Corporate Greed during the Tiger Decade

farva · 28-01-2009 12:49AM

Capt'n Midnight wrote: »

Traders should be told that if you loose money doing something illegal then we will pay 5% of that loss to the hitman. Far too many traders who have lost over a Billion and gotten away with a jail sentence that isn't a deterent judging by all the evidence.

Generally speaking that cant really happen as banks tend to have checks and controls in place to eliminate that from happening. Traders who have lost those massive amounts in the past have greatly exceeded their capital limits and have went to a massive amount of effort to hide it from the back office.

Nick Leeson served 6 years in a Singapore prison for bringing down Barings.

K-9 · 28-01-2009 01:25AM

Nolanger wrote: »

Actually many of us knew this would happen:
overlending by the banks Yep and people still borrowed

100% mortgages Yep and people still borrowed

new housing estates being built on the outskirts of crap towns in the middle of nowhere Yep and people still borrowed

oversupply of training courses such as law with little prospects of finding work Yep and people still enrolled

too many foreigners coming here Yep and too many Irish stopped emigrating and too many came back

overcharging by the retail stores Yep and people didn't shop around

This is not a natural recession - it's a disaster.
Won't go on forever but will last years.

Did I mention people borrowed too much?

panda100 · 28-01-2009 01:42AM

Samson Purple Surgeon wrote: »

Well I don't think the regulator is to blame so much.

Surely its lack of regulation and allowing banks,corporations etc do whatever they like has caused this mess?

Nolanger wrote: »

Actually many of us knew this would happen:
overlending by the banks

100% mortgages

new housing estates being built on the outskirts of crap towns in the middle of nowhere

oversupply of training courses such as law with little prospects of finding work

too many foreigners coming here

overcharging by the retail stores

Actually these 'foreigners' were invaluable to our country during the Celtic Tiger, employed in every sector from health to hospitality to construction. Not only have these 'foreigners' contributed to Ireland with taxes but also as users of goods and services. Please explain how migrants have caused global economic collapse?

Funny how you never see the regular ignorant, racist contributers to the deportation threads on threads such as this. How comes they never denounce and spurl abuse at the criminal bankers, corrupt politicans,fat cat property developers and tax exiles whom have cost the state absolute billions in the last decade? They remain silent on these threads and yet consistently attack the absolute lowest rung of Irish society so consistently and vehmently on other threads.

Nolanger · 28-01-2009 05:45PM

panda100 wrote: »

Please explain how migrants have caused global economic collapse?

Don't know about "global economic collapse" but in this country we'd achieve a lot of savings on social welfare payments if they went home.
Before you reply with the predictable slant of being racist there's supposed to be an EU fund for this idea.
Pity our spineless politicians can't discuss this.

gurramok · 28-01-2009 07:36PM

Are we lynching foreigners now?

Who next to add to the list for burning at the stake?

K-9 · 28-01-2009 08:09PM

gurramok wrote: »

Are we lynching foreigners now?

Who next to add to the list for burning at the stake?

See other thread on the other ould reliable, single parents!

Fulton Crown · 28-01-2009 08:09PM

Don't buy the conspiracy theories about everybody being in cahoots.

To me it smacks of just plain incompetence which seems to be widespread.

Take the regulator - I have a clear recollection of this Bozo being interviewed on national media and ASSURING all and sundry that there was NO problem with the Irish Banking System.

Clearly there WAS and neither he or his highly paid staff copped it - OK he is gone and rightly so ..but how many others ???.

Take the Auditors of Anglo I...definately should have seen what was going for EIGHT years.hope they suffer commercially.

The Roscommon case...kids coming into school clearly malnourished, smelly and with lice running down their faces...whats done ...nothing !

No checks no balances no one either the balls or gumption to say - this is not right !

The Neary case - similiar - The Donegal Gardai scandal - similiar - the cancer mis-diagnosis cases ...all similiar...mainly because people in positions of responsibility were just not doing their jobs.

Throw in the Galway water fiasco as well if you like......

Yes we are a BANANA REPUBLIC !!

Anyways I was behind a guy at an ATM the other night..when the message "Insufficient funds " came up on the screen.

He turned to me an said " Jeeze - I wonder is that me or them" !!

Had to laugh........

thelordofcheese · 28-01-2009 08:14PM

gurramok wrote: »

Are we lynching foreigners now?

Who next to add to the list for burning at the stake?

What we need is a single mother from poland that is also a TD, that way we can get a trifecta of impotent rage.

IvySlayer · 28-01-2009 08:16PM

Fulton Crown wrote: »

Anyways I was behind a guy at an ATM the other night..when the message "Insufficient funds " came up on the screen.

He turned to me an said " Jeeze - I wonder is that me or them" !!

Had to laugh........

You were pretty close :eek:

Duck's hoop · 28-01-2009 10:01PM

Fulton Crown wrote: »

Anyways I was behind a guy at an ATM the other night..when the message "Insufficient funds " came up on the screen.

He turned to me an said " Jeeze - I wonder is that me or them" !!

Had to laugh........

An angel at his shoulder.

Kipperhell · 28-01-2009 10:05PM

Very simply the views of everybody here is shifting responsibility away from who they align themselves with.
The poor Joe blames the companies
The companies say it is the environment caused by the government/people
The government blame the companies to align with the common people but deals with the companies more.

The people are to blame for not taking responsibility for their own actions. The government is to blame for not protecting the people. The companies are to blame for be greedy.

The problems are that the people will never take responsibility the government are to blame for not controlling things but companies acted exactly as everybody expects.

As you can only control your own actions I suggest take responsibility for your own actions. I made money when I could and saved so I should be OK for 18 months worst case scenario. I see many companies made money while they could too and I can't blame them for that. The government are really the only people I really blame. They educated morons so they couldn't take responsibility for themselves!

Biggins · 28-01-2009 10:26PM

The government had a golden opportunity during the celtic tiger to do a number of things.
Foremost as a massive attic-like clean out of everything that was not need and un-necessary in the civil service sector.
Secondly, they should have built up the states savings, shoving a little aside nest egg like, for the bad times should (which they did) come. They had a rare and massive chance in this alone to take this move but failed completely.
They could have built up the medical services and fire/Garda services as first responders - in this important area - they completely and utterly fcuked up again.

What did they do instead?
Went on a massive spending spree buying land, property upped their own wages massively, created a commercial market where it was ok to spend, spend, spend without future consequences. They saw to the big boys in suits, wined and dined them, pandered to them and then heaped rewards upon them, giving them the feeling they they could do what they likes, when they likes and to whoever!
Don't get me started on the continuing junkets and perks! (€240 a week extra "walk around money" on top of their wages alone is disgraceful!!!)

...and thats just to begin with...

At the end of the day Joe Citizen only gets paid so much and has a maximum amount of cash in his pocket by the weekend after expensive food, costly oil and gas, phone and electricity (still growing) bills.
Now the muppets in power want to try and grab what left in our pockets and even try to use that to pay off their many screw-ups and bills which still are on all out heads (E-Voting machines for example and their housing).

If the majority of the Irish nation kops itself on and gets to its feet, there just might be riots in the streets as the Dail screw-ups continue to make the hard worker pay!

Daithi McGee · 28-01-2009 10:35PM

SEPT 23 1989 wrote: »

Ochlocracy (Greek: οχλοκρατία or okhlokratía; Latin: ochlocratia) is government by mob

I was about to correct your sorry ass there and have mini rant about the state of the education system in this country, using Sinbad films as an example, then I realised you didn't say Oligarchy, rule of the few and all that jazz.

ejmaztec · 29-01-2009 12:17AM

I think that the entire working population of Ireland should all decide to take a day off so that they can all queue up to sign on at their local dole office - April 1st would be suitable.

I'd like to be a fly on the wall in Biffo's office when the news filters through. He'd sh1t himself inside out.

Corporate Greed during the Tiger Decade

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