Banks dictating Bail-out?

dresden8

http://www.independent.ie/national-news/fat-cats-play-dirty-in-battle-for-banks-1550145.html

The banks are understood to be prepared to accept private investment to around 20 per cent. They want the Government to come up with the remainder which would amount to about €8bn in non-voting shares.

Were the Government to hold such non-voting shares, the bank chief executives and board members are confident that they would ultimately retain control.

If this is true, is there any mechanism to hang these f*ckers?

Bagsy pulling the lever.

Mr.Micro

Lenihan had his chance to stick the knife in when the bail out package was agreed in the dead of night a short while ago. He chose to back the package, it appears unconditionally. Lenihan could and should have demanded punitive conditions that would have meant massive reform, better banks, proper regulation, not that clown of a financial regulator. Instead now the banks have Lenihan and the FF Government over a barrel, as the bankers have grown braver as they got the backing they wanted and intend to hang on to their power. Politicians being beaten at their own game by the bankers. Money talks.

I am truly shocked at how bad Lenihan is as a negotiator and he appears so naive as a finance Minister. I really did think that he was intelligent and wise. He is being eaten alive by the bank sharks and he is out of his depth. If he gives in and does not exact a price of shares with voting power then he might as well resign IMO. There should have been sackings all round some weeks ago, now it may betoo late as the banks become entrenched in their secret world.

dresden8

But you missed my point entirely about the executions.

Bankers or politicians?

You can only choose one.

molloyjh

dresden8 wrote: »

But you missed my point entirely about the executions.

Bankers or politicians?

You can only choose one.

Ah well if we can only choose one it would have to be the politicians surely? You can hardly blame a chancer for making the best of it when the politicians should know better.

FF have shown almost complete incompetancy in the face of the current crisis. Its one of the most depressing displays I've ever witnessed. And the kicker is there's noone capable of better. Its a sorry choice of parties we have.

I do feel the need to come to the regulators defence to a certain degree. Its a mammoth task the regulator has and the amount they need to get their heads around is pretty staggering. They have done some decent work so far IMO and if given some more time could do a lot more. The problem is that they cannot just pass a law and expect everyone to abide by it immediately. A regulation will almost always mean changes to bank systems and/or procedures and there are always queries coming back from the banks themselves as they don't all do things the same way. This just means there always needs to be a period given to the banks to allow them to make the various changes needed or periods where-by the regulations need to amended to factor in particular bank practices. And sometimes these grace periods need to be fairly extensive and sometimes bedding down the details of a regulation can take time too.

I think overall the regulator is going in the right direction, but it was always going to be slow going. They could probably be doing a better job in some areas, but then what organisation couldn't?