Your Money: Why It’s So Hard to Transfer Cash to Your Friends - Your Money

Azimo today said it had become the first player to allow users to "swiftly, securely and cheaply send money around the world" using social media. Facebook users can transfer money via the social network for the first time from today. Azimo said it had become the first player to allow users to "swiftly, securely and cheaply send money around the world" using social media.

Yesterday, we first reported on something very disturbing (at least to Cyprus' citizens): despite the closed banks (which will mostly reopen tomorrow, while the two biggest soon to be liquidated banks Laiki and BoC will be shuttered until Thursday) and the capital controls, the local financial system has been leaking cash. Lots and lots of cash.

Cypriot banks re-open from their long holiday at noon Cyprus time or 6 AM ET. The country has already announced capital controls (limits on how much money people can withdraw or transfer from their accounts) to prevent a mass exodus. But the demand for money is expected to be huge, and people are bracing for some kind of a run, perhaps. This convoy of trucks -- photographed by Reuters -- was reported by local media to be carrying tons of euros to prepare for the bank reopening.

Last weekend Yves Smith posted a story of a family that was down on their luck and struggling with high credit card bills, including plenty of fees. Yesterday she posted a follow-up. Apparently the story triggered a wave of vindictive snobbery from commenters. Here’s one example:

By James Kwak

(cc photo by LateNightTaskForce)

Investment bank Canaccord Financial has agreed to acquire closely held advisory and restructuring firm Genuity Capital Markets in a deal that will create one of the largest independent investment banks in Canada.

And in an unusual move, eight investment banks have agreed to take a significant chunk of their advisory fees in the form of stock rather than cash as part of the deal, which will create a new oil powerhouse in Saskatchewan’s Bakken shale play