Played a blinder

Kiltinator

So while everyone is at each other's throats over public sector vs. private sector, Xmas bonuses and the price of ciggies, the government make sure that the taxpayer picks up the tab for the banks utter incompetence.

NAMA, the National Asset Management Agency will be assuming up to between 80 and 90 BILLION of toxic debt, including investments made in the UK and overseas. Fair enough we heard that the loans will be revalued, debtors will be held to account and we'll get the money back at some future point...we'll see. I wouldn't hold your breath.

A massive, massive bank bailout with normal people set to pick up the tab for generations.

old boy

what did you expect, the rich get richer, the poor get poorer, reason being the poor always subsided the fat cats

joeystrider

My exact prediction for this budget was that the taxing paying working public would be hit whilst the banks would be bailed.

Most of those bankers should not only be made to pay and be accountable, they should be put in jail for mass corruption and malpractise.

Carlow52

joeystrider wrote: »

My exact prediction for this budget was that the taxing paying working public would be hit whilst the banks would be bailed.

Most of those bankers should not only be made to pay and be accountable, they should be put in jail for mass corruption and malpractise.

Please show where the mass corruption is proven

theniall

We don't even need to bail out the banks, it's pointless.

If your business fails, you lose. Expect riots. This is BS

O'Coonassa

joeystrider wrote: »

Most of those bankers should not only be made to pay and be accountable, they should be put in jail for mass corruption and malpractise.

Yes but then who would fund our political class? Think of the tragedy that would befall us lol

Villain

This needs to be as transparent as an open window, because otherwise based on the history of Politics in this country we could see huge corruption and political interference in relation to values put on development lands that have large debts against them.

e.g. Builder A, friend of FF has a loan of 250 million for a develoment site that would be worth at most 100 million now, yet if Political interference is allowed it could be wrote down as worth 150 etc etc

BroomBurner

I thought Joan Burton spoke about this quite well in the Dáil after the budget. She made a very good point about how the government will be perceived taking €3.2 billion in taxes and cuts while handing out two €3.5 billion cheques to two banks.

I know it isn't as simple as that, and she commented to that fact also, but when you look at it simply, it really is quite galling. What will our money be used for? Where are the figures? Why are we being kept in the dark, so that years from now patches of info get realised during a tribunal in to the management of the banks during the recession?

joeystrider

Carlow52 wrote: »

Please show where the mass corruption is proven

Unfortunately the corruption here is not exactly of a prosecutable type. It is "legal corruption", which holds a high rate in Ireland.

Check out this article

Also corruption can be defined as a lack of intergrity and this was definitely the case in anglo irish.

Oh and yes.. The poor old political class. What would they ever do?! :rolleyes:

O'Coonassa

Carlow52 wrote: »

Please show where the mass corruption is proven

THIS get's a little too conspiritorial for my liking but it shows quite admirably how the banking system in and of itself is mass corruption.

meathstevie

I can't for love nor money understand why public money has to be used to bail out the banks. The bankrupt companies could have been bought by the state for a pittance of what has been put in now and ran as an ongoing concern after a capital injection post acquisition without losing any significant numbers of jobs within them but with a fantastic opportunity to sideline the crowd that has ran them into the ground. Once the decks would have been more or less cleared the companies could have been refloated on the public market and the state would have reaped the benefits of increased share value as well. Granted, it would have been a serious shock to the system but the messy crap that's going at the moment isn't exactly achieving any results either.

joeystrider

meathstevie wrote: »

I can't for love nor money understand why public money has to be used to bail out the banks. The bankrupt companies could have been bought by the state for a pittance of what has been put in now and ran as an ongoing concern after a capital injection post acquisition without losing any significant numbers of jobs within them but with a fantastic opportunity to sideline the crowd that has ran them into the ground. Once the decks would have been more or less cleared the companies could have been refloated on the public market and the state would have reaped the benefits of increased share value as well. Granted, it would have been a serious shock to the system but the messy crap that's going at the moment isn't exactly achieving any results either.

Do you want to run for government? You got my vote!

InReality

Last post was a great idea.

On the property loans, what about letting say a bank - say Anglo - fail ?
Then the developers would go bankrupt as whoever got anglo's debt tried to recupe something.

Then govt could BUY that land & houses at knock down rates.

Govt could give some seperate support package to those with home-owner loan from Anglo, with a very high upper limit if necessary.

- Banking system would still exist as other banks still there
- would send signal to outside world that dodgy business can't go on in ireland anymore
- would send signal that dodgy loans will not be tolerated
- NO risk to taxpayer

What do people think ? Have I left something out ?