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Profile Information

Gender: Female
Hometown: Washington state, for half my life
Home country: USA
Current location: SW Alabama. for the rest of my life
Member since: Wed Feb 27, 2008, 02:09 PM
Number of posts: 59,010

About Me

Retired Mental Health/Sub. Abuse therapist, happily moldering in "Maycomb", 2 notches from the buckle of the Bible Belt. One cat away from crazy.

Journal Archives

Cyprus has Plan B:

steal the state pension funds
conduct an emergency bond sale ( sell bonds to whom? I would wonder)
STILL tax the bank deposits, at lower rate.
see here:

Oh, and fire the Finance Minister, Sarris...check.

"banks in Cyprus may never re-open if a bailout is not agreed."

"German Finance Minister Wolfgang Schaeuble warned Cyprus that its banks might never be able to reopen if it rejected the bailout."
"Some businesses are now refusing credit card payments, our correspondent reports."

Options for Cyprus
Declaration of insolvency
Revised bailout but still with bank levy
Bigger EU bailout
Increased Russian funding


Did Bank of American sell the servicing rights to your mortgage yet?

We just a letter telling us that BOA will no longer be servicing our mortgage, that starting April 1 we send checks to Green Tree LLC.
So of course I looked them up, and found all sorts of horror stories on how they try to rip off home owners.
Here is some info on Green Tree and Finch ratings:

It seems, from everything I have been reading, that the big banks are getting out of the mortgage servicing business.
Seems to be part of the recent Gov't settlement deals.
Here is coverage of that aspect, from this Jan:
Exclusive: Bank of America to sell service rights on $100 billion of mortgages

This is the 4th change of mortgage servicers I have had in 7 years.
Really speaks to the fact that collecting mortgage payments is a lucrative business.

Cyprus vote delayed again, protestors tear down flag @German Embassy,

and Russia not happy with new bank "tax" plan.
Vote delayed once again, Cyprus folks are demonstrating, and the Euro bosses have told the Cyprus flackey...errr...Prime Minister, to float the idea of now taking 15% from depositors who have more than 100,000
in the banks....these depositors include a LOT of Russian money.

I am following Twitter@Cyprus.
Zero Hedge and Twitter are keeping up with events in Euroland/cyprus.

Eurogroup Folds: Tells Cyprus To "Safeguard" Depositors Under €100,000 Euros;
Angry Russians To Get Even Angrier


Russia will dispatch a permanent group of five to six combat ships to the Mediterranean Sea, Russian Navy chief Admiral Viktor Chirkov said.
( I am sure this was only by co-incidence)

This is taking on the signs of a major clusterfuck called "how NOT to steal money from depositors."
Amazing to watch as events unfold, plans go awry, and the whole troika of IMF, the Europe Central bank and Cyprus gov't lurches around the world stage,...making up the playbook as they go along,
while Cyprus and most of Europe throw tomatoes at them.

betcha the next country that wants to steal the people's money won't announce FIRST and THEN try to vote on making the theft legal.

Got any updates? How about posting them here.

Cyprus banks to be kept closed until Friday

to stave off bank run, says NYTimes..............

Cyprus’s Parliament on Monday delayed an emergency vote on a bailout plan for the second time in as many days as President Nicos Anastasiades faced trouble rounding up support among lawmakers.
A vote was scheduled for Tuesday at 4 p.m. local time, the Parliament announced, although there was the possibility it could be delayed until Friday.

As European stock markets faltered and the euro fell against major currencies, the government said it would also keep Cypriot banks shuttered until at least Friday, well beyond a bank holiday that was supposed to end Monday. The move was aimed at staving off a possible bank run.

The main euro zone blue-chip stock index fell 1.5 percent in afternoon trading, mirroring declines earlier in Asia, and Wall Street stocks were expected to open lower.

Mr. Anastasiades warned Sunday that a failure to pass the 10 billion euro, or $13 billion, deal could lead to a major shock, including “a complete collapse of the banking sector” and the possibility that the divided island nation would have to leave the euro altogether.


Could you get by if your bank was closed for a week?

Cyprus bank holiday extended to Tuesday, maybe Wed.

Cyprus banks were scheduled to open Tuesday.....


The Cypriot cabinet has declared Tuesday a bank holiday, for fear of capital flight, and this may even be stretched to Wednesday, as depositors are certain to withdraw huge sums from the Cypriot banks after the haircut imposed.

Nicosia postponed from Sunday to Monday the tabling in Parliament of the bill including the measures for the Cypriot bailout – including a bank account haircut and a tax hike on interest and corporate earnings – but the European Central Bank insists on a rapid voting because there are already signs a domino effect will follow across European lenders and markets from Monday.

There is genuine fear of market unrest on Monday morning when stocks may crumble in the eurozone and bank accounts in other southern European bank may suffer.

( this is most of the story....
but here is link)

In light of Cyprus banks taking depositor's money, how do you feel about USA banks?

Stunning Bailout For Cyprus —Bank Depositors To Get Instant 10% Tax Before Banks Reopen This Week

Eurozone leaders and the IMF on Saturday announced an unprecedented levy on all deposits in Cypriot banks as the sting in the tail of a 10-billion-euro bailout for the near-bankrupt government in Nicosia.


Stunning Bailout For Cyprus —Bank Depositors To Get Instant 10% Tax Before Banks Reopen This Week

Eurozone leaders and the IMF on Saturday announced an unprecedented levy on all deposits in Cypriot banks as the sting in the tail of a 10-billion-euro bailout for the near-bankrupt government in Nicosia.

The levy will see deposits of more than 100,000 euros in Cypriot banks hit with a 9.9 percent charge when lenders re-open their doors on Tuesday after a scheduled bank holiday on Monday.
Under that threshold and the levy drops to 6.75 percent.


Notice what happened: the theft of depositior's money was announced on today, Sat. when banks are closed until Tuesday.
All electronic banking is halted also.
On Tuesday customers will find that anywhere from 6.7% to 9.9% of their money is...gone.
Those who hold cash out of banks have lost nothing.

But other banks in Europe will suffer if depositors decide they cannot trust the government and the banks.
Oh.....Nothing prevents our government from doing the same, the gov't declared bank holidays during the Depression.

Matt Taibbi is live blogging the JP Morgan banking fraud hearings, Now.

Remember when JP Morgan chase lost all that money to the "London Whale" and lied about it, thus tirggering off an investigation?

Senate Hearing now, live blogged here:

Blackwater was CIA's extension, founder Erik Prince admits

( but we knew it, didn't we?)

Last month, federal prosecutors dropped felony charges against Blackwater personnel
after it was revealed that the employees had been acting under the orders of the US government.
After a three-year-long prosecution, most of the company’s executives walked free and two men received nothing more than probation, house arrest and $5,000 fines.

Erik Prince, founder of Blackwater - now known as Academi - claims his firm “became a virtual extension of the CIA,” taking orders from the agency.

“Blackwater’s work with the CIA began when we provided specialized instructors and facilities that the Agency lacked,” Prince told the Daily Beast.“In the years that followed, the company became a virtual extension of the CIA because we were asked time and again to carry out dangerous missions, which the agency either could not or would not do in-house.”

Initially, lawmakers believed the CIA was “looking for skills and capabilities, and they had to go to outside contractors like Blackwater to make sure they could accomplish their mission,” said retired Congressman Pete Hoekstra. But the relationship was in fact much closer than believed.

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