A Bank Gave Away Free Money | I Allegedly

Hey, it’s Dan. Welcome back. This is I allegedly and got kind of a funny one for you today, and it’s good, but what would you do if bank gave you free money? Okay, so, like the video. Share the video and let’s get right into it. Last Saturday, the Commercial bank of Ethiopia was allowing people to withdraw any amount of money that they would like. They could go to the ATM and let’s say, I’m just going to use the equivalent in dollars.

Let’s say they had $200 in their account, you could withdraw any amount that you wanted to. Okay? And people started to catch on to this and started to share it, and it went wild in the universities, Dilla University and Jimma University, they started to share this information that people could go to the ATMs and they could take out whatever they wanted to. Now, the Commercial bank of Ethiopia didn’t get wind of this for several hours, okay? About 8 hours, actually.

When they got wind of it, they stopped it. But by that time, $40 million in american equivalent of american money was taken out of the account. Out of the bank. So that is crazy, guys. Now here’s the thing. You could go, you could log into your online banking and you could transfer money. So let’s say you only had $200 in your account. You could transfer $25,000 to somebody else’s account.

And what the students did was, hey, listen, if I transfer it to you, you transfer it to somebody else. And if they come after us, they’re just going to sit there and say that we don’t have it. Now, the university got wind of this. They called the police. The police came out and they said, wait a second, you can’t take this money. Clearly it’s not yours. And because everybody was loudmouthed about it as they were at the ATMs, and the information was going through from university to university and sharing this information, the ATMs had lines of 250 people.

Now, here’s the thing. How much money would they let you take out of the ATM? We don’t know that figure yet. So let’s say it was 10,000, 20,000, whatever they would allow as the maximum withdrawal amount. People did that. Then they would get back in line and do it again, wait their turn and do it again, which was crazy. The police showed up and said, hey, we want to confiscate the money.

Give us the money back that you got illegally. Okay? Now, Mr. Sano, the CEO of the Commercial bank of Ethiopia, he stepped forward and said, listen, if anybody did this and they give us the money back, we will not prosecute you. And right now, $40 million is missing. Is that crazy? We’ve talked about this. Deposits made into people’s accounts by mistake. Money they weren’t supposed to get. But what would you do? Clearly, it’s theft.

Clearly, you’re taking something that’s not yours, to say the least. But we’ve heard stories like this. But this one’s crazy because it just spread so quickly and so much damage was done. Now, what Mr. Santa wanted to let everybody know is, hey, this wasn’t any type of attack. This was just our bank stupidity. This was just human error on our part that we let these people take this money.

So I’m up on Kings Drive, which is beautiful. Overlooks the bay. This is a really cool street. It’s really high end. I was up here, showed you guys this a couple of years ago at Christmas. Beautiful. But the boat parade comes right across here. And people can watch that. But isn’t that funny, guys? So again, theft is theft. But what would you do if you walked into your ATM? You could just take money out.

Every now and then you get glitches. It happened in Los Angeles in the last eight months that an ATM just kept. You would take out $20 and it would give you 200. And the problem with that is that the bank knows Dan was there at this time. So it’s not like people are going to get this money and be able to walk away and say, aha. I don’t have to pay this back.

Yeah, you do. Yeah, you do. So even in Ethiopia, they did this. So what do you guys think about this? And I just thought it was funny that they told everybody and they couldn’t stop it for several hours. But their biggest concern was not the theft of the $40 million. They just wanted you to know that this was not some type of cyberattack. Let me show you guys something just real quick, since I’m up here.

These areas, these really high end areas, I am telling you guys, you cannot stop the construction that’s going on. This thing right here, redoing the whole house overlooking the hill. Now, that overlooks the bay, and there’s Pacific coast highway down there. But people buy these houses, maybe they get a steal. Maybe they get them six, $7 million and then they put money into it. But these are not on the water, guys.

They’re just big houses. So this one, they just redid this one, and it’s almost done. That’s beautiful. But this street is absolutely stunning at Christmas time. To say the least. But you just get the gist of it when you walk around and see stuff like this. Okay. But again, what would you guys do? You got free money. They’re going to get in trouble. They’re going to get caught.

They’re going to know that, Dan, you had $200 in your account and you took out 18,000. I think they’re going to catch that. So let me know what you think about this so far. A couple of things that are absolutely interesting. The DMV across the United States was basically shut down for about a six hour period yesterday. And what was fascinating was the DMVs across the country use something called DMV administrators, which is a software company that handles processing, licenses, registrations, everything that goes on with the DMV.

Now, I don’t believe that there’s just some computer glitch. I never do. And one thing that’s fascinating, the, the data hackers and the cyber thieves are out there and they’re coming for our data. What would be better than just go straight to the DMV and get all our data from that? So DMV administrators handles the majority of all the states across the union, and they were down. So what we’re probably going to find out is that, yeah, they were down and we were hacked and everything was stolen during that time.

Enough is enough right now. Enough is enough. We’re getting these attacks time and again. Don’t you have it? People that are concerned about making sure that we’re not going to get hacked day after day after day. I mean, with your own home computer, with your company’s computers, with cities, states, municipalities, countries, central banks. I mean, this is ridiculous that we’re experiencing this over and over and over again.

Great article below at a Business Insider talking about the price of real estate and how for the first time, it is absolutely cheaper to rent than it is to own a home right now. And around 2019, it was very close. And it also got better with interest rates dropping to where you could actually be ahead of the game by owning a piece of property. Why rent? Why throw your money away? Remember all those commercials that we have shoved down our throat? Well, guess what? Not anymore, guys.

Interest rates are so high right now, and it’s cheaper to rent than it is to buy right now. You’re going to see a lot of problems with real estate and with construction. I mean, here in California, we have office buildings being ripped down for new construction. We have office buildings being ripped down for warehouses. I just showed you guys that. But what we’re seeing is that not all of this construction is going to be completed.

And when you look at areas like Riverside county and San Bernardino county, you’re starting to see construction that’s slowing down. And the pre sales that everybody lined up for and know, trying to know, I got to get a home, I got to get a home. They’re not selling like they used to. So you’re seeing more and more people that are saying, let’s rent. So again, I have a friend’s son who is so eager to buy a house right now, and every time he loses a house, I do a little rain dance for him and I’m very gleeful.

But this guy’s determined to ruin his own life and determined to get himself in debt and buy a depreciating asset. So what can you do? You can’t stop people that have not lived through an economic downturn. And this guy’s real estate agent, I found out was the same age as him, and he’s in his about 30 years old. So he’s never seen what we all saw with 2008, 2009 up to 2012, how things just went down.

Now you can believe anything you want. All the realtors out there that write me and have written everybody else and talk about how, oh, this is just going to drive prices up. Okay, we’ll see. We’ll see what happens in six months. I don’t believe for a second that things are going to continue to shoot up. I think you’re going to see an adjustment period. When my friend goes to auction.

com today and he calls me and know he called me literally, and said, I have been here for 4 hours because there’s been so many foreclosures in the La county area. Wow, where’d that come from? Guys just make that up or is it just a busy week now? No, it’s getting busier and busier and busier. People are losing their homes. People don’t have jobs. People can’t afford their car payments, they can’t afford their house payments.

Let me know what you think about this again. This is above. This is at the park overlooking Pacific coast highway. That’s Lido Isle right there. Those are the condos and everything that you see, we’ve docked down there. But all this new construction, they just ripped down a restaurant. They’re going to build a new one there, or a hotel. It’ll be interesting. But share your thoughts on this stuff, guys, because construction like this, it’s crazy.

Pacific coast highway. There’s one family that owns a lot of the real estate here they want either boats or cars only, nothing else. Okay. Oh, hey, I’ve got a hair salon. Nope, pass. Don’t want you here. So it’s kind of interesting, guys. So share your thoughts on all this stuff so far. Did you feel the DMV glitch? Because it’s. Nothing’s worse than the DMV. While the hits just keep on coming, think about this one.

State Farm is the nation’s largest home insurer. They just announced here in California that another. This is new. This is today 72,000 policyholders, commercial and residential customers. They’re not going to renew them. These people will be getting their notices between July 1 and the end of September, 2024. Guys, this is crazy. You’ve got another 72,000 policies that are not going to be written. What do these people do? The state fund, which is called fair, is talking about how it’s out of money and cannot afford to write any new policies.

So where do these people go to get homeowners insurance for houses and for apartment buildings? Right now you’re going to see such a problem with condominium associations come 2025, and apartment buildings that will now be able to be insured, and they’re just going to call mortgages in. You’re going to see this happen. Okay. One thing that blew me away was a movie in the 70s called Airport, first one.

And it had this old woman in the movie that would sneak on flights and they finally caught her and they’re like, she’s like, oh, I love flying this airline because everybody’s so nice, and I just act like I’m asleep. And if you ever saw the movie from the 70s, it was great, but that’s how she got away with it. And then there was a big disaster and they had to call Dean Martin and.

Okay, anyways, one thing that’s fascinating about this is a guy just got arrested flying from Salt Lake City to Austin. What was it? Wycliffe? Flurizad? This guy did something that was amazing where he walked by somebody and took a picture of their boarding pass and used that and took that picture and snuck on the plane with it. And what he did was he walked in the lavatory, the first bathroom, didn’t walk to the back of the plane and walked in the first lavatory and waited for the plane.

I’m sorry, we’ve locked the plane and they locked the door and this guy went out, and then after that was done, he got out of the lavatory and walked to the back of the plane looking for another seat, but couldn’t find one. So he goes to the bathroom again, comes out of the bathroom, and the stewardess says, where’s your seat? What are you doing? Because the plane was full.

So this guy snuck on a plane and stuck on a full plane. But here’s the wild part. They arrested him as a stowaway, which is a felony. So he got felony stowaway for trying to sneak on the plane, which was wild. Okay, so again, what if the guy was going to do something nefarious or bad and not just a degenerate that wanted to sneak on a flight? Who knows? But they did charge them with a felony.

Final thing on this segment was Switzerland just did a surprise move and lowered interest rates by a quarter of a point to 1. 75%. And Switzerland, they say, has a fairly good economy. But this. But they did a surprise move, and they said the central bank there was kind of surprised that they did that. And other banks were surprised as well. But again, guys, you’ve just seen the beginning of this.

They’re going to play games between now and the end of summer, election day, all that stuff. We’re going to see rates go down. You’re going to see everything be given away, more student loans. Another $6 billion was given away today. So it’ll be interesting to see how this plays out. But you haven’t seen anything as far as the interest rates are concerned yet. I love all these parks in Newport beach that overlook Pacific coast highway, and they’re just beautiful.

But I’m going to finish this video with these last three stories. And first one, I love when you guys send me stuff internationally. Mark sent me a great story about real estate in Ireland. And you know what, guys? We are in a global real estate problem market all over. And Hughes insurance, their building, they kept getting an appraise and they kept trying to sell us. They had an offer, now it dropped another $500,000.

And there’s a story below on this. 500,000 pounds. Pardon me, but the idea with this is that you’re having the same problem everywhere. Who wants to take over an old insurance building and not be able to rent it out? Okay, which leads to the next story, which is Best Buy. Another twelve to 15 stores are going to close in 2024. They closed 24 last year. Twelve to 15 are going to go down now.

And now what they want to do is they want to follow the Target model and do the target type stores where they do the smaller footprint for. You know, I used to love to go to Home Depot because of the experts I used to love to go talk to the nerds at best buy because, hey, I need to connect this thing with this, this and this. And they would hire people that knew what they were talking about.

And now it’s, can I get help? Barely. Okay. Barely. So they’re going to close another twelve to 15 stores. Final story is the state of California. The state of California just redid its fiscal numbers for the year 2021 and 2022. And yes, I got those years right. 2021 and 2022. And they are upside down. Billions of dollars. They are upside down to the tune of $55 billion shortfall.

Okay. So they’re going to tax everybody to oblivion right now in the state of California. So they just don’t have the money. But again, don’t you get a kick out of all these numbers being revised time after time after time when they give us numbers and everything’s great and oh wait, employment numbers are off, job numbers are off or finances are off. If you had a business that did this, you would be out of business.

But the state of California, which is what, the 6th largest world economy, I mean, it’s crazy, guys. So please don’t forget to hit the like button. Please don’t forget to subscribe to the channel you want to email me. Hello@iallegedly. com. You guys. I appreciate each and every one of you. Onward and upward. I have a bunch of cool announcements coming up. If you’re on the email list, your spam filter, because one finally went out.

Okay. Finally. Okay. I’ll see you guys real soon. Thank you for everything. You, our channel. .

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