emily

So...everyone in this is comfortable and ok with giving their tax id or social security number out? Maybe it's different if you get to actually meet real people, but that part of it makes me uncomfortable.

NelsonN

I have been promoting EBL for months, before anyone here heard of them and most attacked me (not on this board, but many others). I didn't attack anyone in my statement, but I am damn sure feeling great about being vindicated. So sue me.

Emily, I haven't given them my social security number, yet. But I am sure they are going to need it when the 1099s are being handed out next year. This is a legitimate company, if you ever have a beef with them about your personal data, you know where to find them.

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emily

Thanks for the further info NelsonN-

NelsonN

Here is an update from Kerry (was posted at the Talk Gold forum on my behalf), he was clarifying a few questions on members' minds (about the e-mail update, the reopening date, and a referral level question):

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kibitzer

Saw this bit from a post by Radio 4 in the Legisi thread:

If these people are so good with money and can make such big returns why don't they just get a bank loan or use their credit card to get the seed money.

My question is: Has this question been asked of Craig Jolly and if so, what was his answer?

I'm not in EBL yet and would thus appreciate getting a satisfactory answer to that one.

Thanks.

NelsonN

When did a bank ever give a fund manager a loan to invest with? Or a venture capital outfit? That's not the way it works. The people who ask these questions sometimes ask them as though they already know the answer, just to be smug, and they are always wrong.

Think about it, why do you think fund managers need depositors, like you and me?

Another point on this, why do you think EBL has a rule about not letting members make direct deposits with their credit cards thru Paypal? Because they can get into trouble because of this.

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4ebl

The other reason is leverage.

Banks are notoriously not the easiest places to get loans from for business ventures. So alternate sources are used in the form of loans of some kind. Even shares in a company are a form of business loan because the selling company still records these as outstanding debt to the company.

By going non-bank sources, more funds can be accumulated than could ever be obtained from those banks. This gives a company much more working capital to fund their business. It is simple business mechanics

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backed by legal contract with excellent due diligence! Get money $$$ back just for being my referral!

sharonsopinion

Every time I see the same tired question, the first thought that crosses my mind is why doesn't Merill Lynch just take out a loan or charge a credit card to do their investments? Why do they accept funds from investors?

It is against VISA's, Mastercard's and every other major credit card's TOS to use the cards for investments. If a merchant account allows it, they could get their license (or whatever it is called) revoked.

I was reviewing a site for a friend of mine recently. They had in their FAQ that they would be adding a merchant account for accepting CCs for deposits. I told my friend that the reason they said it was to try to lend an air of legitimacy to the site. It wasn't the only indicator, but was one of many of their scam tactics. (I just thought I'd throw in this tidbit.)

Investments are a risky business. Banks, including credit cards, are not willing to give out huge loans for someone to invest. In order to make some real money, investments need to be huge. So, EBL borrows small amounts from individuals to add up to one huge amount for the purpose of returning the borrowed amount plus interest. (I'm sure EBL is making a handsome profit, too! LOL)

JMO,
Sharon

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picard

To add to this, banks typically want something to secure the loan with so they have something to grab in the event of default.

As everyone know, EBL is an unsecured loan to Quest Holding. While unsecured loans generally carry more risk (and usually higher returns), this actually has it's advantages from a securities standpoint in staying out of crosshairs of the SEC.
.

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picard

I have met Craig. Though I can only give you my personal impression, that impression is that he's a very honest guy.

If you think about it, asking for your SSN and other ID could be cause to increase you confidence in this program. Have you found a program lately that actually issues a 1099?

As you know, Quest can't issue a 1099 unless they have your SSN. Banks can't issue a 1099 INT without it either. Any legit organization that is paying you interest needs this info. so they can claim the interest they pay you as a deductions for them.

Just another way to look at this requirement.
.

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