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Posts tagged ‘Anglo Irish’

The Psychology of an Irish Meltdown

By TANA FRENCH
July 2013

Friso Gentsch/dpa, via Corbis

DUBLIN — FOR the past month, Ireland has been outraged by tapes of Anglo Irish Bank officials, back in 2008, discussing lying to the government about how big a loan they needed, and how they knew there was no chance that the loan would ever be repaid. That loan was the first domino in a sequence that ended with the whole Irish economy flat on its face.

It’s not the bankers’ actions that have outraged people — pretty much everyone had a fair idea that this was what had gone down. It’s the overpowering sense of amorality revealed on the recordings, which were released by the Irish Independent newspaper. The bankers have a great laugh about the situation. It genuinely never seems to mean anything to them that the taxpayer is going to be forced to pay their bills, to the tune of tens of billions. More than that: it never seems to occur to them that their actions might harm people.

I write psychological crime, so I spend a fair amount of time thinking about morality and amorality and what underlies them. And it seems to me that this amorality could be a symptom of something deeper: a total disconnect between action and consequence.

Ireland’s population is just over half that of New York City’s. Our ruling class — including many of the politicians, bankers and property developers who wrecked the economy — is a tiny community, interwoven by friendship, marriages, education, sports and financial transactions to a degree that would be unimaginable in a bigger country. That interweaving has created a safety net that won’t let any of the ruling elite fall. If you’re a banker and your golf buddy’s kid wants to be a banker, then it doesn’t matter if the kid is an idiot, or if he kills cats for kicks: you’ll take him on, and you’ll keep him on…….

full article at source: http://www.nytimes.com/2013/07/28/opinion/sunday/the-psychology-of-an-irish-meltdown.html?smid=tw-share&_r=2&

The Anglo Tapes

By The Story

Myself and Tom Lyons wrote yesterday in the Sunday Independent about new revelations from The Anglo Tapes, new audio of which is available over on Independent.ie.

This follows on from the trojan work of Paul Williams, Fionnan Sheahan, Dearbhail McDonald and Donal O’Donovan in the Irish Independent last week.

full article at source:http://thestory.ie/2013/07/01/the-anglo-tapes/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+thestory%2FQSEJ+%28The+Story%29

Comment :

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It is indeed to the thanks of the likes of Paul Williams and others that we the people even get to hear the likes of these tapes .Thank you to all who made this possible!

With regards to the X Directors and some serving directors (including the so called “public” placed leaches by the government) of the various toxic Banks, I believe all of these should be banned immediately from holding any public office and criminal charges should be brought against all of them. The charges would be of gross misconduct, negligence, and conspiracy to defraud the citizens of Ireland. All expenses should be investigated by an outside source such as Scotland Yard and some other police force but definitely not the Irish police as I believe they are too close to the various suspects!

Where are the tapes of Allied Irish Bank? This bank is worse than Anglo Irish and they got just as much money from the taxpayers so why are the X Directors not been brought before the courts?

The Bank of Ireland and the other credit institutions have criminal charges to answer for too, five years on not one of the responsible have been brought before the courts, indeed they have been rewarded with fat pensions and in some cases  some have received new employment on the boards of public companies, why??   Why was nothing done about these tapes 5 years ago why are they now suddenly brought out to the media, what are the loans outstanding of Mr. Kenny, Noonan, and Gilmore? For that matter what about all of the TD,s and the private pal advisors of the minsters ?? let’s have all the top civil servants in the department of Finance have their  bank loans investigated as well! There is dirt and muck everywhere and we are been fed these tapes ( a few crums)  because they are hiding a much bigger scandal.Heads must roll now!

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Thomás O Cléirigh

On the Anglo Irish Tapes

“Distracted from distraction by distraction”

T. S. Eliot

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Think about it what are they hiding?

Machholz Blog

Bailout changes won’t hasten Ireland’s return to the bond markets

Source: http://www.independent.ie/business/european/bailout-changes-wont-hasten-irelands-return-to-the-bond-markets-or-alter-the-interest-rate-were-paying-2801180.html

By   Irish Independent

Q: What exactly has the EU agreed?

A: Yesterday, EU finance ministers agreed that
when the European Stability Mechanism, the renamed EU/IMF
bailout fund, comes into force in two years’ time, it will not have preferred
creditor status in the case of countries such as Ireland, Portugal
and Greece, which are already receiving bailouts.

Q: Why does this matter so much?

A: If the ESM had preferred creditor status for countries, including Ireland,
that are already receiving bailouts it would be virtually impossible for them to
re-enter the bond markets as investors would be afraid that, if they got in
trouble again, the ESM would be able to jump the queue and get its money back
first, leaving little for bondholders.

Q: Does this mean that Ireland will be able to return to the bond markets as
scheduled in late 2012?

A: Not so fast, hang on there a minute.
Yesterday, 10-year Irish government bonds were trading at less than two-thirds
of their face value and
yielding more than 11pc. This makes an Irish return to the bond markets any time
soon extremely unlikely. The best that we can possible hope for is to raise a
token amount in late 2012 or late 2013, but the grim reality is that we will be
dependent on the EU/IMF for the foreseeable future.

Q: How does yesterday’s agreement affect Finance
Minister Michael
Noonan
‘s proposals to “burn” the senior bondholders of Anglo Irish and Irish
Nationwide?

A: Mr Noonan’s statement, made in Washington last week, that he was proposing
to “burn” the Anglo and Irish Nationwide senior, or secured, bondholders, caused
outrage at the ECB. Yesterday in Brussels, Mr Noonan seems to have maintained a
discreet silence on the subject.

Q: What does yesterday’s agreement mean for the interest rate we are paying
on our bailout?

A: Absolutely nothing. With French President Nicolas
Sarkozy
apparently still dead-set against any reduction in the penal 5.8pc
interest rate Ireland is paying on the EU portion of its bailout, Mr Noonan’s
efforts to cut the bailout interest rate are hitting a brick wall.

Q: What does the IMF make of all this?

A: From comments made yesterday by its acting
managing director John Lipsky, it
is clear that the IMF is growing increasingly exasperated at the EU’s continuing
failure to sort out the Greek mess.

Irish Independent

Comment:

The pronouncements from ECB and elsewhere in Europe are really
not going to make any difference to the Irish taxpayers. A one percent discount
on the interest rate on the bailout funds from the EU doesn’t amount to a hill
of beans. All of this drama is only given opportunity to the various incompetent
politicians to perform on the European stage for the benefit of their own
citizens .It gives them a boost at home because they believe they are talking
though but the reality is so much more different .They are deluding themselves
as they ignore the elephant in the room Their hopeless attempts to shore up the
flawed Euro dream is now obvious to the world financial markets. You might
point out the Euro is gaining strength against the dollar, temporally yes!

As the dollar is in so much more in the s*** as it is  in a death spiral all of its own, but with “reserve
currency” status it still has the ability to cloak itself with some notion of
value as long as this status is maintained .

Back to dear old Ireland on Sunday we learned that the
budget deficit for 20110 will be 30billion and nobody has come out and stated
how the government is going to balance the finances of the country .Either we
are going to grow our tax recipes (more taxes) or we are going to have to cut
our expenditure drastically and I mean drastically. (Loosing  100,000 civil services jobs and a 35% cut in
pay for any remaining staff) for starters. These are the types of cuts that
will be coming down the line! 30 Billion Is a lot of money and we will need
another 30 Billion next year and the year after!

Any more taxes heaped on to the shoulders of the taxpayers
will only destroy any remaining domestic consumer demand, which is by the way
on the floor. Edna Kenny’s declaration that there will be no new taxes is
laughable and downright insulting! Does he really think the citizens of this country
are so stupid? News Flash the Irish people know full well that we as a country
are well and truly in the manure! A default is on the cards and no European
soap is going to fool the bamboozled taxpayers of our sold out country. After
three years you would think the politicians would now come out and tell the truth.
You cannot deny the maths, the math tell the truth and no amount of
grandstanding at home or in Europe can change the math, and the maths say we
are broke and cannot pay, we just do not have the earning capacity to meet the interest
on the outrageous private debts forced on to the taxpayers of this country be self-serving
parish pump gombeen politicians.

Queen Visits Ireland; All Is Forgiven?

Thursday, May 19, 2011 – by Staff Report

Queen Elizabeth

History cannot be made without making headlines, so it’s hardly surprising the Queen’s arrival in Ireland has dominated today’s national and international news. From the 85-year-old English monarch’s first few steps to her choice of outfit, the world’s media appear to have found significance in each trivial detail of the royal visit. For many papers, the morning headlines focused on Queen Elizabeth’s first official step into the Republic. “One small step…and a giant stride into history,” said the Daily Telegraph. “One’s small step for ma’am,” said the headline in the Sun. “One small step for a monarch,” read the London Independent. – The Irish Times

Dominant Social Theme: This good and gracious lady has trod the green sod. Let the healing begin. Ultimately, all nations are one and the same. Let us overcome divisions and strive for globalism.

Free-Market Analysis: It really is too bad. Ireland, with only five million Irish remaining in it, has been virtually eviscerated by the European Union and its globalist financial strategies. To tempt the Irish to join the EU, a good deal of money was spread around liberally; Irish elites were basically bribed and Irish citizens were subject to an immense propaganda campaign based on the idea that the EU would provide increased prosperity forever.

Of course it hasn’t worked out that way. The world economy crashed and Ireland, predictably, along with it. Now the Irish face years of so-called austerity as the International Monetary Fund in cahoots with Brussels’ Eurocrats has lent Ireland the money it needs but only if the Irish pay more taxes, reduce government services and sell off national assets. Yet, these are internal matters and remedies should not be imposed on Ireland as they have been. The result: increasingly compromised sovereignty and yet one more step toward global governance.

Speaking of steps toward global governance, Here She Comes …. the Queen! Clad in any one of her innumerable costumes, walking in her odd, robotic way, she and her husband Prince “I-want-to-return-to-earth-as-a-virus” Philip trod the Old Sod for the betterment of the New World Order. Here’s some more from the article excerpted above:

Reports focused on the symbolism of the day, paying particular attention to the colour of the Queen’s outfit. “There was the Queen in green. There was yellow for the fluorescent jackets of the police lining the streets and black, the colour of the balloons released by some protesters,” said the London Times. …

“Royal charm offensive has Irish smiling eyes,” said a headline in Der Spiegel. Columnists and commentators from across the world described the event as it unfolded in front of them. News Letter columnist Alex Kane called it the “Casablanca moment” and “the beginning of a beautiful friendship.”

“The warm welcome accorded to the head of state is both a symbol of reconciliation that has since taken place, and a step that will strengthen Anglo-Irish ties,” the Financial Times said. BBC royal correspondent Peter Hunt described the event as “the once unimaginable becoming the norm”. The Queen’s arrival even caused BBC political correspondent Mark Davenport to become lost for words. “‘Hugely symbolic’ …

Other newspapers commend the “ring of steel” surrounding the city. In the Belfast Telegraph, commentator Liam Clarke turned his attention to the protesters. He said they are “in denial and can’t accept that the conflict is over, despite the evidence of their eyes.”

The international press seems to have left no area uncovered. The Guardian even enlisted the expertise of author and body language expert Peter Collett, to dissect each move. He noted that when President McAleese greeted the Queen “there was no bending of the knee or dipping of the head, nothing that might suggest an unequal relationship between the two countries.”

This latter conclusion is somewhat laughable to us. The Queen is the wealthiest woman in the world, worth nominally some US$50 trillion as she has title to vast tracks in various Commonwealth Countries. Of course what she can actually dispose of is more mundane; arguably she owns much of her assets in name only, but own them she does, or so it is reported.

The ring of steel comment is perhaps not laughable but certainly ironic. As is increasingly the norm in Europe, the official dialogue diverges from the “reality on the ground.” Despite the determination of the mainstream press not to report on them, there have been demonstrations, especially in Dublin. And empty streets, bereft of well-wishers, speak volumes about the lagging Irish enthusiasm for this event. The Queen can dress up in as many bright dresses as she wishes, but these do not obscure the violent history of Ireland nor its current difficulties.

We are not sure why Britain or the House of Windsor chose this moment in time to make such a symbolic trip. The story is a simple one; she was invited and therefore she came. But perhaps with the EU foundering and Britain itself facing various economic difficulties, the powers-that-be needed a diversion.

Conclusion: Here is another supposition. Coming on the back of the Royal Wedding, the Queen’s visit was perhaps to provide a twofer of power elite positive publicity. Instead it may mark a further awakening of Irish resistance to the phony austerity under which the nation currently suffers.

Source:http://www.thedailybell.com/2348/Queen-Visits-Ireland-All-Is-Forgiven.html

Comment:

Quite a number of us are well aware that the ruling elite have sold us out to Europe for their thirty pieces of silver

What now for NAMA 2 and NAMA 3?

 

By Namawinelake

To date, NAMA has acquired €71bn of loans for which it has paid €30bn. Up to last week, there were some €17bn of additional loans to acquire from the banks. That changed yesterday.
The €17bn of loans remaining to be absorbed by NAMA comprised two elements:  sub-€20m exposures at Bank of Ireland and AIB which were estimated to be worth a total of €12bn at nominal value and secondly €5bn of loans in respect of Paddy McKillen and other NAMA objectors. The €12bn of smaller loans at AIB and BoI are commonly referred to as “NAMA 2”, the €5bn of objectors’ loans would be regarded as part of the original “NAMA 1”. NAMA 3 was the codename for dealing with problem non-NAMA loans at the banks and certain categories of lending such as tracker-mortgages and non-NAMA commercial property lending were cited as examples of what might be included in NAMA 3.
Yesterday, the Labour/Fine Gael Programme for Government cements the commitment made by both parties in their respective manifestos. The document says “we will end further asset transfers to NAMA, which are unlikely to improve market confidence in either the banks or the State”. And last night on RTE’s “This Week in Politics” the following exchange took place:
Sean O‘Rourke (RTE presenter): You say that you will end further asset transfers to NAMA, which are unlikely to improve market confidence in either the banks or the State , in other words nothing else is to be moved to NAMA. Is that the idea?
Pat Rabitte (Labour party negotiator) Neither the transfers envisaged under NAMA 2 or NAMA 3 will happen. Because that’s not helpful in the overall crisis situation that we’re in.
This would all seem to hammer the nails into the coffin of NAMA 2. And a further implication is that the €5bn of outstanding loans in NAMA 1 will also remain with the banks as these loans, which include Paddy McKillen’s reported €2.1bn of loans as well as others, are understood to be “cherry assets”. Absorbing “cherry assets” and making an even bigger hole in the banks’ balance sheets is hardly going “to improve confidence in the banks”.
So what now for NAMA 2 and NAMA 3? It seems that the smaller land and development loans that would have been in NAMA 2 are every bit as toxic as the larger loans already absorbed by NAMA which have attracted average haircuts for AIB and Bank of Ireland combined of over 50%. If NAMA 2 is not to happen how will AIB and BoI instil confidence that the value of these sub-€20m land and development loans are adequately provisioned? What I believe is likely, is that the banks themselves will set up internal transfers which will seek to value and ring-fence these supposedly toxic loans. And that too would appear to be the solution to NAMA 3, an internal good bank/bad bank split where the valuation and management of troubled assets takes place internally in the banks themselves. From this distance it is difficult to see how such an internal transfer and split into good bank/bad bank is very different to NAMA valuing the loans and then managing those loans. It may prevent the crystallisation of losses at the banks today but the markets will still suspect the toxicity of these retained loans. So we end up with a bit of a dog’s breakfast with an expensively-run NAMA plus we have good/bad bank splits plus suspicion about the values of loans retained by the banks.
I wonder if the apparent change in policy towards NAMA 2 and NAMA 3 is akin to the FG commitment on quangos – merge certain quangos to reduce the headline number but overall they still employ the same people and cost roughly the same – and is just juggling the same loans but avoiding the optics of the unpopular NAMA expanding its remit? I also wonder what the EU/IMF will think of the policy as it is a term of the bailout agreement that the sub-€20m exposures be valued and moved off the banks’ balance sheets. Our lenders have already advanced €15bn and can’t be very happy at this and other recent developments such as the uncertainty of the commitment of the government to recapitalise the banks.

source URL: http://wp.me/pNlCf-18r

Comment:

What we see here is nothing more than accounting gimmickry and double speak or fork tongue  as the Red Indians said about the white mans promises. The new boys are now looking down the black hole and still cant see any light and are contemplating a few more tricks to con the general public into believing that it is still a good idea for the taxpayers to pay for a dead horse
they should close down Anglo Irish and Allied Irish and even Bank of Ireland and create a entirely new commercial bank ASAP
and of course stop the bull**** spin

Drumm (of Anglo Irish Bank)suffers setback in court

The Chatham home of disgraced Irish banker David Drumm is on the market for $5.5 million. Cape Cod Times/Christine Hochkeppel By Sarah Shemkus sshemkus@capecodonline.com March 05, 2011 BOSTON — Disgraced Irish bank chief and sometime Chatham resident David Drumm won’t be allowed to bill his former employer and largest creditor — Anglo Irish Bank — for his time and legal fees as his bankruptcy proceedings continue. Judge Frank Bailey denied a request by Drumm’s attorney, Heather Zelevinsky, that Anglo Irish compensate her client for the legal fees and lost wages he would incur from further participation in what she called the “almost neverending discovery process.” In February, Drumm gave a six-hour deposition to Anglo Irish attorneys. “It is burdensome on the debtor to appear before Anglo Irish for this prolonged discovery,” Zelevinsky argued Friday in U.S. Bankruptcy Court. Bailey disagreed. “He selected this forum and he’s going to submit himself to examination at his own cost,” the judge said. A request of this kind is “highly unusual,” said Alex Rodolakis, a Hyannis-based attorney with expertise in bankruptcy procedure. “I am not aware of any circumstance in which an individual debtor has been compensated for their time related to their own bankruptcy case,” he said. Drumm’s case continues to unfold. Bailey ruled Drumm will have to submit to further questioning by lawyers for Anglo Irish and turn over documents relating to an investigation by Irish regulators into his actions as CEO of the bank. The hearing, which Drumm did not attend, was part of ongoing proceedings related to his bankruptcy filing. “We’re here to offer a fresh start for debtors, but part of that is disclosure,” Bailey said during his ruling. Drumm was chief executive of Anglo Irish when scandals first broke concerning the bank’s lending and accounting practices. Drumm resigned his position in December 2008, one month before the Irish government took control of the bank. Shortly thereafter, Drumm and his family moved to a home they own on Stage Neck Road in Chatham. They have since moved to Wellesley but still own the Chatham home, which is on the market for $5.5 million. Drumm has steadfastly refused to return to Ireland to participate in legal proceedings and investigations regarding his role in the collapse of Anglo Irish. The bank has sued him for 8 million euros — $11.2 million — though that case was automatically suspended when Drumm filed for bankrupcty protection in U.S. courts in October. In December, Ireland’s Chartered Accountants Regulatory Board declared that its investigations had found reason to believe a case exists against Drumm regarding questionable loan transactions made during his tenure as CEO. It is the report of this investigation and the written information Drumm provided as part of that process that Anglo Irish attorney’s were granted access to in Friday’s ruling. “It is certainly the bank’s position that these documents are highly relevant,” said the bank’s attorney, Kenneth Leonetti. The documents, he said, would contain information about the possibility that Drumm had knowledge of 10 million euros ($14 million) in loans made to key customers for the purpose of buying shares in Anglo Irish. The documents might also shed light on whether Drumm was involved in changing the terms of some of these loans and whether he was involved in moving some loans off the books to make the bank’s financial condition look stronger than it actually was, Leonetti said. “Frankly, we’re skeptical of some of the things the debtor said at his deposition on these topics,” Leonetti said, labelling some of the comments Drumm has made as “fantastical stories.” Zevelinksy claimed concerns have been raised over whether the report is accurate, saying that some observers believe its contents to be “strictly political” and riddled with factual errors. “It didn’t seem relevant for us to produce it,” she said. “We’re on a wild goose chase here.” Drumm’s creditors have until March 18 to object to the banker being declared bankrupt. Anglo Irish is still deciding whether to file a challenge, Leonetti told the court. Zelevinsky said she considers it very likely that the bank will object.

source: http://www.capecodonline.com/apps/pbcs.dll/article?AID=/20110305/BIZ/103050303/-1/NEWS

Comment:

This is just showing the Irish people how arrogant this gob****  is ,he and the rest of the gangsters from the banks should be in jail!

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