'This is Anglo so there is only one thing to do – party!'

GCU Flexible Demeanour

Liam Byrne wrote: »

Far be it from me to defend ANYTHING related to Anglo, but approx €120 per person isn't a lot.

The issue is that they were inexplicably given a bailout by FF, and what they've done SINCE then now that we're all involuntary and unwilling owners of the cesspit.

I agree, for what its worth. I think banging on about their feckin Christmas party trivialises the issue. Some might say it puts things on a human scale, or something. I disagree. It distracts.

Where there is relevance in recent coverage, its about the contact between the Financial Regulator and the Central Bank and Anglo around the falls in their share price. What's relevant are the steps that culminated in the taxpayer becoming responsible for billions in private sector losses.

The published email is harmless. Discussing it is bread and circuses.

later12

Liam Byrne wrote: »

Far be it from me to defend ANYTHING related to Anglo, but approx €120 per person isn't a lot.

The issue is that they were inexplicably given a bailout by FF, and what they've done SINCE then now that we're all involuntary and unwilling owners of the cesspit.

You're counting one small (and relatively cheap, by other comparisons) party that was one of a number of parties in that period.

In the three months revolving around the fateful September 2008 guarantee of deposits when the situation became really serious, Anglo Irish Bank spent about €330,000 on parties and booze.

In a one year period up to December 2008 and including the period around the guarantee, the bank spent over €1 million on parties and booze, who knew that the company was about to enter a rocky period of operations as the world economy became more hazardous.

I'm not saying it's a game changing amount of money, I'm saying it's very significant and in my opinion confirms a contempt for caution amongst the senior figures within Anglo Irish Bank up to the moment when, and during the period when the taxpayer was summoned inside its doors.

GCU Flexible Demeanour

later10 wrote: »

I'm not saying it's a game changing amount of money, I'm saying it's very significant and in my opinion confirms a contempt for caution amongst the senior figures within Anglo Irish Bank up to the moment when, and during the period when the taxpayer was summoned inside its doors.

I think that's fine, up to a point, if the issue is they were on the piss instead of working. Because the amounts of money are immaterial.

What's far more interesting is who knew what, and who did what.

ascanbe

North_West_Art wrote: »

I just happened to be watching this last night.. skip to approx 3:45, there is an interview with a developer by the name of Simon Kelly, who has debts of €143 million. I have read a bit more about him since seeing this documentary and he has written a book attacking the snob culture of South County Dublin and Ballsbridge in particular, blaming it for fuelling the proerty price bubble in Dublin:

"Ballsbridge is nice, and close to town, but beyond that it was just an address. The downside for me, growing up there, was the people, who seemed to think they were better than everybody else. But as a developer I was happy to feed that myth.” Foxrock gets it in the neck, too, as a place “with an overall air of artificiality . . . perfect homes for plastic people”.

http://www.irishtimes.com/newspaper/finance/2011/0203/1224288891435.html?mf_sid=309066438

Most people who owe money in this country are expected to pay it back; if they don't/can't do so they will be left destitute, will have to seek social-welfare and will potentially be incarcerated.
Then there's people like Simon Kelly who rack up enormous personal debt, get to pass it on to the state, and can have a judge sanction their continuing to live a priveleged life; y'know, not only do you not have to face penury, but you're allowed to carry on as usual, continue to finance your kids 'private' education, that's in the already state-subsidised version of 'private' education we have on this isle, and are deemed to 'lack' the 'funds' to contribute towards paying back the enormous debt you are responsible for.
Read the particulars of this case; you couldn't f*cking make it up.
Not that you have to in this country; it seems to be par for the course if you're in with the golden circle in this, to use the old trope, 'banana republic'.

ilovesleep

Just found this:
Bank guarantee planned before september 28 2008.

http://www.politics.ie/forum/current-affairs/145029-bank-guarantee-decided-before-30-sep-08-says-gormley.html

It says it was planned a week before september the 30th but mark my words I guarantee to you all here on boards.ie all my life that that bank guarantee which in the end brought ireland right into the gutters was planned way before that, perhaps summertime 2008.

squod

ilovesleep wrote: »

Just found this:
Bank guarantee planned before september 28 2008.

http://www.politics.ie/forum/current-affairs/145029-bank-guarantee-decided-before-30-sep-08-says-gormley.html

It says it was planned a week before september the 30th but mark my words I guarantee to you all here on boards.ie all my life that that bank guarantee which in the end brought ireland right into the gutters was planned way before that, perhaps summertime 2008.

Echo the posters on that forum. Want the bastards put away!

later12

ascanbe wrote: »

Most people who owe money in this country are expected to pay it back; if they don't/can't do so they will be left destitute, will have to seek social-welfare and will potentially be incarcerated.

MYTH.