U.S. Banks Already Can Take Your Money

2010 Dodd-Frank gives FDIC authority to skim accounts for 'bail-in' WND F. Michael Maloof WASHINGTON – Banks “too big to fail,” or TBTFs, already have authority in the United States to impose an unlimited Cyprus-style “bail-in” that confiscates the savings of depositors, stockholders and shareholders in lieu of a federal taxpayer bailout. The Cyprus-style bail-in for banks occurred last year when the Cypriot government decided to take all uninsured deposits above 100,000 euros to apply to recapitalizing the island’s failing banks. WND recently detailed the initial impact that such action caused depositors on that island country.



Read more about U.S. Banks Already Can Take Your Money