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View Full Version : Cyprus haircuts, American style? What laws are applicable?



Truthseeker
02-26-2014, 12:35 PM
There's a story from Baltimore. A customer of a major bank there tried to withdraw $1000. But the teller told him he would have to fill a form and then wait days for the money. The customer asked why. The reply: "It's federal law." Which law? There was no clear answer.

I ask you, which law? Of course there could be no such law, the story is false. But with all the stuff going on, Cyprus haircuts and all, maybe not false.

I ask again: Which law?

Outis
02-26-2014, 12:42 PM
There's a story from Baltimore. A customer of a major bank there tried to withdraw $1000. But the teller told him he would have to fill a form and then wait days for the money. The customer asked why. The reply: "It's federal law." Which law? There was no clear answer.

I ask you, which law? Of course there could be no such law, the story is false. But with all the stuff going on, Cyprus haircuts and all, maybe not false.

I ask again: Which law?

I ask that you verify whether or not the story is true before going into a panic about it.

One Bad Pig
02-26-2014, 12:47 PM
The story is too vague. And if the teller didn't know which law, the manager on duty would. Did the customer not bother asking for the manager? What sort of account did the customer allegedly attempt to withdraw from? And Cyprus haircuts wouldn't take a special form or days to process - and would take a change in federal tax law, which requires Congress, and would not pass into law unchallenged.

Fake, fake, fake, fake, fake. If you're going to come up with something, at least make an attempt at realism.

Raphael
02-26-2014, 12:57 PM
Fake, fake, fake, fake, fake. If you're going to come up with something, at least make an attempt at realism.Since when did conspiracy theories have anything to do with realism?

Outis
02-26-2014, 01:04 PM
Since when did conspiracy theories have anything to do with realism?

Fair cop. :hehe:

rogue06
02-26-2014, 02:44 PM
There's a story from Baltimore. A customer of a major bank there tried to withdraw $1000. But the teller told him he would have to fill a form and then wait days for the money. The customer asked why. The reply: "It's federal law." Which law? There was no clear answer.

I ask you, which law? Of course there could be no such law, the story is false. But with all the stuff going on, Cyprus haircuts and all, maybe not false.

I ask again: Which law?
Source please.

DesertBerean
02-26-2014, 03:27 PM
I had to look up Cyprus haircut. Anyone else?

Outis
02-26-2014, 03:32 PM
I had to look up Cyprus haircut. Anyone else?

I knew what a haircut was in an investment sense, but yeah, I looked it up to see if he could be talking about something else.

rogue06
02-26-2014, 06:07 PM
I knew what a haircut was in an investment sense, but yeah, I looked it up to see if he could be talking about something else.
Ditto

Truthseeker
02-26-2014, 06:35 PM
Another term is "bail-in." Using the funds of customers of a failing bank to save it. Another way is to force the depositors' money to become shares in the bank.

This wikipedia entry uses the term "haircut" http://en.wikipedia.org/wiki/2012%E2%80%9313_Cypriot_financial_crisis

Outis
02-26-2014, 06:36 PM
Another term is "bail-in." Using the funds of customers of a failing bank to save it. Another way is to force the depositors' money to become shares in the bank.

Excuse me, but you cited a US case. Source, please.

Truthseeker
02-26-2014, 06:38 PM
Since when did conspiracy theories have anything to do with realism?Oh, you think Cypriot haircuts didn't happen or anything like those. Not going to argue with you. You think the Fed didn't bail out all those banks, Freddie Mac, etc.

Truthseeker
02-26-2014, 06:42 PM
I still don't have an answer to my question, what law was that or could be. Oh, maybe One Bad Pig did already answer: False, false. But I want to see if there is any other answer. I am sorry, but I don't have details. The source is someone I believe to be reliable, but possibly the email is a spoof.

Outis
02-26-2014, 06:43 PM
I still don't have an answer to my question, what law was that or could be. Oh, maybe One Bad Pig did already answer: False, false. But I want to see if there is any other answer. I am sorry, but I don't have details. The source is someone I believe to be reliable, but possibly the email is a spoof.

I'd say the email is a spoof, or your source is rumor-mongering. But until and unless you have a specific answer, no research on your question can be done.

lilpixieofterror
02-26-2014, 06:43 PM
I still don't have an answer to my question, what law was that or could be. Oh, maybe One Bad Pig did already answer: False, false. But I want to see if there is any other answer. I am sorry, but I don't have details. The source is someone I believe to be reliable, but possibly the email is a spoof.

Funny how I was able to withdraw more than that just last year. Did the laws change that much or is this just a hoax?

Raphael
02-26-2014, 08:12 PM
Oh, you think Cypriot haircuts didn't happen or anything like those. Not going to argue with you. You think the Fed didn't bail out all those banks, Freddie Mac, etc.

No, I think the story in your OP is a load of nonsense.

seanD
02-26-2014, 09:01 PM
Menacing banking actions with a bit more teeth...

http://www.latimes.com/business/la-fi-lazarus-20140218,0,5011779,full.column#axzz2uTDDMXRq

DesertBerean
02-26-2014, 09:43 PM
Sheesh... I wonder why Cap One would even want to be that aggressive....hm....could there be problems in THEIR wallet?

Outis
02-26-2014, 09:47 PM
Sheesh... I wonder why Cap One would even want to be that aggressive....hm....could there be problems in THEIR wallet?

They say they won't actually do it ... but if you believe that, I have some nice real-estate investments that you may be interested in. :deal:

Truthseeker
02-27-2014, 11:39 AM
I checked that email out for being a spoof--probably not. I compared the heading of the warning email with that of a previous email from the source. As far as I can tell, there is no important difference. The email about the bank experience asked the mailing list to send in reports of similar or sinister experiences. I may have something to report next week if not sooner.

Outis
02-27-2014, 11:43 AM
I checked that email out for being a spoof--probably not. I compared the heading of the warning email with that of a previous email from the source. As far as I can tell, there is no important difference. The email about the bank experience asked the mailing list to send in reports of similar or sinister experiences. I may have something to report next week if not sooner.

If it's not a spoof, then I am forced to the conclusion that it is either a lie on the part of the originator, or a false rumor passed along without taking any time to verify.

Truthseeker
02-27-2014, 07:15 PM
I did say that he is asking for similar stories from his mailing list.

Outis
02-28-2014, 12:19 AM
I did say that he is asking for similar stories from his mailing list.

TS, do you see what's happening?

You have somebody with an unfounded rumor. Instead of researching the facts, He (I assume the author is a he) is simply looking for more unfounded rumors to add to the "evidence" he is compiling. And when the story is published )or whatever the final use is), all you have is a series of unfounded rumors and no actual evidence.

Is that actually "truth," or a grand game of Telephone? Are you seeking truth, or are you seeking a comfortable lie that tickles your ears?

Epoetker
02-28-2014, 01:00 AM
Okay, so there were like several major banker suicides the past week or so (http://www.infowars.com/another-jp-morgan-banker-leaps-to-his-death/), Mt. Gox was shut down, a few major military maneuvers and revolutions happened, and THIS is the story you come up with?

The mundane stupidity, the failure to grab opportunities that are practically dropped into your lap by more mainstream conspiracy sites, the bringing forward of unverified non-issues that fall apart at a moment's investigation...It's becoming more and more clear that "Truthseeker" is an NSA plant meant to discredit conspiracy theorists. (http://www.zerohedge.com/news/2014-02-24/conspiracy-theory-true-agents-infiltrate-websites-intending-manipulate-deceive-and-d)

seanD
02-28-2014, 09:07 AM
US and British government collecting and storing webcam images (http://www.foxnews.com/tech/2014/02/27/uk-us-spies-hacked-webcams-millions-yahoo-users/) of the populace.

US government had penetrated Osama bin Laden's inner circle (https://www.youtube.com/watch?v=pQbm9N3B3cI) with an fbi operative prior to 911 that has since disappeared and was kept out of the 911 Commission Report.

A couple more stories that are far more outrageous and disturbing and outlandish if they weren't proven facts.

Truthseeker
02-28-2014, 04:38 PM
TS, do you see what's happening?

You have somebody with an unfounded rumor. Instead of researching the facts, He (I assume the author is a he) is simply looking for more unfounded rumors to add to the "evidence" he is compiling. And when the story is published )or whatever the final use is), all you have is a series of unfounded rumors and no actual evidence.

Is that actually "truth," or a grand game of Telephone? Are you seeking truth, or are you seeking a comfortable lie that tickles your ears?Fe fi fo fum! I smell a troll.

Outis
02-28-2014, 04:40 PM
Fe fi fo fum! I smell a troll.

I'm not trolling, TS. I already know the government does a lot of things it shouldn't. But I want specific, fact-based accusations, like what SeanD posted ... not rumors.

Truthseeker
02-28-2014, 04:46 PM
Nobody in this thread has shown he knows something. One Bad Pig was rather emphatic, but that only shows how sure he is that he knows.

Truthseeker
02-28-2014, 04:47 PM
I'm not trolling, TS. I already know the government does a lot of things it shouldn't. But I want specific, fact-based accusations, like what SeanD posted ... not rumors.I've said that something could come up next week. Maybe 2 weeks. Impatient, aren't you.

Outis
02-28-2014, 04:53 PM
I've said that something could come up next week. Maybe 2 weeks. Impatient, aren't you.

Very. :hehe:

Truthseeker
03-05-2014, 02:26 PM
Update. "We wanted to know if it was just a one-off event or an emerging pattern suggestive of something more sinister."

Many readers responded. Much variation: credit unions, small banks, major banks; amounts ranging from $1000 to 20000.

Most of those readers didn't have a problem. But . . .

Some did have experiences similar to what was reported. One offered an innocous reason: Often a bank branch would run out of cash to cover withdrawals in cash.

A concluding remark: The author says he will continue to monitor the situation.

Truthseeker
03-05-2014, 02:28 PM
Very. :hehe:Oh, no! Look, would it kill you to just lurk here?

Outis
03-05-2014, 02:53 PM
Oh, no! Look, would it kill you to just lurk here?

But lurking requires ... patience! :demure: I'm just not very good that that patience thing....