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.
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4 comments:
This is just disgraceful. More mismanagement by the Germans.
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.
It already has happened here:
Banks Can Legally Steal Customer Funds...
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