My bank account's got robbed by European Commission. Over 700k is lost.

[BlackPrapor]

I feel sorry for the OP. I've heard lawyers posting that its possible to recover 70-80% of your losses through Cyprus and EU courts. Cyprus, they say, broke Constitution and human rights convention. Simple as that. As for taxes in general, if you think that everyone should pay all taxes they possible can pay, please read Ayn Rand's "Atlas Shrugged" novel. That should clear your mind  .

[1714643444]

1714643444

[conspirosphere.tk]

http://s12.postimg.org/yt2wefvot/popularbank2.png

You are now on ZeroHedge:
http://www.zerohedge.com/news/2013-03-29/caught-cyprus-crossfire-small-businesses-suddenly-zero-cash

[justusranvier]

http://www.reddit.com/r/Bitcoin/comments/1b6v1u/my_bank_accounts_got_robbed_by_european/

[ingrownpocket]

 

[killerstorm]

tl;dr OP paid a bank to protect his assets from theft, he is a customer, not a creditor of the said bank, the bank took his payment then steal the assets themselves.

That's not how it works. Deposit is a liability to a bank, loan is an asset.

Normally bank tries to have more assets than liabilities. If loans go bad, assets shrink and bank is insolvent: it can no longer pay back money to depositors.

This is how fractional reserve banking works.

Full reserve banking should work like you describe, but that's simply not what we have.

[poriks]

@zeroday are you within europe but outside cyprus?  When did it take effect?

[muyuu]

curious how the EU, ECB and all still have any supporters left.
And yet, they manage to be so blatant and still have souls running around saying how the ECB was there to help.

You are not robbed by European Commission, you are robbed from your own politician and banker!!!!!

Must we pay for any bank-ruin?

Close the bank is the best way.

Simply amazing. I guess this is the hoped for behaviour by other Europeans the ECB strive for so this farce can continue one more round.
One can just picture the news in Germany of how they are bailing out these Mediterranean countries and on and on, and we must put a stop to this. Oblivious to what is actually going on- that our fellow Europeans are being robbed by gangsters in our own country, that we are led to put the blame on the victims and let's move on to the next.

Bless you.

Wisdom. Some incredibly misguided points of view in this thread.  Possibly fueled by some inner, closet supremacism.

[MoonShadow]

Considering how many Russian mafia fortunes were stolen, I wonder how long it will take before EU ministers are found dead in an alley with needles in their arms; or their grandkids are taken in retribution.  Really, Russian mobsters are the last group that I'd think that a bunch of socialist leaning politicos in Brussels would want to upset.

Socialist leaning politics in Brussels? You are speaking about Merkel and her Troika friends?

If they are socialist leaning your Ron Paul is a communist.

I was being literal.  Fascism is a form of socialism.  In my opinion, the worst flavor. 

[MPOE-PR]

This thread is a great read. Rarely happens, but when it does happen it's quite the show.

I can see everyone's pov here. It's true that this doesn't amount to theft: by the time capital controls hit the money was long, long gone. Where did it go? Well, as the OP has said: to prop up the pretense of bankers that they're in business/making money and to prop up the pretense of politicians that they're solving problems. To pay for votes that are too stupid to matter but still regularly elect governments that are too stupid to help but still write up regulation that is too stupid to work but still empowers bankers that are too stupid to make a dime on the actual free market. A vicious cycle.

I can see the victim's pov here too. The situation pretty much is, they went to the doctor and found out they have canceraids. They're understandably distraught, but the doctor points out to them that this isn't something they just got, they've had it for months, maybe years. This may be true, but the poor victims didn't know about it now did they. Nobody said "oh and by the way, deposit your money here or in the fire, same thing". Of course nowadays they are starting to:

A bit of odd behaviour from that Unsinkable Bank Santander. This circular was sent out to all its lucky customers during the last 48 hours. Entitled 'IMPORTANT CHANGES TO TERMS AND CONDITIONS FOR SANTANDER BUSINESS CURRENT ACCOUNTS AND BUSINESS SAVINGS ACCOUNTS' (like what people just lost 85% of the value in Cyprus) it notes what the changes are  'For businesses with a business turnover up £250,000.' That's SMEs to you and me.

Especially notable is Para 1(b) which now reads as follows (my emphasis):

'1 b) Your Money
Any money held for you in an account with Santander UK plc will be held in its capacity as a bank and not as a trustee. In accordance with FSA requirements we areobliged to notify you that the client money rules on money do notapply to a Banking Consolidation Directive (BCD)  in relation to deposits within the meaning of the BCD held by that institution. As a result, the money will not be held within the client money rules of the FSA.'

If I can just put into English what this means, 'We hereby abrogate all responsibility for the business funds you keep with us, because we can no longer be trusted. In fact not only can we not be trusted, if those nasty Government people spot we're up the swannee and order us to restructure, all bets are off, and the chances are you'll lose the lot because they'll steal it for the bailout. Ithangyew.'

~source

Oh but wait...it's illegal in most of the "civilized" world to keep your finances as cash. A company can't pay another company $125,000 in the shape of twelve and a half packs of a hundred bills each. There's significant fines should they try.

All companies are legally required to use banks. So...banker going "fair warning, if you use us we'll lose your money" and politician going "you have to use them". This is an exact reimplementation of the soviet revolution, the small business owners are being "dekulakized". So there's not going to be an economy left, you say? No big deal. Prepare for Ukrainian-style Holdomor (which, incidentally, was just as bad an atrocity as the Holocaust, it's just that the jews like communists and dislike national socialists, and so you hear a lot about Hitler but not so much about Stalin).

It's what it is.

[jojo69]

Oh Christ, the top story on ZeroHedge is a direct link to this thread

iiiincomiiinggggg!!!

[vampire]

tl;dr OP paid a bank to protect his assets from theft, he is a customer, not a creditor of the said bank, the bank took his payment then steal the assets themselves.

Wrong. In both cases he's a creditor.

https://en.wikipedia.org/wiki/Deposit_account

Legally yes, and that's essentially what allows the bank to back-stab him like that. What's also ironical is that the law imposes such restrictions is called the "Capital Control Law".

In USA we shutdown a lot of banks.

http://www.fdic.gov/bank/individual/failed/banklist.html

[zeroday]

For those, who try to convince us that European Commission are good guys and do a great favor to "impudent lazy Cyprus which has just burned its money".

Behold the root:

Following the decision of the European Union for a haircut upwards of 50% on Greek bonds in 2011, in which Cypriot banks had invested heavily, the Cypriot financial system was unable to absorb the cost.

Source: Wikipedia

FYI, Greeks are the brother nation for Cyprus, and there is nothing strange that Cyprus banks invested into neighboring country. Then they lost 50% of invested funds due to the decision of the European Union.

[killerstorm]

For those, who try to convince us that European Commission are good guys and do a great favor to "impudent lazy Cyprus which has just burned its money".

Behold the root:

Following the decision of the European Union for a haircut upwards of 50% on Greek bonds in 2011, in which Cypriot banks had invested heavily, the Cypriot financial system was unable to absorb the cost.

LOLwut. Do you realize that without European Union you'd have 100% haircut, aka full blown default?

[myrkul]

For those, who try to convince us that European Commission are good guys and do a great favor to "impudent lazy Cyprus which has just burned its money".

Behold the root:

Following the decision of the European Union for a haircut upwards of 50% on Greek bonds in 2011, in which Cypriot banks had invested heavily, the Cypriot financial system was unable to absorb the cost.

LOLwut. Do you realize that without European Union you'd have 100% haircut, aka full blown default?

Without the EU, they might not have the crisis in the first place.

[zeroday]

For those, who try to convince us that European Commission are good guys and do a great favor to "impudent lazy Cyprus which has just burned its money".

Behold the root:

Following the decision of the European Union for a haircut upwards of 50% on Greek bonds in 2011, in which Cypriot banks had invested heavily, the Cypriot financial system was unable to absorb the cost.

LOLwut. Do you realize that without European Union you'd have 100% haircut, aka full blown default?

I'm not an economist, but I guess that without being into EURO, Cyprus and Greece could have just printed more money, which is probably lesser evil.

[myrkul]

I'm not an economist, but I guess that without being into EURO, Cyprus and Greece could have just printed more money, which is probably lesser evil.

Don't get me wrong, it's still a race to the bottom, the EU just tied everybody's parachute together.

[Wekkel]

[...] the EU just tied everybody's parachute together.

and made it impossible for countries like Cyprus to hide a bad economic system behind devaluations.

[muyuu]

[...] the EU just tied everybody's parachute together.

and made it impossible for countries like Cyprus to hide a bad economic system behind devaluations.

A system is not better or worse merely because of their taxation model.

Inflation is basically flat taxation. I personally prefer it to progressive taxation, which punishes success. Although I prefer lesser taxation to anything currently existing in the EU, regardless of progressiveness.

[vdragon]

Well for this kind of money, war can start easily, gold+btc rules

[conspirosphere.tk]

Last famous words, from: http://www.zerohedge.com/news/2013-03-29/oooops