BOM has always been concerned about the rising burden of government debt interest, and we've blogged it many times. But we must admit that so far, it has not been quite the problem we feared. In fact, in the two years since we clocked off, official debt interest has only increased by £4bn pa - a surprisingly small sum when set against annual borrowing of £100bn plus.
The reason of course is that for the last five years government borrowing costs - gilt yields - have remained at historically very low levels. Right now, the yield on ten-year gilts is back below 2%, which means new borrowing is cheap, and refinancing old maturing gilts with much higher yields actually cuts overall debt interest payments. So the doomsday machine has remained quietly dormant, at least for taxpayers (although savers and retirees taking out annuities have suffered grievously from low interest rates).
However, nobody should assume this situation will last for another five years.
For one thing, the Bank of England will not go on buying up the government's debt indefinitely. The bulk of its £375bn Quantitative Easing asset purchases have been government debt, and when the QE programme ends, so will the purchases. At a stroke, one of the main factors holding down gilt yields will be removed.
Second, all around the world central banks are pumping money into their sickly economies. So far inflation has been quiescent, but the lesson of history is that sooner or later, open money sluices overflow into raging inflation. Bond investors head for the hills, bond prices sink and yields surge. There's no good reason to think this time will be any different.
True, the official debt interest projections do not incorporate this doomsday outlook. They assume that gilt yields will rise gradually to just 3.4% by 2017-18. But they also tell us that every one percentage point above their base assumption adds another £8bn pa to debt interest by the end of the period. So even if yields merely returned to their average during the decade immediately before the Crash, it would add £12-15bn to annual debt interest. And if inflation does take off, yields will go a lot higher.
There's a further point, one we have also blogged many times: the official measure of debt is a serious understatement of the Real National Debt. Among other things, the official debt figures ignore the government's pension obligations - both to public employees and state pensioners - and PFI. Which means that to get a true measure of debt servicing we need to add on to the cost of debt interest, the annual costs of servicing those obligations. Which is what we've done in the following chart (all figures taken from latest OBR, DWP, and HMT projections):
What we're saying here is that by 2017-18, payments in respect of the government's past debt obligations will amount to £200bn pa. Which means that getting on for one-third of everything taxpayers hand over is going to service debt. The amount left over for everything else - health, education, defence, law and order, and all - will be severely squeezed.
Doomsday may have been deferred, but even without the likely blow-out in the gilt market, servicing the government's debts is set to make life increasingly difficult.
Carrying hard cash is quite perilous these days that’s why people prefer to keep debit cards with them. These plastic cards issued by various banks to their account holders to make transactions directly from their account. This transaction process is easy and trouble free, even they are completely secured. Debit cards are simplest and the quickest way to transfer money from your account to the account of service provider. They are also used as ATM cards to extract the cash from your bank account effortlessly.
If we compare debit and credit cards then we will get to know that debit cards have more benefits. They keep you out of financial debts and troubles. They are convenient to carry and are even easy to block in case of lost card. In debit cards more security options are available because they come with a secret pin code. This security is counted as an additional advantage of these cards which is not obtainable in credit cards. But the major problem faced in case of debit cards is that you don’t pay cash directly due to which it becomes difficult to keep the exact track of the transactions and amount spent. Debit cards are best way to make purchase but always keep a record of how much you have spend and what is your existing account balance.
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Back in his first budget in 2010, George Osborne imposed a two-year public sector pay freeze. It supposedly applied to all staff except the low paid, who were to get a flat £250 annual increase.
Unfortunately the freeze failed, as can be seen from the path of average public sector earnings since then:
Moreover, while the official ONS earnings stats show a 5% increase, calculations based on dividing the total pay bill by the number of employees suggest the true pay increase may well have been closer to 10%.
The pay freeze was a key element in George's attempt to curtail spending, so this is a serious failure. With a starting pay bill of around £170bn, a 5% overshoot is getting on for £10bn pa, and a 10% overshoot closer to £20bn. Annually.
So what went wrong?
Well, some of it - maybe one percent - is explained by the decision to exempt lower paid employees. Some may be explained by changes in the composition of the workforce. But most of the overshoot almost certainly reflects the operation of our old friend the incremental scale.
Virtually unknown in the private sector, this is the long-established practice of giving public employees guaranteed annual pay increases simply for serving another year. So for example, a newly qualified teacher generally starts on a salary of £21,588 (outside London). But she is starting at the foot of an incremental scale which then carries her up to £31,552 within 5 years - an almost 50% increase which is awarded irrespective of fiscal restraint or a Chancellor's freeze.
Yes, of course, experience does generally make employees more valuable, and over time we'd expect to see that reflected in pay. But in most of the private sector, increases are never automatic, and in tough times for the business a pay freeze generally means just that - a freeze for everyone, irrespective of their additional experience and overall merit. The viability of the business must come first, with the understanding that individual injustices can always be righted once the crisis is past.
And remember that this non-freeze comes on top of public sector pay that is already excessive against private sector equivalents. According to the ONS, on a like-for-like basis public sector pay rates currently exceed private sector by around 7%. The Institute for Fiscal Studies comes up with a similar 8% figure.
And on top of that, 80% of public sector employees still enjoy index-linked final salary pensions that are simply not available to most private sector employees: indeed, only around 10% of private sector workers now have any final salary pension.
How much is that worth? A lot: previous estimates suggest that higher average employer pension contributions in the public sector boost total rewards by about 10%. And in addition - even after recent reforms - public sector pension contributions are insufficient to fund the projected final cost of the pensions themselves. The difference will have to be made up by taxpayers, which adds further to overall rewards in the public sector.
In the BOM book (chapter 2) we present estimates suggesting the overall overpayment - taking account of both the pay premium and the pensions benefit - is of the order of 30-40%. In money terms that's somewhere in excess of £50bn pa, a sum that would go a long way towards cutting the deficit.
With such a big annual overpayment, the failure of George's freeze is worrying. In fairness, he clearly recognises the problem, and has at least attempted to tackle it - both through pay and action to reform pensions. But he hasn't done enough. And replacing his freeze with a 1% future cap was most unwise.
This technically advanced world has given an electronic access of bank accounts to everyone in the form of debit cards. With the help of these cards one can flexibly access the money from his/her account anytime anywhere. These plastic cards are also known as bank cards and are used to make payment or transfer the money to the account of the service provider at the time of purchase. These cards are used as ATM cards to take out the cash directly from the bank account.
Debit Cards as well as credit cards are very much prevalent in these days in the financial world. VISA and MasterCard are the chief card processors. They are considered as the next best thing to the hard cash and have comparatively more benefits than credit cards. One of the biggest advantages is that there is no careless expenditure. Unlike in credit cards people spend uncontrollably without looking their budget and no interest is charged on the amount that you have spent. They offer a security of not carrying hard cash because they are like artificial cheques which help in transferring the amount from your account to the service provider's account while using it.
Nowadays every bank provides the facility of debit card to every customer. Australian consumers can also select the best one from debitcard.com.au, which is leading Australian website providing information related to debit and credit cards available in the Australian market. Here comparative evaluation of major financial institutions is offered along with their features, services, charges, ratings, etc, so that users can choose the services as per their needs by best card service providers. This is the excellent web portal for Australian consumers to retrieve information related to both VISA and MasterCard of financial institutions like St. George, NAB, ANZ, Westpac, CBA, Bankwest, Commsec, etc.
Prepaid cards are the trend of new generation. They are suitable for those who have trouble keeping within a budget. In these cards when you purchase them, you put a certain amount in the card for use. This balance keeps you free from being declined at the time of no funds or from going out of the budget limit. But they have acceptance limitations at certain locations. Users can check this online portal for not only seeking information about cards but also for key fundamentals and tips to use.
When we left on our two year sabbatical at the start of 2011, public spending was running at an annual rate of £700bn (Total Managed Expenditure). Now we're back and the most recent official figures say it's running at £674bn (2012-13). So that's a cut of around £25bn in just two years. Fantastic!
Hmm... given what we know about previous cuts programmes, that actually sounds a bit too fantastic. Perhaps we should lift the bonnet and check the underlying figures...
Ah... now we can see. It turns out that the official spending figure of £674bn is net of a £28bn inward transfer of assets from the Post Office pension fund. Removing that bit of jiggery-pokery, we discover that underlying spending is actually up. Moreover, if it hadn't been for a big fall in investment, the increase in overall spending would have been getting on for £20bn. Two days back, and we're already reminded never to take official headline numbers at face value.
Looking forward from here, the most recent projection from the Office for Budget Responsibility (OBR) has spending continuing to rise, reaching £745bn by the time of the next election. So despite the talk, that's continued growth throughout the Parliament. Two years on, and we seem to be stuck in the same old place.
Yes, of course, we ought to adjust for inflation. But even when we do that, the planned cuts look more like a scratch compared to the huge Labour spending splurge they're supposed to be addressing. Here's the OBR's five year projection spliced on to the back history:
True, spending is down a bit from its peak between 2008 and 2010, but that simply reflects the completion of Crash related emergency capital spending. From here on, overall spending stays flat in real terms right through to the election. It's the next government that's meant to get the line heading down again. Cuts, what cuts?
What the coalition is actually doing is to cap, not cut. The idea is that by holding the line on spending it will allow time for economic growth to do its magic work and boost tax revenues. The public finances will eventually rebalance as revenue catches up with spending.
Which is a great idea if you can somehow get some growth. In fact, it's pretty well what the Thatcher government did during the 1980s. They never did manage to cut spending - as we can see from the chart - but they did sit on it for a prolonged period. And in their case, they did manage to get some growth going again so tax revenues grew strongly.
Now, just remind me - how did they get that growth again? Wasn't there something about slashing tax rates and breaking up public sector monopolies?
Next month George presents his third budget. He's already taken steps to cut taxes on enterprise and effort, but the clock is ticking louder now. We need to see more tax cuts.
Spending? Well, as we argue in the book, tinkering around at the margins isn't going to do it. We need full-blooded structural reform to both public services and welfare entitlements. We'll be taking a closer look at both over coming weeks.
PS Many thanks to all of you who've welcomed me back to the blogosphere. Quite a few of my must-read blogs - such as the good Doc Crippen - have disappeared over the last couple of years, which is a sad loss. Yes, it is a commitment, and yes, it can eat time, but blogging is still a great way to share ideas, and for those of us beyond the Westminster bubble it is a way of contributing to a wider debate.
I have oily skin. By the end of the day, my face will be oily enough to be a non-stick pan. I tried a "red-carpet worthy" treatment that uses a patented Plasma Magic Gel to achieve glowing skin by reducing sebum, reducing pore size and brightening the overall skin tone.
Can't start without double cleansing first, followed by exfoliation.
Then the Black Magic ™ is performed, a intense pulsed light treatment, followed by a custom blended mask with serum and finished off with an LED – Light therapy coupled with a heavenly shoulder-back rub!
It is as the name suggests, totally black magic. Without extraction, my face actually felt so taut, smooth, & so soft! The effect lasted for weeks. Definitely some magical work.
The Black Magic Treatment, a proprietary Korean technology is suitable for all skin types, dull or uneven skin tone and acne scars. It maintains skin clarity, refine pores, brightens skin tone, lifts, firms and smoothen skin. Not only has it reduced my sebum production, it also stimulates cell renewal and collagen and elastin production. Too many benefits in one treatment!
The creativity of the Japanese remains unrivaled. My favourite TV show on Sundays used to be the Japanese "Change change change" talent show. Almost every contestant left me in awe.
Expectedly, the fuzoku (commercial sex) industry in Japan is just as creative, just by the sheer number of choices. This facet of the Japanese intrigues me. It is a world in which men live out their wildest fantasies, yet they are set in the most 'blah' spaces of everyday life, like in the MRT and offices (it's been a long coming that sex on the beach is overrated).
It is also a world of asobi (play) but it is very serious in its obsessions. It is a world in which the customer (usually male) is king but obeys strict rules the moment they step in.
I misunderstood the Japanese when i saw "Japanese Only" signs in their fuzoku outlets.
I thought they were being snobbish by rejecting foreigners. I learnt the real reason wasn't them being elitist, but because foreigners finds it absurd to play by the fuzoku rules. Every customer fills out a detailed checklist of how his next hour will play out.
Even out of fuzoku, the Japanese are observant of all rules. It reminds me of my experience in a themed restaurant in Shibuya. We were the only non Japanese diners and we didn't take the theme too seriously. We posed for pictures, went in and out of the prison cell. We noticed the Japanese diners all stayed put in their cells and only got out when they've finished their meal.
In fuzoku, answering a questionnaire beforehand go as detailed as if you would like the girl to observe your appendage with admiration (regardless of the truth) before going down. It's the same as ordering a steak at a restaurant and you've to instruct the chef beforehand how exactly you'll like your meat.
Gleaned from a real Japanese fuzoku questionnaire,
Other Requests: 1 word attack: girl says rude things to customer 2 spit on penis 3 staring at penis
There will be Japanese men who disobey the rules occasionally too. These men will then be ridiculed by having their photo taken while they are still in towels and plastered on the shop front with large text "BANNED". Much of the world of the fuzoku centers around uniforms, a common requirement in schools and companies, it symbolize the formal surface of manners. Underneath these formal roles and uniforms lurks the pervert nature of men.
"Men are universally perverted; it's just that in Japan, we do something about it."
Males pay for illusions of power and control but in reality, they follow minute scripts as revealed in the questionnaires. The paradoxical world of fuzoku is mind boggling. Yet it isn't surprising because it is a transaction after all, isn't it? There are no emotions, there is no love. You don't really 'go with the flow'. Even the 'flow' is determined how much is allowed (no more than two times).
The fuzoku accounted for 2.37 trillion Yen in 2001 and i only scratched the surface with the themed love hotels.
Geishas, a long tradition of compensated companionship still exists with more modern practices like male hostesses serving female patrons are gaining traction. It has even reached Singapore's shores on Lavender Street.
Anything that happens regularly in most places, Japan takes a step further. In "happening bars", customers pay a hefty membership fee and they meet other paying customers to "happen". There is no privacy as most rooms have one-way mirrors and peepholes. Couples even bring their partners to swap.
Not all establishments offer intercourse as that is technically illegal. They always insist that if intercourse do happen, it doesn't happen on their establishment, but is something that is arranged between the two. Thus publicly, the Japanese have to be creative in their offerings. In inexpensive osawari pubs, it is a rotating concept with no intercourse involved. In the Nurse Station in Osaka, "nurses" go cubicle to cubicle on a rotating basis to make out their their "patients". Patients can be visited by as many as three different nurses in a forty-minute period. At Air Touch in Osaka, customers receive more than drinks and conversation if they choose to sit in "Business Class". This one makes me chuckle: At the Kaiten Zushi Baxy, it is a rotating sushi breast-touching pub. The girls are named "shrimp", "tuna" and "urchin", rotate every two minutes.
It's all very real, and like i said most of fuzoku don't necessary end in intercourse. There's something deeper within that men could possibly be searching?
The numerous flyers i received walking on the street in Akibahara.
Like this which you can pay $15 to have your ear cleaned by a busty (no less) lady.
There's a new service in town. Just opening in September last year, Soineya, Japan's first "co-sleeping specialty shop", where customers pay to sleep in the arms or on the butt of a beautiful girl. It's a stereotype that men want sex all the time. It's not true! They do like cuddling! It's gaining popularity and Soineya is opening it's second outlet in Tokyo.
Here's their menu
Admission fee: 3000 yen (US $40)
Standard Course
20 min – 3000 yen ($40)
40 min – 5000 yen ($65, only 3000 yen for first time visitors)
60 min – 6000 yen ($77)
6 hrs – 30000 yen ($387)
Optional Course
Customer sleeps in girl’s arm (3 min) – 1000 yen ($13)
Girl pats customer on the back (3 min) – 1000 yen ($13)
Customer pets girl on the head (3 min) – 1000 yen ($13)
Customer and girl stare at each other (1 min) – 1000 yen ($13)
It took a whole lot longer than expected, but the book is finally written and published. Hurrah! Imaginatively entitled Burning Our Money, it's available now from Biteback, Amazon, Waterstones, and all good booksellers.
BOM the book draws together everything we've learned about government waste during six years of blogging it. The themes will be familiar to regular readers of the blog, but the book explores the issues in greater depth, setting out some possible solutions. And as always with BOM, there are plenty of facts and figures to support the analysis.
Here are some chapter headlines:
Despite all that agonised wrangling over cuts, government still spends nearly half of everything we earn: the OECD says that government spending will consume 48% of our GDP this year, compared to the international average of 42% (chapter 1).
The public sector routinely overpays for its supplies and labour, with staff getting substantially more than their private sector equivalents: depending on how you value those gold-plated pensions, labour costs are overrunning by as much as £60bn pa (chapter 2).
Although NHS spending doubled under Labour, the NHS still underperforms overseas counterparts, causing thousands of avoidable deaths: according to the OECD 50,000 people under the age of 75 die every year from conditions that should have been treatable (chapter 4).
Our government pays welfare benefits to three-quarters of British households, despite our high level of general prosperity (chapter 6).
Our state schools are among the world's most expensive, yet performance is slipping down the international league tables and we suffer the worst social mobility (chapter 8).
Our criminal justice system is the most expensive in the developed world, yet our crime rate is one of the highest (chapter 9).
Compared to the most efficient governments elsewhere, ours wastes enough money to abolish income tax for everyone earning less than £50,000 (chapter 10).
Despite promises of simplification and transparency, our government continues to hide its true costs behind a murky shroud of stealth taxation and disguised borrowing (chapters 11 and 12).
Of course, none of these issues are exactly new, but when we dwelt in the land of milk and honey - the one from which we were so cruelly ejected in 2008 - we reckoned we could defer them until another day. No longer. Out here in the chilly wastes of mountainous debts, broken banks, and marauding competitors, we must act or go under. When even the credit rating agencies recognise the problem, we have to act. Somehow we've got to grip government spending and bring it back down to a sustainable level - which we reckon is around 35% of GDP.
Nobody says it will be easy, but it has to be done. And that's why we need to understand just how the government comes to waste so much of our cash. Because the irony of our present sticky position is that if we could somehow eliminate the waste, we'd pretty well eliminate the overspending problem - the numbers are that big.
So what can we do? To start with, we can learn from what works abroad. And the biggest lesson there is that size matters: it really does. The most efficient governments among developed economies are almost always the smaller ones. We've blogged a version of this chart before, but this one comes from the book (chapter 10):
Beyond that, choice and competition work. Just like with our supermarkets, when the suppliers of health and education services have to compete for customers, efficiency is driven up - something we can see operating in health systems based on competing social insurers (chapter 5), decentralised public service systems with localised tax authorities (chapter 3), and increasingly in free school systems (chapter 6).
And yes, supermarkets drop clangers too, but when they do so they have to put them right pronto: compare and contrast the speed with which Tesco moved to tackle its horsemeat disaster, with the long and shameful prevarication following recent disasters in the NHS (Mid-Staffs) and the BBC (Savile). As customers we have no effective power over tax-funded suppliers - they get paid however shockingly poor their service - and we can only watch as our politicos bicker over who's to blame. Far more powerful if suppliers who persistently fail us simply don't get any more of our business.
And that's the main conclusion of the book. To achieve a serious reduction in government waste, we need a serious restructuring in the way public services are delivered and paid for. We need real choice and competition, which among other things, means breaking up the NHS, accelerating the move to school independence, and empowering local councils by decentralising the tax system (chapter 13).
Restructuring like this will not be at all comfortable, and even worse, public service reform is only part of the discomfort. It's going to be just as necessary to cut welfare entitlements, and not only for those famous scroungers (chapter 8). Decent hard-working families and pensioners will also have to share the pain, with for example, the state pension age increasing to at least 70 (chapter 12).
So refreshed by two years of intensive thinking about such unthinkables, it's back to the blog. I do hope some of you will buy and read the book, not because I hope to get rich on the royalties, but because I think the issue of government waste needs far more public exposure than it gets. True, the awareness of waste has increased over the last decade, and the Coalition has taken a number of steps to address the issue. But there's much left to do, and the really tough decisions remain ahead of us.
We just have to keep plugging away.
PS Wat Tyler: after six years of non-stop blogging action, Tyler reckons he's too knackered to resume. So I'll be taking his place. Hopefully I can persuade Tyler's old muckers like the Major and Mr Gomulka to contribute their own bracing observations, just as they've done in the past.
PPS In restarting the blog I've transferred it onto Blogger's new enhanced platform. It promises a better blogging experience going forward, but it does mean the blog no longer shows the old comment streams - sorry about that. We've also lost some of the blog-roll links and other side-bar items, but I will be able to reinstate them.
Important mainly because of the words in the message.
From: The Manager, United Bank For Africa Ghana Atico Junction Branch Accra,Ghana. Tell: 00233242761062. Reply to: samorajoseph_ecobank@ymail.com
Hello Dear, I got your contact during my search for a reliable, trust worthy and honest person to introduce this transfer project with. My name is Joseph Samora. I am the manager of the United Bank For Africa Ghana {UBA}, First Light Branch Accra. I am a Ghanaian married with two kids.
I am writing to solicit your assistance in the noble transfer of US$1.500.000.00. This fund is the excess of what my branch in which I am the manager made as profit during the last year. I have already submitted an approved End of the last Year financial report for the year 2011/2012 to my Head Office here in Accra and they will never know of this Excess. I have since then, placed this amount of US$1.500.000.00 (One Million Five hundred Thousand United States Dollars) on a SUSPENSE ACCOUNT without a beneficiary.
As an officer of the bank, I cannot be directly connected to this money thus I am impelled to request for your assistance to receive this money into your bank account. I intend to part 40% of this fund to you while 60% shall be for me. I do need to stress that there are practically no risk involved in this.
It is going to be a bank-to-bank transfer to your nominated bank account anywhere you feel safer.
All I need from you is to stand as the original depositor of this fund. If you accept this offer, I will appreciate your timely response Please call me on the number above when you reply me.
I, AM BARRISTER WILLIAMS WHITE, & CO.CHAMBERS, L.L.B.L.L.M B.L LEGAL PRACTITIONERS, SOLICITORS AND CONSULTANTS, MEMBER DRAFTING COMMITTEE 1995.PLOT 121, NIGERIA LAGOS.
Dear Friend:
I am Barrister Williams White... Calling from Nigeria West Africa. I am Barrister Williams White, English speaking Beninoise, Solicitor and Financial Attorney/Consultant. I was moved to contact you based on the present condition of things here.
There is a foreigner who registered with my Legal firm as his personal Attorney and he was a stock broker as well as a one time secret agent in importing oil from overseas for our former Ministers. My client was also a Diamond/Gold Merchant.
So, on 2nd June 2001 my client, Mr. George, made a fixed deposit for US$46,500,000.00(Forty Six Million, Five Hundred Thousand US Dollars Only) with a Bank here in Nigeria, with standing statement/agreement with the bank that all correspondences in respect to the fixed deposit contract must be sent to him through my humble chambers. Upon maturity, the routine notification was sent to me, which I dispatched to his forwarding address as usual without a reply. After a month, I sent a reminder which I received from the bank without any reply again.
Finally, I discovered from my client's contract employee that he died among many others on Sept.11, 2001 Terrorist attack. He died without making any WILL and all attempts to trace his relatives were fruitless. I also discovered that he did not declare any kin or relations in all his official documents, including his fixed deposit contract with the bank. Hence I seek your consent to present you to this bank as the next of kin based on the official letter I just received from his bankers reminding me that BENINOISE LAW states that at the expiration of (12) years the money will be reverted to the ownership of the BENINOISE Government if I do not confirm the next of kin to claim the fund.
Consequently, my proposal is that I will like you as a foreigner to stand in as the next of kin to my deceased client so that the fruits of this old man's labor will not go into the hands of some corrupt government officials. Note that this transaction is simple and risk free because I will provide expert legal services that will guarantee the successful execution of this deal. If you are interested, please contact me as soon as possible through phone,
I shall provide you with more details and how we shall proceed with the claims. I expect you to observe utmost confidentiality and be rest assured that this transaction would be profitable for both of us. And if you are interested contact me through this my private E-mail Address:(barr_wwhite01@superposta.com)
I wait for your urgent reply with your personal telephone number and your full data's, so that we can proceed with the proper documentation of the transfer to your favor through legal processes.
Thanks as I wait for your Honest reply. Best Regards,
Foreign Remittance Dept Bank of Spain. Western Europe
Attention: Sir/Madam,
I sourced your email from a human resource profile database in the chamber; my name is Mrs. Agnes James, an account officer to late Mr. Morris Thompson from Spain who is a Gold merchant Agent here in Madrid, a well-known Philanthropist who died last year before he died.
He made a Will stating that $15.5M (Fifteen Million, Five Hundred Thousand U.S. Dollars Only) should be given to any citizen of our choice overseas and that person should use the money to help less privilege and other charity work before keeping the rest for him or herself, I have made a random draw and your e-mail address was picked as the beneficiary to this Will.
I am particularly interested in securing this money from the Bank because they have issued a notice instructing me been the account officer to produce the beneficiary of this before end of this 2013 else the money will be credited to the Government treasury as per law here. It is my utmost desire to execute the Will of my late client Mr. Morris Thompson since he is no more alive, both wife Thelma Thompson, and daughter Sheryl Thompson.
I am Mrs. Ma Kim, the wife of Mr. Choong founder of many Korean leading companies but having problems with the government and executives of their conglomerate on corrupt allegations leveled on my husband, which are basically untrue. However, I have a legitimate business offer for you regarding some secret funds deposited somewhere in Europe for a safe-keeping, totaling the sum of USD$150,000.000.00 (One Hundred and Fifty Million United States Dollars Only). These funds can be released to you for any investment you wish to embark upon for a time period of ten (10) years before refunding it back to us.
Furthermore, I will be ready to negotiate terms with you, if I know your financial capability, experience and investment preposition, projections you wish to utilize this funds on, hence, I will direct you to the useful contact, where these process will be concluded within matter of days.
Finally, I will furnish you with more information when I receive a respond from you, do contact me on my private email. ( 2492366959@qq.com )
Federal Bureau of Investigation (FBI) Counter-terrorism Division and Cyber Crime Division J. Edgar. Hoover Building Washington DC
Dear Beneficiary,
Series of meetings have been held over the past 7 months with the secretary general of the United Nations Organization. This ended 3 days ago. It is obvious that you have not received your fund which is to the tune of $8.5,000.000.00 due to past corrupt Governmental Officials who almost held the fund to themselves for their selfish reason and some individuals who have taken advantage of your fund all in an attempt to swindle your fund which has led to so many losses from your end and unnecessary delay in the receipt of your fund.
The National Central Bureau of Interpol enhanced by the United Nations and Federal Bureau of Investigation have successfully passed a mandate to the current president of Nigeria his Excellency President Good luck Jonathan to boost the exercise of clearing all foreign debts owed to you and other individuals and organizations who have been found not to have receive their Contract Sum, Lottery/Gambling, Inheritance and the likes. Now how would you like to receive your payment? Because we have two method of payment which is by Check or by ATM card?
ATM Card: We will be issuing you a custom pin based ATM card which you will use to withdraw up to $3,000 per day from any ATM machine that has the Master Card Logo on it and the card have to be renewed in 4 years time which is 2016. Also with the ATM card you will be able to transfer your funds to your local bank account. The ATM card comes with a handbook or manual to enlighten you about how to use it. Even if you do not have a bank account.
Check: To be deposited in your bank for it to be cleared within three working days. Your payment would be sent to you via any of your preferred option and would be mailed to you via DHL Delivery Company. Because we have signed a contract with DHL Delivery Company which should expire by the end of this month, you will only need to pay $155 instead of $585 saving you $430 So if you pay before the end of this month you save $430 Take note that anyone asking you for some kind of money above the usual fee is definitely a fraudsters and you will have to stop communication with every other person if you have been in contact with any. Also remember that all you will ever have to spend is $155.00 nothing more! Nothing less! And we guarantee the receipt of your fund to be successfully delivered to you within the next 48hours after the receipt of payment has been confirmed.
Note: Everything has been taken care of by the Federal Government of Nigeria, The United Nation and also the FBI and including taxes, custom paper and clearance duty so all you will ever need to pay is $155.
DO NOT SEND MONEY TO ANYONE UNTIL YOU READ THIS: The actual fees for shipping your ATM card is $585 but because DHL Delivery Company have temporarily discontinued the C.O.D which gives you the chance to pay when package is delivered for international shipping We had to sign contract with them for bulk shipping which makes the fees reduce from the actual fee of $585 to $155 nothing more and no hidden fees of any sort!
To effect the release of your fund valued at $8.5,000.000.00 you are advised to contact our correspondent in Africa the delivery officer Mr. Daniel Alfred with the information below,
You are advised to contact him with the information?'s as stated below:
Your full Name.. Your Address:.............. Home/Cell Phone:.............. Preferred Payment Method (ATM / Cashier Check)
Upon receipt of payment the delivery officer will ensure that your package is sent within 48 working hours. Because we are so sure of everything we are giving you a 100% money back guarantee if you do not receive payment/package within the next 48hours after you have made the payment for shipping we the Federal Bureau of Investigation(FBI) will get your funds refund back to you with immediate effect
Yours sincerely,
Agent Chris Swecker FEDERAL BUREAU OF INVESTIGATION UNITED STATES DEPARTMENT OF JUSTICE WASHINGTON, D.C. 20535 TELEPHONE: (206) 309-0312 FAX: (202) 666-5283
Note: Do disregard any email you get from any impostors or offices claiming to be in possession of your ATM CARD, you are hereby advice only to be in contact with Mr. Daniel Alfred of the ATM CARD CENTRE who is the rightful person to deal with in regards to your ATM CARD PAYMENT and forward any emails you get from impostors to this office so we could act upon and commence investigation.
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