Cyprus bank bailout

[urge]

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Anyone read how they are taxing 7 to 10 from the depositors money to keep the banks afloat?

Wonder when they will start doing that over here. Maybe instead they will use your 401k.

 

[Per4mer8]

So I heard a story, from a big business accountant. This is definitely second hand info, and I haven't attempted to google-fu fact check so take this with a grain of salt. But the accountant told me that during our big bank government bailout(s) the government gave the banks the billions they needed, but because the gov couldn't really afford to do that they made a deal to turn around and borrow the same bailout money they just gave the banks at 3%.....

 

[pgg]

Anyone read how they are taxing 7 to 10 from the depositors money to keep the banks afloat?

Yeah, Europe is becoming quite the spectacle.

Wonder when they will start doing that over here. Maybe instead they will use your 401k.

401k/IRA assets can't be confiscated or even abruptly taxed in this manner. Doing so would destroy the assets the government was trying to seize. It can't be done. 401k/IRA assets are totally, fundamentally different than things like government pensions, corporate pensions, social security, or other flavors of state-run old-people-insurance.

Your 401k has risk related to the market and inflation, which the government can influence, but there's no government confiscation risk.

 

[pgg]

It is sort of funny to see the Russians get all indignant about their favorite shady tax haven / money laundering site though.