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Thread: "Brian Lenihan was Scared Shitless" "Bonds can Trade While Depositors are Asleep"- "Irish Set Guarantee Terms" (Schauble)

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    Default "Brian Lenihan was Scared Shitless" "Bonds can Trade While Depositors are Asleep"- "Irish Set Guarantee Terms" (Schauble)

    The Bank Guarantee ends tomorrow. Derek Scally and Jochen Bittner have interviewed Schauble and mainly unnamed Irish sources for the Irish Times.

    The picture is of Ireland's cabinet in September 2008 in a blind panic, and bondholders / German banks getting a free pass and of the massive unfair advantages of bondholders over ordinary depositors - made even greater by the acts of the Irish Government - and citizens in times of crisis.

    Essential reading covering Ireland and Germany with fresh insights into the banking collapse and how the biggest gamblers were allowed to walk away with all their capital - and interest intact.

    “I think it’s fair to say that if anyone in the treasury suggested intervening to limit capital flows to Irish banks in the boom, they would have been taken out and shot,” says Michael Somers.
    “For the bankers it was always clear: the German government would never allow big German banks go broke, there was an implicit guarantee for them,” said Prof Enderlein. “It was as if you gave a gambler multimillion loans and sent him into a casino.”
    “ We cannot withdraw our cards from the game. Were we as silent and mute as stones, our very passivity would be an act. ”
    — Jean-Paul Sartre

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    Default Re: "Brian Lenihan was Scared Shitless" "Bonds can Trade While Depositors are Asleep"- "Irish Set Guarantee Terms" (Schauble

    The link doesn't work for me with Firefox but it's ok on Chrome.

    http://www.irishtimes.com/news/polit...lout-1.1339854

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    Default Re: "Brian Lenihan was Scared Shitless" "Bonds can Trade While Depositors are Asleep"- "Irish Set Guarantee Terms" (Schauble

    Another quote from the article:


    There are few exceptions in Berlin: Sahra Wagenknecht, MP with the opposition Left Party is a staunch critic of the Irish bailout. “To this day many people in Germany believe, wrongly, that rescue plans in assist the populations in each respective country, paid for by German taxpayers,” she said. “Things are the other way around: the Irish population will probably have to spend decades bleeding for the speculation of German banks.”
    Now, let us see, how many Irish politicians and members of the Irish establishment are going to admit to their roles in allowing this to happen?!? Not too many, I would guess, given the last month's fiasco over the promissory notes. As the Wall Street Journal put it:


    Irish taxpayers will spend the next 40 years paying for losses rung up by a failed private bank.

    http://online.wsj.com/article/SB1000...520466036.html
    The Irish establishment would much rather shut down hospitals and schools in Ireland, just so that Angela does not have to tell her citizens who is really paying for the S-Bahns to run on time...

    BTW, Belgian TV has released another part of my interview with them last November:
    http://www.youtube.com/watch?v=HKmr2u2P4OE

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    Default Re: "Brian Lenihan was Scared Shitless" "Bonds can Trade While Depositors are Asleep"- "Irish Set Guarantee Terms" (Schauble

    Interesting paragraph here:
    Senior Irish officials in Dublin today who had no part in the events of September 29th, 2008 agree, off the record and through gritted teeth, that there was no legal alternative to the one taken.One senior Irish official says that what many guarantee critics, particularly in the US, overlook is how, in 2008 Irish law, bank depositors enjoyed no preferential access to their savings over institutional investors. What appears to be a level legal playing field, however, is anything but, with bank investors pulling deposits or selling on bonds through Asian traders while the bank’s depositors are still in bed.
    There was no pressure from outside to decide as they did that night, meeting participants add: when the ECB and Europe an governments were informed after 6am on September 30th, the decision had been taken.
    So confirmation here that the blanket guarantee was a purely Irish decision as most of us assumed all along.
    However, I've never heard it claimed that there was no legal alternative to the blanket guarantee at the time.
    I find that very hard to believe. Why have none of the legal and financial experts who have examined the guarantee over the last five years taken that position?

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    Default Re: "Brian Lenihan was Scared Shitless" "Bonds can Trade While Depositors are Asleep"- "Irish Set Guarantee Terms" (Schauble

    trust no one

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    Default Re: "Brian Lenihan was Scared Shitless" "Bonds can Trade While Depositors are Asleep"- "Irish Set Guarantee Terms" (Schauble

    Quote Originally Posted by Dr. FIVE View Post
    trust no one
    If the claim that there was no legal alternative to the blanket guarantee was true Fianna Fail would have being using it for years. Makes me wonder what other dodgy assertions there are in this article.

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    Default Re: "Brian Lenihan was Scared Shitless" "Bonds can Trade While Depositors are Asleep"- "Irish Set Guarantee Terms" (Schauble

    arse covering

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    Default Re: "Brian Lenihan was Scared Shitless" "Bonds can Trade While Depositors are Asleep"- "Irish Set Guarantee Terms" (Schauble

    Quote Originally Posted by Dr. FIVE View Post
    arse covering
    Rewriting history.

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    Default Re: "Brian Lenihan was Scared Shitless" "Bonds can Trade While Depositors are Asleep"- "Irish Set Guarantee Terms" (Schauble

    An Irish solution to an Irish problem

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    Default Re: "Brian Lenihan was Scared Shitless" "Bonds can Trade While Depositors are Asleep"- "Irish Set Guarantee Terms" (Schauble

    The Guarantee ends today.

    Do we expect big capital inflows tomorrow ?
    “ We cannot withdraw our cards from the game. Were we as silent and mute as stones, our very passivity would be an act. ”
    — Jean-Paul Sartre

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    Default Re: "Brian Lenihan was Scared Shitless" "Bonds can Trade While Depositors are Asleep"- "Irish Set Guarantee Terms" (Schauble

    Only inflow *capital* will be ELA and Draghi has made clear he is *up for it*
    Thomas Jefferson : Banking Establishments are More Dangerous to our Liberties than Standing Armies.

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    Default Re: "Brian Lenihan was Scared Shitless" "Bonds can Trade While Depositors are Asleep"- "Irish Set Guarantee Terms" (Schauble

    via Conor McCabe on the banks, did we have this already?

    Letter from Trichet to Lenihan - October 2008


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    Default Re: "Brian Lenihan was Scared Shitless" "Bonds can Trade While Depositors are Asleep"- "Irish Set Guarantee Terms" (Schauble

    Quote Originally Posted by PaddyJoe View Post
    If the claim that there was no legal alternative to the blanket guarantee was true Fianna Fail would have being using it for years. Makes me wonder what other dodgy assertions there are in this article.
    Well, the assertion that there was a lot of German bank money in the Irish domestic banks, for a start.

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    Default Re: "Brian Lenihan was Scared Shitless" "Bonds can Trade While Depositors are Asleep"- "Irish Set Guarantee Terms" (Schauble

    Quote Originally Posted by ibis View Post
    Well, the assertion that there was a lot of German bank money in the Irish domestic banks, for a start.
    It was one German bank who kickstarted the whole thing by asking their monies back from Anglo -toxic Irish bank.

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    Default Re: "Brian Lenihan was Scared Shitless" "Bonds can Trade While Depositors are Asleep"- "Irish Set Guarantee Terms" (Schauble

    Quote Originally Posted by disability student View Post
    It was one German bank who kickstarted the whole thing by asking their monies back from Anglo -toxic Irish bank.
    Really? Name of bank, some kind of evidence that someone else can look at?

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