Cabinet Meeting 1 September 2010 -Cowen and Lenihan to Refuse to Wind Anglo Irish Down ?

[C. Flower]

Breaking News is saying that both Lenihan and Cowen have said there will be no wind-down of Anglo Irish.

Given the very strong indication that the EU will not support the Government's "Good Bank/Bad Bank" proposals, it seems they are prepared to take on the EU as well as ourselves in order to push this through.

Lenihan, from the Bank Guarantee onwards, has operated consistently in relation to the EU - pushing through legislation and acquisitions before getting any EU agreement - and so far getting away with it, subject to some changes to appease.

This time, they may not get away with it. Feeling in the country is getting high - whether its the public, the EU or the Greens, surely, something has got to give on this all-consuming passion that the two Brians have for the Anglo Irish Bank.

http://www.breakingnews.ie/ireland/e...#ixzz0yGfpFnj8

[Captain Con O'Sullivan]

Whatever happens with Anglo we need to see the loan documentation and the associated transactions in the year up to the guarantee at least as public records.

There's no way they should be able to pile public money on that nonsensical organisation and then hide whats underneath from the public.

I've a feeling if we knew the reality behind that fake bank Cowen and Lenihan would be in very serious trouble and not just politically.

For example- were there not loans to members of the Haughey family shortly before the lid blew off Anglo? For apartment purchasing in New York? I'd like to see the documentation on those loans. And of course now that Anglo is publicly owned those records should be traceable.

[disability student]

Here is the article from New York times. link :http://www.nytimes.com/2010/09/01/bu...n&st=cse&scp=1.

Re loan documenation, any business with common sense would require loan documentation before they could give out any loans or credit. It's a standard as i am very surprised at two Brian's refusal to wind down. It could only mean that they are deluded or their heads in the sand.

It's quite clear now from abroad point of view, Anglo Irish bank is a 'dead weight loss' with nothing in return.

[greengoose]

Here is the article from New York times. link :http://www.nytimes.com/2010/09/01/bu...n&st=cse&scp=1.

Re loan documenation, any business with common sense would require loan documentation before they could give out any loans or credit. It's a standard as i am very surprised at two Brian's refusal to wind down. It could only mean that they are deluded or their heads in the sand.

It's quite clear now from abroad point of view, Anglo Irish bank is a 'dead weight loss' with nothing in return.

Monkeys with screwdrivers behind the telly.

[disability student]

Monkeys with screwdrivers behind the telly.

ha ha ha LOLOL.

Good one though.

[Fing Fers]

Dumb and Dumber dont want to be know for making the biggest blunder in Irelands history, they'll do everything it takes to keep Anglo going. Its a matter of FF pride over Irish people.

[disability student]

Dumb and Dumber dont want to be know for making the biggest blunder in Irelands history, they'll do everything it takes to keep Anglo going. Its a matter of FF pride over Irish people.

Is there anything or something in the constitution that may stop them from doing it in the national interests??

[disability student]

Here is another article by FT as Lecturers from TCD wrote to them re proposed solution-'pluck' at the banks.

It's inaccessible due to membership.

So i pasted a copy of it here:

‘Pluck’ would be better aimed at reckless banks

Published: September 1 2010 02:26 | Last updated: September 1 2010 02:26

From Dr Louis Brennan and Dr Jim Stewart.

Sir, Your proposal for debt-for-equity swaps in the case of insolvent Irish banks (“Pluck of the Irish”, editorial August 27), does not, as you seem to imply, shield Irish taxpayers from the damage caused by banks’ foolishness. Such a proposal gives ownership to bondholders but provides no new equity finance. It would still fall to the taxpayer via the state to provide new equity finance.

A more effective approach from the perspective of Ireland’s taxpayers and economy is to negotiate the purchase (at a fraction of face value) of the bonds from the reckless lenders that funded the banks’ foolishness. An alternative, as proposed in a recent BIS document, is that debt instruments could be written off entirely.

Notwithstanding the inevitable self-serving noise from the usual suspects, continuing to indulge at any cost the lenders that engaged in wholesale recklessness is a luxury that Ireland’s taxpayers and economy can ill afford.

Irish pluckiness can lead the way by insisting on an end to the farcically rigged system of complete indulgence for reckless lenders.

Louis Brennan,

Associate Professor and Research Associate, Institute for International Integration Studies

Jim Stewart,

Senior Lecturer in Finance, School of Business

Trinity College Dublin, Ireland

[Captain Con O'Sullivan]

Is there anything or something in the constitution that may stop them from doing it in the national interests??

Unfortunately not. The Irish Constitution has a lawyer's escape sentence written into every Article which describes the responsibilities of government toward the people and their resources.

It should be renamed 'Disclaimer na hEireann'. There are no rights to free speech, the right to assemble can be cancelled at any time the government decide to refer to an 'emergency' ... but blasphemy ist verboten.

A quick round of applause please and a gallop through Amhrann na Bhfian in honour of a guardian of the Constitution Dermo Ahern.

[TotalMayhem]

The Robber Brians make the likes of Charley Haughey and Bertie Ahern look like saints.

[C. Flower]

"No rift between FF and Greens - Ryan "Anglo should be wound down as quick as we can".

[TotalMayhem]

I'm just after listening to these two clowns on News @ One.

"Innovation Ireland Fund", "Knowledge Economy"??? And a "New Era Proposal" stinks to the high heavens just as well. Will they ever run out of ideas for innovative terms dealing with the biggest economic clusterf*ck in history? What in the name of God is going on these heads? I wish the Summer Recess would be followed seamlessly by a Winter Recess or even better by permanent retirement.

And O'Cuiv, the trained parrot he is, quoting "We are where we are" should look up urbandictionary.com:

Commonly used in the business world, meaning "We are in the ****, but suck it up"

A Government Minister telling us to "suck it up"? And what are the "good people of Ireland" going to do about it? Yes, they will suck it up.

[C. Flower]

So: I what did they say ? B & B ?

[TotalMayhem]

So: I what did they say ? B & B ?

Nah, Eamon O'Cuiv and Richard Bruton ... and what did they say? Just SFA if you strip off the usual blabber. They were asked about winding down Anglo as well, but hey, what would you expect from Eamon O'Cuiv? The podcasts should be available soon, if you're bored out of your mind.

[C. Flower]

Nah, Eamon O'Cuiv and Richard Bruton ... and what did they say? Just SFA if you strip off the usual blabber. They were asked about winding down Anglo as well, but hey, what would you expect from Eamon O'Cuiv? The podcasts should be available soon, if you're bored out of your mind.

I don't do podcasts yet and am far from bored, thanks.

*God boredom sounds good right now*

I heard Richard Bruton on Newstalk. He is Enterprise spokesman for FG. He was asked what FG policy was for R and D and he said he didn't know. Someone else was looking at that.