The NTMA chief, Michael Somers is not sure if the bailout will work.
Somers silent on scale of banking scheme - The Irish Times - Fri, Jan 02, 2009
It's akin to walking up to a dog track, having just lost your job, putting this month's rent money on dog no. 4 cos he's got good odds at 13/2 and hoping for the best.
Good to know the officers on the bridge know what they're doing.
Prayers to St Jude anyone?
The man must not read the papers. If he did, he'd know that in this country, nothing a banker, regulator, financial advisor, accountant, or auditor does, has the slightest risk of costing them a thing. His head is safe.
'Personally, I find the notion of changing our constitution in exchange for a loan absolutely disgusting'. - Tin Foil Hat
Sure the Country's gone to the Dogs...Originally Posted by Factorem
Europa Conventus Delenda Est
Woof. Woof.
Dr. Somers was asked if he thought the recapitalisation plan was adequate.
He clearly doesn't think so but neither does he want to put his head on the chopping blockby contradicting Brian Lenihan.
I started a thread on this at propertypin and there's another one about the problem of borrowing next year.
Raiding our Pensions for the Banks • thepropertypin.com
NTMA warns on difficulty of selling bonds • thepropertypin.com
He also pointed out that if they have to sell equities now (to release cash for the bankrupt banks' benevolent fund), they will be selling at the bottom.
Not a happy bunny.
'Personally, I find the notion of changing our constitution in exchange for a loan absolutely disgusting'. - Tin Foil Hat
He also said in the article that the NTMA is an instruction taker - it is not in his area of responsibility to comment and he is being responsible in not commenting. The NTMA exists to invest the funds of the National Treasury, i.e., to ensure it is diversified to the benefit of its investors. Taking instructions to invest €4.5bn in one place must be an uncomfortable thing for that agency to do. He will already have been covering his ass to the extent that he will not lose his head upon the explicit instruction of the Minister for Finance.
We are "they"
He wont lose his head, nobody ever does. I'd be pretty sure he's advised FF that they have it all wrong and no doubt has copies of what he sent to them. FF know well when it all goes tits up that he will have this info ready for publication so wont fire him.
Instruction taker = following orders?
Last edited by He3; 3rd January 2009 at 12:32 AM.
'Personally, I find the notion of changing our constitution in exchange for a loan absolutely disgusting'. - Tin Foil Hat
I would not want to see him lose his head, I would place responsibility at the door of BL if the bailout went t1ts up but slithery ba5tards as they are, the politicians will also know how to not catch that ball!
We are "they"
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