Sunday, March 17, 2013

Why Not Here?

Over the weekend, all depositors in Cyprus banks lost either 6.75% or 9.9% of their deposits.

They were removed by Eurozone executive action, and applied to Cyprus' own deficit.

You can bet that the Bloombergites--many of whom occupy Congress and the White House--were paying attention.


J. Strupp said...

This is just disgraceful. More mismanagement by the Germans.

Anonymous said...
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Dad29 said...

Struppster, you're about 10% right.

The German and French banks (along with their Gummints), loaned a lot of money to Greece, Italy, and Spain.

The money is down the pisshole. Gone.

So they just stole it back.

This, sonny, is a failure of regulation. One of zillions of failures of regulation.

We all know that the Big Bozos at Citi, B of A, and Golden West should be in Federal prison for their thievery--and should be joined there by "regulators" such as TurboTaxTimmy and Bernanke, plus the Comptroller of the Currency and a variety of State banking regulators.

It ain't just the Krauts, sonny.

Saint Revolution said...

It already has happened here:
Banks Can Legally Steal Customer Funds...