Are you kidding me? And we’re not, because this is what really happened. So read the article below. This is breaking news. And again, just kind of sweep it under a rug because it’s no big deal. It’s not as bad as you think it is. They were trying to protect the bank. Are you kidding me? These people, people should go to jail for this one.

Seriously, whoever came up with this policy, because it’s going to get down to that. Now, I Understand bad actors. I understand criminality. I understand we talk all about all these people that do all this stuff and all the bad text messages we get and how there’s skimmers on gas stations. I mean, I’m telling you, we could do fraud coverage every single day. Every single day. We could do that.

Anyways, look, the street sweeper is coming now, okay? To write people $75 tickets. This is horrible. Okay? Now, I understand you got to keep the streets safe, but what they do is they come through and they just write, everybody ticket. Hey, we’re going to write you a ticket. Write your ticket anyways. Share your thoughts on that, okay? And that’s how she talks, Charlie Brown. Anyways, can you believe this? Read that article because it’s great.

But I’m telling you, the Armenian people, you don’t mess with the Armenian people. They will put together a group of people and they’re going to sue Citibank like you’ve never seen in your life. Who else did Citibank do this to? Who else was discriminated? You guys know we denied. I’m trying to think. Did I apply for a credit card with Citibank during that time? I don’t think I did.

But who else got denied because of this? Is that awful? Is that awful or what? Gosh, I cannot believe this. Let me know. Share your thoughts on this because it’s horrible. My budy, the street sweepers here. Okay, so a couple Airbnb stories that are fantastic. There was a woman in Los Angeles that rented an Airbnb for six months, overstated her. Welcome to the tune of almost 500 days.

Wow. They finally got her kicked out yesterday and just didn’t pay a rent. Didn’t like certain things wanted repaired in the unit. Owner wouldn’t do it, so I’m not going to pay. So they basically had to evict her. So again, isn’t it just sound great? Airbnbs sound fantastic. Now, Airbnb in Italy has got a real problem. Italy has a tax that you’re supposed to pay on certain revenues for working in their country.

And they’re saying that it’s $835,000,000 that is owed to the Finance Ministry for Airbnb working in ItaLy. And they just seized the money. Bye. Took it out of their account. So read the story below because here’s the thing. Well, you didn’t pay us. You shorted us, you didn’t pay the taxes. This is the tax that you have to pay on this type of revenue. And they just took it right off the top.

They did $4 billion in business and they owe $835,000,000. Now, as I started researching this, I’m like, wow, that’s kind of outrageous. You think Airbnb would know this and Airbnb would do something about this? Well, wait a second. You know who also didn’t pay? Apple. Apple, they say, owes this tax to the tune of a billion dollars, a billion bucks that they’re trying to go after. You know, everybody, your local, your state, your county, the country, you do business know.

What do you guys know about Italian law? I don’t know anything about it, okay? And again, if I was setting up my shop and doing business there, I would assume that would be a little different there. What about Germany, Norway, Sweden? What about that? Come on. Do you see what I’m saying? It gets ridiculous. Now the Italians are going to send Carlo over to collect. He’s got a ponytail, kind of a gruff guy, doesn’t speak much.

He just wants the cash. Okay. Carlo’s going to have a conversation with the CEO of Airbnb. Monty sent me a great story about electric cars and electric snow plows, which I thought, you know what you talk about electric cars in water and in rain in certain conditions. Oh, Dan, they’re fine. There’s no problem. Well, guess what? City of New York is abandoning the electric snow plows in winter of 2023.

2024. So there won’t be an electric snowplows. Oh, wow, that’s a bummer. What those things cost. How much money did they waste on that? So again, this is the type of thing, guys, that they spend all this money and nobody sits there and says, is this going to be worth it? Is this going to work? No. And again, here’s the thing. When do you plow a road? Okay, is it always the same time? Every day, you know, it’s not.

It can snow today. It could Snow right now. Okay? And then you’ve got to clear the roads for everybody. It could snow at 02:00 in the morning. Then you’ve got to clear the roads for everybody. Well, don’t worry about gas and don’t worry about Diesel, which is what they’re going back to. They’re going back to the Elon Musk about a year and a half ago, said, listen, I think that Rivian and Lucid should worry about their financial condition, and most likely they’re going to go bankrupt.

And Rivian’s CEO steps forward and he know we’re selling thousands of cars and our sales are three times what we thought they would be. Again, guys, you can twist anything around that you want. This company’s losing so much money. So much money. If you want to buy a vehicle from a company that is losing money hand over fist. Enjoy. A lot of you have written me lately and said, hey, how come car prices haven’t gone down? Man, oh, man.

I’m telling you, this could be the car channel, first of all, with everything that people have sent me lately, and there has been so much and an abundance of car news about the different auctions and how everything is off right now. People are attending the auctions and there’s so much inventory right now. You have to be patient. You have to be patient. People have financed these cars. When 2020 hit and everything went down, people went out and financed cars to the hilt and paid too much for vehicles.

Now, here’s the thing. I’m just going to use a Toyota, Toyota Corolla. Let’s do that. Let’s say the car was worth 20,000, but you paid 30 on it, and you’re driving it down the freeway and you’ve got a seven year payment on that, and you’re like, wow, I’m $10,000 upside down in this vehicle. You know what people are doing? Taking it back to the bank. Then they go to the auto auction.

The auto auction was a method of collecting money to satisfy the loans. And now here’s the thing about that. If you get your car repossessed and you owe two grand and they sell it for 10,000, they’ve got to send you that $8,000. That’s your money after they pay everybody. But doesn’t work that way right now. The cars are so upside down right now in this economy that they’re losing money and they’re not even getting opening bids, and cars are going back to the bank over and over and over again.

You want to buy a car? Don’t start at a car lot. Start at the banks. Banks that finance cars start with a credit union. Credit unions finance a tremendous amount of cars. The biggest exposure to credit unions are the car loans. Mid sized banks, commercial real estate. You’ve got the larger banks, it’s their derivatives and the shenanigans that they’ve done and their unrealized losses that they have with their bad investments.

It’s that simple, guys. But you want a car, start at the bank and find it out from there what they’re selling. Know what you want, know what you want to pay. Have offers, have cash, have a loan approved. Even a loan approval for a car is a great way to do it. Get a loan approved in advance that you know you can live with and then they can just get a check.

Bye. Have a nice day. Okay, share your thoughts on all this stuff so far. Just a quick video today, a few more things. A lot of bank of America customers still don’t have their deposits from last week. That’s awful, guys. Again, prelim after Prelim after Prelim, get yourself ready that if you didn’t get a check that you would be okay. Get your finances in order. Get some cash in order.

Be your own. Central bank is about having your own finances and making sure that you have precious metals and you have cash and you have ways to protect yourself. Here’s something that’s not going to help the commercial real estate market. In fact, it’s going to probably be the linchpin for it. And that is WeWork just filed bankruptcy to the tune of $18 billion. Now here’s the beauty of this, and I want you to think about this.

We work rented locations. They then sublet them to other people to have smaller spots, beanbag chairs, small offices, little bit of everything. If I was an Airbnb, excuse me, those guys too. If I was a WeWork customer right now, I would be demanding to renegotiate my lease right now. If you have a lease with them, go in there and absolutely insist on. If you have a relative, friend, family member, anybody, I want a deal because you guys are going down for the count.

Do that. What do you have to lose? There’s that. But this is going to put such an influx of commercial real estate on the market because some of the buildings that they do have control over and that they do own, it’s going to be catastrophic. And you’re going to see a hedge fund or investment banker come in and buy these places at an absolute rock bottom deal. It’s going to happen.

It’s just a matter of time now. I love headlines like this. Mortgage rates plunged for the fastest pace in 18 months. Okay? What, they went down, what, an 8th of a percent or something like that? It’s ridiculous. Go buy a house right now, guys. Good luck with that. Good luck with that. Good luck with that. All the people that write me and say all you have to do is refinance, I have a question.

It’s a very simple math. You buy a house, we’ll use your numbers. That you sent me $400,000 house. You put 10% down. You put 40 grand down. Okay. And then the house drops to 350,000. So you’re upside down $10,000. How do you refinance that house? You don’t. Now you can sit there and say, oh, Dan, that doesn’t happen. Oh, yeah. Let’s go to Las Vegas, where people on the same street paid such a different amount that you have people that paid 350,003 years ago up to 640.

Now it’s back to 300,000. Some of these houses. Uhoh, that’s different. That’s Vegas. Vegas doesn’t count, Dan. Oh, okay. But Iowa is different. Remember that, guys. Okay, final story for those of you that have been around the channel, know that my girlfriend was a law professor that taught people to pass the bar exam. Oregon, who never ceases to amaze me because of the insanity, has just gotten rid of the bar exam and that once you get out of law school, you have to meet certain requirements and you get to practice law immediately.

There’s no test anymore. There’s no test. This is going to be catastrophic. You’re going to have people make huge mistakes because they don’t have to meet a threshold of this. You’re going to have people, and I guarantee Oregon’s no different than California. I met people that should never have been lawyers that took the test 1215 times, that didn’t have the business acumen to write a sentence, and they’re going to now be practicing law.

Okay, good luck in Oregon. Yeah. My son got 35 years for that thing with that bicycle and the bike shop. That argument. Yeah. You know what I mean? It’s going to be Looneyville, guys. Okay, so no bar exam. I mean, no law test in Oregon. And as of, I think it’s June 20, 24th. Guess what, guys, you can become a lawyer, just wait a little over a year or so and practice law next year.

Isn’t that great? So insane, guys. Absolutely insane. Share your thoughts on that and everything else today. Just a quick video. I’m going to start my day early out here. It’s beautiful when the sun comes up like this. I know it’s starting to get cold with some places. Reach out. Send me the stories, guys. I love them. Hello@iallegedly. com. Don’t forget to like the video. Don’t forget to subscribe to the channel.

I appreciate each and every one of you. Have a wonderful, wonderful day. You feel close. .