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Cyprus haircuts, American style? What laws are applicable?

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  • Cyprus haircuts, American style? What laws are applicable?

    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?
    The greater number of laws . . . , the more thieves . . . there will be. ---- Lao-Tzu

    [T]he truth Im after and the truth never harmed anyone. What harms us is to persist in self-deceit and ignorance - Marcus Aurelius, Meditations

  • #2
    Originally posted by Truthseeker View Post
    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.

    Comment


    • #3
      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.
      Enter the Church and wash away your sins. For here there is a hospital and not a court of law. Do not be ashamed to enter the Church; be ashamed when you sin, but not when you repent. St. John Chrysostom

      Veritas vos Liberabit<>< Learn Greek <>< Look here for an Orthodox Church in America<><Ancient Faith Radio
      sigpic
      I recommend you do not try too hard and ...research as little as possible. Such weighty things give me a headache. - Shunyadragon, Baha'i apologist

      Comment


      • #4
        Originally posted by One Bad Pig View Post
        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?
        "If you can ever make any major religion look absolutely ludicrous, chances are you haven't understood it"
        -Ravi Zacharias, The New Age: A foreign bird with a local walk

        Be watchful, stand firm in the faith, act like men, be strong.
        1 Corinthians 16:13

        "...he [Doherty] is no historian and he is not even conversant with the historical discussions of the very matters he wants to pontificate on."
        -Ben Witherington III

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        • #5
          Originally posted by Raphael View Post
          Since when did conspiracy theories have anything to do with realism?
          Fair cop.

          Comment


          • #6
            Originally posted by Truthseeker View Post
            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.

            I'm always still in trouble again

            "You're by far the worst poster on TWeb" and "TWeb's biggest liar" --starlight (the guy who says Stalin was a right-winger)
            "Of course, human life begins at fertilization that’s not the argument." --Tassman

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            • #7
              I had to look up Cyprus haircut. Anyone else?
              Watch your links! http://www.theologyweb.com/campus/fa...corumetiquette

              Comment


              • #8
                Originally posted by DesertBerean View Post
                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.

                Comment


                • #9
                  Originally posted by Outis View Post
                  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

                  I'm always still in trouble again

                  "You're by far the worst poster on TWeb" and "TWeb's biggest liar" --starlight (the guy who says Stalin was a right-winger)
                  "Of course, human life begins at fertilization that’s not the argument." --Tassman

                  Comment


                  • #10
                    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...nancial_crisis
                    The greater number of laws . . . , the more thieves . . . there will be. ---- Lao-Tzu

                    [T]he truth Im after and the truth never harmed anyone. What harms us is to persist in self-deceit and ignorance - Marcus Aurelius, Meditations

                    Comment


                    • #11
                      Originally posted by Truthseeker View Post
                      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.

                      Comment


                      • #12
                        Originally posted by Raphael View Post
                        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.
                        The greater number of laws . . . , the more thieves . . . there will be. ---- Lao-Tzu

                        [T]he truth Im after and the truth never harmed anyone. What harms us is to persist in self-deceit and ignorance - Marcus Aurelius, Meditations

                        Comment


                        • #13
                          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.
                          The greater number of laws . . . , the more thieves . . . there will be. ---- Lao-Tzu

                          [T]he truth Im after and the truth never harmed anyone. What harms us is to persist in self-deceit and ignorance - Marcus Aurelius, Meditations

                          Comment


                          • #14
                            Originally posted by Truthseeker View Post
                            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.

                            Comment


                            • #15
                              Originally posted by Truthseeker View Post
                              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?
                              "The man from the yacht thought he was the first to find England; I thought I was the first to find Europe. I did try to found a heresy of my own; and when I had put the last touches to it, I discovered that it was orthodoxy."
                              GK Chesterton; Orthodoxy

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