Are Your Funds Safe? NFA to Shut down small forex fcms - Page 23
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  1. #221
    Join Date
    Jun 2007

    Default Metatrader Misery- Part I

    What happens when a business deal goes bad? You get bitterness, recriminations, machinations and vows to get even. This appears to be what happened after Poltek FX and FX Open parted company. It was not an amicable divorce and after reading through dozens of threads it appears the two former spouses are still hurling dishes, pots and pans, as well as the kitchen sink and family cat at one another in a fit of rage that even Hillary and Obama can’t match.
    Poltekfx - Forex Trading

    In this saga there are no good guys or bad guys. All the Savior can do is warn people to stay on the sidelines and watch the spectacle from afar, well out of harm’s way. But if you are looking for a scorecard, well, you’ve come to the right place. Let’s pick things up from one of the earliest threads on the subject.

    “FX Open Scam Scum.” This is the title of a series of truly head spinning threads over at Forex Factory detailing the misadventures of FX Open, a forex dealer with one of the worst reputations in the business.

    Fxopen Is a SCAM, Be Aware!
    FXOpen Scam Alert again...
    Fxopen Are Scammer ................................... ..

    Now if you ask FX Open they blame their poor reputation on the scoundrels at Poltek FX who they claim have been waging a systematic propaganda campaign designed to discredit their firm.
    FXOpen forex broker - forex services - forex trading

    But who is FX Open? Well, nobody really knows. There is no business address listed on their website. There is no Board of Directors or head shots of executive officers. If you really press them they’ll give you an address in Egypt or tell you that they are registered in the Seychelles. And if that isn’t confusing enough one muckraking trader found out that their website is registered in Florida to a “Mr. John Fool.”
    Forex Factory - View Single Post - Fxopen Is a SCAM, Be Aware!

    So they could be anywhere and everywhere. They could be someone or no one. In short, they can up and vanish like a fart in the wind if they have to.

    FX Open is also one of the too numerous to count unregulated MT4 brokers preying upon the desperation of those traders who have fallen in love with MetaQuotes’ software. And like so many of these unregulated forex brokers they are in the habit of misleading the public about their unregulated status. When a customer asked them if they were regulated this was their response:
    Forex Trading - View Single Post - FxOpen

    FXOpen is offshore broker and FXOpen's business activity is regulated by SIBA.
    FXOpen - Certificate of Incorporation
    Now let’s go to the SIBA website and find out just what this means. The following are the key features of the law that supposedly “regulates” FX Open:

    • No requirement to disclose the beneficial owners of an IBC
    • No minimum capital stipulation
    • No need to file accounts with the Registrar

    In short, FX Open’s “regulation” consists of a useless piece of paper that probably cost them a $100 in filing fees. They are no more regulated than is some ten year old kid’s lemonade stand.

    That alone should convince traders to STAY AWAY from them. But the truth is that’s just the tip of the iceberg with these guys.

    FX Open has made a lot of enemies in their brief history. One of them is a Kazakhstan native who goes by the name of Erlan. Erlan was a former customer of FX Open’s and he setup a website completely devoted to getting back $50,000 that he claims FX Open stole from him: is a scam company! Beware!

    FX Open then responded to Erlan with a website of their own (FXOpen public letter) telling a wild story that included accusations that Erlan was sending all of FX Open’s customers “penis enlargement” emails, was trying to crash FX Open’s server and hack FX Open’s customer files and was actually the customer of a former business partner of FX Open’s (Poltek FX) based in Russia that was using Erlan to get back at FX Open. (More on Erlan and his shenanigans in Part II of Metatrader Misery.)
    Forex Factory - View Single Post - Fxopen Is a SCAM, Be Aware!

    Now seriously, who in their right mind is going to open an account with FX Open after hearing such a loopy tale? And it gets even zanier. Someone claiming to be FX Open’s CEO starts posting at Forex Factory demanding that the forum moderator stop banning supporters of FX Open or else they’ll sue Forex Factory.
    Forex Factory - View Single Post - Fxopen Is a SCAM, Be Aware!

    The moderator replies that FX Open is a scam and the man claiming to be FX Open’s CEO quickly slinks out the back door after he sees his threats are being ignored. Indeed, FX Open gets completely banned from the forum and is forced to waddle over to Forex TSD where they cause another huge fight with traders screaming that FX Open is a scam and should be banned.

    Is FX Open a scam? It’s just not clear. FX Open’s lack of transparency is deeply troubling. Their communication with the public is so unprofessional and their English so mangled that one gets the impression that Borat is running the company. They are also as I have stated before unregulated so if they ever get into trouble they are accountable to no one. At the end of the day this is what the trading public should be most concerned about.

    The public should also be concerned about the firm’s alleged dealing practices. The number one complaint against FX Open is that they are a ruthless market maker that has no patience for customers who actually make money. Now this is a common complaint against many market makers. But in the threads referenced above I’ve never seen so many traders screaming about a firm’s dealing practices. Trader after trader complains about profits being removed from their accounts. Numerous traders complain of how the firm booted them out only after they made profits. Traders complain about terrible execution in numbers that really call into question the dealing ethics of this firm.

    FX Open’s reply is that all these complaining customers are using some kind of secret software that allows them to “cheat” and make big profits off them. Thus they have no choice but to close the accounts of these cheating customers. I’m aware that there are some traders out there who are skilled at jumping in and out of the market in short bursts due to price discrepancies and latency issues. But this is very difficult to do. Yet judging from FX Open’s claims you would think that there are hordes of these traders out there raping and pillaging poor little forex dealers like FX Open.

    Having said all that are some of these complaints against FX Open being orchestrated by their enemies? It appears so. And in part II of Metatrader Misery we’ll take a look at FX Open’s rival “Poltek FX” to uncover what these guys are up to.

  2. #222
    Join Date
    Jun 2007

    Default Metatrader Misery- Part II

    Is Erlan Saduakasov a real person? Well, judging from this You Tube video he is.
    YouTube - Erlan Saduakasov speaking himself

    Erlan has been waging a non-stop crusade against FX Open for several months now. He appears on bulletin boards, has his own website ( is a scam company! Beware!) and appears to be quite convincing. Did Erlan lose money at FX Open? Probably. Is Erlan working for or working with FX Open’s hated rival Poltek FX? It sure looks that way.

    The evidence is a thread at ForexTSD in which Erlan’s IP address gets traced back to one of Poltek FX’s offices in St. Petersburg, Russia.
    Brokers Scam - Page 5 - Forex Trading

    The office Erlan was traced back to was, which is one of the many front groups Poltek uses to recruit customers. Other ones include “Master Forex” (yup, that’s the Swiss outfit that said it doesn’t need to get a banking license and you’ll know why in a moment), Beaverhead Financial, Iberia Forex, and others.

    Poltek’s official business address is listed in Belize and like FX Open they too have a useless fill in the blank “certificate” which can be flashed in the faces of naïve traders whenever pesky questions about “regulation” come up:

    Another note about Poltek’s address is that their other company, MasterForex, claims an address in Switzerland. Yet it appears this address is fictitious. When a poster at a bulletin board stated they couldn’t actually find Masterforex’s office and asked them if this office even existed a Masterforex’s spokesman refused to provide any additional information and just stated “we also have an office in Russia where you can meet us.” You’d have to be a pretty brave person to want to visit this Russian office knowing the Swiss office actually listed on their website is bogus.

    As for Master Forex’s regulatory status, you guessed it; Master Forex has its own certificate from the Seychelles it likes to use to ward off those evil regulatory spirits:

    Why so many different registrations and addresses? Well I guess it never hurts to have a second getaway vehicle in case the first one breaks down. And just as with FX Open you won’t find the actual names of any CEO’s or executive officers on any of these websites. Just addresses for P.O. boxes or links to instant messenger addresses. I’m stunned that anyone would actually consider sending their money to such financial phantoms who can conjure themselves up on a moment’s notice and then disappear without leaving a trace.

    Of course, Poltek knows their lack of credibility is a problem which is why they dangle all sorts of goodies before the trading public’s eyes in an attempt to make sure traders don’t look behind the curtain. They offer pip rebates, insane 500:1 leverage, trading volume bonuses, deposit bonuses and even have a special bonus for traders who drive up traffic on their forums by posting sycophantic rubbish.
    Poltek FX - Bonus Money

    So even though Poltek has no credibility they are able to woo newbies who are looking for a bargain. But the competition for these newbies is fierce which is why Poltek and FX Open are at each other’s throats.

    This Russian version of the Hatfields and the McCoys is likely to continue well into the future with both screeching at each other in the comical form of broken English as seen below in this Poltek broadside against FX Open:
    Forex Trading - View Single Post - Poltekfx

    One of these days we have released a newsletter to all our customers, stating that Poltek Fx. starts operating since the 10th of January. Right after that FxOpen Scam Company has published a piece of news about the so-called "phishing emails". You can read it here (FXOpen forex broker - forex services - forex trading).

    We are more than suprised with such reaction and would like to state the following:

    When you opened your accounts, you did it at Poltek Company, because at that time Poltek used to cooperate with FxOpen. FxOpen is operated by two persons, has no real office, or location and is well known over the web for scamming their customers. You can read about it at [url=]

    This is the reasin why we don't work with them any more.

    After that the head of FxOpen has stolen the whole customer database (including funds and orders) from Poltek and opened his own so-called "brokerage" Belveder. This case was reported to Metaquotes Inc, and their Metatader license is under question now.One case of deceptions (among great many of them) of clients is here: is a scam company! Beware!
    Fxopen itself try to hide these facts.

    Besides, the PR director of FxOpen, seems to know English poorly (he is actually a young man from one of the former Soviet Republics), and doesn't know what a "phishing email" actually is. Let us forgive the under-educated boy, but in fact a phishing email always tries to receive some data from you. Logins, passwords, etc. WE ARE IN NO WAY TRY TO RECEIVE ANY INFORMATION FROM YOU. This newsletter is intented only to let our customers know that the company, where they have their trading accounts has started to operate again with even better level of services.
    I love how Poltek, with its busted English and awful grammar, has the nerve to ridicule FX Open’s poor language skills. I don’t think that is the best strategery Poltek should be using against FX Open. In any case FX Open claims Poltek stole their clients and Poltek claims FX Open stole its clients… This tit for tat pretty much summarizes the poor state of affairs these two firms find themselves in today.

    So to those MT4 traders who are constantly on the move like Bedouin tribesmen in search of a broker, be sure not to pitch your tents with either of these two dealers. Bedouins are supposed to be adept at spotting mirages, and FX Open and Poltek FX are merely mirages of legitimate forex dealers.

  3. #223
    Join Date
    Jun 2007

    Default IBFX's Annus Horribilis

    It has not been a good year for Interbank FX. First FXLQ goes down resulting in the firm losing a key liquidity provider. Then FXLQ goes into receivership taking $10 million of IBFX's net capital with it. Now IBFX has just announced to the public that there was a major security breach and that customers who had applied for an account prior to April 2, 2007, had their personal information exposed on a rogue server accessible to anyone on the internet.

    To IBFX's credit they appear to have taken immediate steps to secure the information and are offering those customers who were potentially exposed free membership to a credit monitoring company. I'm not familiar with Corporate Law but it appears IBFX hired Kirkland & Ellis to contact State Attorneys General about this? Pretty Intensive damage control by the folks at Interbank.

    But considering the news has broken all over the net well outside the forex community best to cover all bases I guess: interbankfx security breach - Google Search

    Let's hope Robert Gray hasn't been lurking around this rogue server all this time...

  4. #224
    Join Date
    Jun 2007

    Default Swiss Dealer Update

    Fransesc Riverola is doing a top notch job at FX Street keeping traders up to date about the latest regulatory changes in Switzerland. He has sent out questionnaires to the Swim FX Broker community and several have responded, most recently Crown Forex who has stated they are applying for a banking license.
    Forex Street Weblog: Open letter to FXstreet's Swiss brokers - Crown Forex S.A response

    Crown Forex’s CEO was quoted as saying:

    investors must be very careful when dealing with Swiss brokers that do not see the high importance of applying for a bank license. It is important to keep in mind that many small brokers will not be able to apply or even comply with the new regulations due to the huge financial requirements this type of license incurs.
    BINGO. He is dead on. This is why I started the Swiss Dealer Dead Pool. The gig is up for the schlock shops in Switzerland. Either get a banking license or in the words of Der Terminator “GET OUT!” Firms will need to have a minimum $9 million in firm capital and meet a whole variety of accounting requirements in order to get a banking license.

    The CEO of Crown Forex closed his remarks by saying:

    As a result in the regulatory ordinances in Switzerland, very few Swiss brokers will remain in the game, if I may say so, by the end of 2009. Probably only 5 or 6 brokers will survive out of all the brokers, whether medium or small.
    Here an updated Dead Pool for the trading public.

    Firms that claim they are applying for a banking license
    1) ACM
    2) Fibo Group
    3) Crown Forex
    4) DukasCopy
    5) MIGfx
    6) GFX Group (

    Firms that are fleeing Swiss Regulation
    1) Masterforex. Their business office is listed in Switzerland but they are registered in the Seychelles and have stated they do not need to get a banking license.
    2) forex-swiss. FXCH, despite the fact they are NAMED "Forex Swiss" claim registration in Dominica. This is an odd company that has claimed multiple office addresses over the years including, Switzerland, Austria, South Africa, Iran, and the United States. Today they are claiming they have offices in Dominica and the United Kingdom. Tomorrow who knows, they could claim a mailing address in Tibet. Beware this firm.
    3) Prime4X. Their head office is in Switzerland but they have stated they are applying for a license in Cyprus.

    Firms that are no longer accepting customers or have been shutdown
    1) WestCapFX
    2) Tradex Swiss AG
    3) Finex
    4) Aleccohfx

    Firms that refuse to comment
    1) Swiss Direkt
    2) Tadawulfx
    3) Advised Trading

    As always conduct your due diligence and make sure the firm you trade with is regulated and legit.

  5. #225
    Join Date
    Jun 2007

    Default Shark Hunting in the Caribbean

    With all these bogus claims from small time brokers claiming they are regulated because they hold a “certificate” they managed to pull out of a cereal box it is hard to know what to believe these days when a firm states they are “licensed.”

    And perhaps no firm straddles the line between licensed and unregulated more than a firm by the name of GCI Financial. A reader asked me to provide some background on GCI recently and after doing a quick Internet search I found myself once again swimming in the deepest, darkest, murkiest depths of the Forex Ocean in search of that most dangerous dorsal finned predator of all- the offshore FX boiler-room.

    GCI appears to have been started back in the 1990’s and used to be a U.S. based company with its CEO, Mitch Vasquez, living in Wilton, CT. It didn’t take too many clicks of the mouse to discover that GCI had been busted by the CFTC under the headline “CFTC CRACKS DOWN ON FOREIGN CURRENCY SCAMS NATIONWIDE.”
    CFTC Press Release 4611-02

    The complaint itself charged GCI for violating the Commodity Exchange Act. In short, the CFTC was taking GCI to court because they had not registered with the NFA (Hello FXDD! This could someday happen to you!)

    Also cited in this lawsuit was Vazquez. In 2002, Vazquez and GCI settled the suit and as part of the settlement Vazquez paid a $100,000 fine and agreed to

    “for a period of three years, not to act in any capacity or affiliate in any way with any individual or entity which involves the solicitation, acceptance of orders, transmissions of orders, execution, advice related to, pooling of funds, or recommendation for or of futures contracts, options on futures contracts, or options on foreign currency either (i) for or on behalf of any U.S. citizen or U.S. resident, regardless of where cleared or conducted; or (ii) that are cleared or conducted in the U.S., whether on or off-exchange, regardless of the citizenship or residency of the parties.
    Sounds pretty clear to me. Basically, Vazquez and GCI were expected to close their doors and get out of the FX business.

    But apparently GCI didn’t see it that way. Instead, they submerged beneath the water and headed to Belize. Well at least their “State of the Art” dealing room fled to Belize. But Vazquez doesn’t appear to have gone anywhere as a FEC filing showed he contributed $2000 to George Bush’s Presidential Campaign in 2004 where he listed an address in New Canaan, CT.
    MITCHELL VAZQUEZ Donations -- Huffington Post

    Meanwhile in Switzerland (cue up Jaws music)…

    According to the gossip on the bulletin boards Vazquez had apparently branched out into the notorious Swiss Market. Rumor has it that GCI and GFX (Forex.CH) are the same firm. This was news to me. But several people have stated that Vazquez is also a director at GFX and also points out that the websites of GCI and GFX are remarkably similar and also housed on the same servers?
    Forums - GFX Group SA - anyone has experience?
    GFX Group SA
    GFX Group Reviews | GFX Group forex Ratings | reviews and ratings by Forex Peace Army

    Also, it appears that GFX has recently gotten into some trouble with the Swiss Government according to one trader who cited this (translation welcome if anyone speaks Francais):
    Renseignements internet du Registre du Commerce

    As for GCI, it claims registration in Belize and you can actually verify they are in fact licensed by the regulatory authorities there:
    ABOUT IFSC - International Financial Services Commission

    Strangely, GCI doesn’t provide this link on their website which would allow traders to verify this independently which I just did as the Savior is nothing if not fair and balanced.

    The reason GCI may be quiet about their regulatory status with Belize officials is because the IFSC does not actually do much aside from collect fees and provide “guidelines” to businesses. In fact, they state on their own website:
    ABOUT IFSC - International Financial Services Commission

    “The Commission relies on self-regulation, meaning that while government sets overall standards, it expects much of the actual work in terms of monitoring and compliance to be done by the industry itself.”
    Bwahahaha! As if a forex firm that has been driven out of the United States for being a “scam” is going to properly “self-regulate” itself. This tells you about all you need to know about the quality of Belize regulation.

    So what should traders take from all this? Common sense would dictate that traders avoid GCI. Their compliance history is poor and their current regulators in Belize clearly don’t give a damn what they do so long as they pay their bills on time. At the end of the day GCI is just another shark in the water. Here’s hoping someone harpoons them and sends them to the bottom of the ocean from whence they can never be dredged up again.

  6. #226
    Join Date
    Jun 2007

    Default eToro: All Hat, No Cattle

    This is going to be a post rife with Texas sized clichés. How can it not be with a company with a name like “eToro” that has a logo with a pair of bull horns jutting out of it?

    First of all who are these guys? Well they are one the newest FX brokers in the market who are taking a very novel approach to currency trading. They also have ties to the online gambling rackets as their CTO is David Ring who was a key R&D leader at Israeli-based (a major online casino and poker operator) according to this feature article that came out last fall:
    eToro Makes Forex Trade Child’s Play

    But this Israeli firm’s ties go much deeper than to just an Internet gambling website (and please spare me the term “gaming.”) They also have connections to none other than Shimon Peres, the President of Israel. It appears Shimon Peres’ son, Chimi Peres, is one of eToro’s private investors:
    Pitango Venture Capital - Nechemia (Chemi) J. Peres

    So how is eToro standing out in the marketplace aside from their exotic resume? Well they have created the first forex video game. You have to see the screen shots to believe them:

    But aside from the cute cartoon characters inhabiting its software (which led one trader to state eToro should rename itself “eTarded”) the truth is eToro is just shoveling the same old Bull at traders. What makes me say that? Well, when I asked them if they were regulated they gave me the ol’ Texas Two Step. Check out this chat transcript below:

    Daniel: Welcome to eToro! How can I help you?
    you: I was interested in opening a new account with you and see that you are based in Cyprus. Are you registered with the Cyprus Securities and Exchange Commission?
    Daniel: of course
    you: oh good. what is you Cyprus sec number?
    you: i don't see you firm listed in their database
    Daniel: I'm sorry. I can only give you support regarding our platform
    Daniel: for more information you can address our website
    Daniel: or retailfx's website
    you: but your website says nothing about you sec license
    you: what is retail fx's website?
    Daniel: Online Forex Trading Software for all online FX trading | RetailFX
    Daniel: this is our worldwide broker
    you: this website says nothing about your license either
    you: so do you have a license or not?
    Daniel: I'm not sure what you are looking for
    Daniel: i can help you regarding our platform
    you: Do you have a Cyprus Securities and Exchange license?
    Daniel: we do have a license
    you: is it a Cyprus SEC license?
    you: What kind of license do you have?
    Daniel: I'm sorry... I don't know these details. I can only give support regarding our platform
    you: ok do you have an email address?
    you: who can I speak to about this?
    you: I just want to make sure you are a legitimate company
    you: there are a lot of scammers in fx
    Daniel: we are totally legit
    Daniel: you can check with IFX
    you: who?
    Daniel: and the NFA
    you: nfa?
    you: you have an nfa license?
    Daniel: IFX..our US broker
    Daniel: we are regulated by the NFA
    you: eToro has a nfa license?
    Daniel: would you please send us an organized email with all of your questions?
    eToro is an Israeli company with a Cyprus address and a British Virgin Islands Registration. Now what kind of business arrangement is that? That is about as unaccountable as you can get. When I asked their chat representative if they have a Cyprus SEC license (which they should have if they have an office in Cyprus and are soliciting customers from Cyrpus) the rep says “of course.”

    When I point out that eToro is not listed as having a license at the Cyprus SEC website I’m directed to another company that supposedly has a license,, I find they don’t have a license either. At which point the customer service rep breaks down and blabbers about their arrangement with IFX.

    Clearly eToro talks the regulatory talk but they don’t walk the regulatory walk.

    So what about this link with IFX? Well it turns out that eToro can’t accept U.S. customers. Hmmm. That’s strange. Plenty of offshore forex brokers accept U.S. customers. Why not eToro? Instead, eToro has to rely on IFX who is apparently white labeling eToro’s Sony Playstation, er, forex trading software.

    It’s pretty obvious why eToro can’t accept U.S. customers. It’s because they are nothing more than a gambling shop and online casinos outside the U.S. are not allowed to accept U.S. customers. eToro’s lawyers are obviously worried that Uncle Sam will come after them with a vengeance if they start soliciting customers (not to mention the MGM Grand, Powerball, Pat Robertson, Ralph Reed and Mike Huckabee.)

    What does that tell you about the kind of dealing desk these guys are running? The firm is a straight up casino- they only make money if you lose money. It is market making on anabolic horse steroids. In short, it is every currency trader’s worst nightmare come true.

    By the way I sent eToro an email asking for clarification on their regulation. Of course there was no reply. Lord somebody fence these guys in…

  7. #227
    Join Date
    Jun 2007

    Default New CFTC Numbers are out

    Here are the latest adjusted net capital figuress for U.S. based forex brokers:

    Above $20 Million
    Oanda $163,000,000
    FXCM $87,000,000
    GFT Forex $76,000,000
    Gain Capital $73,000,000
    Interbank FX $28,000,000
    I Trade FX $27,000,000

    Below $20 Million
    PFG $19,000,000
    FX Solutions $17,000,000
    ODL $14,700,000
    CMS $13,900,000
    GFS Forex $11,000,000
    IFX $10,600,000
    Ikon $8,800,000
    Alpari $8,800,000
    CMC $8,300,000
    Friedberg Mercantile $8,000,000
    Forex Club $7,900,000
    Hotspot $7,700,000
    MB Trading $7,700,000
    Easy Forex $7,200,000
    Money Garden $6,600,000
    Bacera $5,500,000
    Advanced Markets $5,100,000

  8. #228
    Join Date
    Jun 2007

    Default FXDD Bows to the Savior!

    Six weeks ago I reported on the danger of trading with FXDD because they were the only forex firm in the United States that had neglected to get a license from the NFA.

    Well it appears FXDD took my criticism to heart.

    FXDD Announces Pending NFA Approval

    NEW YORK, NY May 7, 2008 – FXDD, a global leader in online foreign exchange trading, today announced its applications for becoming a National Futures Association (NFA) member and for registration as a Futures Commission Merchant (FCM) with the CFTC are pending approval. Clients may follow FXDD progress through the registration process by logging on to the NFA’s website (National Futures Association - NFA is a regulatory service provider for the derivatives markets) and searching the BASIC system under its NFA ID number 0397435.

    “The pending reauthorization legislation for the CFTC will fill the gaps left by previous legislation and narrow the playing field for entities in the Forex space. The value of companies as registered entities and non-registered entities is driven by many factors; registration is certainly one of those factors,” commented James E. Green, FXDD’s chief legal counsel. “FXDD is always interested in increasing its business under the appropriate circumstances by providing professional service and promoting certainty and clarity as to the government and private agencies responsible for regulating Forex dealers.”
    All I can say is, it's about time! Count that as another victory for retail forex traders. The Savior's work goes on...

  9. #229
    Join Date
    Jun 2007

    Default All Eyes on Washington

    The big news this week is the farm bill which is close to passing the House and Senate. Inside that farm bill are provisions that would require U.S. forex dealers to have a minimum adjusted net capital of $20 million in addition to requirements that all introducing brokers be registered with the CFTC.

    The big question is if Bush vetoes the bill will the Congress have enough votes to override his veto? According to this story the override vote will be a very close one:
    Farm bill conferees lambaste press, administration

    Chambliss, a Republican, has promised to try to override a White House veto. With other Republicans also taking such a stand, does President Bush have the votes to sustain a veto? It will be “very close” said Ed Schaefer, USDA secretary, during a May 9 press conference. Schaefer then played the populist and tied subsidy levels to U.S. families having trouble paying rising food prices. If politicians listen to such families “then we’re going to sustain the veto.”
    Of course, the forex provisions are a sideshow in this fight, which has become a fight primarily over farm subsidies. The $20 million capital requirement has been agreed upon by the powers that be. So now the question is not if, but when. A veto override means this capital requirement will be enforced by the end of the year for sure.


  10. #230
    Join Date
    Jun 2007

    Default Veto Override Likely

    According to Republican Senator Charles Grassley the Congress will have the votes to override a Bush veto of the farm bill.
    CongressDaily - Grassley: Congress Has Votes To Override A Farm Bill Veto

    Senate Finance ranking member Charles Grassley said today he has signed the farm bill conference report and will work to override a likely presidential veto, predicting that both chambers have enough support for an override. Grassley told Iowa reporters in his weekly teleconference that he is disappointed by the payment limitation provisions in the bill, but said they are better than current law. He also praised the bill's "long list" of other changes, including farm program and tax provisions that he wants enacted. Grassley expects the White House will not push Republicans to sustain the expected veto. If Bush does push support for the veto, cautioned Grassley, he should expect "very weak loyalty in the Congress from his own party."
    It looks more and more like this bill is going to become law. I’m trying to dig up the actual language of the bill to find out the time frames the industry is going to get in order to comply with the law. I’ll have more tomorrow.

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