Correct me if you think I’m wrong, but I believe that an agreement depends on both parties meeting their obligations.
Otherwise, it isn’t an agreement.
It now seems that the Irish government guaranteed a mind-boggling amount of money, €450 billion, on the basis of lies. Anglo-Irish Bank falsified its accounts, and now it seems Bank of Ireland and AIB may turn out to have significantly more bad debts than was disclosed on the night of the guarantee. Irish Nationwide, of course, is a joke bank, as I’ve been saying here for quite a while.
Brian Lenihan offered this guarantee without knowing how exposed the banks were to bad debt. In other words, he wrote a blank cheque, using the sovereign resources of this country, paid for by you and by me. He offered your wages and mine to the crooks who head our banking system without imposing a single condition on them.
Now, this bank guarantee threatens to drag this entire country into oblivion if it turns out that the banks have more bad debts than we thought, because the government will have to cover those losses.
What does this mean?
It means wholesale job losses, evictions, poverty and hardship. That’s what it means, because bastards like Seán Fitzpatrick and Fingers Fingleton have been playing the odds in the financial bookie-shop for years, and because they and Fianna Fáil are so closely bound together that the government can’t afford to let them fall in case they start talking.
It means that the fault for this disaster lies with the banks, the finance minister, the Taoiseach and the deeply-ingrained corruption at the heart of Fianna Fáil.
It isn’t about people maxing their credit cards, or taking out big mortgages. Those people will eventually pay off their debts after a strong dose of reality hits them.
It isn’t about nurses, teachers and firemen being paid too much.
It’s about the banks lending ridiculous amounts of money to speculators, who were in bed with the ruling party in this country, without any regard to the possibility that those speculators might not pay them back. It’s about the Irish government, led by a corrupt party with a vested interest, protecting the people who have traditionally supplied the bribes that keep them in comfort.
It’s about the chairman of the most crooked bank, Anglo-Irish, being a close buddy of our former prime minister, Bertie Ahern, who jumped ship with impeccable timing, just before the whole mess exploded.
It’s about Anglo-Irish bank fraudulently lending €300 million to 10 members of the golden circle that surrounds Fianna Fáil, to buy its own shares. It’s about the fact that those loans were 75% secured against shares which are now worthless. It’s about the fact that this money is lost to the State which now owns Anglo-Irish Bank. It’s about the convenient legal flaw in the loan agreements relieving the 10 crooks of responsibility for giving back the remaining €75 million they were lent.
Did you ever borrow money from a bank? Did you ever get to keep the money because the bank made a mistake in the paperwork? No. Me neither.
It’s about Fianna Fáil guaranteeing Anglo-Irish Bank instead of letting it collapse as it deserved to.
It’s about our incompetent finance minister pumping €7 billion into Bank of Ireland and AIB, even though any intelligent observer could see it wouldn’t be enough.
It’s about the fact that he did this without knowing how bad the situation in those banks was, and he still doesn’t know.
I’ll say this again.
Anglo and Irish Nationwide were joke banks and should never have been propped up. They were not part of the legitimate economy and would have crashed without too much damage to the country.
There’s more to this bail-out than meets the eye. Any rational government would have conducted due diligence procedures before offering any guarantees to the remaining banks, but this government didn’t.
Because they’re afraid of their lives that if any of these crooks end up in the dock in front of a judge, they’ll start singing, and they won’t stop singing until they’ve named every last politician who was on their payroll, and every last dirty deal facilitated by the ruling party in return for that largesse.
Consequently, they jeopardised the futures of every person on this island, and those not yet conceived.
It was treason.
Go and dig into this, and you’ll see where the cancer started and how it spread.
You want directions?
Ok. Start with Haughey and follow your nose, if you can stand the smell.
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