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overtheedge
Member since May 2012
680 commentaries - 6 followers

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has posted a comment on the article :

List of 132 Names Released of Cyprus Elites and Companies Who Emptied Bank Deposits Ahea - Charleston Voice. -

"... a select few at the top got advance warning of the "haircut", ..."
You presumed that there was secret official advance notice. It could have as easily been just another rumor and some of the depositors acted on it.

"... I do appreciate being clearly shown how the 1% will treat me ..."
You presume I am among the top 1%. Much closer to the bottom 1%. A savings deposit is a loan to the bank. FDIC is deposit insurance in the USA and is grossly under-funded. It is no different in other countries. What do you fail to understand about investment risk analysis? A savings deposit is an investment. How does an insurance company make money? By investing the premium aka accepting risk. Do you trust deposit insurance to be fully funded? Ever hear of "Trust, but verify"?

You presume that investors never buy or sell on rumors. Bubbles exist because people believe rumors. Your argument effective requires that the investor MUST remain a believer in spite of evidence and rumors to the contrary.

Word has it that the Cypriot haircut has risen to $23 billion.
Do you honestly presume that the nation's depositors had no advance warning? Failure to make a decision IS a decision.
Belief systems ARE the reason so much conflict exists. They believed the bank would either weather the storm or it wouldn't and acted accordingly. You argue that those who didn't believe MUST be jailed.

"You gotta know when to hold them,
know when to fold them,
know when to walk away,
know when to run."

Thank you, Kenny Rogers "The Gambler"

"You are definitely "over the edge" on this comment in my book, but to each his own perception of what is moral and fair I suppose...."
Do you presume that I care what you or anyone else thinks about me or my opinions? You want moral and fair, go to church. Business is business. Ethics tend to be fluid with only the most egregious codified in law.

I suppose I failed to make myself perfectly clear. My opinions work for me. I offer them for free. Consider them as additional fodder to consider as part of your own due diligence on whatever subject. Save your accolades or chastisements for someone who cares. But I'm a sucker for new data to consider. Typically, those with the most complete information win provided they act on it. Unlike the smaller depositors in Cyprus who decided to wait and see.

Commented 4234 days ago

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Beginning of the headline : Four pages with the names of some 132 companies and individuals who withdrew the bulk of their deposits in euros, dollars and rubles kept in local banks reveals a publication of the first issue. Read also: Anastasiadis: "Never gave privileged information" Money transfers made within 15 days, namely from 1 until March 15. On Friday, March 15, had met the Eurogroup, which officially decided to impose a tax on deposits by companie... Read More

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