Could Cyprus bank tax happen here?

in 2013, Mark Williams, Newsmakers, School of Management
March 19th, 2013

williams11-150x150Bankrate.com
Mark Williams, School of Management

Imagine finding out one morning that the federal government was going to drain 6.75 percent to 9.9 percent of your bank account balance to cover a bank bailout…

Expert quote:

“It’s a clear example of politicians making rash decisions without understanding the implications of capital markets, and also how banks are intertwined within our capital markets. Savers and depositors themselves provide basically the lifeblood that allows the banking system to function. As soon as they start getting penalized, then that actually undermines the credibility of our banking system and it creates bank runs.”

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