What is truth?

Archive for October, 2010

Public Meeting Today

                                                     

The Resident’s Movement for Political Change would like to remind you our inaugural meeting

Is on Today in the Grand hotel at 14.30 Hrs, a full itinerary is available on our blog site www.thepressnet.com .

You have been hearing all the bad news and do more than likely want to shut yourself off from the politics of the situation, but unless you have information you cannot make the right choices, and this meeting is all about choice, giving our nation a choice!

If you do not take this first step then you do not have the right to complain about the gangsters running amuck in the Dail.

The Irish Nation is akin to an animal stunned by the bright lights of an oncoming truck in the road.

We at resident’s movement for political change are desperately calling to the nation to get off that road of total destruction.

Help us please to save our nation

Give Ireland a chance, isn’t she worth an hour of your time?

Then get yourself up and come to this meeting, you owe it to your children and yourself.

On behalf of the residents movement for political change

Thomas Clarke

 

Senator Shane Ross calls in !

 to

Senator Shane Ross

show details Sep 11

11.09.2010

Dear  Senator Ross,

We are a small new community based group in Wicklow town seeking to

develop a national movement.

We are looking to change the way our country is governed.

Following your various articles on your blog, we have decided to get

active ourselves. We are not affiliated with any political party. We

are looking for a new way to get done what we deem the country needs

in terms of leadership. In this regard what we have experienced to

date has been most disappointing to say the least.

Due to the total collapse of the financial system and the inability of

the political elite to come up with viable solutions we have been

forced to take action. We have come to the conclusion that we

ourselves within our own community have to take the first steps to try

and rectify the situation even if it is only at local level for the

moment. However we believe that this attempt can be a constructive

motivation for other groups around the country, hence the posting of

our open manifesto document.

 Attached please find a short description of ourselves and our

intentions. It is posted on my personal blog   “Machholz Blog”.

(www.machholz.wordpress.com) the open manifesto there is for other

groupings around the country to use if they so wish.  We hope it will

encourage them to work towards bringing real alternatives to the

existing “twiddle dumb and twiddle Dee” of contemporary Irish

politics.

 For our first public meeting we thought it would be a good idea to

invite a well known independent economist such as your good self. The

objective would be to offer you the opportunity to present your

thoughts and opinions on the subject of NAMA, the current government’s

general banking strategy, and its consequences for the country. We are

totally bewildered at the constant stream of billions that are

apparently appearing from “nowhere” to bailout failed institutions

such as Anglo Irish Bank. It seems to us that many citizens find

themselves unable to answer many questions emanating as a result of

this financial crisis. Our community would gladly welcome the

opportunity to obtain insight and understanding from a knowledge

expert such as your good self. Accordingly we respectfully hope you

will consider agreeing to address our meeting, to be scheduled at the

end of this month.

My contacts details are below.

Yours sincerely,

Thomas Clarke

Wicklow Branch

Residents Movement for Political Change

 

 

Dear Thomas,

 

Apologies for not replying earlier. Many thanks for taking the time to contact me. I am afraid that I will be unable to attend as I am very busy at the moment, and will be spending the next few months tied up in publicity for a book. I wish you every success though.

 

Best wishes,

Shane

Shane Ross

Independent TCD Senator

Seanad Éireann

Dublin 2

 

 

Dear Senator Ross,

Thank you for your reply,

As I stated in my earlier e-mail to you, I have been following your exploits in the Irish political arena for some time and have bought some of your books.

I sometimes think I wish I was not as well-informed about the outright corruption that is taking place and the destruction of our Nation at the hands if Insiders and obvious economic terrorists.

It is with a heavy heart that I watch our beautiful country slip into the financial abyss because of the sheer incompetence of our so-called leaders.

Our Nation is facing these dangers and no one seems to be prepared to stand up in its defiance

This is one patriot who is prepared to do just that.

Resident’s movement for political change is a movement attempting to rouse the local community into action and hopefully, will come together with other like-minded communities around the country in defense of our community services, Our Homes, and our Country.

The Irish Nation deserves on less .

Sincerely

Thomas Clarke

Chairperson

Brian Lenihan about to take €1.8bn from pensioners

Why is Brian Lenihan about to take €1.8bn from pensioners to bail out AIB shareholders and junior bondholders?

namawinelake | October 31, 2010 at 11:01 am | Categories: Irish economy, NAMA | URL: http://wp.me/pNlCf-K7

The short answer is “I don’t know” but this is precisely what this modern day inverse of Robin Hood is about to do – take €5.4bn from our National Pension Reserve Fund (NPRF) to buy shares in Allied Irish Banks (AIB and for our international friends again has nothing whatsoever to do with Anglo Irish Bank which is known here domestically simply as “Anglo”), and he is making the NPRF buy the shares at €0.50 each when two days ago, on Friday last they closed at  €0.337 per share meaning that the NPRF will incur a loss of €1,760m from the start.

The NPRF was set up to fund future pensions of ordinary citizens from 2025. AIB meanwhile had a market value of €364.2m of which we, the State, own €66.7m (that shareholding is from the conversion of our 8% dividend due on the €3.5bn preference shareholding in May 2010 to ordinary shares). According to the latest AIB accounts (the Interim Report for the first six months of 2010) the bank appeared to have over €4bn of junior (or subordinated) bondholders (note 32 on page 87).

As we know, we can legally require these junior bondholders to accept a haircut on their debt. So, why is Brian Lenihan forcing our pensioners to pay €1.8bn to bail out the remaining €297m of private AIB shareholders and €4bn+ of subordinated debt holders? This entry examines the issue.

Full article at source http://namawinelake.wordpress.com/author/namawinelake/

Comment :

Nothing surprises me anymore only that the Irish Nation is as far as I am concerned in the grips of madmen and they are every bit as bad as the Nazis were in Germany

We don’t have to go to war to destroy our people; Cowen and Lenihan are doing a good job by making financial slaves out of us all, stealing from our future pensions and giving it to forging gamblers and silly investors.

I personally believe that this latest initiative is designed to bail out TD’s who would otherwise be declared bankrupt and would otherwise have to vaccinate their Dail seats.

How many are even now bankrupt.

This government have destroyed our country and have blatantly stole the nation’s wealth and handed it over to unscrupulous opportunists and cronies and are thus guilty of treason and do not deserve the thrust of the Irish nation any longer !  

Same old story in ireland

we are not to far away here in Ireland are not that far  from this kind of fraud in the housing market . The banks have just as much to answer and nobody gets to go to jail and ordinary people get to lose their homes.

Gerald Celente of the Trends Research Institute at TrendsResearch.com joins The Corbett Report to discuss the ongoing foreclosure crisis in the American real estate industry. He discusses the criminal mentality that makes these frauds possible and how people can protect themselves by unplugging themselves from the system. For more information and to order the Trends Jounal, please visit:
http://www.youtube.com/user/corbettre…

Understanding Credit default swaps

In the first video clip toward the end you heard we the taxpayers were taking over approximately 14,000,000,000:00 Billion worth of Derivatives or (CDS) from Anglo Irish Bank  alone!

(I personally believe that that figure to be near the 100,000,000:00 mark)

But most people do not know or understand what exactly these Derivatives are let alone understand them .So in the 2nd video clip you can get a crash course on the basics of CDS.

But the bottom line is Brian Cowen and Brian Lenihan could not possible know what they needed to know before taking on such obligations and there lies’ the crocks of the Irish financial meltdown.

Politicans, experts at waffling are making decision on complex financial instruments, that I have being studying for the last 12 years and still do not fully understand, but I know that they are like financial nuclear bombs and are best Instruments that should be avoided at all costs. They are unregulated and you are buying a pig and a poke.

Here is what Warren Buffet had to say about these unregulated financial tools .

In fielding a question about derivatives, which he once referred to as “financial weapons of mass destruction,” Mr. Buffett told shareholders that he expects derivatives and borrowing, or leverage, would inevitably end in huge losses for many financial participants.

“The introduction of derivatives has totally made any regulation of margin requirements a joke,” said Mr. Buffett, referring to the U.S. government’s rules limiting the amount of borrowed money an investor can apply to each trade. “I believe we may not know where exactly the danger begins and at what point it becomes a super danger. We don’t know when it will end precisely, but…at some point some very unpleasant things will happen in markets.”

Mr. Buffett has expressed similar bearish sentiments about derivatives in previous meetings and in his widely read annual letters to shareholders. He had first-hand experience with the difficulties of derivatives after Berkshire acquired General Re, the reinsurance company, in the late 1990s, and spent several years unwinding its derivatives portfolio at a loss to reduce the subsidiary’s exposure to risk. He noted, however, that Berkshire currently has several dozen derivatives positions — such as futures and options contracts on stock indexes and foreign currencies — and added that “derivatives aren’t evil.”

Charlie Munger, Berkshire’s 83-year-old vice-chairman and Mr. Buffett’s droll sidekick during the six-hour annual meeting, said that the accounting of derivatives contributed to the risks they pose to the financial markets.

“The accounting being deficient enormously contributes to the risk,” said Munger, lamenting that executives and shareholders were getting paid on “profits that don’t exist.”

Mr. Buffett noted that existing accounting conventions allow parties involved in derivative transactions to value the same contract differently, leading to an inadequate or incomplete picture of the contract’s risk. “I will guarantee you, if you add up the marks on both side, they don’t add up to zero,” Mr. Buffett said, referring to the accounting of a single derivative contract.

Exacerbating the problem of derivatives and leverage is the short-term trading mentality and high turnover in the stock and bond markets, Mr. Buffett and Mr. Munger added. “There is an electronic herd of people around the world managing an amazing amount of money” who make decisions based on minute-by-minute stimuli, said Mr. Buffett, adding, “I think it’s a fool’s game.”

Source http://seekingalpha.com/article/34606-buffett-on-derivatives-a-fool-s-game

So what has Cowen and Lenihan gotten us into ?

Public Meeting

We are holding our first public meeting  in the Grand Hotel Wicklow Town today 31.st Oct at 14.30 hrs.

We the ordinary Citizens of Ireland are bombarded with the latest government proposals to nationalize Allied Irish Bank barely 4 weeks after the European Central Bank gave it a clean bill of health.  Executive incompetence is blatant for all to see. With the establishment of the biggest fraud in Irish history (NAMA), the government’s unilateral decision to guarantee Anglo Irish Bank and other corrupt financial institutions has turned out to be a financial disaster for the citizens of Ireland.  No criminal charges have been brought against those responsible for the total collapse of the nation’s financial independence. 

 All we hear from the Government is “that we should trust them.”  We still do not know the full extent of the outstanding liabilities at Anglo. Over the weekend, we here NAMA has effectively no intention of conducting due diligence on the remaining loans they are taking from the bankrupt banks. We were told by Brian Lenihan at first, the total cost of saving Anglo would be 3,500,000,000 (3.5 Billion) Euro.

We were told 4 weeks ago that 22,500,000,000 Euro (22.5 Billion) has gone forever down this black hole. We now hear that another 10 billion is needed to plug this toxic toilet. Over this weekend we are again told that the final figure might be 50,000,000,000 Euro (50 Billion). Clearly we cannot believe a word from this Minister of Finance or the rest of the government. We, find ourselves at the mercy of international bond holders who are dictating how the country is run.

The current Government is complicit with the banks and the developers in causing the property bubble .We  the ordinary citizen, now face long-term unemployment; savage health service cuts, emigration, loss of our homes, increasing tax hikes, and constant displays of incompetence and non-accountability from our pampered TDs.

 The current Dail members enjoy living in a parallel universe where they are just clocking up time and entitlements whilst sharing in the longest lottery in Irish history.  Help us make change happen. Help us to bring real alternative to every home and business in Ireland. We invite all like minded groups around the country to look at our OPEN MANIFESTO at the blog site www.machholz.wordpress.com  under “Resident’s movement for political change let us come together in the spirit of true patriotism and help take back our country from the vested interests that have turned the State into a  financial wasteland.  

Please do come along

Resident’s movement for political change   e –mail    1machholz@gmail.com

 

                      Itinerary 

Welcome and greeting   Thomas Clarke 14.30 Hrs  

First speaker Prof Colum Kenny (15- 20 Minutes)

Professor Colum Kenny teaches courses relating to audiovisual policy, media practice, law and general communications and serves also as chairperson of the DCU Masters in Journalism programme. He is a board member of the Broadcasting Authority of Ireland and of Media Desk Ireland. A barrister and former reporter/presenter with RTE, he served on the IRTC/Broadcasting Commission of Ireland from 1998 to 2003, and was a member of the Media Mergers Advisory Group that reported to the Minister for Enterprise, Trade and Employment in 2009. The author of many academic articles on cultural and media matters (listed separately at ‘Publications’ above), he is also a frequent columnist in the Sunday Independent. His nine books have included Kilmainham: The History of a Settlement Older Than Dublin (Four Courts Press) and Moments That Changed Us: Ireland After 1973 (Gill & Macmillan).

2nd Speaker   Mr. Christopher Quigley (30-minutes)

Mr. Christopher Quigley has a bachelor degree in Management, majoring in Accountancy, from D.I.T. (College of Commerce) and is a graduate of the Marketing Institute of Ireland. His specialty is financial analysis. He has a thriving business in financial and investment training. Over the past decade his investment courses have been presented in Ireland (Dublin mostly) and the USA( Tampa, Florida). In addition Mr. Quigley has written over 40 investment and financial articles. These essays have been published on the web in San Diego, San Francisco, New York, Dublin and London. Through reading these articles I have come to respect Mr. Quigley’s insight and analysis.

Questions and answers session (approx 20-30 minutes)

Conclusion approx 16.00 Hrs. Mr. Thomas Clarke (Chairperson)

Halloween special! in Wicklow Jail

Tag Cloud