James,
I recently read an article at Zero Hedge about a bank run in Latvia. The run was apparently brought on by accusations of embezzlement, document forgery, accounting fraud, and abuse of authority by two shareholders. (Honestly, this is not about the US Congress emptying the Social Security Trust Fund, or Congressional insider trading) The information on the bank’s web site refers specifically to Jon Corzine and MF Global! “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. “
The pictures just by themselves make the article worth taking a look. Coming soon to a bank near you? – S.M.
Letter Re: Lessons From Latvian Bank Runs
