Eurozone finance ministers are demanding a one-time levy on bank deposits of all sizes—even on insured accounts—as part of a bailout package for Cyprus, which is teetering on the brink of bankruptcy. Cypriots sprinted to banks and ATMs this weekend, waiting in long lines to withdraw cash after hearing about the plan on Saturday; if approved by Cyprus' parliament, it would mark the first time ordinary European depositors would be asked to take a haircut for a bailout plan. The levy would take 6.7 percent for deposits of less than 100,000 Euros and 9.9 percent for those above, and while more progressive plans have been floated, as it stands right now "[t]his is a conscious choice to make poorer people pay to help richer ones," The Financial Times writes. Why lean on the little guy? In all likelihood to preserve the island nation's status as an offshore haven for, in particular, Russian businessmen. Still, the tax is far from being assured: it's unclear whether President Nicos Anastasiades has the necessary majority to approve the plan, and the vote has been delayed until tomorrow. [Financial Times | NYT | Reuters | image via Getty/AFP]
According to a recent class action lawsuit, Bank of America has been illegally withdrawing money from bank accounts set up for child actors. Apparenty, there's a statute called Coogan's Law, named after a former child actor who would later play Uncle Fester on the original "Adams Family," which requires employers to set aside 15 percent of a child actors' gross pay in a trust that's only accessible once the kid turns 18.
There is no better way to quit your job than by unloading on your former employer in the pages of the country's paper of record, and for that if nothing else we salute (former) Goldman Sachs executive director Greg Smith, who has a Times Op-Ed today entitled "Why I Am Leaving Goldman Sachs." Spoiler alert: it's because the firm is filled with "morally-bankrupt" sociopaths.
Add this to the list of Wall Street's problems: kids these days don't think banks are "cool" any more, for some reason. (Kids. You know?) The NYT says that even Yale kids are protesting when Morgan Stanley comes to campus to recruit their peers who know how to pick out a decent suit, which is probably... the best thing Yalies have ever done.