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The finger on the invisible hand

N. Ireland Bank Robbery may Bolster IRA

Wednesday, December 22, 2004

It almost sounds like a movie plot. Thieves kidnap the families of two top bankers and force them to help steal more than $39 million from vaults of a banks main office. But, unfortunately, this is not a movie. This happened yesterday in North Ireland. The raid on the bank was so organized that police didn’t even know about the robbery until three hours after it occurred.

between $39 million and $58 million was stolen

The police officer leading the investigation, Assistant Chief Constable Sam Kinkaid, said that gunmen invaded the homes of two senior employees of Northern Bank Sunday and warned the executives that their families would be killed if they did not cooperate. Monday Morning, before bankers’ hours, the robbers began clearing out vaults packed with cash waiting to be distributed to the bank’s 95 locations. While no accurate count has yet been done, estimates are ranging between $39 million and $58 million was stolen. Kirkland refused to comment on the group who perpetrated the robbery, but many fear the influence of the IRA.

Kirkland refused to comment on the group who perpetrated the robbery

The IRA, or Individual Retirement Account, was established by Congress in 1974 to encourage people to save for their retirement. The plan allows an individual to contribute 100% of earned income or $2000, whichever is less and tax deductibility can be optional.

Many baby boomers are becoming conscious of the fact that their IRA might not be enough to sustain their lifestyle through retirement, especially given the rising cost of prescription drugs. To add to this fear is the message from the White House that Social Security may not be dependable in the near future. It has long been theorized that baby boomers may turn to a life of crime if their retirement planning seemed in jeopardy.

Wow. Me and Carp were riffing on this yesterday. Basically at some point one or the other would fully define the meaning to the I.R.A. acronym. At that point, major financial players like AegonUSA may have to be put on terrorist watch lists just because, not only do they actively promote the personal investment into an I.R.A. fund, but they provide unconditional support for them. Still, the I.R.A. can't move without an L.O.A.. Maybe the C.I.A. and the F.B.I with the help of the S.E.C. can head off these activities.
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