These comments harkened back to famous comments made by Vladimir Lenin who explained Bolsheviks' confiscation of the wealth of capitalists' property by simply stating "we steal what has already been stolen."
The phrase itself was inspired by Karl Marx's "expropriation of expropriators."
If this really was just about stealing money that's already stolen, it might have gotten a few minutes into yesterday's session. Wall Street initially cheered the news as it seemed like an especially great way to snatch billions from unsavory people and organizations. But few forgot the original plan was to whack every depositor in Cypriot banks. Still, the market opened higher until the Dutch finance minister mused how the Cypriot Plan could be the template for future bailouts.
What??? Equity markets tumbled hard on the suggestion that in the future European bailouts would include the rescuers dipping into the private bank accounts of regular folks. This would be the way countries and citizens would put more skin in the game as their government and banks get absurd bailouts funded by Germany and backed by the European Central Bank. This is a crazy new world and one that should scare the pants off anyone, especially if your country might be next up for a bailout.
After its disastrous election results the possibility of Italy needing a bailout increased dramatically. It didn't take long for the market to seize on the fact the real threat of a bank run wasn't Cyprus, where banks were closed for a holiday and two remain closed today as money is siphoned out to secure the bailout. If the idea is to take money from ordinary citizens in the next bailout, then it made sense for Italians to begin taking their money out. An hour into our trading session top Italian banks halted trading to stop their freefalls. Rigoletto
In Giuseppe Verdi's three act opera "Rigoletto" the namesake is tricked into arranging the murder of his own daughter after an earlier incident at an inn resulted in a curse being placed upon him. As the jester sidekick of a philandering Duke, Rigoletto made fun of the husband of an amorous conquest. In the end, he lost the most important person in the world to him, someone he shielded from the outside world.
"Let us, Igor Ivanovich, talk about what's happening with Cyprus. The stealing of the stolen is continuing there, I think." Dmitry Medvedev to Russian Deputy Prime Minister