Mystery: $114 billion withdrawn from banks

[DogPawsBiscuitsNGrav]

More than $114 billion has been withdrawn from the nation’s biggest banks in the first full week of January, and industry analysts are struggling to understand why.

The Federal Reserve’s latest figures indicate the largest one-week withdrawal amounts from U.S. banks since Sept. 11, 2001, terrorist attacks. The $114 billion represents 2 percent of the nation’s 25 biggest banks’ coffers.

Read more: http://www.washingtontimes.com/news/2013/jan/24/mystery-114-billion-withdrawn-banks/#ixzz2J173cRgF
Follow us: @washtimes on Twitter

Interesting.

[Angry Dragon]

1. Putting it into off-shore accounts

It would be more telling by the individual withdrawals

[global1]

2. What Cataclysmic Event Should We Be Expecting?....

Is this equivalent to the shorting of the airline stocks just before 9/11?

[winter is coming]

3. Is it a real withdrawal or some sort of computer glitch?

Or is the Washington Time just hoping to sell papers?

[jpak]

4. The Rapture!

or Russian hackers....

[lpbk2713]

5. Coincidence??

This was just before the Java exploit was made public and before most users took defensive action.

[Newsjock]

6. Businessweek has a report that's somewhat less scary

http://www.businessweek.com/articles/2013-01-23/missing-114-billion-from-u-dot-s-dot-banks

Paul Miller, a bank analyst with FBR Capital Markets, cautions against reading too much into the Fed’s weekly data. “It’s a noisy database,” he says. Among large U.S. banks, there have been movements of greater than $50 billion (not seasonally adjusted) during 107 different weeks since 2000. It’s not uncommon to see 11-figure swings—that is, tens of billions of dollars—from positive to negative, or vice-versa, one week to the next.

[Lesmoderesstupides]

7. I was wondering why I has so much extra in my account today, glad I moved it

off shore already!

[banned from Kos]

8. Moving to equities - the markets are up nearly every day now

despite the bloodletting at Apple.

[Ikonoklast]

9. Moonie Times?

Ugh.

You remember a little thing we just went through, had to do with a 'Fiscal Cliff'?

People and corporations wanted cash on hand just in case the Republicans crashed the entire economy.

[okaawhatever]

10. It could be a few billionaires getting together to try to manipulate the economy. Also, Obama has

tried repeatedly to go after tax cheats. In one bill he asked for 1800 new IRS agents, presumably to go after tax cheats, offshore accts, underreporting corps. It could also be a combination of the two.

[DogPawsBiscuitsNGrav]

16. My guess was closer to your first. I don't think the 1800 new agents are going to be used to go

after the billionaires in the Cayman's. They're being used to bully American business's like Gibson guitars. They'll go after small business too. The 1 percent looks after it's own, same way we didn't see any big banks going down for money laundering. They get a small fine and a slap on the wrist because they're to big to fail. People on the other hand get prison time and everything they own confiscated.

[okaawhatever]

17. Well he didn't get them, so the IRS won't be able to get more small biz. nt

[Taverner]

11. That money is taking an extended holiday into the Virgin Islands

[Hell Hath No Fury]

12. Right-wing rag....

Find a better source.

[Recursion]

13. Tax minutiae? You want money in an account on January 1st but not after?

Back when I had a business there was all sorts of stuff like that my accountant said I should do that I never really paid attention to.

[Fumesucker]

14. Duh! Legal pot

The whole damn country is going to be stoned out of its mind shortly.

[xxxsdesdexxx]

15. It's people moving money from the big banks to smaller banks and credit unions

due to the recent Front Line special "The Untouchables". I don't actually know why, just putting it out there.... The big banks must be broken up. The top .02% of U.S. banks control nearly 80% of all U.S. banking assets. Move your deposits away from them if possible.