Archive for June, 2013
One of the biggest concerns of savvy investors since the ongoing crisis began in 2008 has been the safety and longevity of the various types of retirement accounts and systems. Throwing gasoline on the flames have been the decisions rendered by courts of ‘law’ regarding the treatment of customer money in the case of the bankruptcy of several brokerage firms, most notably, MFGlobal. The susceptibility of bank deposits has already been firmly established in prior issues of this column. To our alarm and dismay it appears, at least on the surface, as though few are doing anything to prepare for such an eventuality.
Our hope in authoring this collaborative piece is that it will cause more people to assess matters as circumstances pertain to them, and then take proper evasive action. If you still believe in the system and that it exists for your benefit and protection then you may stop reading now.
The bail-in concept actually began to be implemented here in the United States before anywhere else. When a federal appellate court gave its stamp of approval in the Sentinel case, it gave the green light to the theft of customer funds whether they be segregated in a brokerage account (but held in street name) or held as deposits in a traditional banking arrangement. The quiet and subtle change in status from depositors to unsecured creditors that took place back in 2010 has been well documented in this column. The fact that, since the publishing of that seminal work on 4/12/2013, Japan, Britain, and the EU have officially adopted the bail-in doctrine should be very alarming, yet it is nearly uncovered by the lapdog media.
full article at source: http://www.marketoracle.co.uk/Article41177.html
The outrage over the theft of segregated money in the cases of Sentinel, MFGlobal, and PFGBest has been all but absent. Nobody seems to care that they’re fleeced. The Cypriots are looted over the course of several weeks and other than the cries of the people of Cyprus there is nary a whimper of protest. So, how safe is the $18 trillion in retirement assets in America? Well, after the latest ‘clean-out’ beta test (more on this later) it is probably a good portion less than $18 trillion.
- EU accord doesn’t back Cyprus used as guinea pig theory (cyprus-mail.com)
- Cyprus-type “Bail-ins” Planned for Canada (pushinback.wordpress.com)
- How to Protect Your Cash in Times of Crisis (wealthwire.com)
- Bank Confiscation Scheme for US and UK Depositors (ritholtz.com)
- Commentary On The Sentinel Decision (Repost) (jsmineset.com)
With the #anglotapes this week it seemed to me a good time to recall those heady days of August 2010 when we had spent only 25b on Anglo. At that time Ronan Lyons and I penned this little piece in the Sunday Business Post…
This week, it was announced that the EU had approved a further injection of our taxpayer money into additional capital for Anglo-Irish Bank . This brings the total as of now to almost €25bn. This is money going into a bank that is essentially in wind-down over the coming decade, money that the Irish citizens and taxpayers will not see again, as it is shoring up the balance sheet of a bank that had too much imaginary wealth. And that is not the end of the money, many fear.
So just how much is €25bn that we are having to borrow for Anglo? In one way…
View original post 2,234 more words
By Thomas O Cléirigh
The Banks have no legal or moral right to dictate to the Irish people, the Irish government have totally lost all credibility and are no longer the legitimate government of this republic.
We the people are slaves to no one, least of all to a bunch of “Gombeens” and the cheerleaders of corrupt bankers and their pals in Europe .We have now got to make a stand and if this means open revolt so be it! Throughout this crises we have taken everything that was thrown at us as we looked on and saw the gangsters who have brought this financial meltdown upon us be rewarded,and the attempt by the collaborators within the Irish government to keep the same old system in place by passing the blame for this catastrophe and the enormous costs on to the shoulders of the ordinary downtrodden citizen whilst the elite within the political system carry on sucking us dry as they feather their own nests whilst preaching the Austerity gospel according St Angela in Berlin.
Arise noble people of Ireland and take back our country from the corrupt financial vulchers and their henchmen who infest the Dail .
Yesterday at the GPO I bore witness to the testimony of an X cocaine addict, he told the assembled 250 demonstrators he was sentenced to 3 years jail for the theft of 400 Euros worth goods whilst under the influence of the drug from a well known retailer, he rightly asked why was he put into jail when bankers have stolen billions from the people of Ireland and they were rewarded with golden handshakes of up to 600,000 euro pensions.
This is the society our corrupt political system is maintaining and the same old gombeen politicians are also in bed with the gangsters in the Bank .the central bank governor is also a member of the boys club as are the top union bosses and our national airwaves are well under the control of the vastest interests who by hook or by crook will push us into financial slavery. They have already stolen our national independence and we are now paying interest of Euro 1,000,000,000:00 every month on Private held Bank gambling debts that we are not responsible for. This is not our debt and we should have done exactly the same thing Iceland did and arrest the previous government ministers and all directors of the various Bank directors on charges of fraud and corruption and dereliction of duty.
If the Government are now set on allowing the same toxic bankers to steal the homes of the ordinary citizen then we are on course to an all out revolution and I will be in the front line.
Kenny ,Noonan and Gilmore are guilty of incompetence at best and treason at worst .They have broken every promise in their election manifesto and I blame them for the countless lives lost in the meantime by desperate citizens forced to take their own lives as a result of these leaches who are continuing to collaborate with faceless bondholders and hot money men in the IFSC . The system is rotten and our political system is infested with self enriching leaches out to get as much as they can for themselves.
All thrust has broken down between the people and the Government, Kenny and his band of collaborators are no longer acting in the best interest of the people of Ireland and they should all go or be pushed off the stage!
People of Ireland and fellow citizens come stand up and take back our country!
Thomas O Cléirigh
- Ireland Rocked By Revelation That Bankers Are Actually A Bunch Of Lowlifes (stirringtrouble.wordpress.com)
- Irish PM Promises Probe Against Bankers Who Duped Government (goldenageofgaia.com)
- So we the people of Ireland are paying the taxes these multinational corporations should be paying? (thepressnet.com)
- RT: ‘Impossible to stomach’: Merkel slams Irish bankers who fudged bailout figures (thepressnet.com)
- Anglo Irish tapes are only the tip of the iceberg when it comes to other banks (irishcentral.com)
- Drumm apologises for language used in Anglo tapes (irishtimes.com)
- Irish Bank Inquiry procrastination has gone too far………… (thepressnet.com)