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COMEDY: Slight Problem In Cyprus Banking System


Clarke and Dawe on Cyprus banks.

Presenting Mr. Luka Busy, advisor to the European Central Bank.


And right on cue from Reuters:

Cypriot parliament votes 29-27 to approve EU bailout...


More Below

Not everyone pinched in Cyprus was Russian mafia.


Woman Sold Home In Cyprus When Husband Died, Bank Kept The Money

UK Express

Only three weeks ago the widow was confident she was finally putting her painful past behind her. In the space of three days she had sold her house on Cyprus, the island where the couple ran a popular scuba-diving business, located to a new home in the UK and found a job.   “I was set on moving on after Gary died last year and had everything in motion when overnight my world was turned upside down again,” said the mother-of-two from Welling, Kent.

Suddenly I was caught up in this nightmare scenario with the funds from the sale of my house frozen as a result of capital controls because of the crisis.”

The £155,000 proceeds from the sale of her villa in Paralimni, near Ayia Napa, hit her account two hours before close of business on March 15.  The next day, EU officials announced that to qualify for a bailout the bankrupt island must enforce draconian measures, including an unprecedented tax on depositors with more than 100,000 euros (£85,000).

Sharon’s two accounts at the Bank of Cyprus, one set up especially for the transaction, were immediately frozen. The 55-year-old, who fears she could lose £42,000, said: “On the same day that the money went into the bank I sent an e-mail. In it I instructed them to transfer the funds, some of which were in euros and some in sterling, to the UK but on Saturday morning the news broke that Cypriot banks were in major financial difficulty.”

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Reader Comments (29)

Who Would Get the Best Table at the Club?


Jalen Rose and Bill Simmons debate who would get the best table at a New York City nightclub: President Obama, Michael Jordan, Jay-Z, or LeBron.
May 1, 2013 at 3:25 AM | Registered CommenterDailyBail
Bird Would Have Retired Had Len Bias Lived


Good new Grantland interview with Larry Bird
May 1, 2013 at 3:27 AM | Registered CommenterDailyBail
DB-I was a freshman at Duke when Maryland visited Cameron. To give you an idea how good we were, Duke, led by Johnny Dawkins, Mark Alarie, Jay Bilas and Tommy Amaker, would finish 37-3 that year and lose to L'ville and "never nervous" Pervis Ellison the NCAA final. In the MD game, I witnessed Bias drop 41 on us in a jaw-dropping display of gifted basketball talent. The Terps lost, however, as Bias left the court with his team and Lefty, the entire crowd at Cameron gave him a standing ovation. The entire crowd. That had never happened in Cameron, before or since. Bias is the best player I ever saw play in person, an it's not even close. What a sad day for hoops fans when he overdosed on cocaine.
May 1, 2013 at 11:29 AM | Unregistered CommenterJosie

I'm assuming that was also my first year at UVa. Was it fall 1984, spring 1985?

I remember every player you mentioned on the Duke team, even Alarie. I was a sports reporter for WUVA FM starting my first year, and we would cover the games with live radio updates. I remember watching Bias destroy us as well as 5'3" Mugsy Bogues from Wake Forest. I also remember the morning Len Bias died, literally just a few hours after he was drafted by the Celtics.
May 1, 2013 at 1:27 PM | Unregistered CommenterDaily Bail

Spring 1986, Bias' senior year. And cannot believe you mention Mugsy. Brings back memories.

You ever cover UVa golf? My good friend and HS teammate played for the Cavs, Alex Kepley. What was the UVa home course, Birdwood?
May 1, 2013 at 2:03 PM | Unregistered CommenterJosie
I would assume Birdwood, but I'm not positive. We never covered golf. I was a hack back then, but have played the course since in a tournament. I tried to qualify for the U.S. Amateur a few times in the early 2000s. And Mugsy Bogues is now coaching top high school kids. IU got a player last year who had been coached by Bogues.

Check this out on Muggsy

May 1, 2013 at 2:12 PM | Registered CommenterDailyBail
May 1, 2013 at 2:21 PM | Registered CommenterDailyBail
Muggsy is pretty active on Twitter

May 1, 2013 at 2:21 PM | Registered CommenterDailyBail

Tyrone Curtis "Muggsy" Bogues (born January 9, 1965) is a retired American professional basketball player and current head coach of the United Faith Christian Academy boys' basketball team. The shortest player ever to play in the NBA, the 5 ft 3 in (1.60 m) Bogues played point guard for four teams during his 14-season career.
May 1, 2013 at 2:22 PM | Registered CommenterDailyBail
Fun stuff, DB! Thanks!
May 1, 2013 at 2:23 PM | Unregistered CommenterJosie

Continuing the hoops theme, check out this pre-draft clip of Victor Oladipo that was released yesterday. This guy is sick. Liz and I met him at Chipotle the other night. He's a great kid, super polite, smart, 3.4 GPA and graduated in just 3 years.

The video is completely sick.

May 2, 2013 at 11:40 AM | Unregistered CommenterDaily Bail
Could see glimpses of this talent during the season. He should do better in the NBA, not that he was not outstanding and fun to watch at IU. And smart too? That puts him in the top 0.1% in that crowd...

Do all college kids eat at Chipotle? And to think I thought their IPO at $44 was ridiculous.
May 2, 2013 at 12:40 PM | Unregistered CommenterJosie
Dunbar DeMatha. ALL this talent and Maryland pisses it all away. Why they recruit ANYWHERE outside of Baltimore Washington I'll never know. For the love of God. Besides well hit ball for a home run, is there a better sound in all of sports than all net?
May 2, 2013 at 1:42 PM | Unregistered CommenterSKINFLINT

He was wearing flip flops, and he's no more than 6'3" without shoes, which makes his dunking all the more impressive. His wingspan is huge though, around 6'9". He smiled the whole time we talked to him, and is just a great kid. He has 3 sisters, no brothers, and one sister is deaf and goes to Galludet in DC, one is a lawyer and his twin sister is going to dental school next year. She's finishing school in 3 years also, and graduates from Univ. of Maryland. He's now projected as a top-6 pick in the NBA draft by Chad Ford at ESPN.

Chipotle is a ridiculous stock. We are going to see the Chipotle style go to other food categories. People are flocking to the organic, no hormone meats. It's a huge winner.


Nothing but net is a damn sweet sound. And as you know, he would have gone to Maryland but they didn't think he was good enough and chose not to recruit him.
May 2, 2013 at 2:24 PM | Registered CommenterDailyBail
For those of you who have never been to Galludet, it is a very beautiful campus off the beaten path in DC. Quiet little neighborhood setting until you get inside. Because the students are deaf, the music is pumped up with the bass a full setting which causes the floor to literally shake from the vibration. Just a totally unique expierience in my life, I can tell you.
May 2, 2013 at 2:30 PM | Unregistered CommenterSKINFLINT
DB-obviously a good family life for Victor. Good for him. I'll watch and cheer for him as I like good things to happen to good people. BTW, I am wary of restaurant stocks, having been an owner of multi-unit franchises. I own McD (who bought Chipotle, as you likely know) stock only, but they are really a real estate company under the guise of a burger joint.

Skin-I prefer the sound of my golf ball hitting the stick (I'm obviously not putting) and falling into the cup. But, all net is nice too, if it comes from the hand of a dude wearing a Duke uniform. Up the Blue Devils, down the Tar Holes (Wahoos & Terps too)!!
May 2, 2013 at 2:59 PM | Unregistered CommenterJosie
Yeah. Maybe the best purchase McDonalds ever made.

I'm glad you know this stuff because it's one of my favorite subjects. Some quick thoughts.

In & Out burger was profiled recently by Bloommberg and was valued at 2 to 3 billion -- and that's with just 82 stores. I think the next big thing could be a national chain of burger joints who only use organic beef - no hormones. There are a couple of companies getting serious about this idea.


I am also interested in this Chipotle style pizza chain start-up. All fresh ingredients, they make it in front of you and then bake it in 120 seconds.

Read this:


I think every major fast food category can be upgraded in the Chipotle way.

May 2, 2013 at 3:12 PM | Registered CommenterDailyBail
Josie, Fine talk from someone who the Terps beat twice this year. Blue Devils, Fork em.
May 2, 2013 at 3:17 PM | Unregistered CommenterSKINFLINT
OK Here Come Some Links

They are all quick and worth checking out. Grass fed beef, no hormones.




May 2, 2013 at 3:23 PM | Registered CommenterDailyBail
Shake Shack CEO Randy Garutti on Consistency, Training, and Expansion Goals


Love me some Shake Shack
May 2, 2013 at 3:25 PM | Registered CommenterDailyBail
Former McDonald’s Honchos Take On Sustainable Cuisine


A good read.
May 2, 2013 at 3:25 PM | Registered CommenterDailyBail
Check This Out | This one WILL BE a very strong franchise in the future.


I hope.
May 2, 2013 at 3:26 PM | Registered CommenterDailyBail
My thoughts on food bizzes, for what they are worth:
-franchising is good for the franchisor (mostly), not the franchisee (mostly). Typically unilateral relationships that unwind in a hurry if the franchisor gets greedy, and most of them do (see franchisor kick-backs, err "rebates"). The staying power of franchised food bizzes is shaky, at best.
-chipotle is a great concept and worked because the founders in Denver kept it simple and created something that worked obviously, for them. Chipotle's food is average tasting, IMO. I would not own the stock for the following reasons: price and competition. The key to look for is not revenue growth (that is the illusion of building out units fast), but same store sales growth. Don't think Chipotle truly succeeds in this area, but have not looked at their #s in a while. BTW, most copycats fail, e.g., your pizza concept Blaze, but back to that later. Competition is there already for CMG and growing, though not with as deep pockets and the simplicity of the concept. Will CMG be around? Yes. Would I own them at the present price? No.
-pizza. Blaze is one of many CMG copycat pizza concepts popping up. Uncle Maddios in Atl is another with multi-units already and growing thru franchising. Maddios was founded by a guy I knew in my prior life in franchising, Matt Andrew, where he started at Moe's SW Grill, now part of Focus Brands (who fired Matt). The problems with pizza are many. Obviously, delivery by the national and powerful brands is an issue. People are willing to pay for being lazy. Local brand loyalty is a huge issue in pizza, as it is with burgers, although burger joints tend to be sit-down and not fast casual. Five guys is finding a niche in FC burger. Blaze better be beyond compare, or they may turn out to be a curiosity, which is not a recipe for food success. Blaze' 2 stores at $1.5mil-$2mil (btw, which is it? That is a huge range for revenues that low, and a red flag to me) is frankly, not that impressive for pizza. Pizza should be higher. To give you an idea, $250k-$500k is the range for Subway type units. Low end pizza units are at the $1.5-2mil range. High end $3mil+.
-FC future. Yes, some will IPO and be a success, mostly for the founding shareholders and early investors. But, I'd rather have my $ elsewhere. As a family friend and great investor once said to me, after I bought into the food franchise biz mind you, two things in life where you never invest $, and they both begin with "R"...restaurants and racehorses...
May 3, 2013 at 11:00 AM | Unregistered CommenterJosie
Skin-do you really want go there?
May 3, 2013 at 11:10 AM | Unregistered CommenterJosie
As a whole their teams are good, but what happens after college? What they become successful citizenry? They don't make great players there do they. Danny Ferry? Milque toast white guy. Johnny Dawkins. Please.
May 3, 2013 at 11:18 AM | Unregistered CommenterSKINFLINT
Skin-Do your NBA homework. U may be surprised...
May 3, 2013 at 11:39 AM | Unregistered CommenterJosie
Yankin yer chain. Calm down. http://www.basketball-reference.com/friv/colleges.cgi?college=duke Ok Here is a list of 57 of the Dukes. There really isn't a huge name with any of them. Was surprised to see Jack Marin on the list as you well know he played with the Bullets when they were in Baltimore and played alongside the great Earl Monroe and the last of the little big men Wes Unseld, who actually lives near me. Unseld was just a huge prescense inside the paint as he would use his frame to just post everyone up. Really just a power forward in todays game. Anyway, there Grant Hill Laetner, and Gminske. Ferry was alright I suppose but really just a role player. Just sayin.
May 3, 2013 at 11:58 AM | Unregistered CommenterSKINFLINT
And furthermore, I think the Terps have put out better players over the years. Frontline players. Duke seems to be the Orioles of college basketball. They play good team ball but indivdually they ain't that great. Testimony to coach K in that he gets players who are not selfish and play good team ball with him calling the shots and situations. When you talk about Duke, it always comes back to the coach there. He is the team. There is not really a personality that rises above who he is.
May 3, 2013 at 12:25 PM | Unregistered CommenterSKINFLINT

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