MUST SEE: The Great Cyprus Bank Robbery

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Intense rant from inside his London cab.

The Artist Taxi Driver explains Cyprus.  Extreme profanity warning.

"The poor know where the rich live and the rich are outnumbered."

His real name is Mark McGowan, and he's becoming famous across the pond for his daily rants exposing bank fraud and political corruption.

Goldman Sachs Sends A Message To Spain

Comments

[DailyBail]

Money will be cut from accounts by Tuesday morning

http://www.cyprus-mail.com/bailout/money-will-be-cut-accounts-tuesday-morning/20130317

[Dr. Pitchfork]

Can someone explain why the Cyprian govt. would have to immediately come up with c. 30B Euro (or whatever) to cover deposits in the event that the largest banks fail? I’m talking about a nationalization, here, not a liquidation. Couldn’t the govt. cancel all liabilities (ex deposits and secured debt) and keep the assets in the new, nationalized bank? As long as depositors didn’t withdraw all their money immediately, why would the govt. have to have 30B in cash in order to cover them? It’s not like the banks themselves (any banks anywhere) have cash on hand to cover deposits — because they don’t need to.

Why would a nationalized bank need to have total deposits IN CASH? Or is this just the usual fear-mongering?

[DailyBail]

Bruce Krasting says it's all crooked Russian mafia money.

http://brucekrasting.com/two-sides-of-cyprus

[Dr. Pitchfork]

When I told my wife Saturday night about Cyprus, her first words were "Oh my God." Then she asked what this meant for Irish and other European banks. And _then_ she said, "They can't do that here, can they!?" My wife is neither a finance professional, conspiracy theorist nor even (alas) a Daily Bail reader.

All I would say is, if you have money in a Spanish, Portuguese, Italian or Irish bank, take it out NOW. If this spreads out of Cyprus, it will spread like wildfire.

[DailyBail]

Pitch

The $30 billion number is fear mongering it seems to me. Not sure we will get to that stage...nationalization. I think they will change the deal before the vote tomorrow exempting small savers, and it will be passed by Parliament. It's not a positive event for EU market stability certainly and could spread contagion to other countries, and Russian will probably retaliate by withholding energy next Winter thru Gazprom and other semi-state entities it controls.

[Dr. Pitchfork]

No, I don't think there's any plans for nationalization, either, but am't I right in thinking that you don't immediately have to come up with all your deposit money just because you whack other parts of the capital structure (specifically shareholders and bondholders). The same was true in Ireland -- the bailout apologists said, "B-b-b-b-ut you'd have to come up with hundreds of billions -- right away! -- if you didn't bail out the banks the way done did it. Bwaaaahhh!!!"

I mean, whatever the assets are worth, they're worth something. There still might be a shortfall between assets plus capital and total deposits, but still... I remember Whalen doing the math on Citi back in 2009 and he pointed out that all of the depositors could be made whole just by erasing the bondholders -- i.e., even with impaired assets, they were still enough to cover the depositor liabilities by zeroing out the bondholder liabilities.

Am I missing something here? I'm not a bailout expert after all, I just play one on the internets.

[SKINFLINT]

I think the russians were talking of sending some ships there? Sounds like they want to protect the oligarchs. Barnhardt keeps going on about taking all your monies out. Keep reading where Cypress is to russians what Caymens is to the us. If there are billions in dirty money, than why hit the people that live there. Seems they could zero in on that one easily enough. http://barnhardt.biz/

[Josie]

DB-check for CNBC video of Maria Buffoonromo and Peter Schiff that just took place on C-bell with a few other idiots talking book. He goes off and Maria, ever the MSM protector of JPMorgan et al. gets killed. It's more of the same, but the true colors come out for a few minutes...

[DailyBail]

Thx Josie. I caught the last minute. Will look for it.

[SKINFLINT]

http://www.zerohedge.com/news/2013-03-18/eurogroup-folds-telld-cyprus-safeguard-depositors-under-%E2%82%AC100k-euros

[john]

Pitch, most of the so called russian 'mafia' seem to come from (or operate out of) the former soviet states, and yes, they are a problem. But this problem has been exacerbated as mergers; acquisitions and MOU's have occurred with those entities on a global scale.

[TR]

No worries...

Edited by DB.

[It is I only]

Quote:" Russian companies and individuals (mafia and drug money) have $31 billion of deposits in Cyprus, according to Moody’s."
So bankers/politicians in Cyprus, star wearing Kevlar undies!

[mike]

it ertruely not an ideal situation with the banks in cypres just for a bit of balance firstly a bank is a private busness like any other not run by government who are regulated like any other busness when the bank crisse kicked of in2009 the governments had to bail out the bank with public money by borrowing money and make the people of the country responsible for paying it back so to save money government cut back on services and mainly the ones for the weakest in socitiety as all pubic progams health care investments so people who had nothing in any bank still payed for the bankbail out in loss of benifits so so this time the euro zoned said the people are not going to bail outrich people with poor peoples money the people who use the should pay a portion of the debt as there is 1millon people and their is approx 32 biillon in the banks the vast propotion of the people who had money in the bank could well afford it with the savings they were making having in there own country so why is the russian using cypres firstly the rubble is a tied level and so the losses onexchanging money to buy western goods so it makes sence to leave your money in euros than keep changing it back to your own currancy then change again to buy some other western good as a few years ago the rubble had massive probemls so by holding euros of shore makes sense we also do a simlar thing in honkong and china because there curancy is peged and we us the honkong as an intermedary it also happen in switsland where the swiss frank is used in my view switsland and its secatys is the route cause of the finacal criss the world has gone throught holding so much launded money not far from home we have isle of man and irland who are regist office of google and apple to sum up take a hair cut if you use the bank and leave the country alone or insist on your money and chance lossing everthing and throwing the hole country in disaray and the funds being frozen or wothless if the euro is not to be the currancey you can see what a problem our goverment had at the time with america with out the right action it could have been much worse not say i am right on every point but i can se e the reasoning