On November 22 it became clear that yet another Latvian bank, Latvijas Krājbanka, the nation’s 10th largest financial institution, had to cease operations due to a lack of funds. Owned by Snoras, which was nationalised by the Lithuanian government on November 16, the bank was popular with people from all walks of life and held money for pensioners, celebrities and even local municipalities. The bank was not as large as the benighted Parex, which was bailed out by the Latvian taxpayer in 2008, and, hence, will not be saved. Deposits were, however, insured by the government, so it appears that the average Joe won’t get completely shafted this time, but anyone, who had entrusted the bank with over €100,000 can kiss the rest of their cash goodbye as is the case with Latvia’s most revered composer, Raimonds Pauls, who will most likely only see a fraction of the €700,000 he had deposited in the bank.  Naturally, the Latvian taxpayer will once again have to pick up the tab for this fraud. Over the years, Snoras’ majority shareholders had bought themselves lavish villas in France, a fleet of sports cars and all of the other toys that masters of the universe usually buy with other people’s money. Unfortunately, roughly €300million seems to have gone missing from Snoras in Lithuania and 100million lats from Latvijas Krājbanka in Latvia. One of its most prominent owners, Vladimir Antonov, who has been accused of money laundering and ties to organised crime in Russia, also seems to have disappeared. As we go to press an international warrant for his arrest has been issued and high ranking financial officers of the bank have been detained.