Taoiseach says banks were 'in denial': yet he gave them money & let execs keep jobs?

[Rich OC]

Digout, are you saying:


B) That the bailout was bad ?

cYp

My tuppence worth is that apart from BoI and AIB the bail out of the rest of the Banks was bad, unfortunately BoI and AIB were too big to fail. Banks such as Anglo Irish are not of systemic importance and should have been subject to orderly winding-up.

Banks that are too big to fail are too big. AIB and BoI should be forced to break up into smaller institutions and be subject to the punishment of the market when they f-up.

[dalywise]

The reason Brian Cowen bailed out the banks and let certain execs in place is simple. Cowen (plus Coughlan and Lenihan) place loyalty to Fianna Fail far above everything else. FF first, the rest nowhere.

Executives such as Fingleton should have gone months ago. But they didn't becaue they are good FF supporters and Cowen will not move against a loyal FF supporter. And FF supporters are all around you. Boucher in B of I is well known to be an FF supporter. Fingleton was a regular visitor to Kinsealy in the bad old days. And Seanie Fitz was head of the Bank of FF and PD (i.e, Property Developers). FF continue to tolerate their buddies at the top of the banks precisely because they are the buddies of FF and for no other reason.

Furthermore, FF have their lads and lassies at the top of almost all civil service deprtaments (forget that nonsense about civil servants being non-political - that died years ago). And FF have their cronies spread on every state board and trade union. That is why you will never get change uintil FF is wiped out.

The Roman senator Cato used to finish every speech regardless of of the subject with the words "Carthago Delenda Est" - Carthage must be destroyed. If Ireland is to recover from its current disaster it needs to cleanse its system of the masonic type pervasivenes of Fianna Fail: Fianna Fail Delenda Est.

[powderfinger]

How ya doing there Powder. I don't follow this too closely but it appears to me that most do not have any idea about the so called toxic bank. They seem to assume that the losses will just disappear when in fact they are shoved up the hole of the few taxpayers that are left. Eliminate the non net tax-payers in the public service and you have about a million taking the load of your figure of 56 billion.

Can they not do the division and see their arse is widened for 56000 euros each.

Howdy Dan.I was doing good until I saw the IT's headline on Vincent Brown.It reads "Budget to announce spend of billions on bank loans"
I would nominate Leslie Crowther for the position of Overseer.

"Banksters and Associates.Come on down.The Price is Right."

[atlantic]

Wouldn't just love this genius buying a business for ya.Did he ever hear of due diligence .Oh put of course it wasn't his money and it's awful easy spend other peoples money,his exboss was king at it

Irish Times
Taoiseach says banks were 'in denial' about their problems
TAOISEACH BRIAN Cowen has criticised Irish banks which had been “in denial” about the level of their problems when they sought Government support last autumn.

1) Why did he give people who caused the problem, and were still in denial our money ?

A: it was in the national interest, no action would have sunk the country ... ok then

2) So why did he let the current batch of bank leaders keep their jobs ?

cYp

[powderfinger]

My tuppence worth is that apart from BoI and AIB the bail out of the rest of the Banks was bad, unfortunately BoI and AIB were too big to fail. Banks such as Anglo Irish are not of systemic importance and should have been subject to orderly winding-up.

Banks that are too big to fail are too big. AIB and BoI should be forced to break up into smaller institutions and be subject to the punishment of the market when they f-up.

+1

[Eamonn76]

Irish Times
Taoiseach says banks were 'in denial' about their problems
TAOISEACH BRIAN Cowen has criticised Irish banks which had been “in denial” about the level of their problems when they sought Government support last autumn.

1) Why did he give people who caused the problem, and were still in denial our money ?

A: it was in the national interest, no action would have sunk the country ... ok then

2) So why did he let the current batch of bank leaders keep their jobs ?

cYp

AIB are still wrestling with the government about appointing an internal chief executive.
AIB are the baddest of banks. See under controversy and current developments.
Allied Irish Banks - Wikipedia, the free encyclopedia

But they are still as arrogant as ever. The management needs to be cleared out and the bank broken up.