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Pictures From A Latvian Bank Run As MF Global Commingling Comes To Town

Tyler Durden's picture




 

If anyone is wondering why the collapse of MF Global after the discovery of its commingling and theft of client funds was the single worst thing that could happen to market confidence, then look no further than the small Baltic country of Latvia where precisely what Jon Corzine's firm did to its clients, has happened at the bank level. Businessweek reports: "Lithuanian prosecutors issued an arrest warrant for Vladimir Antonov and Raimondas Baranauskas who are former shareholders of Bankas Snoras AB. Both men are suspected of embezzlement and document forgery, the Prosecutor General said in a statement on its website today. Baranauskas is also suspected of accounting fraud and abuse of authority, it said." Kinda like Jon Corzine, if not by the actual authorities, then by everybody else. And just like in the US where the lack of confidence in the system following the MF filing, so in Latvia the people have decided to hit the ATMs first and ask questions later. "“This money was the bank’s clients’ money,” said Irena Krumane, head of Latvia’s bank regulator, on Latvian Television last night. Krajbanka will most likely be liquidated because the bank doesn’t have the resources to meet depositor and creditor demands unless the Lithuanian government decides to recapitalize the lender, said Janis Brazovskis, the lender’s administrator, in an interview with Latvian Independent Television program 900 Seconds today...Depositors can withdraw 50 lati a day beginning today for the rest of the week, said Krumane at a press conference." At today's rate this is about $95. Which is why what happened next, as shown in the pictures below, was to be completely expected, and is a perfect indicator of the collapse in liquidity and credibility of our own system where commingling, unlike in Latvia, goes unpunished.

 

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Thu, 11/24/2011 - 12:03 | 1910693 kill switch
kill switch's picture

Next teller please..

Thu, 11/24/2011 - 12:11 | 1910717 Cast Iron Skillet
Cast Iron Skillet's picture

But that can never happen here

Thu, 11/24/2011 - 12:20 | 1910736 Harlequin001
Harlequin001's picture

The problem with gold is it's boring.
There's none of this...

Thu, 11/24/2011 - 12:26 | 1910789 Haywood Jablowme
Haywood Jablowme's picture

 

Great place to open up a hot dog stand.  "Never let a serious crisis go to waste."  ~ Rahm Emanuel

 

 

Thu, 11/24/2011 - 12:27 | 1910796 Harlequin001
Harlequin001's picture

But nobody's got any money...

Thu, 11/24/2011 - 12:30 | 1910813 flacon
flacon's picture

We don't even use money any more - not even currency, not even paper... we just use our imagination. Imaginary. 

Thu, 11/24/2011 - 12:37 | 1910848 trav7777
trav7777's picture

Time to set up a "taking hot chicks out of this shithole" stand near there with some FRNs in a display case

Thu, 11/24/2011 - 12:52 | 1910902 Ethics Gradient
Ethics Gradient's picture

You've been there, then!

I'm guessing whoever junked you hasn't.

Thu, 11/24/2011 - 13:01 | 1910934 SilverRhino
SilverRhino's picture

LOL .... capitalism striking while the iron is hot. 

Thu, 11/24/2011 - 13:36 | 1911049 Gauthijm
Gauthijm's picture

Hi Trav

 

what's a FRN ?

 

Btw, have you been there, need a hot chick from there, as you mentionned, if she'll come with me

I've got guns, ammo, gold , and food

Just missing the other necessity of life, see above :)

 

Inquiring minds (me!) wnat to know

Take care

Jean-Michel

Thu, 11/24/2011 - 14:28 | 1911181 QuantumCat
QuantumCat's picture

Federal Reserve Note... CASH.  Bank runs = deflation = CASH is King.  A severe deflationary crash will try to part you from your gold and anything else not bolted down.

Thu, 11/24/2011 - 15:25 | 1911298 QuantumCat
QuantumCat's picture

Thumbs down?  Reread my comment... it is not anti-gold.  Deflation is the process of wealth extraction.  Linear thinkers are idiots.  

Thu, 11/24/2011 - 15:45 | 1911329 Gief Gold Plox
Gief Gold Plox's picture

Thumbs? No, that would be youtube :)

Tue, 11/29/2011 - 23:15 | 1928438 boiltherich
boiltherich's picture

Quantum, do not sweat the red arrows, there is a troll on the loose that is red arrowing almost everything, and some posters no matter what they post. 

 

For the layman in the simplest terms inflation= too many dollars chasing too few goods, and the inverse is deflation with too few dollars chasing too many goods.  Of course both imply the supremacy of supply and demand, and at root that law of supply/demand has not been repealed though the MSM would have you think otherwise. 

For decades governments/banks created trillions of dollars worth of productive resources, mostly in cheap labor nations like and especially China, factories cranking out everything.  While at home they were cranking out housing and getting anyone with a pulse to sign on the dotted line, KNOWING that it was a bubble and the signatory would either not be able to or not be willing to pay half a mil for a tract house.  In the end the creators of the bubble would end up with all the assets. 

The Fed for it's part has created trillions of bucks since then which would make you think AH HA, too many dollars, inflation!  And there has been some inflation for the consumer, though not as bad as the seventies YET.  This is because they created trillions as did the banksters but it has been fenced in to their little world and not fire hosed the streets with green ink.  The exception to that has been that the government has been deficit spending to the tune of more than a trillion per year which has been monetized and hits the public because ALL government spending returns to you and me.  We get the government bucks and spend it, that makes prices rise if the budget is not balanced because for stable prices as much needs to be taxed out of public pockets as the government puts into the street economy.  In a simple for this just means for stable prices you have to have a balanced budget that adds a few sawbucks to accommodate increase retained earnings, in other words the durable stuff we make that has value. 

You know the currency is meaningless, and thus prices for things like your food, your labor, your house, your local government and your kid's education, all are ditto meaningless -   you know they are meaningless when TPTB have to change the accounting rules in order to prevent a collapse of the economy, so most of us at ZH date our absolute pure surety that the collapse was inevitable from the day they changed mark to market rules for securities to a more liberal mark to unicorn dick.  Fiat does not have to be mismanaged, it does not have to be unbacked, it does not have to be dishonest, but greed seems to always win, when they changed the accounting rules money no longer met the three basic requirements of "MONEY." 

Wed, 11/30/2011 - 13:43 | 1931133 QuantumCat
QuantumCat's picture

I'm not really worried about the red arrows.  I think there is a feeling that gold is a panacea, and any opinions to the contrary are attacked.  I do believe that gold is real money and will eventually return to help stabilize currency.  I think this will also limit the amount of credit that can be extended by central banks/banks which results in the debt-fueled problems you mention above.  This will force governments and the people to engage in economic transactions that require appropriate risk decisions (counter party risk, etc) outside of moral hazard, and in the end, we will have manageable and more frequent natural cycles in the economy.  Unfortunately, we have had nearly 70 years with almost no significant period of deflation... and the debt overhanging the system cannot be supported by the velocity of money, regardless of Fed printed reserves. With people using credit to buy gold and silver, they are causing more problems by using the Fed's poison.  If you notice, gold and silver have been correlating more and more with equity markets for precisely this reason.   That's why I believe a deflationary bust is first required before real money can return and a true hyper-inflation can occur.

Thu, 11/24/2011 - 14:44 | 1911217 CPL
CPL's picture

Federal reserve note.

 

Right now it's cheap and plentiful wallpaper.

Thu, 11/24/2011 - 15:23 | 1911296 walküre
walküre's picture

The "hot chick" in picture #5 looks like she's willing to go anywhere with you....

Thu, 11/24/2011 - 17:26 | 1911541 MoneyPowerWomen
MoneyPowerWomen's picture

don't buy the calf until you've checked out the cow

Thu, 11/24/2011 - 19:31 | 1911786 mccoyspace
mccoyspace's picture

unfortunately, the 5th picture down shows what happens to the hot chicks from there.

From so many countries, the looks just don't last: poland, greece, russia.... 

live fast, die young, i guess.

Sun, 11/27/2011 - 15:38 | 1918316 Creepy Lurker
Creepy Lurker's picture

Yes, how dare those women age over time.

Thu, 11/24/2011 - 13:56 | 1911097 A Nanny Moose
A Nanny Moose's picture

We use the sqaure root of negative number?

Thu, 11/24/2011 - 12:31 | 1910823 Haywood Jablowme
Haywood Jablowme's picture

 

Well for you lucky lady, I gotta 70's GMC Custom right around the corner.  You want cucumber on that Chicago Red Hot?

 

Thu, 11/24/2011 - 14:23 | 1911162 Carlyle Groupie
Carlyle Groupie's picture

"But nobody's got any money..."

You're missing the point.

The person with the PM's will feast like a king. no?

Thu, 11/24/2011 - 15:08 | 1911265 Harlequin001
Harlequin001's picture

You don't queue up at an ATM because you've got your money out now, do you...

Thu, 11/24/2011 - 12:43 | 1910874 Temporalist
Temporalist's picture

That's why you wait NEXT TO the ATM.  So they get there and buy something after waiting in line.

 

I'd also rent chairs and sell Dr. Scholl's foot pads and powder.  Maybe bring in some of those mall massage people.  Possibly a pay toilet. 

 

Call the OWS people they know how to handle camping out in public.

Thu, 11/24/2011 - 12:59 | 1910923 upWising
upWising's picture

 

 

 

NEXT TELLER      NEXT TELLER      NEXT TELLER      NEXT TELLER       EXIT PONZI SCHEME

------>             ------>            ------->            -------->                 ---------->

Thu, 11/24/2011 - 14:00 | 1911112 A Nanny Moose
A Nanny Moose's picture

Bread lines to ATM lines in less than 20 years.

Thu, 11/24/2011 - 13:10 | 1910970 Abitdodgie
Abitdodgie's picture

You can't fix stupid.

Thu, 11/24/2011 - 12:32 | 1910805 flacon
flacon's picture

That's also the problem with the Austrian school of economics. How on earth are we supposed to put food on the table if we can't rock the boat so violently that when shit goes flying everwhere we get to scoop it up and put it on our own table to eat? Keynes was doing "God's work". /s

Thu, 11/24/2011 - 12:27 | 1910795 Bananamerican
Bananamerican's picture

Bankers are like dogs that eat their own shit...

they can't even help fucking THEMSELVES up

Thu, 11/24/2011 - 13:25 | 1911018 disabledvet
disabledvet's picture

Wal Mart will open banks in the USA if the current crop can't 'get the job done.' So, yes... absolutely..."it can't happen in the USA." It COULD at a far later date and indeed SHOULD happen here of course.

Thu, 11/24/2011 - 23:22 | 1912083 Buck Johnson
Buck Johnson's picture

Your right, it could never happen here in the good ole US of A.  Things like this happen to THOSE PEOPLE not the chosen country and people.  Trust me, when thiis happens we won't be so civil and in line like that. 

Thu, 11/24/2011 - 13:03 | 1910944 billhilly
billhilly's picture

Anybody who puts their money in a bank named Bankas Snoras should expect problems !

Thu, 11/24/2011 - 13:29 | 1911032 slaughterer
slaughterer's picture

Looks like the Apple store when a new product is released. 

Thu, 11/24/2011 - 22:51 | 1912033 covert
covert's picture

latvian banks are typically good. maybe it's time to buy some stock just before the coming bailout?

http://expose2.wordpress.com

 

Thu, 11/24/2011 - 12:04 | 1910695 Johnny Yuma
Johnny Yuma's picture

Isn't this really just BofA in a few months?

Thu, 11/24/2011 - 12:10 | 1910716 SHEEPFUKKER
SHEEPFUKKER's picture

There are much more civilized bank runs in the west. E-transfers. 

Thu, 11/24/2011 - 12:11 | 1910718 redpill
redpill's picture

It's every bank in the country once they announce that FDIC has gone bankrupt.

Thu, 11/24/2011 - 12:22 | 1910773 Ahmeexnal
Ahmeexnal's picture

And you should know that the F (which stands for Federal) in FDIC is as Federal as Federal Express!

Thu, 11/24/2011 - 12:32 | 1910828 redpill
redpill's picture

Until of course it goes into US Gov't receivorship and joins the illustrious likes of the Federal National Mortgage Association and Federal Home Loan Mortgage Corporation.

Thu, 11/24/2011 - 12:47 | 1910885 Temporalist
Temporalist's picture

The U.S. has announced the opening of a new non-federal banking facility named FUKD  or the Federal Underwriting Kickback Department.

Thu, 11/24/2011 - 13:18 | 1910992 Abitdodgie
Abitdodgie's picture

The FDIC only insures 2 cents on the dollar at the moment, and at Bof A deposits are not covered as BofA used all the deposits as collateral . When you make a deposit to BofA it is no longer you depositing money ,you are now loaning the money to the bank, so in reality it is not your mony any more, that why they can tell you to fuck off.

Thu, 11/24/2011 - 20:22 | 1911864 Iam_Silverman
Iam_Silverman's picture

"When you make a deposit to BofA it is no longer you depositing money ,you are now loaning the money to the bank"

True for savings deposits.  Not true for Demand Deposit Accounts.  They are treated as a liability, not an asset.  If things start to look dicey, just transfer ALL of your various savings instruments to checking or other DDA and then withdraw it.  See your individual banks policies on this.  Some friends found this out when they couldn't withdraw all of their money at once from their savings account.

Thu, 11/24/2011 - 13:50 | 1911080 Kaiser Sousa
Kaiser Sousa's picture

an announcement would just b a formality...

US govt broke as fuck = FDIC broke as fuck.....

Thu, 11/24/2011 - 13:39 | 1911054 FlyPaper
FlyPaper's picture

Bank of America:  Wati a Few months?   I use them as my primary checking institution and have been moving money out for months.  Prepaying bills...

There isn't enough $ for the FDIC to 'rescue' BoA customers without significant US bailout.  BoA may just find TBTF ain't happenin.   Imagine the "confidence perception" when the 5 TBTFs can't reach into uncle sam's pocket, as another TARP is likely to be needed to stem the "crisis."  

Or they'll do what they did in Latvia - they will limit withdraws.

At that point you'll have wished you pulled cash out and stuffed it in your mattress...

 

 

 

Fri, 11/25/2011 - 05:42 | 1912397 krispkritter
krispkritter's picture

Had to cash BoA and Chase cashiers checks the past few weeks.  BoA wouldn't stop pestering me about who I bank with and 'upselling' me their crap. The guy looked at the check about 10 times, had me give him a thumb print on the front of it and produce my license. Finally told him I used to be a customer and then added that if I were him I'd be looking for another line of work, smirked and walked out.  Chase not only wanted to scan my license, they wanted another 'form of id' which turned out to be a credit card. I balked but was assured that it was necessary 'since Cashiers Checks are so easily forged these days'. While of course I was cashing a Chase CC. I also had to give a fingerprint, index this time, on the check. Nice how they may YOU feel like the f'in criminal just for walking in the door with THEIR checks in hand. I'm expecting rubber gloves and lots of bending if this continues. Oh, and the funniest one; USPS money orders. They couldn't even cash a $400 one at the main office in town. Guess they really are broke...

Thu, 11/24/2011 - 12:05 | 1910698 disabledvet
disabledvet's picture

Bonnie and Clyde were far more entertaining. I mean "people waiting in line"? "Staring at the ATM?" Sorry, this type of bank robbery just doesn't do it for me. Don't tell me i'm all alone on this?

Thu, 11/24/2011 - 12:12 | 1910723 SHEEPFUKKER
SHEEPFUKKER's picture

The days of bank robbers are over I guess. Now it's just robber banks. 

Thu, 11/24/2011 - 13:36 | 1911053 disabledvet
disabledvet's picture

gives "Robber Barons" a good name...don't these useless..and oh so usual phucks. At least somebody's legacy is secured by all these morons...the only ones that ever had one to begin with. And now we learn "they had better bad guys back then, too."

Thu, 11/24/2011 - 12:05 | 1910699 AngryGerman
AngryGerman's picture

looks like latvian are a little bit smarter than MF clients!!! On the other hand, i think JPM does not operate there...

Thu, 11/24/2011 - 14:33 | 1911189 Carlyle Groupie
Carlyle Groupie's picture

The banksters start the squeeze in these small countries because of this:

Latvian Girls
http://www.youtube.com/watch?v=WaJH7SwjwdQ

Bitches, blow, and banking!

Thu, 11/24/2011 - 12:11 | 1910701 lolmao500
lolmao500's picture

At least in Latvia they arrest the criminals, in America, they get bonuses, become president or governor or congressman or senator... or have a show on CNBC or sit on the FED board.

Thu, 11/24/2011 - 13:23 | 1911014 Zero Govt
Zero Govt's picture

the stupid bit is handing anyone a monopoly system (Govt) to 'manage'

power corrupts ...no use sulking, you get what you sponsor (pay tax to prolong) 

Thu, 11/24/2011 - 12:06 | 1910702 Matt1973
Matt1973's picture

This Peggy, your money come gone

Thu, 11/24/2011 - 12:32 | 1910824 surf0766
surf0766's picture

Funny as all hell. Thanks

Thu, 11/24/2011 - 12:06 | 1910703 williambanzai7
williambanzai7's picture

Say, were those documents by any chance attested by Linda Greenski?

Thu, 11/24/2011 - 13:16 | 1910982 mudduck
mudduck's picture

No, they were just trying to avoid getting corzineeholed.

Thu, 11/24/2011 - 12:06 | 1910704 max2205
max2205's picture

America, 1st in corruption, last in justice

Thu, 11/24/2011 - 12:17 | 1910747 MolotovCockhead
MolotovCockhead's picture

America, 1st in corruption, last in justice

 

Wrong, they wear corupption like a badge of honor!

Thu, 11/24/2011 - 12:38 | 1910850 NumberNone
NumberNone's picture

In America some schmuck is in jail for life because of a 3rd strike conviction for theft of $75, while the financial criminals steal millions and live comfortably for the rest of their lives. 

China has at least one right idea in the area of how to deal with financial criminals...

http://www.globaltimes.cn/NEWS/tabid/99/ID/682998/Tycoon-sentenced-to-death-in-real-estate-funding-scam.aspx 

  

Thu, 11/24/2011 - 13:31 | 1911038 Things that go bump
Things that go bump's picture

They don't mess around either.  They harvest your organs and anything else usable and toss whats left out.  

Thu, 11/24/2011 - 14:27 | 1911179 Carlyle Groupie
Carlyle Groupie's picture

The israel types hate the thought of it. Sends chills down their spins and therefore they stay the F out. Good thing.

Thu, 11/24/2011 - 13:30 | 1911036 disabledvet
disabledvet's picture

yeah, well...looks like we have some competition on that score now too.
http://www.youtube.com/watch?v=xSAwlhrMWkU&feature=player_detailpage

Thu, 11/24/2011 - 12:08 | 1910705 Dr. Engali
Dr. Engali's picture

Ben better speed up those printers. This is coming to a bank near you.

Thu, 11/24/2011 - 12:17 | 1910745 el Gallinazo
el Gallinazo's picture

TBTP hate currency.  They want a chip in your hand ASAP.  They would like to do away with currency altogether except for CIA drug running operations.  Their game plan is to extend credit not currency.

Thu, 11/24/2011 - 14:42 | 1911213 Paul E. Math
Paul E. Math's picture

But that's essentially what our currency represents: credit.  95% of the currency in circulation was borrowed into existence.  They have already achieved their goals or money with credit.

No, TBTP hate money, not currency.  And when I say 'money' I mean the real kind.

Thu, 11/24/2011 - 17:12 | 1911367 BidnessMan
BidnessMan's picture

No need for a chip in your hand.  45M+ US citizens (mostly) now have EBT cards for SNAP - Supplemental Nutrition Assistance Program.  No cumbersome Food Stamps any longer. Easy for the Feds to charge up EBT cards.  And retailers love em because there are no bank interchange fees allowed on EBT cards.  Once everyone in the USA gets an EBT card, cash can go away.  So no need to literally print FRNs.  Just add some bits to your EBT.  

http://www.youtube.com/watch?v=o64Fz-KW1Dk

 

Thu, 11/24/2011 - 12:09 | 1910709 SHEEPFUKKER
SHEEPFUKKER's picture

Three's a crowd?

Thu, 11/24/2011 - 22:13 | 1911984 UP Forester
UP Forester's picture

....and four's a bank run.

Thu, 11/24/2011 - 12:09 | 1910710 RacerX
RacerX's picture

Good thing there are so many Latvian "savers".

I can imagine the "technical issues" will only escalate with the banks.. Already happening here in the States.

Thu, 11/24/2011 - 12:15 | 1910711 GeneMarchbanks
GeneMarchbanks's picture

Poor Sheeple.

I have to say that 'journalists' who continue to display a complete disengenious surprise each time they 'rediscover' the corruption that is rife within the system, are becoming my favorite people. The fundamental dishonesty needed to work at say... the BBC ... is now approaching comedy of Aristophenean proportions.

Thu, 11/24/2011 - 12:37 | 1910846 Rip van Wrinkle
Rip van Wrinkle's picture

Come the revolution, if I'm still alive, the BBC will be the first port of call.

Whores and prostitutes. Contnuous mistruths and lies for a salary.

Thu, 11/24/2011 - 20:36 | 1911877 boiltherich
boiltherich's picture

When you refer in to the masses of humanity in pejorative terms like "sheeple" you are implying that you are above them, better than them, as in you are not one of the "sheeple."  Unless you are one of the billionaires or your last name starts with R and ends with othschild and you are pulling the puppet strings then you are one of us like it or not.  You, we, might have better knowledge than most but none of us is better than most.  By the standards of the founding fathers it was the small minority who were aware of what the tyrants were doing that required them to act with violence if need be:

But when a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security.--Such has been the patient sufferance of these Colonies; and such is now the necessity which constrains them to alter their former Systems of Government. The history of the present King of Great Britain is a history of repeated injuries and usurpations, all having in direct object the establishment of an absolute Tyranny over these States. To prove this, let Facts be submitted to a candid world.

Thu, 11/24/2011 - 12:09 | 1910712 PaperBear
PaperBear's picture

I don’t expect to see this on any establishment news media.

Thu, 11/24/2011 - 12:18 | 1910753 Nate H
Nate H's picture

and thats a VERY good thing 

Thu, 11/24/2011 - 12:12 | 1910721 johnnymustardseed
johnnymustardseed's picture

Latvia will be the next country importing our excellent pepper spray

Thu, 11/24/2011 - 13:13 | 1910977 upWising
upWising's picture

THIS THE LATEST HEADLINES IN FROM BS-TV, YOUR SOURCE OF NEWS THAT MATTERS:

--->  It has been decreed that from December 1 - December 28, Pepper Spray shall be colored GREEN in conformance with the Festivity of the Season of Giving.

---> A recent challenge to Pepper Spray use as damaging to the environment due to the propellants contributing to thinning of the Ozone Layer was DISMISSED in Federal Court.  Attorneys for the Department of Homeless, er HOMELAND, Security, submitted undisclosed evidence, shielded by the Doctrine of State Secrets, which convinced the Justice in the Case.  

---> Democracy and Patriot Act Experts from the Department of Homeland Security have directed state and local Election Officials to closely scrutinize Dancing With the Stars as a possible model for 2016 elections. "With results tabulated so quickly, and Americans so enthusiastic about voting from the comfort of the Barcaloungers and LazyBoys, we can't ignore this exciting possible enhancement to American Democracy.  We just need to work out Voter ID questions, and we should be good to go!" stated Janet Napolitano, Director of Homeland Security.

---> And now to Hollywood, where Lindsay Lohen............

Thu, 11/24/2011 - 12:12 | 1910724 Comay Mierda
Comay Mierda's picture

Withdrawal restrictions, bank holidays, and full on runs coming to a bank near you.
Get your fucking cash out now

Thu, 11/24/2011 - 22:14 | 1911987 UP Forester
UP Forester's picture

Happy Holidays!

Thu, 11/24/2011 - 12:13 | 1910726 Börjesson
Börjesson's picture

So that's Latvia, eh? I've never been. Looks kinda nice, in that Eastern European way.

Vladimir Antonov, incidentally, owns English football club Portsmouth FC. He also allegedly has a big backdoor ownership share of struggling automaker Saab Automobile. (Nobody would let him through the front door. Guess they had a point...)

Thu, 11/24/2011 - 19:07 | 1911737 the_magician
the_magician's picture

+1. 

 

"(Nobody would let him through the front door. Guess they had a point...)"

 

At least he tried, with a little help from non other then the 'good-image' makers 'Kroll'.Americans?.you bet! first, they hire 'Kroll' to write good stuff about them, then, when one of the banks they own go bust because of straight 'fuck you in the face' daily robbery of client accounts and usual western style casino poker games, they hire the same fuck-face to be responsible for bancruptcy and investigation.

 

Someone here said that he's jealous that at least in countries like Latvia and LIthuania criminals and bankers (all the same) get punished and so on. By government. Stupid fuck. seriously stupid. blind stupid. stupid.

 

Amerika is everywhere.

 

Salut!

 


 


Thu, 11/24/2011 - 12:13 | 1910727 SHEEPFUKKER
SHEEPFUKKER's picture

Liberate Latvia?

Thu, 11/24/2011 - 13:25 | 1911020 Abitdodgie
Abitdodgie's picture

 those poor people having to stand in the cold for hours what is the Government doing to them . Lets bomb Latvia for humaniterian reasons of course ( could someone find out if they have oil ------ they dont) second thoughts fuck um.

Thu, 11/24/2011 - 15:53 | 1911342 eaglefalcon
eaglefalcon's picture

Went to the bank to get some cash the other day,  all they could give me was 20's.  No 100 dollar bills.  Asked friend who works at a bank, he said banks keep very little cash in the vault.  that's why i like the atm machines in casinos.  they always dispense 100s

 

Looking at these poor souls standing in freezing cold to wait for their turn at the atm, is it time for zerohedgers to frontrun?

 

Thu, 11/24/2011 - 12:14 | 1910732 ag3nt0rang3
ag3nt0rang3's picture

Wont be long before the atm's start getting ripped out with tractors, Why wait in line in the day when you can take the whole machine at night. Just hope that it still got cash in it.

Thu, 11/24/2011 - 12:16 | 1910737 Temporalist
Temporalist's picture

AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAANNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNDDDDDDDDDDDDDDDDDDDDDDD....................

IT'S GONE!

http://www.youtube.com/watch?v=4TlPo0yCSa4

Thu, 11/24/2011 - 13:02 | 1910936 Bring the Gold
Bring the Gold's picture

Awesome remix thanks for sharing.

Sometimes it's a strangely isolating place to know the world is a slow motion train wreck and yet sitting down with family in one of the last dining cars for thanksgiving. Blissfully unaware or in deep denial. America, "land of the blue pill takers" and no I don't mean Viagra.

Thu, 11/24/2011 - 13:08 | 1910959 Temporalist
Temporalist's picture

If you have had any awareness for the past few years, and said something, they are likely to question mockingly "where is this collapse you've been talking about?"

I resolved recently that henceforth I will not mention it again to anyone without being asked directly.

Thu, 11/24/2011 - 18:56 | 1911706 ForTheWorld
ForTheWorld's picture

A while ago I was telling my parents that even though Dad has a great pension and it's "guaranteed" by the NSW Government, they won't ever actually guarantee that money, and they NEED to look at things a little closer.

Last time I saw them, they were talking about PMs, the Rothschilds and how they have a hand in everything, and have started reading ZeroHedge. Tactful persistence is key.

Thu, 11/24/2011 - 12:16 | 1910739 Antifederalist
Antifederalist's picture

I love the frown on the old lady with the red beret.  Resigned.  As though this is normal.  Come on people....let's have a riot or something.

Thu, 11/24/2011 - 12:20 | 1910767 The Swedish Chef
The Swedish Chef's picture

Latvia  used to be part of the Sovjet Union. Think she might be used to queuing?

Thu, 11/24/2011 - 12:18 | 1910754 The Swedish Chef
The Swedish Chef's picture

This is quite big news here in Sweden as Antonov was adamant about buying SAAB. Why would anyone want to buy that peice of crap? Now we know...

He wasn´t allowed to do so because of his ties to criminals. And now we that he too is one... 

Thu, 11/24/2011 - 12:23 | 1910776 Temporalist
Temporalist's picture

Sweden bringing in Assange was all I needed to know about justice and law there.

Thu, 11/24/2011 - 12:35 | 1910843 The Swedish Chef
The Swedish Chef's picture

Because any hero of yours can impossibly commit crimes? 

Thu, 11/24/2011 - 12:53 | 1910859 Temporalist
Temporalist's picture

No "hero" of mine just the "crime" that he is being brought in for, their reasons for doing it, the popmedia framing of the case and casting him as a criminal without a day in court...  Maybe the "King and Queen" will grant a pardon?

 

Perhaps I'm biased because if Hillary the Hippo doesn't like him makes me like him some.

Thu, 11/24/2011 - 20:31 | 1911873 Iam_Silverman
Iam_Silverman's picture

"casting him as a criminal without a day in court.."

Could it be that they surreptitiously saved his life by "taking him into custody"?  As I recall, he was treated well and wasn't tortured.  Those types of counter-operations probably go on day in and day out, and we are never to know.............

Thu, 11/24/2011 - 12:20 | 1910763 Temporalist
Temporalist's picture

In Latvia you don't wait on bank line, bank line weights on you.

Thu, 11/24/2011 - 12:26 | 1910791 rambler6421
rambler6421's picture

Bank Run bitchez!

libertarian86.blogspot.com

Thu, 11/24/2011 - 12:27 | 1910793 kloot
kloot's picture

looks like a modern day bread line

Thu, 11/24/2011 - 12:30 | 1910814 NMP
NMP's picture

Luckily this time Latvian police acts same way as bank clients, they arrested Krajbanka president and all the board members and asked questions afterwards. Although court released bank's board members from arrest, chairman remains under arrest.

Thu, 11/24/2011 - 12:30 | 1910815 NMP
NMP's picture

Luckily this time Latvian police acts same way as bank clients, they arrested Krajbanka president and all the board members and asked questions afterwards. Although court released bank's board members from arrest, chairman remains under arrest.

Thu, 11/24/2011 - 12:31 | 1910821 PulauHantu29
PulauHantu29's picture

<<<Lithuanian prosecutors issued an arrest warrant for Vladimir Antonov and Raimondas Baranauskas who are former shareholders of Bankas Snoras AB.>>>

Don't worry...they are probably living safely on Long Island or Greenwich.

Thu, 11/24/2011 - 12:42 | 1910833 Waterfallsparkles
Waterfallsparkles's picture

This is not new in America.  It happened with the Savings and Loan Crisis.  Even though they were not insured the people eventually got their Money back.  I took about 3 years for people to get their Money.

That is why it is always prudent to keep some cash on hand especially now when you get almost 0 on your savings in the Bank.  It almost does not pay to keep it in the Bank.  As the risk the Banks could go belly up and the FDIC does not have enough Money to Bail them all out.

Plus, I am sure there is not enough actual Dollars in Circulation to meet any major demand.  As the Fed has created over a few Trillion Dollars, I am sure those Dollars are not printed in physical form.  There just are not enough Printing Presses.  Think about it.  How long would it take the Government to actually Print 1 Trillion Dollars?  Maybe years.

Thu, 11/24/2011 - 13:29 | 1911030 CCanuck
CCanuck's picture

Not with the new 1,000,000 FRN, they could print it off in a day or less.

Thu, 11/24/2011 - 15:51 | 1911346 BidnessMan
BidnessMan's picture

Per the Federal Reserve web site, there was $1.05 trillion in US currency as of November 2011.  $1.01 trillion in Federal Reserve Notes.  Up from $829 billion in December 2007.  NY Fed says over half of all US currency is outside the USA.  

http://www.ny.frb.org/aboutthefed/fedpoint/fed01.html

Bank of America 2Q2011 deposits of $1.038 trilion. BofA midyear 2011 Investor Factbook  

 

 

Thu, 11/24/2011 - 22:04 | 1911969 Imminent Crucible
Imminent Crucible's picture

It didn't take Gideon Gono very long to print the Zim $100 trillion bill that's lying here on my desk.

Fri, 11/25/2011 - 08:53 | 1912490 Tedster
Tedster's picture

What was interesting about the savings and loan - while (thousands?) of banks failed, eventually somebody went through the boxes of paperwork and loans and culled out the performing notes. And bought them. There was still *value* in part of the enterprise.

What's happened recent years is something quite different. Well, perhaps not "different", tho certainly several orders of magnitude more insane and absurd.

Thu, 11/24/2011 - 12:40 | 1910844 sabra1
Thu, 11/24/2011 - 12:40 | 1910861 Alpacanio
Alpacanio's picture

How much does a Latvian hooker charge these days???

Thu, 11/24/2011 - 12:48 | 1910892 Temporalist
Temporalist's picture

How much you got?  I'll have to get back to you though I'm waiting in a line...

Thu, 11/24/2011 - 12:49 | 1910894 Sudden Debt
Sudden Debt's picture

Let's say they are wearing magnetiic underwear....

Thu, 11/24/2011 - 14:24 | 1911171 Tom Green Swedish
Tom Green Swedish's picture

Depends on the person's country of origin. If you are Latvian $60 dollars for the whole night.  If you are American its $400 dollars an hour.  They check the competitions prices out online and they knkow Americans always have tons of cash.

Thu, 11/24/2011 - 12:48 | 1910890 pelican
pelican's picture

Wall Street is dooming itself.  Why invest your 401k with them with those crooks on Wall Street when they are just spending other accounts and will just raid yours?

I just hope the system keeps itself together until Jan 1st, so I can withdraw more from my 401k.

 

 

Thu, 11/24/2011 - 13:07 | 1910956 SilverRhino
SilverRhino's picture

Indeed.  After everything that has happen I have no idea why the typical citizen isn't sitting on their wealth and staying way the hell away from the markets.  

Thu, 11/24/2011 - 15:18 | 1911282 Rynak
Rynak's picture

Umm, they ARE doing just that :) The "stock/etf/bondmarket" has nothing to do anymore with an audience even half as big worthy of being called "a market".

Thu, 11/24/2011 - 12:52 | 1910896 MFL8240
MFL8240's picture

 

These comments however interesting and funny miss the point that yet another piece of dog shit from the Goldman Sachs toilet has again stained the US in another part of the world.  Corized better find his way to prison or I will bet that someone that was fucked by this scumbag will show him that paybacks are a bitch.  

 

Thu, 11/24/2011 - 13:02 | 1910937 Temporalist
Temporalist's picture

People aren't missing it, they are just tired of repeating it. 

Thu, 11/24/2011 - 13:24 | 1911016 Long-John-Silver
Long-John-Silver's picture

Banks in Amerika can never run out of money! Bernanke has ordered thousands of FDIC Mobile Money Printing Vans removed from storage and put back in service. The MMPV will come to your city and provide all the Money required to make sure your US Dollars will always be available.

FDIC Mobile Money Printing Van

Thu, 11/24/2011 - 13:31 | 1911037 Granangry
Granangry's picture

At least the authorities in Latvia are trying to catch these guys. Here, on the other hand, Corzine is allowed to move on without so much as a blink. Corzine and most of his cronies on Wall Street are no better than a heroin dealer or neighborhood pimp - they only serve to make life worse for others while they profit immensely.

Thu, 11/24/2011 - 17:12 | 1911494 RockyRacoon
RockyRacoon's picture

Latvia cancelled an auction of ten-year bonds on Tuesday after regulators suspended operations at Latvijas Krajbanka, a small bank owned by the troubled Snoras Bank of Lithuania, taken over by authorities last week.

Thu, 11/24/2011 - 13:39 | 1911052 orca
orca's picture

Nobody has made the link yet? Allow me. Mr. Antonov is the same person who was not allowed to become a shareholder in Saab, when it was taken over by Spyker / Victor Muller from the Netherlands. GM would't allow it, for his shadowy wheeling and dealing. Anyway, Saab is on the ropes now and Mr. Antonov's bank too. Music maestro! http://tinyurl.com/4xsqp78

Thu, 11/24/2011 - 13:39 | 1911055 TheBadgersSett
Thu, 11/24/2011 - 14:20 | 1911158 Fozzy Slippers
Fozzy Slippers's picture

I hope you all bought rifles. And some body armor.

Thu, 11/24/2011 - 14:24 | 1911169 Snakeeyes
Snakeeyes's picture

Look at The Fed's assumption of worst case scenarios for banks! The Fed assumes that 3 mo Treasuries are 0.10% through 2014, 10 yr Treasuries hover around 2% and mortgage rates rise to 5% for 2012, then fall back to 4%. THIS IS A STRESS TEST FOR CAPITAL??????????????????????????????????????????????????????????????????????????????????????????????

Upcoming Case-Shiller Report and The Fed Reserve Comprehensive Capital Analysis and Review

http://confoundedinterest.wordpress.com/

Looks like they want to avoid a Latvian style bank run.

Thu, 11/24/2011 - 15:26 | 1911301 walküre
walküre's picture

Clearly these people have no debt with the banks.

If they had vast amount of debts, they could care less if their bank was going broke.

But they have savings in their accounts and get fucked. C'est la vie depuis 2008.

Hint: The bank doesn't own your cash. You do. Take it out and keep it at home. Leave your debt with the bank of course.

Thu, 11/24/2011 - 15:49 | 1911337 XenOrbitalEnginE
XenOrbitalEnginE's picture

"Antonov"  looks more Russian than Latvian.  Possibly that minority of ethnic russians that the colonial power left there (and wouldn't re-patriate back. Authoritarians). 

I'd guess that Lithuanians were also involved.   It's like New Jersey folks tricking stupid New Yorkers ha ha ha.   (Corzine!)

Sure, that's a little racist - but it's racist against RUSSIANS!

Thu, 11/24/2011 - 23:35 | 1912093 scam_MERS
scam_MERS's picture

More than a small minority of Ethnic Russians, at least in the major cities:

Russians in Latvia live mainly in urban areas. In 2006 Russians made up 42.3% of the population in the capital Riga and 53,5% in the second largest city, Daugavpils (not counting others with Russian as mother tongue). Under the Soviets, arriving Russians had been settled primarily in industrial centers to staff factory jobs while rural areas remained populated almost entirely by ethnic Latvians, except for some small areas in eastern Latvia with a longer history of Russian-Latvian mixed villages. In 2010, ethnic Russians made up 27,6% of the population.[5]

http://en.wikipedia.org/wiki/Russians_in_Latvia

Thu, 11/24/2011 - 15:50 | 1911343 justtotaketheedgeoff
justtotaketheedgeoff's picture

If the FDIC fails to make insured depositors whole, there would be serious civil unrest.  This has to be one of the greatest concerns gov't has, at all levels. Call it turkey induced stupor, but I think we can count on getting our insured deposits back, if only in pretend money. As long as "it spends," most people won't care.  Is there any pie left?

Thu, 11/24/2011 - 17:12 | 1911492 TzaristBondHolder
TzaristBondHolder's picture

a new business idea:  instead of Betfair placing bets on events, we have a site where you bet which bank falls next, which will be far more accurate than the spreads,

BankBustfair

The public places the wager and the banks seos can counter

Thu, 11/24/2011 - 18:39 | 1911672 saulysw
saulysw's picture

Ah, but which bank would handle all of the transactions of these bets?

Thu, 11/24/2011 - 17:40 | 1911559 zenharmonics
zenharmonics's picture

Posted on the CFTC site Nov. 21st:  CFTC Seeks Public Comment on Request from ICE Clear Credit for Order Permitting Portfolio Margining of Swaps and Security-Based Swaps in a Customer Account....futures commission merchants and securities broker-dealers would be permitted to (1) commingle in an account subject to Section 4d(f) of the Act (a cleared swaps customer account) positions in swaps and security-based swaps and related customer money, securities and property."   Happy Thanksgiving!

Thu, 11/24/2011 - 21:44 | 1911943 zippy_uk
zippy_uk's picture

Look - all these people want their money back. We are going to have to print money to do it. So much money to print...

..WERE GOING TO NEED A BIGGER BOG ROLE...

Any volunteers to enscribe the value ? With all these notes to print we need lots of volunteers - only make sure you come loaded up on larger and vindaloo - there is no time to waste.

Thu, 11/24/2011 - 23:59 | 1912110 merizobeach
merizobeach's picture

#OccupyATM

Fri, 11/25/2011 - 00:49 | 1912155 NvrGivUp
NvrGivUp's picture

At least the police weren't there beating people up...  I see a lot more of this over the next 12 months unless somebody pulls a very special rabbit out of their hat. Too much wrong going on all at once, seems like it is coming to a crescendo , maybe fall '12 or sooner. No doubt home security systems sales are up across the country as people batten down the hatches for an uncertain future. The longer this goes on the scarier it gets, I sure hope it is not as bad as it seems. Geopolitical issues including Syria,Iran,Egypt,Iraq,Yemen, China, Russia xxx TENSION xxx etc. on top of the collapse of the ponzi schemes, corruption and the hot potato derivatives et al financial markets, looks to be too much for the world to manage.  If long lines and inconvenience getting our money out of the banks is the extent of this, I'll be amazed.... Seems more like the tip of a large iceberg...

Fri, 11/25/2011 - 01:50 | 1912222 mt paul
mt paul's picture

noooooo

not the potato

derivitive ....

Tue, 11/29/2011 - 20:51 | 1928120 Ron Hera
Sun, 12/11/2011 - 16:10 | 1968073 Debugas
Debugas's picture

Latvia had two banks filed for bunkrupcy in the last several years the last one (Krajbank) just a week ago. So people there are really really very worried (aspecially having in mind that deposits garantee fund is empty having spent all the money to cover Krajbank deposits).

Just minites ago i have read some news about the run on Swedbank in Latvia and also people comments in local e-media that some supermarkets stopped accepting Swedbank cards payments, also that some ATMs are empty

Swedbank is saying they are refilling the ATMs

http://www.db.lv/citas-zinas/swedbank-aktivi-papildinam-bankomatus-bauma...

 

more pictures of today (11-12-2011)

http://www.db.lv/finanses/bankas/swedbank-klienti-panika-daudzviet-banko...

Do NOT follow this link or you will be banned from the site!