Guess Who Else Is Stealing Money From Bank Depositors?

From FORBES.COM

Halah Touryalai, Forbes Staff
I stalk Wall Street. Stopping short of phone hacking, of course.


The following is a guest post by George Schultze, founder of Schultze Asset Management, an alternative investment firm managing approximately $230 million with a specialty in distressed securities investing.

We’ve seen lots of press recently about a proposed plan to tax savings account depositors in Cyprus.  This plan, initially proposed as a tax on depositors based on a sliding scale of between 6-10% of the value of their savings deposits, was floated as a solution to bail out the country’s insolvent banking system.  News of this plan was poorly-received by the market this week – to wit, we saw an early market sell off Monday morning as rumors circulated around the world that other European nations, such as Greece, Spain and Italy, might not be far behind Cyprus.

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