We need to put a stop to allowing "bail ins" of bad banks aka "the Cyprus plan" | TigerDroppings.com

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ironsides
LSU Fan
Nashville, TN
Member since May 2006
6089 posts

We need to put a stop to allowing "bail ins" of bad banks aka "the Cyprus plan"



Check out this article

So far we've had:
1) A Bail-In plan punishing depositors in Cyprus
2) The Canadian government putting a Bail-In provision in their banking legislation


Your banking deposits are YOUR money. They should not be confiscated or taxed. You've already been taxed on it. It's theft.

In Europe they changed the rules of the game from "Your deposits are safe in a bank" to

"we need the money in your bank account to bail out banks that made bad investments in your bank, who consequently because of those bad investments, continued to make bad decisions. We know that your money is supposed to be gauranteed by the EU agreements, but we're taking it anyway"

If you don't think it can happen here you are insane. Obama changed the rule of law in the same fashion when he took money from the bondholders of GM to pay the shareholders (who are supposed to be junior to the bond holders). Basically as a bribe to the union. They're still making shitty cars.

Have a great weekend y'all.....







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AustinTigr
LSU Fan
Austin, TX
Member since Dec 2004
863 posts

re: We need to put a stop to allowing "bail ins" of bad banks aka "the Cyprus plan"


Can't tell a liberal that 'big government' has a slippery slope... know-it-all smartasses deny it until it's too late.

Cyprus is waking up and smelling the coffee. Hopefully the American Left can extract their heads out of Utopia and see what happens when government becomes too big to fail... and too big to stop.



This post was edited on 3/29 at 4:13 pm


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OFWHAP
LSU Fan
Member since Sep 2007
5043 posts

re: We need to put a stop to allowing "bail ins" of bad banks aka "the Cyprus plan"


quote:

In Europe they changed the rules of the game from "Your deposits are safe in a bank" to

"we need the money in your bank account to bail out banks that made bad investments in your bank, who consequently because of those bad investments, continued to make bad decisions. We know that your money is supposed to be gauranteed by the EU agreements, but we're taking it anyway"


Last I heard, insured deposits (up to 100,000 euros) were safe. Even then, once the equity holders and bond holders have been wiped out, who else should pay up?






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Scoop
LSU Fan
Ecuador
Member since Sep 2005
27828 posts

re: We need to put a stop to allowing "bail ins" of bad banks aka "the Cyprus plan"




If anyone was curious, the powers that be will seize assets from the producers before they cut the spigot of to the takers when things go to shite.

We now have the proof.






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NC_Tigah
LSU Fan
Member since Sep 2003
52066 posts

re: We need to put a stop to allowing "bail ins" of bad banks aka "the Cyprus plan"


quote:

"the Cyprus plan"
Actually "the Cyprus plan" ended up more or less as an issue of bank insolvency. In such cases, insured accounts are made whole as they were in Cyprus. Uninsured accounts are at risk. In Cyprus, though uninsured accounts could have been entirely liquidated, the Cypriot government limited overall loss to 40%.






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ironsides
LSU Fan
Nashville, TN
Member since May 2006
6089 posts

re: We need to put a stop to allowing "bail ins" of bad banks aka "the Cyprus plan"


That's the point man - the equity and bond holders were made whole while the depositors who were told their money was safe are getting wiped out.

What if you are retired and you have that money to live on?






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lsu480
LSU Fan
Downtown Scottsdale
Member since Oct 2007
70074 posts

re: We need to put a stop to allowing "bail ins" of bad banks aka "the Cyprus plan"


quote:

If you don't think it can happen here you are insane. Obama changed the rule of law in the same fashion when he took money from the bondholders of GM to pay the shareholders (who are supposed to be junior to the bond holders). Basically as a bribe to the union. They're still making shitty cars.


As someone pointed out earlier this week, I think it may have been LSURussian, it is already happening here, just in the form of inflation from printing new $ and taking on so much debt. When they quit artificially keeping the rate low if will all catch up and the dollar will be so worthless that they might as well have gone in and stolen the $.






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Zahrim
Colorado Fan
McCamey Texas
Member since Mar 2009
4533 posts

re: We need to put a stop to allowing "bail ins" of bad banks aka "the Cyprus plan"


quote:

. In such cases, insured accounts are made whole as they were in Cyprus. Uninsured accounts are at risk. In Cyprus, though uninsured accounts could have been entirely liquidated, the Cypriot government limited overall loss to 40%.


it is still theft.






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AustinTigr
LSU Fan
Austin, TX
Member since Dec 2004
863 posts

re: We need to put a stop to allowing "bail ins" of bad banks aka "the Cyprus plan"


quote:

In such cases, insured accounts are made whole as they were in Cyprus. Uninsured accounts are at risk. In Cyprus, though uninsured accounts could have been entirely liquidated, the Cypriot government limited overall loss to 40%.


:angry: :angry: :angry:

Of all the liberal tripe I have ever read... and I've read a LOT... this is Exhibit A1.

This guy thinks the Cyrus government did the people a FAVOR by "limiting overall loss to 40%.

THE CYPRUS GOVERNMENT LIMITED THEIR THEFT TO ONLY 40%!!! How many Cyprus retirees had lived within their means for decades, doing the right thing, only to have their nest-egg cut by 40%?!?

EVIL. IMMORAL. In short.... LIBERAL AND PERFECTLY ALIGNED TO THE MENTALITY OF THE DEMOCRAT PARTY IN THIS COUNTRY.



This post was edited on 3/30 at 8:55 am


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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
81681 posts
 Online 

re: We need to put a stop to allowing "bail ins" of bad banks aka "the Cyprus plan"


quote:

while the depositors who were told their money was safe are getting wiped out.

You can keep repeating this statement but that doesn't make it true.

Insured depositors will lose no money. They are the only depositors who were told "their money was safe." And, it was.

The UNinsured depositors were NEVER told their money was safe and they will lose approximately 40% of their deposits, not as a tax, but to recapitalize the merged bad banks into one solvent bank.

The alternative would have been to wipe out ALL of the UNinsured depositors by liquidating both bad banks.






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