McWilliams - Anglo €4bn digout copperfastens Ireland's"pariah status"

[McDave]

McW puts the boot into the state's Anglo "injection" in no uncertain terms. Key passages include:

- The Anglo €4 billion-plus write-down [...] effectively put an extra €4 billion onto the national debt

- The fact that the golden circle’s and the directors’ loans will also be written off just adds salt to the wounds. In economic terms, this announcement copper fastens Ireland’s pariah status throughout the rest of Europe.

- The major question that needs to be answered now is why we are keeping this pathetic ‘bank’ going at all? [Emphasis added]

- There is no systemic interest in Anglo Irish Bank. It all smacks of banana republic stuff, with elites being saved simply because they are elites. This has not gone unnoticed in Germany.

- Germans see [bond issues] as the ECB [...] bailing out the Irish and rewarding bad banks, bad bankers, bad regulators, bad loans and, ultimately, a bad government with a failed ideology.

There are other points worth reading in the article ( Sunday Business Post | Irish Business News ), but if McW is any way close to the money, Cowen's handling of the economy is beyond inept. And we will be paying for our endemically corrupt behaviour for at least a generation to come.

Is there any way, even at this late stage, to avoid the systematic catastrophe being visited on us by our appalling government?

[cactusflower]

Vote early, and vote often.


Also, email the ECB and the Commission with your objection, as per Digout's thread.

[Catalpa]

McW puts the boot into the state's Anglo "injection" in no uncertain terms. Key passages include:

- The Anglo €4 billion-plus write-down [...] effectively put an extra €4 billion onto the national debt

- The fact that the golden circle’s and the directors’ loans will also be written off just adds salt to the wounds. In economic terms, this announcement copper fastens Ireland’s pariah status throughout the rest of Europe.

- The major question that needs to be answered now is why we are keeping this pathetic ‘bank’ going at all? [Emphasis added]

- There is no systemic interest in Anglo Irish Bank. It all smacks of banana republic stuff, with elites being saved simply because they are elites. This has not gone unnoticed in Germany.

- Germans see [bond issues] as the ECB [...] bailing out the Irish and rewarding bad banks, bad bankers, bad regulators, bad loans and, ultimately, a bad government with a failed ideology.

There are other points worth reading in the article ( Sunday Business Post | Irish Business News ), but if McW is any way close to the money, Cowen's handling of the economy is beyond inept. And we will be paying for our endemically corrupt behaviour for at least a generation to come.

Is there any way, even at this late stage, to avoid the systematic catastrophe being visited on us by our appalling government?

Its Bad allright.

Correct me if I'm wrong but is not Lenny saying that eventually we will get a return on this @ 8% per annum

- its a 'Loan' like not a Freebie?

Though no doubt that will be written off too....

[Digout]

He also reckons the Germans are very very annoyed with the parish pump politics promoted by Clowen and co.

[Digout]

Vote early, and vote often.


Also, email the ECB and the Commission with your objection, as per Digout's thread.

FYI - http://www.politics.ie/economy/73102...on-digout.html

[Christine Murray]

Dystopian at this rate. l got my voting card, time us lrish learned negative/strategic voting :-

[cyberianpan]

David's use of the term 'bank' is quite helpful

Anglo + it's top 5,000 clients was indeed something like a hedge fund ... the clients got loans to invest in development properties ... often unsecured loans ... the development properties were developed by consortia who banked with Anglo... the whole place was a highly geared hedge fund outfit

The problem is that the Financial Regulator said it was a bank ... so it got billions of funding from other banks - Simply letting it go bust is not an option

So we need to disentangle the stakeholders who should be wiped out (by letting it go to the wall) and the stakeholders who were fooled by the inadequacies of our Financial Regulator

cYp

[MookieBaylock]

He also reckons the Germans are very very annoyed with the parish pump politics promoted by Clowen and co.

Yes indeed they are -I have heard the same from numerous sources.

[Sailor]

David's use of the term 'bank' is quite helpful

Anglo + it's top 5,000 clients was indeed something like a hedge fund ... the clients got loans to invest in development properties ... often unsecured loans ... the development properties were developed by consortia who banked with Anglo... the whole place was a highly geared hedge fund outfit

The problem is that the Financial Regulator said it was a bank ... so it got billions of funding from other banks - Simply letting it go bust is not an option

So we need to disentangle the stakeholders who should be wiped out (by letting it go to the wall) and the stakeholders who were fooled by the inadequacies of our Financial Regulator

cYp

If letting a bank go bust is not an option , would the consequential logic say that banks should not be operating in the free market. This is not an ideologically inspired view - I actually believe that banks, for sound pragmatic reasons, belong in the private sector - but then I also believe that they should be allowed to fail.
On another point, when we hear of the need to keep the international markets happy, who or what exactly are we referring to? Is it other banks - who themselves owe money on the inter-bank market ... to other banks ... who in turn are owed and owe money to other banks !!! Anybody get my drift? Does anybody really understand what is going on - is it not perfectly obvious that the bankers themselves lack basic numeracy skills?

[youngdan]

The 4 billion is just replacing a 4 billion that has long ago been stolen. What is the problem