What is truth?

Posts tagged ‘Anglo’

Banana Republic status comes a step closer with Anglo promissory note deal


By mamawinelake

Ireland has a mature parliamentary democracy, it has an independent media, we don’t depend on a single commodity like bananas for our wealth, we are judged internationally to be a relatively honest and corruption-free country. Events last week have undermined these perceptions, namely the publication of the Mahon report on political corruption in zoning and planning, but the past 24 hours has been even more damning with a major financial transaction involving billions of euro in a country with a GDP of €160bn getting a few minutes in the national parliament, confined to a statement which brooked no subsequent questioning and where phone-calls to the Department of Finance apparently went unanswered. And politicians have now gone on holidays for three weeks. Never mind, we can fall back on our “independent media” to analyse what happened yesterday and here are the headlines from our main national media outlets today:

“Deal puts off Anglo cash payment”

“Noonan: €3.1bn deal on Anglo a ‘one-off’”

“Noonan seals deal on €3.1bn Anglo debt repayment

full article at source: http://namawinelake.wordpress.com/2012/03/30/banana-republic-status-comes-a-step-closer-with-anglo-promissory-note-deal/

Governor Patrick Honohan before the Oireachtas

By Namawinelake

Aliens appear to have been at work in Ireland in the past fortnight. Deputy Peter Mathews seemingly disappeared off the face of the earth shortly after his 6.30am dawn carpeting last Thursday week by An Taoiseach Enda Kenny, after Peter had, the previous evening, tabled a proposal at an Oireachtas committee meeting to summon governor of the Central Bank of Ireland, Professor Patrick Honohan before that committee to give an account of the work underway to reduce the cost of the Anglo promissory notes. So Peter was probably given a stern warning by Enda and told to stay away from the media. Maybe. But where is the Minister for Finance Michael Noonan who last Wednesday night barged into the Dail where Private Members’ Business was taking place, where against protocol, the Minister gave a brief statement on the Anglo promissory note negotiations and left. He turned up again on Friday morning when he told the media he was “confident” of a deal “over the weekend”.

full article at source: http://namawinelake.wordpress.com/

Due Diligence abandond at NAMA ?

Anglo-Irish Bank will be paid more than €6 billion for the last set of loans it transfers to the National Asset Management Agency (Nama) before the agency has a chance to assess their true value.

The decision will allow Anglo to use newly issued Nama bonds as collateral for fresh borrowing from the ECB, in an effort to ease its increasingly stretched liquidity position.

The agency will pay for the loans upfront, despite its previous insistence that due diligence be carried out on all loans before a transfer takes place.

Nama will seek to recoup the difference if its due diligence subsequently discovers that it has overpaid for some or all of the loans.

The Department of Finance revealed last week that Nama had brought forward the timetable for all five participating institutions – Anglo, AIB, Bank of Ireland, EBS and Irish Nationwide – and planned to conclude the transfer of their remaining Nama-bound loans in one final tranche.

Prior to last week, it had been expected that the institutions would transfer their remaining loans over three, or perhaps four, more tranches.

It has emerged that Nama will apply special conditions to Anglo’s transfer, however.

Finance minister Brian Lenihan said Anglo would complete its loan transfers to Nama by the end of October – significantly earlier than the previous deadline of December.

Lenihan said ‘‘bonds will issue to Anglo in return on the basis of Nama’s current estimate of their value’’.

‘‘The loans will then be subject to due diligence and valued by Nama on a loan-by-loan basis. If any adjustment to their value is necessary, it will be made subsequently.”

The government has informed the European Commission of the change to Nama’s operation, but will need to bring in new legislative regulations to allow payments to be made to Anglo in advance of the formal valuation of the loans in question.

‘‘This expedited transfer will maintain the principle of a loan-by-loan valuation of all Nama transfers and is consistent with the EU state aid approval for the scheme,” Lenihan said.

source http://namawinelake.wordpress.com/author/namawinelake/
Here we have Lenihan again rewriting the rules on accountancy and due diligence
This of course is sheer madness and I just don’t know why this is allowed to continue ,it is as if Lenihan has something to hide or protect.
 Has he done some other deal with outside interests?
No where else in the world would this kind of account gimmickry be allowed in fact people have lost their business for less and have been found guilty in attempting  fraud  
‘‘The loans will then be subject to due diligence and valued by Nama on a loan-by-loan basis. If any adjustment to their value is necessary, it will be made subsequently.”

 what good will that do? Anglo will just say we haven’t got any money and the taxpayers will have to stamp up all loses and Lenihan couldn’t care less it’s not coming out of his pocket
This is Fraud and a total betrayal of the taxpayer’s interests and lenihan knows it!
where is this money going to go ?
who’s pockets are getting filled ,
who are the beneficiaries of all this money?
where did the first 22.500,000,000,:00 billion go who got it and why ???????
How many TD’s have loans out from Anglo-Irish Bank ?
Has  Lenihan or Cowen or any member of the families loans from Any of the Bailed out banks ?
are they solvent? 
Why is the Minster of Finance ready to cripple our country to bail out private bankers and gamblers
if this was the US this bank would be closed down 19 months ago and the directors would be in Jail along with the financial regulator and perhaps Cowen too !


You want to know who I am?

This article was sent in this morning and I thought it might be of interest to some of you.

I know I recognize lot of this man’s current life’s problems.
The sordid intervention of derivatives in all of our lives will sometime soon have to be faced up to
We are approaching the event horizon of this apocalyptical event
Everything is been sucked in and when it has consumed everything we will see the mother of all bubbles burst. With the announcement of the Anglo Irish Banks half yearly results and the results of Irish Life & Permanent, there is no mention of their derivative positions and the catastrophic losses there are still hiding from the public (Proof Anglo Irish deals in derivatives (CFD,s) you only need to read this article in the Irish times )http://www.irishtimes.com/newspaper/finance/2010/0827/1224277688678.html?via=rel

with the full knowledge of the current corrupt government
you have been warned!

By John Mele :
You want to know who I am? First, I’ll tell you who I was.
I joined the Marines when I was 18, went to Vietnam when I was 19, was an 0331 machine gunner, survived a tour of duty in heat and humidity in the mountains of northern South Vietnam near the DMZ. My rear base, the Rockpile, was the most remote base in Vietnam at that time, or so we were told. I survived that war and when I got home I used the GI Bill to get into the Boston Architectural Center, a night school of Architecture. I worked days a few years as a construction laborer and then as an office boy in an architectural office. I got married, was accepted to the University of Oregon and got my BA in architecture in ’77, worked, moved a few times (due to recessions), had two beautiful daughters, raised my family, etc.
After Nam I straightened out, as they say, and sailed a pretty solid course even when the seas of the economy were rough. We had our ups and downs, weathered financial recessions, lost one home and built another, finally settled in Knoxville, TN where I had my own architectural business mainly because I couldn’t work in a cubicle with 400 other architects.
But in ’09 that all changed. This is who I am now.
I am a former Marine, Vietnam war veteran, mad as hell and about to lose my home again. As far as I could tell, our entire financial system collapsed. I mean take forty to fifty years of “economic progress” and just dump it. That is in essence what happened. Many are still clinging to it, hoping for its revival. Something will recover but that something will never be what it was before. In ’09 they changed all the rules. The jobs disappeared, gone to China and India. Guys like me and those before us built this great land and were no longer needed. The bridges, the skyscrapers, the industrial centers, the homes, highways, dams and byways, all built by us, was now thrown away as the “financial system” did not need us anymore. Things called “derivatives” took our place. The US auto industry was on the ropes, banks were collapsing, Wall Street was in chaos, and millions saw the future as a place of unemployment or low paying jobs, if one was available.
So, I decided not to follow the same path I’d been on. With no prospects for work and a boiling anger about–what I felt–was a stolen future for me and my country, I decided to take some alternative actions. I had not failed, the system had failed me and I was determined not to give up but also not to be a fool. I was 60 and soon no matter what I did age would get me. Do I go down playing by the ever-changing rules of financial insanity that I was being forced into? Do I take any job and try to keep the home I spent a lifetime working for? In short, do I suck it up again, go to where I must and start over again at 60 and keep my mouth shut and show up for work and do this until I am dead?
Hell, I’d rather charge up a hill and give it my all to save my “SPIRIT”, because that is the most precious part of any of us. Think “Geronimo” and replace it with “Whitehorse” and you get an idea of WHY I planned this. One last gasp, one last charge, one last mission till the forces of my destiny would overtake me. Would I die trying, if so I was willing to face and accept that? Would Whitehorse save me? I had no idea. I had no idea! It all started with a joke I said to my wife. After repeating it a few times it made more sense than what I was seeing around me.

The inequalities of life invade all our lives. In essence we all make decisions within the confines of the hand we are dealt. At age 60 I decided to challenge that hand one last time and in doing so set my SPIRIT FREE.

I am cycling to Whitehorse, on a bike with a 65 pound pack, a 3700 mile trip…I’ll see you there, if I last…

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