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Some numbers. Loan estimates to Cyprus put Russian banks at $15 billlion. And Russian depositors at $25 billion.

Cyprus was on a list of popular money laundering venues. Especially with Russians who needed to hide money. After all, when the rich do not pay taxes, then jobs are created? BTW, Israel and one American trust island in the Pacific are on that list. The British Isle of Jersey has lately come under scrutiny.

The French provided the Swiss government with a CD of suspect accounts in Swiss banks. The Swiss 'misplaced' the CD and said nothing. A combined American and EU pressure on the Swiss resulted in major confrontations resulting in hefty fines to Swiss banks. I believe one is not longer permitted to conduct business in the US. Prosecution that were stifled until Obama took power.

Everyone knew about Cyprus long ago. But it was not fixable until a newly elected government took power. Everyone had plenty of time to resolve that problem. And did what most finance types (ie Bernie Maddof, Lehman Bros, Enron, AIG, Long Term Capitial Management, AT&T, GM, etc) do. Ignore it hoping the problem would go away.

Apple had an advantage. When Sculley and Spindler almost bankrupt Apple, then stock holders began yelling four letter words down upon the Board of Directors. Who were so shocked as to have another meeting and fire Spindler. They would bankrupt a company by ignoring the spread sheets and do nothing? But were shocked by four letter words?

The problem was easy to solve. Cyprus government would call a stockholder meeting. Conduct it on a pitch with citizens filling stadium seats. Then when citizens screamed football epitaphs down upon the government, then maybe the government would have done something.