Depositor Haircuts: The New Normal

Saturday, March 30, 2013
By Paul Martin

Stephen Lendman
Activist Post.com
Saturday, March 30, 2013

On March 29, Cyprus Mail said banks opened Thursday. They did so amid calm.

Long lines queued. People waited patiently. A feared stampede didn’t materialize. Whether it’s the calm before the storm remains to be seen.

Looting Cypriot bank accounts reflects the new normal. It set a precedent. It did so for Europe. More on that below.

Wall Street banks operate the same way. So did MF Global.

Grand theft reflects official policy. Money is made the old-fashioned way. It’s stolen. Nothing’s done to stop it. Corrupt politicians and regulators permit it. They do so for benefits they derive.

Scamming investors is commonplace. Goldman Sachs derisively calls them “muppets.”

MF Global’s CEO Jon Corzine formerly headed Goldman Sachs. He looted customer accounts. He did so brazenly. He used client money to speculate. More went for internal purposes. Much went to cover debt obligations and losses. Top firm executives made millions. They did so at customers’ expense.

Financial reform accomplished nothing. Grand theft is institutionalized. Europe’s no different from America. Anything goes is policy.

The Rest…HERE

Leave a Reply

Support Revolution Radio