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this post was submitted on 21 Aug 2023
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No Stupid Questions
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No such thing. Ask away!
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I worked as a cto in a publicly traded bank in the USA. In the USA, the regulation was that all banks had to have 10% of all deposits in cash. For example, If you were a billion dollar bank, you had to have 100 million in cash available at all times.
Because of Y2K, there were deep concerns their would be a bank run, so all banks had to have 20% of deposits as cash. Enormous sums of cash.
On New Year’s Eve 1999, my wife and I were taken by federal authorities to a safe house, where we were heavily guarded. We knew in advance they were taking us, but we didn’t know where and when it happened our cell phones were taken from us. Around 4 am they said everything was ok, my wife and I opened some champagne and they drove us home.
Wtf. Even the govt didn't know what would happen!