I developed a business plan for gold accounts in 2008. The only obstacle was one Japanese patent. You could choose between an allocated account (no yield and no counter-party risk) and unallocated ( get a share of the lease rate). Attached to a credit card - you could use your gold for transactions.
Went to Stan O'Neil at Merrill Lynch with the idea, pitching it as being similarly transformative to Merrill's invention of the CMA account, which incorporated money market funds into brokerage accounts and eliminated the waste of time and money transferring between banks and brokerages.
Stan was a little busy mid-2008, so he put me in touch with Pete Hoffman, a former colleague.
I requested that Merrill sign an NDA. Pete said, you know me and you can trust me, and I responded that I didn't know if I would be dealing with him in the future (prophetically as it turned out).
With no NDA, I wasn't willing to hand over my intellectual property.
I developed a business plan for gold accounts in 2008. The only obstacle was one Japanese patent. You could choose between an allocated account (no yield and no counter-party risk) and unallocated ( get a share of the lease rate). Attached to a credit card - you could use your gold for transactions.
Went to Stan O'Neil at Merrill Lynch with the idea, pitching it as being similarly transformative to Merrill's invention of the CMA account, which incorporated money market funds into brokerage accounts and eliminated the waste of time and money transferring between banks and brokerages.
Stan was a little busy mid-2008, so he put me in touch with Pete Hoffman, a former colleague.
I requested that Merrill sign an NDA. Pete said, you know me and you can trust me, and I responded that I didn't know if I would be dealing with him in the future (prophetically as it turned out).
With no NDA, I wasn't willing to hand over my intellectual property.
End of story