QuotePutting on my (even more) cynical hat - the big two know where too many FF bodies are buried.Originally Posted by osarusan
This is what I've thought from the day the govt announced it would guarantee cash lent to Irish banks. If you are assuming the responsibility of the guarantee, why not nationalise them completely? I wonder why it hasn't been done sooner.
Putting on my (even more) cynical hat - the big two know where too many FF bodies are buried.
If you attack me with stupidity, I'll be forced to defend myself with sarcasm.
From today's Irish Times:
http://www.irishtimes.com/newspaper/...059661333.html... extending the liability guarantee to Anglo Irish and Irish Nationwide was strongly opposed by representatives of the Central Bank and the Department of Finance (who reportedly came into the meeting with a draft Bill to rescue only four institutions). However, I am told they were overruled by the Taoiseach and the Minister for Finance, who were supported by the Financial Regulator and the Governor of the Central Bank...
A really grim prediction.
I think it will be very interesting to see what kind of guarantees if any the big developers provided to Anglo Irish. If they put up other property it won't be so bad as the state as owner of the bank can acquire these assets but if will be a disaster if as I read previously the guarantees amount to basic IOUs will be massive cost to the tax payer.
The state should have auditors & investigators inside Anglo Irish as we speak before they have a chance to get the shredder out.
Explains Cowen's press release about it being against the national interest to question the Government on the banks. Getting his response in first, and trying to cut the opposition off at the pass.
If you attack me with stupidity, I'll be forced to defend myself with sarcasm.
The collateral provided will be overwhelmingly property, with some shares and less cash. The problem is that the property collateral has reduced hugely in value leaving large uncollateralised portions of exposures which the State will never get back.
Absolutely pathetic attempt to quell unrest from Cowen. Next we'll be having a "Government of National Interest".
Would be interested for someone to define what "in the national interest" means? Seems to imply we all as Irish people share a set of homogenous interests. Other than a desire to see England humbled at pretty much every sport I'm not sure this is true. Its another one of those hackneyed phrases that people cling to when rationale argument has failed.
This is at the heart of the matter. Thank you Wall Street.
Did you ever notice that in every painting of Adam & Eve, they have belly buttons. Think about that...take as long as you want.
Like one giant Pyramid scheme. As long as house prices go up doesn't really matter whether the person can pay back the mortgage.
Regulator Investigates Quinn Anglo irish share holdings
Quinns reputation is taking a battering in the last year. Don't think I would have any confidence in the Regulator now. In such a small country you would think difficult to hide such dealings. Looks like that office needs a complete overhaul. Maybe they should just merge back into the Central Bank. Is there a reason they are separate?THE FINANCIAL Regulator is investigating the circumstances in which businessman Seán Quinn and his family unwound an indirect 25 per cent interest in Anglo Irish Bank last year.
The regulator is looking at whether part of the Quinns’ stake – representing 10 per cent of the bank – was placed with new investors, instead of being sold through the stock market.
http://www.irishtimes.com/newspaper/...923367061.html
Very good piece today in the Times today I must say.
In Trap we trust
Good balanced article, but understates link between tax revenue and public expenditure. For every Euro required to be knocked off a budget deficit, broadly, you can either increase tax, reduce public expenditure, or combine the two.
The obvious option is to combine the two. Which is what's already happened (the income levy is a even cruder measure than an income tax increase as it comes off the top line).
So a bit of a BGO from Mr. Aherne...
So the talks have collasped and its time for Cowan to make a decision, still I dont think the people in the country(or a sizeable proportion) are aware/or give a **** on how bad it is/is going to get .
I happened to be listeneing to RTE Drive Time last nght on the way home and their contributor from the Daily Mail (yeah I know) was on about bargain breaks for valentines weekend . He said the days of flying over to Paris for lunch and flying back the same day were long over etc and that more and more people are staying at home. He then proposed a valentine break at some poxy hotel in Westport (the one that films The Restaurent), B&B and 2 evening meals for the bargain price of E490 pps. Nearly E1000 for a weekend and its a bargain ? - unbelievable. At least Dick Turpin wore a mask
That is true. My numbers might be a bit off but I believe the government take in something like 40 billion but are currently spending 56 billion. That makes the 2 billion public sector cuts a drop in the ocean & the figures are only going to get worse. Both spending cuts & tac rises are going to happen but if you use tax rises along it will strangle the country.
Hardly surprising with this government but it is unbelievable that they have left it to the last minute to "negotiate" that deal. I saw some of Q&A last night on TV & the political journalist was 100% correct in saying the government have been having talks about talks for the last 6 months.
Interesting to see that one of the major stories of the week, the army representative body's statement that the defence force will not participate in strike-breaking, was largely suppressed by the national media.
A leading authority on League of Ireland football since 2003. You're probably wrong.
Where can I read that Sheridan?
I came across it here, of all places (although it reproduces a piece from the IT.) http://socialistworld.net/eng/2009/02/0602.html
A leading authority on League of Ireland football since 2003. You're probably wrong.
Thanks Sheridan. Important story and you're right, it seems to have been covered only by the Times and the Indo.
http://news.google.ie/news?hl=en&ned...ncl=1301061688
adam
We are now going to create 4000 jobs making houses that the developers threw up in some way energy efficient- this has been welcomed by the construction federation spokemans - no **** sherlock.
Why werent these houses built to the highest standards that other countries build to - minimum insulation requirements, rainwater harvesting etc- stuff that has been around for ages- I think Stephen Fry mentioned on Jonathon Ross that when somebody says 'Only in America' it is usually on a positive note whereas if somebody says 'Only in Britain' invarialbly it has negative conotations.
Well Only in Ireland can **** poor builders be given government money to rectify shoddy work
The story seems to only say they would prefer not to rather than outright refusing to.
I see the Greens want executive pay slashed in the Banks but hardly a whimper out of FF Ministers.
So we are now to give AIB & BOI 3.5 billion each @ 8% interest. Amazing turnaround when the same said Banks said in October that they did not need any money & the Financial Regulator (now retired & nice pension) said he agreed.
Does anyone really believe the Banks won't be back for more money soon?
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