RBS 'Glitch' Goes Airborne As Biggest Russian Bank Halts All Credit, Debit Card Operations

Tyler Durden's picture


It seems IT professionals around the world are #failing as the 'glitch' that affected millions of account holders in the UK has leaped the channel and spread across Europe to infect Sberbank - which just happens to be the largest Russian bank. Via Bloomberg:


and from Interfax:

RUSSIA-SBERBANK-CARDS-MALFUNCTION MOSCOW. July 6. (Interfax) – Sberbank of Russia (RTS: SBER) has suspended credit and debit card operations due to a technical malfunction, the bank told Interfax. “All cards are not being serviced,” it said.

How many times did these glitches occur among the world's largest and likely highest paid IT services groups before the European financial crisis pulled back the curtain and showed the proximity of the liquidty cliff for so many of the 'biggest' banks in the world?


Sberbank just happens to be the biggest Russian bank...

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Fri, 07/06/2012 - 11:32 | 2592033 q99x2
q99x2's picture

My money is headed to the mattress today.

Fri, 07/06/2012 - 11:36 | 2592058 camaro68ss
camaro68ss's picture

JPM, BAC, going to have a glich soon too?

Fri, 07/06/2012 - 11:40 | 2592075 El Viejo
El Viejo's picture


Fri, 07/06/2012 - 11:45 | 2592102 camaro68ss
camaro68ss's picture

normal sheeple find the closest card board box to hide under, then wait for FEMA to come and feed them after the storm

Fri, 07/06/2012 - 11:43 | 2592088 CPL
CPL's picture

I was wondering when Russia was going to go tits up again.


Wonder how long it take to make banking executives disappear into the siberian front.

Fri, 07/06/2012 - 20:02 | 2593685 Followmelightbulb
Followmelightbulb's picture

Maybe the Russian glitch had something to do with "paying the price"


Clinton: Russia & China will 'pay price' for supporting Assad


Fri, 07/06/2012 - 12:13 | 2592194 jus_lite_reading
jus_lite_reading's picture

>>"My money is headed to the mattress today"<<


Why did it take you THIS LONG to reach that decision? 

Keep a small amount in to pay bills and everyday expenses. Keep $40k cash on hand at all times. The rest is all GOLD AND SILVER!!

Don't worry about everyday price fluctuations in gold/silver... just buy and hold till the end of the financial world!

Sat, 07/07/2012 - 02:52 | 2594310 Deo vindice
Deo vindice's picture

@ JL Reading - I agree fully with your sentiment, but do you know how few people in this debt-obssessed society could lay their hands on $40k? They could hold a convention in a phone booth.

Fri, 07/06/2012 - 11:32 | 2592034 bigwavedave
bigwavedave's picture

Someone is going to blame Tyler Durden. I know because I read the book.

Fri, 07/06/2012 - 11:39 | 2592069 EL INDIO
EL INDIO's picture

Hey, is your picture a dude with awesome boobs ?

Fri, 07/06/2012 - 11:40 | 2592080 Uncle Remus
Uncle Remus's picture

D00d, it's a tital wave.

Fri, 07/06/2012 - 11:33 | 2592041 GMadScientist
GMadScientist's picture

Credit Angst Halt.

Fri, 07/06/2012 - 11:36 | 2592056 GeneMarchbanks
GeneMarchbanks's picture

Hitlery works fast. Speech, cyber-attack, Pot-au-feu by supper...

Fri, 07/06/2012 - 11:41 | 2592084 Uncle Remus
Uncle Remus's picture

Hitlery, you ignorant ...

Fri, 07/06/2012 - 15:51 | 2593093 GMadScientist
GMadScientist's picture

Jane, you ignorant...

Fri, 07/06/2012 - 13:32 | 2592516 Bolweevil
Bolweevil's picture

Flame is self-aware, doesn't like bankers apparently.

Fri, 07/06/2012 - 11:33 | 2592042 Oldballplayer
Oldballplayer's picture

Thats OK.  They have those freakin little giraffes protecting the vaults.

Fri, 07/06/2012 - 14:46 | 2592812 Seize Mars
Seize Mars's picture

I jump in it.

Fri, 07/06/2012 - 11:34 | 2592048 Comay Mierda
Comay Mierda's picture


Fri, 07/06/2012 - 12:14 | 2592200 world_debt_slave
world_debt_slave's picture


Fri, 07/06/2012 - 11:35 | 2592050 tocointhephrase
tocointhephrase's picture

the name always reminds me of tadpoles dont know why

Fri, 07/06/2012 - 11:36 | 2592057 EL INDIO
EL INDIO's picture

Skynet preventive strike


No seriously:


We may be witnessing the stealth implementation of a new financial system.

Fri, 07/06/2012 - 11:42 | 2592066 tocointhephrase
tocointhephrase's picture

Please explain?

Fri, 07/06/2012 - 11:53 | 2592119 EL INDIO
EL INDIO's picture

I’m just speculating here. But imagine that secrete treaties have been signed to implement a new system to replace the dying one. I would think, that initially, it has to run in parallel to the existing one to avoid big disruptions then when they are sure it is ready everywhere they would announce/do the switch. This thing is of course too big to let the people know (you know to avoid panic) so it has to be implemented secretly, slowly and area by area to avoid suspicion. I imagine that they are doing a major upgrade

(perhaps both software and hardware) which requires machines to be shutdown/rebooted.

Fri, 07/06/2012 - 11:54 | 2592136 El Viejo
El Viejo's picture

One World Currency???

Fri, 07/06/2012 - 12:01 | 2592161 tocointhephrase
tocointhephrase's picture

Thank you for elaborating

Fri, 07/06/2012 - 12:06 | 2592174 Amish Hacker
Amish Hacker's picture

It seems equally likely that instead of running two systems in parallel they would simply allow/cause the first system to fail, then present the next phase of the NWO as the solution. Tah-daah! We fixed it. The Muppets will feel nothing but gratitude.

Fri, 07/06/2012 - 12:15 | 2592208 EL INDIO
EL INDIO's picture

The new one has to be ready.

You can't role out such a thing overnight !

Fri, 07/06/2012 - 15:23 | 2592962 Ranger4564
Ranger4564's picture

What if they intend to crash the present banking system and not roll out another one?  No Tah-daah, and nothing like gratitude... we're in shock, awe, disbelief, grief, angry, frustrated, soldiers arrive, military lock down, martial law, good time to finally acknowledge knowledge of aliens and alien history, new global awakening, new feudal system imposed, sheeple will be sheeple^3. Greed prevails, everyone celebrates for having been right about human nature, except that human nature never had a chance to surface because we were always living in a controlled environment, where certain traits are bred in others out. 

Are you looking at me funny?  Pew Pew.  You were looking at me funny... no more.  Ta-da! ;-)

Fri, 07/06/2012 - 11:40 | 2592081 Mitzibitzi
Mitzibitzi's picture

Which will obviously leave everybody who ain't holding PMs, land and physical commodities in the poor-house. Cos that's been the plan all along!

Fri, 07/06/2012 - 11:36 | 2592060 sabra1
sabra1's picture

believe me, this ain't no glitch!

Fri, 07/06/2012 - 12:04 | 2592079 i-dog
i-dog's picture

+1.  Just acceptance testing the takedown (switchover to red money) ... live! on the production system, in the case of those without a full-function test bed.

Fri, 07/06/2012 - 15:30 | 2592993 Ranger4564
Ranger4564's picture

Not every glitch is equal.  Maybe the Oligarchs have the british banking bitchez under control, so the RBS glitch was a heist... maybe the Oligarchs don't have control of the russian banking system yet, so this glitch may be an attack.  I recall hearing, whether right or wrong, that Putin / Medvedev were fighting to prevent the Rothschilds from taking control of Russia... not sure Putin is not already a Rotschilds puppet, that he has that kind of power, or that the country is nonetheless not already under Rotschild control.

Anyhow, I am waiting to see if this was an inside job, outside job, top down job, bottom up job... or just a fuckup.  As far as I'm concerned it could be an internal halt for many reasons, an attack from an outside party such as the arch enemy, or a directive from the R family types, or a hack by the legions of software engineers who have back doors... robin hood style.  Until we see a broader pattern, of this type of event plus the liebor type of revelation, I can't decide.

I agree with you for the most part, most likely condition is a top down take down to undermine the citizenry / investors.

Fri, 07/06/2012 - 11:38 | 2592064 FXPortent
FXPortent's picture

I don't know if this is just comical or downright horrible.


Millions are spent each year on personnel and new hardware/software, yet they still can't get the basics down.


Fri, 07/06/2012 - 11:42 | 2592085 Mitzibitzi
Mitzibitzi's picture

I hope that was sarcasm? You'd have to still believe in Santa to fall for the official 'glitch' stories.

Fri, 07/06/2012 - 11:59 | 2592150 Umh
Umh's picture

Just barely good enough to get by meets unintended consequences. Having worked in the IT field from the 70's I'm inclined to believe that security was once again ignored. Most organizations are just lucky that they don't have anything worth attacking. When you combine that with vendor or government back doors you need to pray you have a paranoid systems staff.

Fri, 07/06/2012 - 11:40 | 2592065 Kaiser Sousa
Kaiser Sousa's picture

Money n the bank = "psyche yo mind"... Silver mother fuckerzs..

Fri, 07/06/2012 - 11:39 | 2592070 Uncle Remus
Uncle Remus's picture

Being in IT, I have a rule against working with casinos.

Fri, 07/06/2012 - 11:39 | 2592071 magpie
magpie's picture

Long Flame derivatives...

Fri, 07/06/2012 - 11:54 | 2592137 fuu
fuu's picture

Flaming ruin all around.

Fri, 07/06/2012 - 11:40 | 2592076 ich1baN
ich1baN's picture

I used to work for JPM and I was directly involved with accounts that dealt with SBERbank... there were always problems back then between reconiliation and dividend payouts. Looks like the short stick has finally hit the depositor on file. I wouldn't be surprised if we see in 3 weeks similar problems to some US banks.

Fri, 07/06/2012 - 11:40 | 2592077 caimen garou
caimen garou's picture

Dont worry its just the russians maxed their accounts by sending money to the obamas re-election fund!

Fri, 07/06/2012 - 11:40 | 2592078 francis_sawyer
francis_sawyer's picture

all your deposits are belong to us...

Fri, 07/06/2012 - 11:41 | 2592083 pods
pods's picture

I would bet another of our engineered viruses has escaped into the wild.


Fri, 07/06/2012 - 11:44 | 2592093 foxmuldar
foxmuldar's picture

Its my Money and I want it Now! 

Fri, 07/06/2012 - 11:45 | 2592101 TheCanadianAustrian
TheCanadianAustrian's picture

I once purchased some professional services from a local club. Very friendly folks. They were willing to extend credit to me even though I had no real history. They knew a lot about motorcycles too. When they came to me and asked for payment, I had the money, there wasn't any problem in that aspect. I explained to them that there was a technical malfunction in my wallet and I couldn't open the zipper. I said I had the best engineers in town working on a solution, and was hopeful that the issue would be ironed out very soon. They were obviously upset, but they understood that these things happen and they weren't about to risk harming my solvency by doing something drastic.

Fri, 07/06/2012 - 11:50 | 2592113 tony bonn
tony bonn's picture

glitch my fat ass.....this is capital control in the kindest case and outright theft in the worst.....i am inclined toward the latter.....

Fri, 07/06/2012 - 11:53 | 2592130 franzpick
franzpick's picture

SHTFPLAN.com points out that stores cannot make change for very long, and recommends storing 1-2 months cash needs in $1s, $5s and $10s, a nice 6 inch average stack: the $20s, $50s and $100s you stashed away may be hard to use.

Fri, 07/06/2012 - 13:42 | 2592566 TPTB_r_TBTF
TPTB_r_TBTF's picture

no no, the 20s, 50s and 100s are the correct dominations to stash.

Things that cost 1$ before, will cost a few 20s after SHTF. Stuff going now for $5 will cost a few 50s, etc...

Hope you got a BIG mattress.

Fri, 07/06/2012 - 11:56 | 2592141 monad
monad's picture

Last Man Standing. Hey kids, you like musical chairs? 

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