Fact is it does happen OFTEN and it's going to keep happening. In many cases
the reasons why it is happening may be disturbing.
Here's a another example this week:
This is a story filed under "Oddly Enough" on the Iwon news service
(run by CBS I believe. Read the second to last paragraph. What sort of
"pledges" to the IMF would cause a bank to close its doors?
ISTANBUL (Reuters) - A guard at a Turkish state bankrobbed his own cashiers
and distributed $25,000 to passers-by in what police said was a response to
the planned closure of the bank.
The security guard at an Emlak Bank branch in Istanbul brandished his
pistol and forced a teller to empty a safe before running out into the
street firing in the air, notes fluttering from a bag of cash, Anatolian
news agency said Friday.
When he noticed the falling notes he threw some in the air, and handed out
the rest to passers-by and shopkeepers. Anatolian said the guard had been
working for four years at Emlak Bank, which Turkey now plans to close as
part of pledges to the International Monetary Fund. Police said he was
depressed at the prospect of losing his job.
===============================
NOthing would make me happier than if that was true. However the reality is
that the second after they get back up and running, everyone is going to
pull their money out. Where are they going to get that money? They know
this. I have been trying to open up a new account there for the last two
months. I thought they were being even more stupid tan usual, but alas,
they were doing me a favor. If Paritate rises from the ashes, it will fall
soon after.
Not unless it can convince a lot of very nervous people that their money is
safe. If you have an idea on how to do that, let them know.
On Tue, 26 Jun 2001 15:55:38 -0400, Steven wrote:
>
> Hello,
>
> Your assumptions are a bit premature and emotionally tainted.
>
> Paritate Bank is experiencing problems right now. There is no word on
> the permanency of this issue, but the bank has personally told us that
> everything should be operational in two or three days.
>
> It seems that Paritate Bank has placed a lot of the bank equity in the
> US stock market and the value of the securities they are holding has
> dropped in worth to the point where the liquidity of the bank is now an
> issue. They are working to fix this problem by increasing the equity of
> the bank through potential investors.
>
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