Friday, December 12, 2014

Pledgeable Vanguard accounts

When I see houses, I see collateral.

It's good for regular people to have access to some good collateral. Without good collateral, it's very costly to respond to income shocks, emergency spending needs, or an awesome business idea. You may have to resort to credit card borrowing or even payday lenders. So this is one point in favor of owning a house: it gives you a way to accumulate collateral--so emergency borrowing isn't insanely expensive--while also providing you with housing services and a way to accumulate wealth with a little leverage.

But a house is a really weird asset! Is it really optimal to have housing be the only source of collateral for regular people? I have wondered this for a long time. If housing is the only source of good collateral, I'm going to devote a lot of saving to the accumulation of housing when it might be better if I could devote that saving to more diversified assets with higher returns. But I don't have an easy way to use my Vanguard account as collateral. I don't mean for margin trading, which is way beyond my risk tolerance. I mean I want to be able to use my portfolio to take on some uncallable debt. Unlike a house, my Vanguard account is intentionally structured in a way that minimizes exposure to idiosyncratic risk. It seems like it would make pretty good collateral, particularly over a multi-year period. We could even stick to real estate and focus only on the REIT fund if you think stocks are too risky or whatever. But, to my knowledge, there's no way for me to pledge my Vanguard portfolio. The closest thing I can think of is the rule about taking out loans against a 401k, which is very costly.

So, for regular people, financial assets are not pledgeable. Why?

Joshua Brown reports on an "exploding" trend among wealth management providers:

Wealth management clients of the wirehouse firms keep millions of dollars in their taxable brokerage accounts, predominantly invested in stocks, bonds, and mutual funds. Advisors at the firm are encouraged to convince their clients to borrow against these holdings. Clients are offered an ultra-low interest rate, typically between 2% and 5%. And they can borrow between 50% and 95% of their portfolio’s equity (cash) value, with the bond-equity mix of the account being the primary determinant of the loan’s size.

The only rule is that clients cannot use the loaned funds to purchase additional securities, like a margin loan. Instead, these borrowings are meant to allow clients to smooth out cash flow at a small business, fund the purchase of artwork and real estate, or refinance higher-rate loans like mortgages. The beauty of securities-based lending is that these are not underwritten loans nor do they require extensive due diligence because the assets are already sitting there at the firm and public securities are thought to be extremely liquid.

This is what I'm talking about! So it's a thing, but apparently it's only available to really wealthy people. Moreover, Brown describes a bunch of other problems with it. Apparently the loans are typically callable, so the lender can liquidate the collateral at will. And there are likely some systemic risks associated with the way this is being done (sort of like, you know, home equity borrowing).

So this isn't quite what I'm looking for. Housing will still carry a large liquidity service yield. If I want to accumulate a lot of collateral, it means accumulating a lot of housing inventory--maybe even more housing inventory than I need. Practically every homeowner I know holds more housing inventory than they need. That's like owning a stock but throwing away half of the dividends. But it's a pretty natural outcome when housing is seen as the best mechanism for accumulating wealth and collateral (obviously that's not the only reason people accumulate extra housing). I would rather live in a house that provides exactly the amount of housing service I need--and put my excess savings in other assets whose production I can capture in its entirety. That strategy would be less costly if my Vanguard account were pledgeable.

The aggregate consequences are less clear. Brown argues that the current trend toward collateralizing financial assets for rich people causes systemic risk. But if financial assets became pledgeable, maybe people would live in houses that are less leveraged. The net effect on systemic risk isn't clear. It might also free up resources that are currently tied up in unproductive spare bedrooms, providing more savings for productive assets. Maybe the quantitative magnitudes on that notion are pretty small. But the point is: It's not obvious to me why we have a system that so dramatically favors housing as collateral.

UPDATE: My friend Jared Larsen points me to some details about a similar service provided by Charles Schwab. The minimum credit line is $100,000, so it will still be mostly available to the well-to-do. You can borrow up to 70% of the value of the collateral. The line is subject to collateral calls, and CS can sell your collateral without your consent (or even awareness). This is available in taxable accounts. So I find this pretty interesting--the thing I'm asking for is available, more or less, but I wish it were available at smaller dollar amounts.

26 comments:

  1. First line makes me think of a tag line for a movie about an oddly insightful finance person: "I see debt, people." Maybe call it "The Sixth Cent"

    ReplyDelete
    Replies
    1. It is a well-known fact that Illuminati consist of Multi Millionaires,
      Billionaires who have major influence regarding most global affairs,
      including the planning of a New World Order. Many world leaders,
      Presidents, Prime Ministers, royalty and senior executives of major Fortune
      500 companies are members of Illuminati. join a secret cabal of mysterious
      forces and become rich with boundless measures of wealth in your company or
      any given business, the great Illuminati can make everything possible just
      contact : illuminati666officialcult@gmail.com or WhatsApp +1(706)804-2665 EL
      IAI LEXION Thaddeus Iam Vice-President of Citizen Outreach THE ILLUMINATI
      ORGANIZATION

      Do not hesitate to contact us by WhatsApp.

      Whatsapp: +1(706)804-2665
      Email : illuminati666officialcult@gmail.com

      BEWARE OF SCAMMERS, THERE IS NO SUCH THING AS REGISTRATION FEE AND YOU MUST
      BE ABOVE THE AGE OF 18YRS.
      THANKS.'....//

      Delete
  2. Asking why you can't borrow against your Vanguard account seems to me like asking why you can't borrow against your checking account. If you have liquid assets you don't have to borrow, you can cash in your assets and consume them. Instead of paying back the loan, when money starts to come in you can easily buy more Vanguard.

    ReplyDelete
    Replies
    1. But stocks aren't as liquid as checking accounts! So it depends on how the transaction costs for getting the loan would compare with the transaction costs for selling/buying stocks. The latter involves taxes.

      Delete
  3. I WANT TO APPRECIATE Mrs jasmin noor for sincerely helping me with a loan of $714,000 after i was duped of $970 BY THIS RECENT DAYS INTERNET FAKE LOAN LENDERS, life was so full of challenges even to the extend i thought i could never get a loan from any loan lender, until one morning i saw a testimony about a woman that got her loan of $6,840 from mrs jasmin noor and due to that testimony i applied for a loan and today am so glad am leaving a better life with my kids, mrs jasmin is really one of a kind as i was able to obtain a loan with low stress from this loan company and if in-case you are in need of an urgent loan to start up a business , to pay your bill or to consolidate your debts or for personal use. apply for a loan from (jasminnoorloancompany01@gmail.com).

    ReplyDelete
  4. eToro is the best forex broker for newbie and professional traders.

    ReplyDelete
  5. Hello everyone I am Mr Smith Benson from usa, I am giving a testimony on how I joined the illuminati brotherhood, I was trying to join this organization for so many years now,I was scammed by fake agent in south Africa and nigeria,I was down,I could not feed my self and my family anymore and I tryed to make money by all miss but all avail, I was afraid to contact any illuminati agent because they have eat my money.One day I across a post of someone giving a testimony, thanking a man called Paul mark of being helping him to join the illuminati brotherhood, then I look at the man email and the phone number that was written there, it was a Nigeria number I was afraid to contact him because a Nigerian agent eat my $5,000 and go away with the money then I was very tired, confused and I decided to contact the person that was given the testimony and i called him and I communicated with him on phone calls before he started telling me his own story about when he wanted to join, he told me everything to do, then I made up my mind and called the agent called Paul mark and he told me everything to do, and I was initiated, surprisingly I was given my benefit of being a new member of the great illuminati brotherhood I was so happy, For those of you trying to join this organization this is your opportunity for you to join CONTACT MR PAUL MARK call (+2348163028633 or WhatsApp him +2348163028633 or email: illuminatiworldoffamous@gmail.com

    ReplyDelete
  6. JOIN THE brotherhood OF ILLUMINATI CALL Dr mark +2349061232079 whats App OR INFO .joinilluminatiworldwide4@gmail.com ARE YOU A BUSINESS MAN OR WOMAN , POLITICAL , MUSICIAN , STUDENT , THE YOU WANT TO BE RICH , FAMOUS, POWERFUL IN LIFE, JOIN THE ILLUMINATI brotherhood CULT TODAY AND GET INSTANT RICH SUM OF . 1MILLION DOLLARS IN AWEEK , AND A FREE HOME ANYWHERE YOU CHOOSE TO LIVE IN THIS WORLD AND ALSO GET 10, 000 ,000 U . S DOLLARS MONTHLY AS A SALARY. . . BENEFITS GIVEN TO NEW MEMBERS WHO JOIN THE ILLUMINATI . 1. A CASH REWARD OF USD $ 500, 000 USD 2. A NEW SLEEK DREAM CAR VALUED AT $300 ,000 USD 3. A DREAM HOUSE BOUGHT IN THE COUNTRY OF YOUR OWN CHOICE 4. ONE MONTH HOLIDAY ( FULLY PAID) TO YOUR DREAM TOURIST DESTINATION. 5. ONE YEAR GOLF MEMBERSHIP PACKAGE A V . I . P 6. TREATMENT IN ALL AIRPORTS IN THE WORLD 7. A TOTAL LIFESTYLE CHANGE ACCESS TO BOHEMIAN GROVE 8. MONTHLY PAYMENT OF $1, 000 ,000 USD INTO YOUR BANK ACCOUNT EVERY MONTH. 9. ONE MONTH BOOKED APPOINTMENT WITH TOP 5 WORLD LEADERS AND TOP 5 CELEBRITIES IN THE WORLD . IF YOU ARE INTERESTED CALL THE AGENT NOW +2349061232079 AND STAND BY THE 666 COMMAND OF ILLUMINATI . . . .

    ReplyDelete
  7. JOIN THE brotherhood OF ILLUMINATI CALL Dr mark +2349061232079 whats App OR INFO .joinilluminatiworldwide4@gmail.com ARE YOU A BUSINESS MAN OR WOMAN , POLITICAL , MUSICIAN , STUDENT , THE YOU WANT TO BE RICH , FAMOUS, POWERFUL IN LIFE, JOIN THE ILLUMINATI brotherhood CULT TODAY AND GET INSTANT RICH SUM OF . 1MILLION DOLLARS IN AWEEK , AND A FREE HOME ANYWHERE YOU CHOOSE TO LIVE IN THIS WORLD AND ALSO GET 10, 000 ,000 U . S DOLLARS MONTHLY AS A SALARY. . . BENEFITS GIVEN TO NEW MEMBERS WHO JOIN THE ILLUMINATI . 1. A CASH REWARD OF USD $ 500, 000 USD 2. A NEW SLEEK DREAM CAR VALUED AT $300 ,000 USD 3. A DREAM HOUSE BOUGHT IN THE COUNTRY OF YOUR OWN CHOICE 4. ONE MONTH HOLIDAY ( FULLY PAID) TO YOUR DREAM TOURIST DESTINATION. 5. ONE YEAR GOLF MEMBERSHIP PACKAGE A V . I . P 6. TREATMENT IN ALL AIRPORTS IN THE WORLD 7. A TOTAL LIFESTYLE CHANGE ACCESS TO BOHEMIAN GROVE 8. MONTHLY PAYMENT OF $1, 000 ,000 USD INTO YOUR BANK ACCOUNT EVERY MONTH. 9. ONE MONTH BOOKED APPOINTMENT WITH TOP 5 WORLD LEADERS AND TOP 5 CELEBRITIES IN THE WORLD . IF YOU ARE INTERESTED CALL THE AGENT NOW +2349061232079 AND STAND BY THE 666 COMMAND OF ILLUMINATI . . . .

    ReplyDelete
  8. JOIN THE brotherhood OF ILLUMINATI CALL Dr mark +2349061232079 whats App OR INFO .joinilluminatiworldwide4@gmail.com ARE YOU A BUSINESS MAN OR WOMAN , POLITICAL , MUSICIAN , STUDENT , THE YOU WANT TO BE RICH , FAMOUS, POWERFUL IN LIFE, JOIN THE ILLUMINATI brotherhood CULT TODAY AND GET INSTANT RICH SUM OF . 1MILLION DOLLARS IN AWEEK , AND A FREE HOME ANYWHERE YOU CHOOSE TO LIVE IN THIS WORLD AND ALSO GET 10, 000 ,000 U . S DOLLARS MONTHLY AS A SALARY. . . BENEFITS GIVEN TO NEW MEMBERS WHO JOIN THE ILLUMINATI . 1. A CASH REWARD OF USD $ 500, 000 USD 2. A NEW SLEEK DREAM CAR VALUED AT $300 ,000 USD 3. A DREAM HOUSE BOUGHT IN THE COUNTRY OF YOUR OWN CHOICE 4. ONE MONTH HOLIDAY ( FULLY PAID) TO YOUR DREAM TOURIST DESTINATION. 5. ONE YEAR GOLF MEMBERSHIP PACKAGE A V . I . P 6. TREATMENT IN ALL AIRPORTS IN THE WORLD 7. A TOTAL LIFESTYLE CHANGE ACCESS TO BOHEMIAN GROVE 8. MONTHLY PAYMENT OF $1, 000 ,000 USD INTO YOUR BANK ACCOUNT EVERY MONTH. 9. ONE MONTH BOOKED APPOINTMENT WITH TOP 5 WORLD LEADERS AND TOP 5 CELEBRITIES IN THE WORLD . IF YOU ARE INTERESTED CALL THE AGENT NOW +2349061232079 AND STAND BY THE 666 COMMAND OF ILLUMINATI . . . .

    ReplyDelete
  9. JOIN THE brotherhood OF ILLUMINATI CALL Dr mark +2349061232079 whats App OR INFO .joinilluminatiworldwide4@gmail.com ARE YOU A BUSINESS MAN OR WOMAN , POLITICAL , MUSICIAN , STUDENT , THE YOU WANT TO BE RICH , FAMOUS, POWERFUL IN LIFE, JOIN THE ILLUMINATI brotherhood CULT TODAY AND GET INSTANT RICH SUM OF . 1MILLION DOLLARS IN AWEEK , AND A FREE HOME ANYWHERE YOU CHOOSE TO LIVE IN THIS WORLD AND ALSO GET 10, 000 ,000 U . S DOLLARS MONTHLY AS A SALARY. . . BENEFITS GIVEN TO NEW MEMBERS WHO JOIN THE ILLUMINATI . 1. A CASH REWARD OF USD $ 500, 000 USD 2. A NEW SLEEK DREAM CAR VALUED AT $300 ,000 USD 3. A DREAM HOUSE BOUGHT IN THE COUNTRY OF YOUR OWN CHOICE 4. ONE MONTH HOLIDAY ( FULLY PAID) TO YOUR DREAM TOURIST DESTINATION. 5. ONE YEAR GOLF MEMBERSHIP PACKAGE A V . I . P 6. TREATMENT IN ALL AIRPORTS IN THE WORLD 7. A TOTAL LIFESTYLE CHANGE ACCESS TO BOHEMIAN GROVE 8. MONTHLY PAYMENT OF $1, 000 ,000 USD INTO YOUR BANK ACCOUNT EVERY MONTH. 9. ONE MONTH BOOKED APPOINTMENT WITH TOP 5 WORLD LEADERS AND TOP 5 CELEBRITIES IN THE WORLD . IF YOU ARE INTERESTED CALL THE AGENT NOW +2349061232079 AND STAND BY THE 666 COMMAND OF ILLUMINATI . . . .

    ReplyDelete
  10. JOIN THE brotherhood OF ILLUMINATI CALL Dr mark +2349061232079 whats App OR INFO .joinilluminatiworldwide4@gmail.com ARE YOU A BUSINESS MAN OR WOMAN , POLITICAL , MUSICIAN , STUDENT , THE YOU WANT TO BE RICH , FAMOUS, POWERFUL IN LIFE, JOIN THE ILLUMINATI brotherhood CULT TODAY AND GET INSTANT RICH SUM OF . 1MILLION DOLLARS IN AWEEK , AND A FREE HOME ANYWHERE YOU CHOOSE TO LIVE IN THIS WORLD AND ALSO GET 10, 000 ,000 U . S DOLLARS MONTHLY AS A SALARY. . . BENEFITS GIVEN TO NEW MEMBERS WHO JOIN THE ILLUMINATI . 1. A CASH REWARD OF USD $ 500, 000 USD 2. A NEW SLEEK DREAM CAR VALUED AT $300 ,000 USD 3. A DREAM HOUSE BOUGHT IN THE COUNTRY OF YOUR OWN CHOICE 4. ONE MONTH HOLIDAY ( FULLY PAID) TO YOUR DREAM TOURIST DESTINATION. 5. ONE YEAR GOLF MEMBERSHIP PACKAGE A V . I . P 6. TREATMENT IN ALL AIRPORTS IN THE WORLD 7. A TOTAL LIFESTYLE CHANGE ACCESS TO BOHEMIAN GROVE 8. MONTHLY PAYMENT OF $1, 000 ,000 USD INTO YOUR BANK ACCOUNT EVERY MONTH. 9. ONE MONTH BOOKED APPOINTMENT WITH TOP 5 WORLD LEADERS AND TOP 5 CELEBRITIES IN THE WORLD . IF YOU ARE INTERESTED CALL THE AGENT NOW +2349061232079 AND STAND BY THE 666 COMMAND OF ILLUMINATI . . . .

    ReplyDelete
  11. JOIN THE brotherhood OF ILLUMINATI CALL Dr mark +2349061232079 whats App OR INFO .joinilluminatiworldwide4@gmail.com ARE YOU A BUSINESS MAN OR WOMAN , POLITICAL , MUSICIAN , STUDENT , THE YOU WANT TO BE RICH , FAMOUS, POWERFUL IN LIFE, JOIN THE ILLUMINATI brotherhood CULT TODAY AND GET INSTANT RICH SUM OF . 1MILLION DOLLARS IN AWEEK , AND A FREE HOME ANYWHERE YOU CHOOSE TO LIVE IN THIS WORLD AND ALSO GET 10, 000 ,000 U . S DOLLARS MONTHLY AS A SALARY. . . BENEFITS GIVEN TO NEW MEMBERS WHO JOIN THE ILLUMINATI . 1. A CASH REWARD OF USD $ 500, 000 USD 2. A NEW SLEEK DREAM CAR VALUED AT $300 ,000 USD 3. A DREAM HOUSE BOUGHT IN THE COUNTRY OF YOUR OWN CHOICE 4. ONE MONTH HOLIDAY ( FULLY PAID) TO YOUR DREAM TOURIST DESTINATION. 5. ONE YEAR GOLF MEMBERSHIP PACKAGE A V . I . P 6. TREATMENT IN ALL AIRPORTS IN THE WORLD 7. A TOTAL LIFESTYLE CHANGE ACCESS TO BOHEMIAN GROVE 8. MONTHLY PAYMENT OF $1, 000 ,000 USD INTO YOUR BANK ACCOUNT EVERY MONTH. 9. ONE MONTH BOOKED APPOINTMENT WITH TOP 5 WORLD LEADERS AND TOP 5 CELEBRITIES IN THE WORLD . IF YOU ARE INTERESTED CALL THE AGENT NOW +2349061232079 AND STAND BY THE 666 COMMAND OF ILLUMINATI . . . .

    ReplyDelete
  12. сертифицированная кредитная организация, которая предлагает кредиты частным лицам и сотрудничает
    органы, которым нужен кредит для малого бизнеса, личные инвестиции с
    процентная ставка 3%. Наша франшиза включает в себя местные и международные
    кредиты для лиц по всему миру. Мы также работаем через онлайн-счет
    передача глобально. Наше слово вахты - честность и доверие. Для получения дополнительной информации
    или вопросы, пожалуйста, свяжитесь с нами по assurancefinanceloan@yahoo.com

    ReplyDelete
  13. It is a well-known fact that Illuminati consist of Multi Millionaires,
    Billionaires who have major influence regarding most global affairs,
    including the planning of a New World Order. Many world leaders,
    Presidents, Prime Ministers, royalty and senior executives of major Fortune
    500 companies are members of Illuminati. join a secret cabal of mysterious
    forces and become rich with boundless measures of wealth in your company or
    any given business, the great Illuminati can make everything possible just
    contact : illuminati666officialcult@gmail.com or WhatsApp +1(706)804-2665 EL
    IAI LEXION Thaddeus Iam Vice-President of Citizen Outreach THE ILLUMINATI
    ORGANIZATION

    Do not hesitate to contact us by WhatsApp.

    Whatsapp: +1(706)804-2665
    Email : illuminati666officialcult@gmail.com

    BEWARE OF SCAMMERS, THERE IS NO SUCH THING AS REGISTRATION FEE AND YOU MUST
    BE ABOVE THE AGE OF 18YRS.
    THANKS.'....//

    ReplyDelete
  14. JOIN THE ILLUMINATI666 BROTHERHOOD?!!!
    contact us on +2348035692248 or illumnatib53@gmail.com
    Are you a business man, or woman,are you a pastor
    or an artist,, do you want to be famous or you want
    to be rich or powerful, it is better you become a
    member of Illuminati and make your dream come
    true . this is the chance for you now to become a
    member of the temple KINGDOM and get what you
    seek from us.if you are ready to become a member
    of Illuminati and realize your dream then-: whatsapp
    us or email
    illumnatib53@gmail.com
    fill in the following as well-:
    NAME....................
    NEXT OF KIN...................
    ADDRESS.................
    MARITAL STATUS.............
    COUNTRY.........
    STATE..................
    OCCUPATION................
    MOBILE LINE............
    A NEW MEMBER WILL GIVEN THE SUM OF
    120MILLION DOLLARS, A CAR AND A HOUSE IN ANY
    PART OF THE WORLD. NOTE: WE ARE NOT FORCING
    ANYBODY FOR THIS. IF YOU ARE NOT INTERESTED
    PLEASE DON'T APPLY



    ReplyDelete
  15. JOIN THE ILLUMINATI666 BROTHERHOOD?!!!
    contact us on +2348035692248 or illumnatib53@gmail.com
    Are you a business man, or woman,are you a pastor
    or an artist,, do you want to be famous or you want
    to be rich or powerful, it is better you become a
    member of Illuminati and make your dream come
    true . this is the chance for you now to become a
    member of the temple KINGDOM and get what you
    seek from us.if you are ready to become a member
    of Illuminati and realize your dream then-: whatsapp
    us or email
    illumnatib53@gmail.com
    fill in the following as well-:
    NAME....................
    NEXT OF KIN...................
    ADDRESS.................
    MARITAL STATUS.............
    COUNTRY.........
    STATE..................
    OCCUPATION................
    MOBILE LINE............
    A NEW MEMBER WILL GIVEN THE SUM OF
    120MILLION DOLLARS, A CAR AND A HOUSE IN ANY
    PART OF THE WORLD. NOTE: WE ARE NOT FORCING
    ANYBODY FOR THIS. IF YOU ARE NOT INTERESTED
    PLEASE DON'T APPLY



    ReplyDelete
  16. JOIN THE ILLUMINATI666 BROTHERHOOD?!!!
    contact us on +2348035692248 or illumnatib53@gmail.com
    Are you a business man, or woman,are you a pastor
    or an artist,, do you want to be famous or you want
    to be rich or powerful, it is better you become a
    member of Illuminati and make your dream come
    true . this is the chance for you now to become a
    member of the temple KINGDOM and get what you
    seek from us.if you are ready to become a member
    of Illuminati and realize your dream then-: whatsapp
    us or email
    illumnatib53@gmail.com
    fill in the following as well-:
    NAME....................
    NEXT OF KIN...................
    ADDRESS.................
    MARITAL STATUS.............
    COUNTRY.........
    STATE..................
    OCCUPATION................
    MOBILE LINE............
    A NEW MEMBER WILL GIVEN THE SUM OF
    120MILLION DOLLARS, A CAR AND A HOUSE IN ANY
    PART OF THE WORLD. NOTE: WE ARE NOT FORCING
    ANYBODY FOR THIS. IF YOU ARE NOT INTERESTED
    PLEASE DON'T APPLY



    ReplyDelete
  17. WELCOME TO THE GREAT BROTHERHOOD.
    Do you want to be a member of Illuminati as a brotherhood that will make you rich and famous in the world and have power to control

    people in the high place in the worldwide .Are you a business man or woman,artist, political, musician, student, do you want to be

    rich, famous, powerful in life, join the Illuminati brotherhood cult today and get instant rich sum of. 2 million dollars in a week,

    and a free home. any where you choose to live in this world and also get 2,000,000 U.S dollars monthly as a salary.. Call Dr Daniel

    +2348167205598 OR INFO . illuminatiworldwilde08@gmail.com
    BENEFITS GIVEN TO NEW MEMBERS WHO JOIN ILLUMINATI.
    1. A Cash reward worth $1,000,000, 00USD after initiation.
    2. A New Sleek Dream CAR valued at USD $33,000 USD
    3.A Dream House bought in the country of your own choice
    4. One Month holiday (fully paid) to your dream tourist destination.
    5.One year Golf Membership package
    6.A V.I.P treatment in all Airports in the World
    7.A total Lifestyle change
    8.Access to Bohemian Grove.
    9.Monthly payment of $1,000,000,00 USD into your bank account every month as a member
    10.One Month booked.appointment with Top 5 world Leaders and Top 5 Celebrities in the World
    If you are interested of joining us in the great brotherhood illuminati contact Dr Daniel +2348167205598 OR INFO .Join

    illuminatiworldwilde08@gmail.com
    fill in the following as well-:
    NAME....................
    NEXT OF KIN...................
    ADDRESS.................
    MARITAL STATUS.............
    COUNTRY.........
    STATE..................
    OCCUPATION................
    MOBILE LINE............

    ReplyDelete
  18. WELCOME TO THE GREAT BROTHERHOOD.
    Do you want to be a member of Illuminati as a brotherhood that will make you rich and famous in the world and have power to control

    people in the high place in the worldwide .Are you a business man or woman,artist, political, musician, student, do you want to be

    rich, famous, powerful in life, join the Illuminati brotherhood cult today and get instant rich sum of. 2 million dollars in a week,

    and a free home. any where you choose to live in this world and also get 2,000,000 U.S dollars monthly as a salary.. Call Dr Daniel

    +2348167205598 OR INFO . illuminatiworldwilde08@gmail.com
    BENEFITS GIVEN TO NEW MEMBERS WHO JOIN ILLUMINATI.
    1. A Cash reward worth $1,000,000, 00USD after initiation.
    2. A New Sleek Dream CAR valued at USD $33,000 USD
    3.A Dream House bought in the country of your own choice
    4. One Month holiday (fully paid) to your dream tourist destination.
    5.One year Golf Membership package
    6.A V.I.P treatment in all Airports in the World
    7.A total Lifestyle change
    8.Access to Bohemian Grove.
    9.Monthly payment of $1,000,000,00 USD into your bank account every month as a member
    10.One Month booked.appointment with Top 5 world Leaders and Top 5 Celebrities in the World
    If you are interested of joining us in the great brotherhood illuminati contact Dr Daniel +2348167205598 OR INFO .Join

    illuminatiworldwilde08@gmail.com
    fill in the following as well-:
    NAME....................
    NEXT OF KIN...................
    ADDRESS.................
    MARITAL STATUS.............
    COUNTRY.........
    STATE..................
    OCCUPATION................
    MOBILE LINE............

    ReplyDelete
  19. PENTAGON ILLUMINATI...!!!
    Are you interested in joining the great illuminati, here is a life transforming opportunity into the world of the riches, power and fame... contact us via email; (pentagonilluminati@gmail.com) you can also reach us via whatsApp; +1 (870) 729-1487 and say yes to your dream...

    ReplyDelete
  20. JOIN THE brotherhood OF ILLUMINATI CALL Dr mark +2349061232079 whats App OR INFO .joinilluminatiworldwide4@gmail.com ARE YOU A BUSINESS MAN OR WOMAN , POLITICAL , MUSICIAN , STUDENT , THE YOU WANT TO BE RICH , FAMOUS, POWERFUL IN LIFE, JOIN THE ILLUMINATI brotherhood CULT TODAY AND GET INSTANT RICH SUM OF . 1MILLION DOLLARS IN AWEEK , AND A FREE HOME ANYWHERE YOU CHOOSE TO LIVE IN THIS WORLD AND ALSO GET 10, 000 ,000 U . S DOLLARS MONTHLY AS A SALARY. . . BENEFITS GIVEN TO NEW MEMBERS WHO JOIN THE ILLUMINATI . 1. A CASH REWARD OF USD $ 500, 000 USD 2. A NEW SLEEK DREAM CAR VALUED AT $300 ,000 USD 3. A DREAM HOUSE BOUGHT IN THE COUNTRY OF YOUR OWN CHOICE 4. ONE MONTH HOLIDAY ( FULLY PAID) TO YOUR DREAM TOURIST DESTINATION. 5. ONE YEAR GOLF MEMBERSHIP PACKAGE A V . I . P 6. TREATMENT IN ALL AIRPORTS IN THE WORLD 7. A TOTAL LIFESTYLE CHANGE ACCESS TO BOHEMIAN GROVE 8. MONTHLY PAYMENT OF $1, 000 ,000 USD INTO YOUR BANK ACCOUNT EVERY MONTH. 9. ONE MONTH BOOKED APPOINTMENT WITH TOP 5 WORLD LEADERS AND TOP 5 CELEBRITIES IN THE WORLD . IF YOU ARE INTERESTED CALL THE AGENT NOW +2349061232079 AND STAND BY THE 666 COMMAND OF ILLUMINATI . . . .

    ReplyDelete
  21. WELCOME TO THE GREAT BROTHERHOOD.
    Do you want to be a member of Illuminati as a brotherhood that will make you rich and famous in the world and have power to control

    people in the high place in the worldwide .Are you a business man or woman,artist, political, musician, student, do you want to be

    rich, famous, powerful in life, join the Illuminati brotherhood cult today and get instant rich sum of. 2 million dollars in a week,

    and a free home. any where you choose to live in this world and also get 2,000,000 U.S dollars monthly as a salary.. Call Dr Daniel

    +2348167205598 OR INFO . illuminatiworldwilde08@gmail.com
    BENEFITS GIVEN TO NEW MEMBERS WHO JOIN ILLUMINATI.
    1. A Cash reward worth $1,000,000, 00USD after initiation.
    2. A New Sleek Dream CAR valued at USD $33,000 USD
    3.A Dream House bought in the country of your own choice
    4. One Month holiday (fully paid) to your dream tourist destination.
    5.One year Golf Membership package
    6.A V.I.P treatment in all Airports in the World
    7.A total Lifestyle change
    8.Access to Bohemian Grove.
    9.Monthly payment of $1,000,000,00 USD into your bank account every month as a member
    10.One Month booked.appointment with Top 5 world Leaders and Top 5 Celebrities in the World
    If you are interested of joining us in the great brotherhood illuminati contact Dr Daniel +2348167205598 OR INFO .Join

    illuminatiworldwilde08@gmail.com
    fill in the following as well-:
    NAME....................
    NEXT OF KIN...................
    ADDRESS.................
    MARITAL STATUS.............
    COUNTRY.........
    STATE..................
    OCCUPATION................
    MOBILE LINE............

    ReplyDelete
  22. WELCOME TO THE GREAT BROTHERHOOD.
    Do you want to be a member of Illuminati as a brotherhood that will make you rich and famous in the world and have power to control

    people in the high place in the worldwide .Are you a business man or woman,artist, political, musician, student, do you want to be

    rich, famous, powerful in life, join the Illuminati brotherhood cult today and get instant rich sum of. 2 million dollars in a week,

    and a free home. any where you choose to live in this world and also get 2,000,000 U.S dollars monthly as a salary.. Call Dr Daniel

    +2348167205598 OR INFO . illuminatiworldwilde08@gmail.com
    BENEFITS GIVEN TO NEW MEMBERS WHO JOIN ILLUMINATI.
    1. A Cash reward worth $1,000,000, 00USD after initiation.
    2. A New Sleek Dream CAR valued at USD $33,000 USD
    3.A Dream House bought in the country of your own choice
    4. One Month holiday (fully paid) to your dream tourist destination.
    5.One year Golf Membership package
    6.A V.I.P treatment in all Airports in the World
    7.A total Lifestyle change
    8.Access to Bohemian Grove.
    9.Monthly payment of $1,000,000,00 USD into your bank account every month as a member
    10.One Month booked.appointment with Top 5 world Leaders and Top 5 Celebrities in the World
    If you are interested of joining us in the great brotherhood illuminati contact Dr Daniel +2348167205598 OR INFO .Join

    illuminatiworldwilde08@gmail.com
    fill in the following as well-:
    NAME....................
    NEXT OF KIN...................
    ADDRESS.................
    MARITAL STATUS.............
    COUNTRY.........
    STATE..................
    OCCUPATION................
    MOBILE LINE............

    ReplyDelete
  23. WELCOME TO THE GREAT BROTHERHOOD.
    Do you want to be a member of Illuminati as a brotherhood that will make you rich and famous in the world and have power to control

    people in the high place in the worldwide .Are you a business man or woman,artist, political, musician, student, do you want to be

    rich, famous, powerful in life, join the Illuminati brotherhood cult today and get instant rich sum of. 2 million dollars in a week,

    and a free home. any where you choose to live in this world and also get 2,000,000 U.S dollars monthly as a salary.. Call Dr Daniel

    +2348167205598 OR INFO . illuminatiworldwilde08@gmail.com
    BENEFITS GIVEN TO NEW MEMBERS WHO JOIN ILLUMINATI.
    1. A Cash reward worth $1,000,000, 00USD after initiation.
    2. A New Sleek Dream CAR valued at USD $33,000 USD
    3.A Dream House bought in the country of your own choice
    4. One Month holiday (fully paid) to your dream tourist destination.
    5.One year Golf Membership package
    6.A V.I.P treatment in all Airports in the World
    7.A total Lifestyle change
    8.Access to Bohemian Grove.
    9.Monthly payment of $1,000,000,00 USD into your bank account every month as a member
    10.One Month booked.appointment with Top 5 world Leaders and Top 5 Celebrities in the World
    If you are interested of joining us in the great brotherhood illuminati contact Dr Daniel +2348167205598 OR INFO .Join

    illuminatiworldwilde08@gmail.com
    fill in the following as well-:
    NAME....................
    NEXT OF KIN...................
    ADDRESS.................
    MARITAL STATUS.............
    COUNTRY.........
    STATE..................
    OCCUPATION................
    MOBILE LINE............

    ReplyDelete
  24. WELCOME TO THE GREAT BROTHERHOOD.
    Do you want to be a member of Illuminati as a brotherhood that will make you rich and famous in the world and have power to control

    people in the high place in the worldwide .Are you a business man or woman,artist, political, musician, student, do you want to be

    rich, famous, powerful in life, join the Illuminati brotherhood cult today and get instant rich sum of. 2 million dollars in a week,

    and a free home. any where you choose to live in this world and also get 2,000,000 U.S dollars monthly as a salary.. Call Dr Daniel

    +2348167205598 OR INFO . illuminatiworldwilde08@gmail.com
    BENEFITS GIVEN TO NEW MEMBERS WHO JOIN ILLUMINATI.
    1. A Cash reward worth $1,000,000, 00USD after initiation.
    2. A New Sleek Dream CAR valued at USD $33,000 USD
    3.A Dream House bought in the country of your own choice
    4. One Month holiday (fully paid) to your dream tourist destination.
    5.One year Golf Membership package
    6.A V.I.P treatment in all Airports in the World
    7.A total Lifestyle change
    8.Access to Bohemian Grove.
    9.Monthly payment of $1,000,000,00 USD into your bank account every month as a member
    10.One Month booked.appointment with Top 5 world Leaders and Top 5 Celebrities in the World
    If you are interested of joining us in the great brotherhood illuminati contact Dr Daniel +2348167205598 OR INFO .Join

    illuminatiworldwilde08@gmail.com
    fill in the following as well-:
    NAME....................
    NEXT OF KIN...................
    ADDRESS.................
    MARITAL STATUS.............
    COUNTRY.........
    STATE..................
    OCCUPATION................
    MOBILE LINE............

    ReplyDelete