Moodys downgrades Anglo

[Digout]

Just on primetime now.

Thanks FF.

[cactusflower]

Fitzpatrick one of the bondholders. Thank goodness the Government has done everything possible to protect his interests.

[Digout]

All directors and bondholders will get off scot free.

[mespilroadflats]

Ffs.

[DCon]

Lenihan and Cowen are doing a great job for their real paymasters

[Digout]

And as being discussed on another thread, the developers are moving their assets offshore and into wifes/childrens names, so, guess who will have to pick up the bill? Flucking us. Fluck FF.

[SamVimesBoots]

Yep, as soon as Anglo was nationalised all the big builders simply stopped making any pretence at paying their dues, and immediately began the process of transferring all assets overseas or into the names of others. Non-performing loans in Anglo soared from €2bn to €23bn in a few months.

The "underlying assets" are in most cases acres of bogland bought at the peak of the bubble frenzy in 2004-2006 and are in most cases only worth about 15% of what was paid for them. Even the best quality underlying assets are only worth about 40% of what was paid for them (and advanced in loans by Anglo). Half-built commercial developments are worthless and will end up being demolished. Ghost estates abound containing 200,000+ idle surplus homes which will never be sold.

If FF is not removed from office immediately, and the new Government does not immeduiately repudiate both the Guarantee and the nationalisation of Anglo on the grounds that both decisions were corrupt and unlawful, being deliberately done in order to scam the taxpayer, then Anglo will lead to the insolvency of the entire State, as sure as night follows day.

[Digout]

The first step in the scam was the guarantee, then because of the guarantee we had to nationalise. FF are knackers. This was all planned. FF are not thick gombeens, they are highly organised criminals. Its the thick gombeems that vote for them.

[He3]

they are certainly highly organised

[SKELLY]

dont worry, they'll hear us all tomorrow

tomorrow is a new dawn for ireland and the begining of the end of ff