Why are the Irish People Making Payments to Criminals?
But when we talk of Anglo Irish’s bondholders we talk of people with already accumulated wealth
We are not talking about widows and orphans or you and me. It is therefore worth
remembering, the next time an Irish politician, or any of our politicians for that matter, say that
some welfare payment can no longer be afforded, it is because the money that could have paid for
it has been given instead to the already wealthy bondholders. The Irish people are
paying and protecting the interests of the bondholders over the interests of their own children.
And it is our very own politicians who have arranged this not you not me
At the end of the third quarter of 2010, not long before Dublin requested a bailout, German banks had $208.3 billion in total exposure to Ireland, according to data from the Bank for International Settlements. That includes $57.8 billion in exposure to Irish banks, an amount exceeding British and French banks’ exposure to Irish lenders combined.
Dublin campaigned to impose haircuts on banks’ senior bondholders to reduce the amount of money the state would have to pump into Irish banks. The ECB refused, fearing contagion.
Most of these banks have indulged in absolute criminal activity and have been able to get away with their criminal acts.
So, at the end of the day the Irish people are paying off a bunch of criminals.
To copper fasten the point lets have a look at Deutsche Bank
Recent Deutsche bank events worth noting
Spying scandal – From as late as 2001 to at least 2007, the Bank engaged in covert espionage on its critics. The bank has admitted to episodes of spying in 2001 and 2007 directed by its corporate security department
Housing Bubble and CDO Market – Deutsche Bank was one of the major drivers of the collateralized debt obligation (CDO) market during the housing credit bubble from 2004–2008, creating ~$32,000,000,000 worth. The 2011 US Senate Permanent Select Committee on Investigations report on Wall Street and the Financial Crisis analyzed Deutsche Bank as a ‘case study’ of investment banking involvement in the mortgage bubble, CDO market, credit crunch, and recession. It concluded that even as the market was collapsing in 2007, and its top global CDO trader was deriding the CDO market and betting against some of the mortgage bonds in its CDOs, Deutsche bank continued to churn out bad CDO products to investors.
Deutsche Bank Gambles Bailout Money in Las Vegas – Loses BIG During the financial meltdown of 2008, Deutsche Bank received at least $11.8 billion in US taxpayer-funded bailout money. The banking giant had made some bad credit decisions and took on some enormous risks – but the gamble failed miserably. So what did Deutsche Bank do with the funds provided by the American taxpayers? The Financial Times has the pathetic story:
Deutsche Bank has apparently gambled in the world capital of gambling and it looks like they may lose: Deutsche Bank has risked a total of $4.9 billion, the institute, a newspaper reported in a luxury casinos in Las Vegas – a significant portion of the money will probably never be seen again.
Deutsche Bank convicted in Italy in widening scandal
Deutsche Bank slashes profits to meet sub-prime mortgage legal action costs
German bank sets aside billions of euros to cover litigation linked to US bonds as Libor-rigging investigations continue
Deutsche Bank under US investigation for Iran dealings
Bundesbank investigating Deutsche Bank derivatives trade
Posted on May 1, 2013, in buisiness, Crime, EU, Government, IMF/ECB, International affairs, Ireland, politics, Protest and tagged Bank for International Settlements, Banks, Collateralized debt obligation, Deutsche, Deutsche Bank, Financial Times, Iran, Ireland, Irish News, United States, Wall Street. Bookmark the permalink. Leave a comment.