➡ The video discusses various banks that have been flagged for unsafe practices and poor strategic planning, including Carver Federal Savings Bank and Sterling Federal Bank. It also highlights cases of individual employees misappropriating large sums of money. The video warns about increasing sophistication in fraud, particularly targeting the elderly, and criticizes plans to cut Medicaid and Medicare in California. It also discusses the struggles of Ford and Hasbro due to market conditions and ends with a discussion on the slow rebuilding process after the L.A. fires.
➡ Independent truckers hired for cleanup after a disaster are struggling to get paid, with some owed tens of thousands of dollars. Meanwhile, a congressman is accused of profiting from insider knowledge during tariff disputes. In other news, a historic movie studio is up for sale, Coca-Cola is closing a bottling plant in California, and JetBlue is cutting flights and predicting no profit for 2025. Lastly, a survey reveals that 20% of Los Angeles business owners would like to move their businesses elsewhere due to high costs and other challenges.

Hey, it’s Dan. Welcome back. You’re watching IAllegedly. I’ve got a good one for you today because we’ve got a bunch of banks behaving badly. So, that and a bunch of business news you can use. So, hit the like button, subscribe to the channel, but let’s get right into it. The OCC, the Officer, the Comptroller of the Currency, issues bank regulations, and it bad things that banks have done and employees have done for different financial institutions and writes them up. And either they comply with these orders or they get shut down. Now, the wild thing is that as you’re looking over here with everything else in the economy and what’s going on in the Middle East and everything like that, we have all these things that affect people from around the country that nobody’s like paying attention to.

So, I want to cover a few of these because they’re wild. And the first one is Carver Federal Savings Bank. Again, never heard of them until I read that they were written up for unsound and unsafe practices, including those related to strategic planning. So, in other words, guys, do you have enough cash on hand? Do you have enough deposits on hand? Are you keeping track of the deposit? Are you keeping track of everything? No. So, they have a 15-day compliance order or else. The next one is a formal agreement with Sterling Federal Bank and the formal agreement with them is that they’re going to have to comply with Strategic Planning, Capital Planning, Credit Administration, and Liquidity Risk Management.

In other words, not enough cash on hand to manage the financial institution. And if you don’t maintain this, we’re going to shut you down. Again, wild. Texas Heritage Bank in Dangerfield, Texas, for unsafe and unsound practices, including those related to strategic planning, capital planning, liquidity risk management, interest rate risk management, in other words, making deals on loans and things like that they shouldn’t have done, you know, things like that. Concentration risk management, the allowance for credit losses, in other words, giving bad loans out that they should never have done. And, you know, another word, you know, the other thing is, again, you’ve heard of none of this stuff, guys.

And you can sit there and say, oh, yeah, this is no big deal. This is just them riding up individual institutions and basically, you know, giving them just a warning. No, no, no, no, guys, this is very, very serious because the next part are the individuals, okay? Order of probation against William Shane Garo, former private banker at BOKFNA, Tulsa, Oklahoma, for misappropriating over $3 million from bank customers, okay? Probation, guys, probation for $3 million. A lot of people out there that would do a lot for $3 million, people that would hurt you for three grand.

So that being said, it’s insane. They’ll walk down the dock together, okay? So that’s insane, guys. You know, he moved money to his personal accounts, okay? So he probably bought some stuff. Maybe he bought himself a boat, okay? Anyways, I don’t know what he bought. Amalikar Sanchez, former branch operations manager at ATM, and ATM’s custodian at Log Island City, New York bank branch of Santander Bank, he misappropriated $370,000 from the bank, okay? So he got a probation order too. I mean, come on, guys. You know, don’t you, isn’t that kind of insane? Okay.

I mean, it just, it’s nothing, you know? Now, the thing about this is that I love being on industry websites and industry newsletters and things like this because no one’s talking about this. No one’s telling us about these banks. And you can sit there and say, yeah, this is no big deal. It is. It’s a horrible deal. Nobody sits there and thinks about how bad their bank is. And are they doing any shenanigans and all these people misappropriating funds? I’m telling you guys right now, there’s a horrible story below of a man who lost his life savings, lost half a million dollars, and he speaks Vietnamese, he’s been here in this country for over 20 years, had his life savings, and had someone reach out with a text message that we’ve talked so much about that, hey, listen, beware, you know, you owe taxes and you need to contact us.

And then what did they follow it up with? A phone call telling them that they were the IRS, which they don’t do that, guys. They don’t do that. They don’t send text messages and follow up with a phone call. So this poor guy starts giving them access to his bank account to pay his back taxes, and they fleeced him for 500 grand, $500,000. Now, where do these people work? Probably some far-off island. But the point is that it’s ridiculous. This poor guy, read the story below, that’s the world-famous canner in it.

You know what? It sucked 20 years ago and I think it sucks now. So if you want to have a good meal, blue water grow. I’ve seen Danny there a bunch of times. Anyways, guys, do you get it? I mean, it’s crazy, the stuff that’s happening all around us, and we’re just supposed to sit there and act like it’s no big deal. But I’m telling you guys, the thieves are getting better. They’re getting more sophisticated. If you have older relatives that don’t speak the language, you’ve got to watch out for them. If you just have somebody older, you have to watch out for them because they’re going after these people.

You’ve got Medicaid fraud, you’ve got welfare fraud, you’ve got all this stuff where they sit there and they reach out. They have databases of old people and just call them and go, hey, how are you? How’s your ankles? I’m kind of sore. Yeah, good. Let us send you out a brace. And the brace, they bill the insurance company eight grand for that. Ridiculous things like that. And you get a brace that’s probably worth $20 in the mail, and then these companies commit fraud. Now, the other thing that I’ll talk about in the private channel extensively is they want to get rid of Medicaid and Medicare for older and poorer people here in California, which is terrible because they’ve paid.

It’s funny, $21 million is what they want to cut out, but $21 million is what they’ve paid the immigrant health care right now. So think about that. Grandma can’t get health care coverage, but somebody who doesn’t live here is going to get medical attention. That is wrong, guys. It’s wrong. Now, I’m not trying to spur a political debate because inevitably everybody loses with this stuff, but it’s ridiculous. Ford CEO, I love this story, and you can read it below, Jim Farley was talking about how, hey, we’re going to stop all production right now for Ford cars because we’re concerned about rare earth minerals from China.

Okay, we’ll be that way, guys. Be concerned about that right now. You’ve been concerned about it forever, and but why don’t you tell us the real problem that nobody’s buying Ford automobiles right now. Dan, that’s terrible for you to say that. That’s awful. It’s the truth, guys. They can’t sell, cannot give away those vehicles right now, and that’s the problem with this. So you can talk about rare earth minerals and trying to make a deal, and one day we have a deal with China, one day we don’t, but Ford has got a problem.

Ford is, you know, what’s their stock? Under $20 a share right now, and then you compare that to Tesla right now, and Tesla’s got its own problem, and it’s not selling right now, but because of the political climate and everything that’s going on with that. So let me know what you think about that. These are great. We’re forced to shut down the factories, you know, and they’re going to blame everybody else but the selling of their cars. Ford has a really good-looking car. Really, I mean, I saw it at a casino, and I said that is a gorgeous-looking car.

Then I realized it was Ford’s EV model of the Mustang, kind of an SUV between a Mustang and an SUV, and yeah, I’m thinking that’s a cool-looking car. Nope, can’t get it with a gasoline-powered engine. So with that, you know, it’s ridiculous, guys. Absolutely ridiculous. So again, world-famous cannery, guys. You can eat there, too. Good luck. Good luck. So next one, you know, Toymaker Hasbro. Hasbro. You know, they’re laying off three percent of their staff because they’re concerned about Christmas, and they’re concerned it’s going to be a weak Christmas. Guys, I want you to remind you it’s the middle of June right now, and Hasbro is concerned about Christmas and Christmas deliveries right now.

Well, they see the writing on the walls, guys, that people don’t have any money right now and that people are broke and tapped, and it’s going to be a weak season. And people, you know, Johnny, you have to have two toys or you just need one. So the other thing is, you know, the L.A. fires I really covered a lot and extensively because they’re just up the street from us. You know what the worst part is, is that the building shenanigans are awful. You have all these people that are trying to rebuild.

They’ve only issued just over 50 building permits. That’s not for new construction, guys. It’s just a myriad of things from ripping stuff down, cleaning things. It’s terrible. The Army Corps of Engineers were brought in with the insurance company to clean lots. And then what did they do? They hired independent truckers. When they hired these independent truckers, they brought them in and promised them big money and, hey, we’ll pay you in 30 days. Just work. These guys worked seven days a week. And Miguel Rojas is one of these guys who had to go out and borrow money to keep his trucking company going so that he could fulfill the contract.

Now he can’t get paid. Borrowed a bunch of money. They’ve only given him 20 grand. They owe him from 30 days ago, building almost another $69,700 right now. And it’s terrible. A guy can’t pay his bills. Another guy got paid $21,000, and they owe him almost 90 grand. And again, what are you going to do, guys? You’re supposed to continue to work for free? How about survey says no? And Miguel Korea. Miguel Korea got fleeced and has not been paid either. Isn’t that terrible? So again, where do you draw the line with this stuff? You know, we’re hearing about the insurance companies aren’t fighting.

It is going to be 25 years before the area gets rebuilt. Absolutely. You’re not going to see normalcy. You’re not going to see families and kids playing and going to school. Think about the school got burned down too. Schools got burned down too. So that’s not going to happen any time soon. But now they’re not paying the truck drivers. Again, do you see that on the news? Or do you have to have Danny bring it out? So you know, Congressman Tim Moore, you know, it’s funny. During the tariff fight and the tariff shenanigans, this guy went out and made some stock trades and profited handsomely during that time, knowing what was going to happen.

How is this not, you know, how do these guys not get cuffed, hardened, feathered, and get sent down the river? It just doesn’t happen. And he’s a Republican, and it’s complete BS that this happens. So don’t sit there and say, it’s only one side. No, it’s not. These guys get on these committees. Oh, my gosh, tariffs, a big problem. These companies are going to suffer. We’ll bet against them. We’ll bet for them. It’s not fair, because you and I have to sit there and buy something and hope the company actually performs well.

So, and by the way, the Houston man, you know, it was terrible. This guy lost 500 grand, heaped Nguyen, you know, regularly received scam phone calls, didn’t think anything about it until the IRS started calling. God, that’s horrible. Read that story below, too. Los Angeles. I’m telling you guys, streaming is the future. Videos online, movies online, and most of them suck, guys. Let’s face it. Going to the movie used to be such an experience. For me, it was almost religious, because I loved going to the movies, and I wanted to be a screenwriter so badly.

But now, the crap that gets churned out is unbelievable, guys. It’s horrible. And they don’t buy scripts like they did for me. You know, I’ve optioned scripts, sold a script. I mean, you know, they don’t do that anymore. And now, Occidental Movie Studio, Occidental films, 121 year old company is up for sale right now. Probably buy it for a cup of coffee or your credit on your credit card. So that’s sad, guys. And, you know, the next thing is Coca-Cola bottling. Coca-Cola is getting rid of one of their bottling plants in California right now.

And the advantage, the problem with this is 121 people are going to lose their job. They originally told these people two years ago that this plant may close, and now they’re closing. So it’s one of the last plants in California that’s, you know, make soda. So that’s done. And then, you know, it’s funny, my son’s flying out next month. And we’re talking about airlines and things like this, and he was all concerned. Oh, I don’t know if I want to fly on JetBlue. Should I fly on United? Should I fly this? Well, JetBlue just announced that they’re going to cut a bunch of flights, and they’re going to, in addition to cutting flights, they’re going to not make a profit in 2025.

Guys, again, middle of June, we’re not going to make any money this year. Again, remember, during the last administration, they wanted to merge with Spirit Airlines. Oh, we can’t have that. Can’t have a better business during this time. So that’s terrible, guys. A couple things to finish this video. A couple of three things. Don’t forget we have a private channel called iAllegedlyLive. You sign up at iAllegedly.tv. It’s everything that’s too hot to talk about other places. Check that out today. And they interviewed a bunch of L.A. business owners. And do you like it? And 20% of them said, I would like to take my business and move it someplace else.

Anyplace. Can’t do it. Now, think about it. If you have a pizza place, you’ve got a taco stand, you’ve got a nail salon, you just can’t get up and move and keep your customers because people like the person that they work with. They like the food. They like this. But 20% of the people say it’s terrible to be in Los Angeles. That’s motivating. That’s selling. That’s a Chamber of Commerce. Must be proud of that stat. Most expensive state to live in and to retire in. And I got the best states to retire across the country.

Hawaii is number one where you need too much money to live there. It’s funny. I have an uncle that used to work for American Airlines. And he had a deal that he could fly anywhere with American Airlines. Had to go on standby, show up, and it was 35 bucks. You get a seat and everything like that. But Uncle Rich lived a good life. But he retired in Hawaii and lived there and loved it. So final, final story. Think about this. The Trump gold card, which is the immigration and naturalization card that would make it so that you could become a citizen or basically have naturalization status here in the United States.

They have had $5 million, 70,000 people sign up for that. Guys, that’s $350 billion almost in sales. It’s $69,891 right now as I film this. So close to 70,000 people have signed up for that. Is that crazy or what, guys? Unbelievable. It’s a beautiful morning. Okay. Let me know where you like. You know, what you want to see here in Southern California. I love walking around. I love being out by the beach. I love the water. It’s cool. It’s going to be a hot afternoon today, but a cool morning like this is always nice to get out and about.

Let me know. Email me hello at dialectually.com and I will see you guys very soon. Onward and upward. [tr:trw].

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