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By Wednesday evening it was not known how much of a loss, or haircut, would be demanded from depositors on their amounts exceeding €100,000, or $128,000.
Some expressed alarm about having banks, driven by huge profits and huge bonuses, bet the money of their depositors on new, opaque and increasingly risky investment instruments.
Some keep enough cash in the vaults to repay almost half their depositors on the spot".We are heading for a brick wall," says a man responsible for several percentage points of GDP.
This is precisely what many of Bear's lenders were doing — a process akin to the run by depositors on the Bailey Bros. Building & Loan in "It's a Wonderful Life".
State laws required the bank holding the reunion funds to try to find depositors on dormant accounts, and, after five years, to turn the money over to the state treasurer.
But for illustrating two of the basic principles of finance, one still cannot do better than It's a Wonderful Life (one man's deposit is his neighbour's loan) or even Mary Poppins (banks do not have enough cash to pay their depositors on demand).
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Richards is named as a depositor on 27 crystal structure entries in the Protein Data Bank, including the now-obsoleted ribonuclease S, hen egg lysozyme, SH3 domains, the ion-channel-forming alamethicin, and mutants of ribonuclease S (e.g., ;), of Staphylococcal nuclease (e.g., ;), and of lambda repressor in complex with DNA.
"Other depositors should keep on fighting," she said, "because we have opened the door for them".
Instead the Federal Deposit Insurance Corporation — which is already responsible for taking over failing banks to protect depositors — would take on similar responsibilities with regard to the biggest banks.
Others appear to have been operating without any kind of licence, and to have spent their depositors' money on flash cars, posh houses and, literally, on big piles of bricks.In this section One fewer Reborn, remade, resold Seller beware Ackermann's trials Wrong-footed Handbagged Burgers or beans?
Bank depositors "run" on banks that might be too exposed to defaults.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com