Topic: My bank account's got robbed by European Commission. Over 700k is lost. - page 25. (Read 408455 times)

This is not just free market, this is anarchy.
It's a different beast.

I've just read your story for the first time. Wow, I would have been ruined if I were in your place. I really hope you will get your money back someday.

Lol @you. In the old far West banksters in default were lynched by their clients no questions asked. I guess that's an incentive enough for managing business carefully.

Can you conceive a greater moral hazard than the faculty of unloading bankruptcies (and even "public debt" since we are at it) on innocent bystanders?

In a free market, who screws me is not protected by the state with my money in order to it again with others.

In a free market reputation is everything.

Lol.
In a free market they will screw you and run away, just like they do now.

People is complaining exactly because since we are not in a free market, these kind of things should not happen.
People is told that state and regulations will solve these problems, while the reality is they can't: they just rob you in a way (taxes) or another (more direct theft, like this one).

In a free market we would probably have sounder money and banksters would pay attention to their behaviour because they would know that they would pay the consequences of their errors while now they can rely on the power of the state to solve the problem caused by their carelessness.

Many are talking about theft here, and advocate against tax, government etc.

This is a fundamental misconception. His BANK WENT BANKRUPT. In a free economy, he would lose most if not all of his money in such case, which is exactly what happened. Why are you complaining when for once governments didn't bail out banks with taxes from the people ? Make up your mind.

Cyprus defolt man..

a large number @@

Set aside things like Congress voting on all acts of war, your right to privacy or your right to a fast and fair trial.

But the sickest part is, what Corzine did at MF Global wasnt even technically illegal. Its some fancy financial hoodwinkery combined with a huge all in bet gone wrong.

It could happen again. Corzine was never charged with any crime. No laws were changed. Life goes on for America and Wall Street as if nothing ever happened.

Surely nothing like that could ever happen again, so lets go back to watching reality TV and following celebrities on Twitter and shopping at Things Made in Chinamart. Maybe order Dominoes, crack open a tall boy.

'Merica! Fuck Yeah!

Well this certainly was a great read. I didnt read all the 40 pages of the thread just the first so take no offence if these points are already told.

What will be implemented in the forthcoming bank union process will make these kind of situations that have happened here impossible to occur again. The main fault in our growth based economic system has been to follow the logic of the alleged human right of every man/woman to pursue his/hers own self interest and that all governmental regulation in that regard is bad. The logic here is to deregulate everything and leave government only the function of keeping up domestic and foreign security.

Now thanks to the neo-liberalist lobbyists and theorists the direction has been to remove the effect of government regulation in all financial sectors allowing banks to take huge risks without any capital kind of requirements considering their liquidity or the debt/asset balance. Now this is why some banks collapsed after 2008 and many were bailed out by the governments.

The most urgent problem here is that the governments allowed the bailouts to happen. This means literally that the banks that had huge debts and no money were loaned money by governments. Some of them bought by governments. And who does pay for the government debt that with this all is financed? The citizens of the governments.

This is what the EU is combating at this very moment by creating legislation that will prevent banks from taking this kind of risks. Also it will guarantee that governments will not bail out the banks with citizens money - such as the op here.

But now regarding OP: You weren't a citizen of Cyprus were you? If you were a tax evader, as most of the oligarchs and businesses who had money in Cyprus accounts, this serves you right. I see no legitimate reason to evade your own countries taxes. You use their subsidized services, such as roads, schools, public transport, the justice system, in- and out-border defence, etc. This is all paid for by the residents of the country and that is what makes the system work. Greed is what has made you invest in offshore banking havens. This therefore serves you right. Oh and by the way, as an entrepreneur I know what I'm talking about. I've paid all my taxes to my resident country.

First time seeing this thread but wow unbelievable. Crooks no other word for it, we've fucked up so we are going to take your money.

Not like you can keep that amount of money under your bed safely, but I know i'd never trust a bank again. Bitcoin might be volatile but if you look after your private keys they will never go anywhere.

It was covered quite extensively here in Italy.

Don't forget the ponzu scheme retirement programs in most countries where they rob from the young to pay for the old.

And now almost an year later, i can't believe how poorly this was covered by the worldwide media, like it's not the most outrageous government theft in modern history but just a minor hiccup.....

Hey guys,Watch out, Behemot is a scammer on LBC, he tried to use paypal chargebacks, he was scamming left and right, once caught he deleted his account and localbitcoins  gave the confirmation he indeed was scamming, a lot. I'd be wearing what you do this this guy, so peopele coudlnt see all his negative feedback, he is a shiesty mother fucker

He had no other choice. He was about to withdraw all of his money from the bank but everyone was saying "Why would you do that? That doesn't make any sense!" so it didn't seem right. Now he has learned his lesson. TRUST NO ONE!

I don't know if you've answered this zeroday, but seriously, what kind of business-person believes a word of what a lawyer or accountant says?

They're advisers and your gut instinct was towards something in the offing.  Who earned that money in the first place: certainly not those lawyers or accountants...

When peeps from these professions are 'certain' about anything it should ring alarm bells.

[edit] Forgot to mention, often-times lawyers and accountants are legally obligated to give you a certain answer even though they as a person know it is wrong.

The real problem is that in recent years you cannot get a cigarette paper between the Democrats and Republicans as they exercise policy when in government. Effectively it means democracy is irrelevant and there is a one-party state. Same situation exists in the UK and Germany.

Some who lived in New Jersey in the recent past may also remember Jon Corzine as the corrupt, incompetent Democratic governor who is personally the reason why even a heavily Democratic state like New Jersey has a Republican governor, Chris Christie.

(Note, additionally, NJ's Democratic leanings are somewhat exaggerated and if you look at the northern parts of the state that are basically wealthy suburbs of New York, as well as the suburban landscape of central Jersey, you'll find a lot of Republican strongholds as well.)