Why Are Banking Executives In London Killing Themselves?

For example, Matt Drudge of the Drudge Report posted the following cryptic message on Twitter the other day...

"Have an exit plan..."

What in the world does he mean by that?

Maybe that is just a case of Drudge being Drudge.

Then again, maybe not.

And on Tuesday we learned that a prominent Russian Bank has banned all cash withdrawals until next week...

Bloomberg reports that 'My Bank' - one of Russia's top 200 lenders by assets - has introduced a complete ban on cash withdrawals until next week. While the Ruble has been losing ground rapidly recently, we suspect few have been expecting bank runs in Russia.

Yes, we have heard some reports of people having difficulty getting money out of their banks around the world lately, but this news out of Russia really surprised me.

Yet another story that seemed rather odd was a report in the Wall Street Journal earlier this week that stated that Germany's central bank is advocating "a one-time wealth tax" for European nations that need a bailout...

Germany's central bank Monday proposed a one-time wealth tax as an option for euro-zone countries facing bankruptcy, reviving a idea that has circled for years in Europe but has so far gained little traction.

Why would they be suggesting such a thing if "economic recovery" was just around the corner?

According to that same article, the IMF has recommended a similar thing...

The International Monetary Fund in October also floated the idea of a one-time "capital levy," amid a sharp deterioration of public finances in many countries. A 10% tax would bring the debt levels of a sample of 15 euro-zone member countries back to pre-crisis levels of 2007, the IMF said.

So what does all of this mean?

I am not exactly sure, but I have got a bad feeling about this - especially considering the financial chaos that we are witnessing in emerging markets all over the globe right now.

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Wall Street Wiz 7 years ago Member's comment
Yes, there's an update here (from a different contributor). Looks like there may be another death (only missing for now): "Dead Bankers, Missing Reporter, And Unfolding Wall Street Scandals." http://www.talkmarkets.com/content/financial/dead-bankers-missing-reporter-and-unfolding-wall-street-scandals?post=40215
John Michael 7 years ago Member's comment
Mr. Snyder, have there been any updates on this? Any further correlation found between the bankers?
John Michael 7 years ago Member's comment
I hate to say it, but they probably did something wrong or maybe even illegal. They were likely afraid to go to jail or loose wealth they squeezed out of society. Chose a quick death rather than a life behind bars, or in shame, or simply out of a high paying job.
StockHound 7 years ago Member's comment
I can't say I have high thoughts about bankers in general, but that is a bit harsh. Most 'bankers' don't break the law, they just grab an opportunity where they see it. It is the laws on how the money tool (it is a tool for trading) should work that is to blame. So if the finger should be pointed at anyone, it's the politicians.
BreakingBad News 7 years ago Member's comment
One of the guys instrumental in the Enron scandal, Cliff Baxter, killed himself after saying, "They're calling us child molesters. That will never wash off."
Joel Santiago 7 years ago Member's comment
I'm afraid someone will have to explain the God Father reference. Believe it or not, I never saw the movie.
Michele Grant 7 years ago Member's comment
I have to agree, vice president is not an executive position in banks. And without knowing why they committed suicide... perhaps they were upset because their girlfriends dumped them, or they suffered from clinical depression... we have no evidence that their deaths head anything to do with banking. Yet... we can't ignore he possibility either.
Barry Blogs 7 years ago Member's comment
I don't know if 3 deaths are a fair comparison to the great depression, but if more continue, the similarities are pretty glaring. There have been all sorts of studies that show when there are a string of suicides, it can unleash a slew of others. With 3 bankers dead in such quick succession, others are likely to follow... if it makes it into the mainstream media for others to notice.
Wall St. Wolf 7 years ago Member's comment
I don't mean to belittle this tragedy - anyone taking their life is a horrible thing. But it should be noted that the companies like JPM give out the title VP pretty freely. These guys many not have been particularly important to the company. Of course that doesn't mean their deaths aren't significant or an indication of a far more serious trend.
Joel Santiago 7 years ago Member's comment
Okay, I admit 3 bankers killing themselves could be the beginning of a trend, but it could also just be a coincidence. Did they leave notes? Why did they do it? It could be totally unrelated.
Sensible Cents 7 years ago Member's comment
Watch God Father II and then you'll know why they did it.