Über-Rich Dodge Cyprus Bloodletting

Mega-Rich Withdrew Money From Cyprus Before Looting 

“A company owned by in-laws of Cypriot President Nicos Anastasiades withdrew dozens of millions from Laiki Bank on March 12 and 13, according to an article published in Cypriot newspaper Haravgi,” reports EnetEnglish.

While ordinary Cypriots queued at ATM machines to withdraw a few hundred euros as credit card transactions stopped, other depositors used an array of techniques to access their money.”
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Branches and subsidiaries of Cypriot banks in London and Russia remained open while banks in Cyprus were closed, allowing Russian oligarchs and other wealthy depositors to move their money.
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As Business Insider reports, the fact that the mega-rich – the supposed targets of Cyprus “haircut” – have already removed most of their money from the system means that, “upper middle class/entrepreneur types will feel most of the pain if the Cyprus tax is enacted.”

In other words, the very engine of the Cypriot economy, the businesses and the employers, will be the victims of the EU/IMF plundering. Middle class families are also amongst the worst affected. The Telegraph recently reported on a family who sold their villa in Cyprus for 200,000 euros right before the “haircut” was announced only to see the desperately needed cash disappear.

The ultra-rich and the politically connected always have an advantage when the news turns bad.  The ultra-rich are finely tuned to the comings and goings of the economy,  since that is their main source of support.  The politically connected have some of that, and some of the advantages of insider trading, which as you may know in the United States, is simply not illegal for Congressmen and Senators.

If this "solution" becomes widespread among the PIIGS in Euroland, it will be decades before the banks are trusted again.