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    Originally posted by sewa
    Originally posted by LLCOOLJ14


    Originally posted by sewa
    So do you believe that Americaborrowinga tonne of money whenthey are already massively in debtwill bethe cure totheir problems? I wonder about the logic of it personally. It seems a huge gamble

    Give me a viable alternative?
    Stop wasting all your money on ridicilous wars and a massively over bloated military machine. Raise taxes, cut government expenditure and start paying down your debts. It would take years and be highly unpopular
    There are now 435 congressional districts. 432 of them have military installations/factories of one kind or another. Pity Eisenhower wasn't listened to fifty years ago.
    Hello friends in Brussels. Baldy here :_surrender__revampe

    Comment



      Originally posted by glorob

      Originally posted by Jenta
      Originally posted by fitzy73
      Quinn or Seanie Fitz? Or both?
      Sorry, both, Seanie's mucking about with that €87 million is another clear case of manipulating the market.

      Obviously under various aspects of company law governing the conduct of directors he shouldn't be allowed run as much as a corner shop ever again, but the avenue taken should be the one that puts him behind bars.

      I would say that is not possible under current Irish Law.
      There are loads of cases of people looking for toughr legislation on all kinds of issues, while the existing laws if implemented, would probably do fine. Many of our laws, unfortunately, are written it seems, with the express purpose of providing window dressing for politicians and with enough loopholes for any decent barrister to have a field day in court even if things got that far.

      I strongly suspect that in this case, much of the above applies too.

      If we were not a lower species of state than a Banana Republic, those guys would be hauled off in chains long ago. When you even contemplate that Zimbabwe might be our template for financial regulation, things have gone pretty far.
      Hello friends in Brussels. Baldy here :_surrender__revampe

      Comment




        http://www.niallferguson.com/site/FE...es/ArticleItem .aspx?pageid=203


        an alternative solution from a controversial but clever academic
        I believe that all government is evil, and that trying to improve it is largely a waste of time.
        HL Mencken

        Comment




          http://www.telegraph.co.uk/finance/c...roseevans_prit chard/4623525/Failure-to-save-East-Europe-will-lead-to-world wide-meltdown.html


          meltdown in value of euro?-might be just what we need
          I believe that all government is evil, and that trying to improve it is largely a waste of time.
          HL Mencken

          Comment



            Originally posted by Eamo

            http://www.telegraph.co.uk/finance/c...roseevans_prit chard/4623525/Failure-to-save-East-Europe-will-lead-to-world wide-meltdown.html


            meltdown in value of euro?-might be just what we need
            Ah jayus Eamo - Evans-Pritchard

            The fella wearing the St George at Twickers is less one eyed than the bould Ambrose!


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            Comment


              Yeah I agree Fitz AEP isn't exactly known for his eurocentric views but if his data is correct (and I have neither the time nor inclination to check the numbers) I reckon we could be looking at eur/usd sub par again which would help us here a little.
              I believe that all government is evil, and that trying to improve it is largely a waste of time.
              HL Mencken

              Comment


                Monday, February 16, 2009
                <H1>Regulator investigates €300m loans by Anglo to buy its shares</H1>BARRY O'HALLORAN
                <DIV style="CLEAR: left"></DIV>


                THE FINANCIAL Regulator has confirmed it is investigating €300 million in loans given by Anglo Irish Bank to 10 business people to buy its own shares. The bank loaned the money to 10 unnamed clients last year so they could take a 10 per cent stake in the bank that was originally part of a holding assembled by businessman Seán Quinn and his family.


                The State’s financial watchdog yesterday confirmed it was aware of the issue before the bank was nationalised earlier in the month. In a statement, it said details emerged during a formal evaluation process that led up to the State taking over the bank.


                The regulator said it is investigating the loans, but denied it was aware of any “sweetheart deal” between the bank and borrowers. All aspects of the loans were being investigated to pursue and assist “in whatever action is necessary, including appropriate legal proceedings”.


                The deal was designed to stop the stock being sold on the market and inflicting further damage on Anglo’s share price, which plummeted throughout 2008. Mr Quinn built his 25 per cent interest in Anglo through contracts for difference (CFDs), high-risk instruments that allow investors to own shares indirectly at a fraction of their price and bet on them increasing or decreasing in value.


                As the shares collapsed in price, Mr Quinn and his family had to put up more money to maintain his holding. He has admitted the exercise cost almost €1 billion. Ultimately, Mr Quinn converted the holding to a direct 15 per cent stake. The bank loaned 10 clients €300 million to buy the remaining 10 per cent.


                The loans were “non-recourse”, which means if the borrowers defaulted, the bank’s security was limited. The regulator said yesterday it is paying particular attention to this. The regulator’s statement said it and other authorities knew of “a large CFD position held in Anglo Irish Bank” last year, and were aware of steps being taken to have this unwound. Its primary concern related to the “security of deposit holders” and “any stability issues that might arise from the unwinding of this position”.


                “The Financial Regulator was not aware of the identity or the financing arrangements of a so-called golden circle of 10 investors,” it said.


                It has also provided the Office of the Director of Corporate Enforcement (ODCE) with significant information on the loans. The ODCE has the power to prosecute suspected offences, or to refer files on serious breaches of company law to the Director of Public Prosecutions.


                Speaking in Cork yesterday, Fine Gael leader Enda Kenny said there was “a crying need” to restore confidence to the banking system. Because of this need “and not because of any one individual’s wrongdoings”, he believed the board of the Regulator and senior management should resign in light of their “collective failure” to deal correctly with such issues.
                Free Palestine.

                Champions aren\'t made in the gyms. Champions are made from something they have deep inside them - a desire, a dream, a vision.
                Muhammad Ali

                Comment


                  Originally posted by Kavy


                  As with so many other things momentum will be key imho.


                  This day ofprotest on 21st really needsmax supportnow.


                  Greens need to be bombarded by their constituents (and others).


                  Nothing, absolutely nothing, can be achieved if this Govt. manages to keep a grip in the weeks and months ahead.


                  If people want to protest then they should go to Government buildings and ask whyhighly incompetent banking bord members are getting early retirement packages and massive pay outs?

                  Comment


                    Originally posted by Kavy


                    As with so many other things momentum will be key imho.


                    This day ofprotest on 21st really needsmax supportnow.


                    Greens need to be bombarded by their constituents (and others).


                    Nothing, absolutely nothing, can be achieved if this Govt. manages to keep a grip in the weeks and months ahead.


                    Although I would quite happily protest against the governments handling of the economy, there is no way I'm going to support a strike so that the public sector can keep their 'no. 1 in the world' pensions, for which I'm paying.

                    Comment




                      Economy may shrink by 6% in 2009
                      Monday, 16 February 2009 12:02
                      A new report from Goodbody Stockbrokers has forecast that the Irish economy will shrink by 6% this year.


                      The report also predicts that the economy will shrink by another 2.5% in 2010, making it the worst recession in a developed country since Finland in the early 1990s.


                      Goodbody's economic forecast compares with the 4% falls for this year recently predicted by the Government and the Central Bank.


                      However, the report says these figures are becoming more irrelevant as the main question now is whether Ireland can put its public finances in order.


                      It says short-term forecasts for tax revenue are too optimistic.


                      The report says some unpalatable decisions will have to be made, with increases in taxes as well as spending cuts.


                      Goodbody says social welfare spending is an area 'too big to be ignored', and says it could be possible to cut payments without reducing their real value, due to falling prices.


                      It also believes the Government may have to inject more money into the banks, putting the total cost at €9bn. It believes the banks will incur bad debts of €28bn over three years.
                      Excellence is hard to keep quite - Sherrie Coale

                      Comment


                        I'm still going for a nice even 10%.
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                        Comment




                          Originally posted by fitzy73
                          I'm still going for a nice even 10%.

                          I would say you are being optimistic.

                          Comment



                            Originally posted by glorob

                            Originally posted by fitzy73
                            I'm still going for a nice even 10%.

                            I would say you are being optimistic.
                            We are doomed if that's even close to reality. It'll be a long deep and extended slump economically.


                            Comment



                              Originally posted by Dermot G
                              Originally posted by glorob

                              Originally posted by fitzy73
                              I'm still going for a nice even 10%.

                              I would say you are being optimistic.
                              We are doomed if that's even close to reality. It'll be a long deep and extended slump economically.
                              I'm as cynical as the next man, but i think membership of the EU and access to it's markets must protect us from absolute catastrophe.

                              Comment


                                I guess to an extent BB, but the mass exodus of the skilled, huge numbers of unemployed, enormous social welfare costs, dwindling tax revenues, collapsing wealth (pensions and property particularly) all paint a bleak future.

                                We can look forward to increased taxes (utter madness imho) and reductions in vital services (but possibly no change is hideous wastes in the public services).

                                Rubber Lips himself said living standards will fall by 10%+

                                Comment

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