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Starfirenv (< 20)

Cops Charge Irish Government With Treason

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July 25, 2010 – Comments (3)

 HMMMM... While doin' my DD on Anglo Irish Bank, I saw this and had to share. Time for Ireland to enact a Patriot Act? These cops are clearly "Domestic Terrorists". Wink Wink.
 From here- http://foolscrow.wordpress.com/2010/07/22/cops-charge-irish-government-with-treason/

"The underlying cause of garda frustration and anger is the state of the Irish economy. The gardaí, like most Irish citizens, blame government incompetence and collusion with banksters and speculators for economic collapse.

 The fallout from global recession was seriously exacerbated by shortcomings of Irish Government Ministers, i.e., flagrant failures of governance through incompetence, self-interest, and criminal recklessness. These failures were further amplified by the cronyism and cosy intimacy of Fianna Fáil politicians with bankers and developers, by the utter ineptitude of government regulators, and by the laissez-faire attitude of the then Finance Minister, Brian Cowen, towards an alarmingly inflating construction bubble.

 Michael O’Boyce, President of the Garda Representative Association (GRA), said at its annual conference in Limerick, at the end of April, 2010, that the Irish Government had been ‘corrupted’ and had been ‘bought’ by developers and bankers. (A garda is an Irish policeman, gardaí in the plural.)

 Mr. O’Boyce, speaking on behalf of the country’s 11,000 gardaí, charged government ministers with sacrificing the country to protect ‘wealthy cronies’ who had bankrolled the leading government party, Fianna Fáil. Such criticism of a serving government by its police force is unprecedented in Irish history and extremely rare in any western democracy.

 A massive 22 billion euro has gone into the corrupt Anglo Irish Bank which has the dubious distinction of being the worst bank in the world. It is the biggest loss-maker of any bank on the planet and the Irish bank bailout is the most expensive bailout anywhere on the globe.

 Even worse than the Anglo Irish Bank fiasco is the government bank bailout programme called NAMA (National Asset Management Agency) which covers 5 Irish banks including Anglo Irish. The government says that NAMA will clean up the banking system by paying the banks 54 billion euro of taxpayer money to purchase toxic loans from their balance sheets. This is a huge risk which could blow up spectacularly and put several generations of Irish people into excessive debt.

 Apart from NAMA and the Anglo Irish Bank bailout, the Irish Government has already recapitalized other Irish banks and financial institutions to the amount of some 13.5 billion euro. This was supposed to release funds and provide much needed credit to Small Business and to mortgage seekers. But the banks which were bailed out by the people of Ireland are not responding in kind to the people of Ireland. They are holding onto their funds while businesses are failing in unprecedented numbers for want of working capital. Much of the bailout money is being used by the banks to strengthen their balance sheets or to make safe investments elsewhere.

 (In the United States, banks find it more profitable and free of risk to borrow from the Federal Reserve at .25% interest and buy 5-year Treasury bonds at 2.5% return rather than lend money to cash starved businesses. They can make enormous profits while thousands of businesses go to the wall.)

 When one adds up the amount of money committed to recapitalization and bailout of Irish banks one arrives at a figure of some 90 billion euro."

 

3 Comments – Post Your Own

#1) On July 25, 2010 at 11:21 PM, tomlongrpv (71.59) wrote:

Lots of adjectives and opinions but no facts.  Stuff like this always strikes me as a bunch of bulls**t.  If you cannot provide specific facts on what exactly someone has done wrong its probably because you have no proof for anything you say.

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#2) On August 01, 2010 at 4:12 PM, Starfirenv (< 20) wrote:

Tom, easy now. I wrote the first two sentences only. I found this interesting on various levels.
>>"... specific facts on what exactly someone has done wrong..."
I think this is about the massive bank bailout on the taxpayers dime to these "banksters" under the guise of freeing up credit.
"This was supposed to release funds and provide much needed credit to Small Business and to mortgage seekers. But the banks which were bailed out by the people of Ireland are not responding in kind to the people of Ireland. They are holding onto their funds while businesses are failing in unprecedented numbers for want of working capital. Much of the bailout money is being used by the banks to strengthen their balance sheets or to make safe investments elsewhere."  Sound familiar?
Sounds like there are ~90Bn euro-facts to me.

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#3) On December 12, 2010 at 4:48 PM, tomlongrpv (71.59) wrote:

Interesting.  So the analysis is because there has been money lost there must have been a crime?

And how do you know the bailout is a burden to the taxpayers?  Some of it likely is, but in this case it is a burden on taxpayers elsewhere in Europe.

Those borrowing money they cannot repay have some culpability too.  And it is perhaps understandable that banks having lost large sums of money are unwilling to lend to failing businesses right now. 

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