Jesse's Café Américain: With Regard to the Cyprus Bank Deposit Confiscatio...:
Customer funds were long considered 'sacred' at brokerage firms, and were segregated from the proprietary operations of the company. And they were stolen at MF Global, and no one has been punished.
Bank deposits, protected by insurance and the guarantees of the government, were long considered 'sacred' at financial institutions. And they are being stolen in Cyprus as a matter of convenience to the crony capitalists in Europe, who are loathe to force the banks to take their losses and so impose them on the innocent people.
And this is what was done in the US and the UK as well, merely in a different form.
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