Aug 312010
 

Anglo has reported more enormous losses which will fall on the taxpayer for no good reason except that Lenihan decided they should.  Today, Anglo broke all records for disastrous performance, with losses of €8.2 billion for the 6-month period.  That’s as much as all the money ever spent on building motorways in the entire history of the country.   Thrown away in six months by the Anglo scam.

This madness has to end.  We have to stop rescuing the people who made risky investments in a failed bank.  We have to force gamblers to take responsibility for their betting.

When the government says it only wants to minimise the cost to the taxpayer, it lies.  To save the taxpayer the most money, they could dump the bondholders, force them to take their losses and move on.

That’s the only sane and rational way forward for this country.  Anything else is theft.

Insanity.

  31 Responses to “Anglo-Irish Bank Reports Further Huge Losses”

Comments (31)
  1.  

    Bock – just posted this to Anglo Irish – Greens see light, but this is a more appropriate strand to express my anger:
    I see Alglo Irish have just posted the greatest loss in Irish Corporate history for 6 months results; that is since the last time they posted the greatest loss in Irish Corporate history.
    How can we make these bastards stop? After all Alglo Irish is the Fianna Fail bank – they funded the developers who greased the fuckers in the Galway “tint” who in turn corrupted the planning laws, which ultimately expanded the bubble which burst, spraying the shit everywhere.
    This Fianna Fail vampire bank may well cost €35 billion (I’d believe S & P sooner than those cunts in Government); work that out that’s €7,500 for every man, woman, and child in the country, or a sobering €21,000 for the 1.7M people who still hold a job.
    How many hospitals will that be which won’t be built, infrastructure which will collapse without funds to fix it, crappy schools in prefab buildings – the money was sucked out by the Fianna Vampire bank to fed the bondholders instead.
    Now I see that cunt Aherne (the Minister for “Justice”) not the one who has luck on the horses, is proposing to cut the minimum period for bankruptcy to six years. Surely this is a coincidence – can you think of anyone connected with the Fianna Vampire bank who was made bankrupt recently?
    I have never voted for Fianna Fail, but it scares me that if we ever have another election (It could be a distraction after all), these fuckers will still get about 25% of the vote.
    Fianna Fail have done about as much economic damage to this country as the Nazis did in another guise to Germany.
    The Nazis were made illegal after the war. Is there any chance we could similarly get rid of Fianna Fail for once and for all?

  2.  

    Bock,

    €1.463bn loss on derivatives not accounted for in the P&L.

    Accounted for on the Balance Sheet.

    Will get back to you with details.

    http://www.angloirishbank.com/About-Us/Reports/Interim_Report_2010/Interim_Report_2010_PDF.pdf

    Page 26 of the PDF.

    “Consolidated statement of financial position”

    Could be wrong will try to analyse further.

  3.  

    Angry-Wicklow. I would’nt worry regarding Bankruptcy review, Doesn’nt matter what the agenda there might be, We have the most archaic bankruptcy laws in Europe, Review and Moderation of those laws will also benefit the small/medium business.
    We are at risk of becoming derailed from focus on the facts if our anger supersedes our rationale, Although i truly empathise with your anger, sometimes i feel my heart pounds so loud with anger, it will just explode, Its cool heads though that will get us through.

  4.  

    Norma,

    We have been so cool, up to now that we have been almost catatonic.

    Now is the time for the red mist to descend and blind rage to take over.

    We need burning torches and pitchforks outside the Dail now!

  5.  

    Hey Bock calm down dude it will be all good when the lads come back from their holidays in OCTOBER!!!!!
    Sorry for shouting.

  6.  

    I appreciate the anger and I appreciate the call to remain “cool” – but it is because we are cool they do what they do.

    Those in charge fear no consequences and in the absence of consequences they feel they can do what they want. If this concept was changed then maybe they would change. Last week’s FT editorial did more to change the “elite’s” views than any shows of anger on the streets. Therefore if we encouarge the FT to re-iterate what the’ve said again – then Biffo and Linehan (two subversives who deserve the rope if anyone did) will change. The first deserters are already queing up to jump the Anglo ship, corporal O’Dea, Ministers Ryan, Gormley and even jailer Aherne plus some back-benchers. By Thursday it will be a flood – the tipping point has been reached, thanks to the FT and the new overlords in Frankfurt whio have told the solicitor and barrister thay are wrong-wrong-wrong (never thought I’d say well done to the EU as an anti-Lisbon voter- now I say thank you Europe)

  7.  

    And yet the British bank bail out scheme will makes rigor ofnearly £30billion by 2015!

  8.  

    I was listening to Alan Dukes on the radio today and the current C.E.O. of Anglo on as separate report. They both stated that they have not got a clue what the final bill for Anglo will be. More importantly perhaps, they did not seem to be bothered. It’s a great life if you don’t weaken, it seems.

  9.  

    Dukes is a good guy and I always had a lot of respect for him, but as somebody said, he seems to be suffering from Stockholm Syndrome.

  10.  

    I used to have a lot of respect for Alan Dukes myself. But when one lies with dogs one picks up fleas. Indeed perhaps his wedding tackle has been in the grip of the executives of Anglo for too long.

  11.  

    Bock,

    I have absolutely no respect for Dukes over his disgraceful part in this scandal. I have a number of concerns about his behaviour which have led me to regard him as being on the same par as Cowen / Lenihan / Ahern / McCreevy and their paymasters.

    Remember he has ignored his public interest remit, he was initially appointed as a public interest director if I remember correctly? He has long gone over to the dark side which seeks to sentence the citizens of this country into penury for a generation at least. Don’t forget he’s the chairman who is doing more cheerleading for the Cowen and Lenihan line than even the most troglodytic of FF backbenchers. His hefty wage packet seems to ensure that despite the fact as chairman one would assume he has access to who the bondholders are, that information hasn’t been released into the public domain.

    Remember how much disdain he showed for the oireachtas committee looking into the shenanigans at Anglo a few months ago? My God he was even more arrogant than Cowen, something I never thought possible. As far as I’m concerned, any kudos he got for the Tallaght Strategy are long gone. By his arrogance and refusal to protect the public interest he is selling us down the river.

    Put it this way, if it was the child abuse scandals, what would you say if a Bishop who you thought was a good guy because he was from a different order than the “culpable” ones went in to ensure that the public interest was protected and then hid the evidence of child abusers being moved around – for the public’s own good you understand?

    So I think you’re wrong on this one, Stockholm Syndrome is just a cop out.

  12.  

    ‘Fraid I agree with @Gary Ireland and @Mark of the subject of Dukes.

    FG would not do significantly differently from the current pack of fools, criminals and half-wits, once they are in power. As for Labour – just listening to Joan Burton waffle confirms that Labour’s only strategy is to have not strategy and get in by default.

    It’s still important to consign FF and the Greens to the dustbin of history, but don’t be fooled by the other pair.

  13.  

    Bock,

    I disagree on Dukes.

    I think he is arrogant and vain.

    And this arrogance and vanity stopped him doing the right thing from day one.

  14.  

    Pope, you could be right about Joan and The Labour Party. Don’t know if you’ve seen this before but here’s the boys on Apres doing a good impression of her. Maybe they’d get in just because of the puss on her. “they have a range of policies to bring to the table”.. A great range. :)
    http://www.youtube.com/watch?v=ybhroG408SU

    “That’s the only sane and rational way forward for this country. Anything else is theft.” Theft and insanity, Bock. This is just the tip of the iceberg. Not included in those loses reported were the second lot of loans transfered to Nama this month.

  15.  

    On “mature reflection” perhaps it would be better if we all developed Stockholm syndrome. We would love our torturing lords and masters and stop complaining ( it does seem some on this site think this a good idea) it would be the saving of good old F.F. Their little Green excuses could slither in as members, after their demise as a party. I think I shall sell this idea to the Golden Circle, I have every confidence in their ability to implement it 25% of the voters are already complient. Being squeezed in a large vice should keep our minds off Anglo and the boys. It would have the further advantage of keeping the stones for later , getting blood from them can be tricky.

  16.  

    Anglo Irish may turn out to be the only transparent and honest bank in the world. They seem to have the expertise to understand their position and unlike Barclays Royal bank of Scotland etc they are not trying to fool the public.
    The Scottish Government also funded the developers and corrupted the planning laws and undermined democracy to attract investment from Sudan, Iran, Libya
    In time the capitalist system will fall – should we wait or should the people take control?

    A radical financial revolution should be easy to organize. Start with the European lot. They have so much to fear they refused to sign up to the Swift Agreement until Obama showed them up.

    No more talk change your bank every three months

  17.  

    “It’s worth saying that, while horrendous, the results are in line with expectations,” Mr Lenihan said.

    What I would like to know is when did they arrive at these expectations because we are only getting this information now?

  18.  

    I heard someone on George Hook this evening saying that a columnist in the Financial Times said just hand the bank over to the bondholders. Say look there it is, the money isn’t there, so here’s the whole bank, you run it and see if you can make any money from it.

    When even the Financial Times is saying the price is too much, then it really is game over.

  19.  

    That’s a debt-for-equity swap. The FT said the government should force the bondholders to take responsibility for their gamble, and the FT is right.

  20.  

    I am really baffled by all this “….the least expensive solution for the taxpayer…”
    The least expensive solution for the taxpayer is to abandon it, cover the depositors and fuck the rest, end of, you lying cunt Lenihan.
    Get back to running the fucking country ye fucking toerag fuckwit cuntfucks.

  21.  

    Pitchforks and burning torches is the only solution.

    I turned on the radio at 5 pm this evening expecting Anglo’s results to be the topic du jour.

    George H was interviewing a priest that advocated celibacy/abstinence (big news story that!).
    Matt Cooper was talking about gadgets and the US and other shite including cricket.

    Didn’t bother with Pravda na Mona 1.

    Surely somebody out there must be advocating gathering in Merrion Sq and tearing up the paving stones.
    Every other country in Europe can throw a good riot except us. What will it take?Must our children being gathered up at the age of 7 to go work at the NAMA mills before we respond?

    Where is the spirit that occupied the Custom House and the Four Courts on a point of principle?

    I’ll be available, and I’ll light the first torch……………

  22.  

    Rioting will achieve little.
    If you really want to topple the system, then you should consider the temporary hardship that would entail for everyone.

    The system is on a crash course for monumental failure anyway. We are beyond the point of no retrun.

  23.  

    Lenihan told us initially the cost of the Anglo bailout would be E4 billion. This is a guy “on top of his brief” as we have been invariably told by the establishment economists. Dukes when questioned on radio yesterday by Matt Cooper on Dukes’ remuneration as chairman of Anglo,made a virtue of the fact that he has accepted a salary of E150,000 instead of the 250,000 which is the rate,because he is in” receipt of a ministerial pension”. In other words he doesnt want to look too greedy. Is it any wonder Dukes wants the bank to continue? Great fucking country for some.

  24.  

    @Builderfromhell is right. Rioting in the absence of coherent political demands does nothing. What people need is a positive program for economic and political reform.

    In this country defaulting on bank debt is where it has to start. Without that every policy will be distorted to extract the necessary rent/taxes from the little people to maintain that debt.

    Dan O’Brien in today’s IT has an article putting the establishment view (and the view of some of the commentors here) pretty succinctly and without all the bull that we’ve been given for the last couple of years. Essentially the argument is that collapsing Anglo would lead to contagious collapse throughout the European banking sector. He may well be right. He is of the opinion that this would be a Very Bad Thing ™.

    We are entitled to take the opposite view. The current banks are like slum landlords, extracting the maximum rent through interest and taxes to support bank bailouts, on a collection of silage-plastic-and-pallet structures that hold each other up. Our politicians are acting a bailiffs and rent-collectors, while ensuring that our attempts to provide clean water to the slums are stymied.

    Kicking one of the most unstable structures down would lead to slum clearance and give us a chance to build some proper housing. There would be confusion, political careers would end and a lot of very rich people would see their nominal wealth reduced, but it would be better than living as a debt slave in a slum.

  25.  

    @FME – ach leave Joan Burton’s puss out of it!

    She’s clearly got a brain and has put the work in to understand what’s going on, which is more than can be said for most of the other TDs and the civil servants at the DoF. Unfortunately, she is constrained by the Labour leadership’s ‘waffle and don’t give hostages to fortune’ tactic.

  26.  

    Pope,
    When you say defaulting on bank debt do you mean the Govt. defaulting or individuals defaulting.

    People who have been using their savings and social welfare to pay their mortgages are now running out of cash. The banks have put off re-possesions for a year or so but that will start soon.

    If you are going to, ultimately, have your house re-possessed anyway why not keep your savings and stop paying your mortgage now. I’m not advocating people do this, I just don’t see how they will be better off paying all their spare cash into their mortgage and still losing everything.

  27.  

    @Builderfromhell.

    Government of individual debt default? Answer: Both – they are part of the same unpayable debt mountain that has been used to disguise the fact that capitalism has been running out of steam for the last thirty years.

    Until we do, we’re little better than the debt-slaves that pass on their unpayable debt to their children in the third world.

    The dilemma of mortgage holders is a real one, because the assets that they might theoretically own part of will be depressed in value for years to come. I’d say if there’s a certainty that you are going to have to default, stop paying early, and enjoy the time before repossession as best you can.

    ‘Can’t pay, won’t pay’ is the start of a movement for real change.

  28.  

    I’m inclined to agree with much of what you say there Pope.

  29.  

    Personally I cannot wait for the Germans / I .M.F. to come in and take us over. They will kick out this shower of incompetent ass-holes and let the rest of us live in peace and harmony. We are now borrowing to pay off our loans. As stated before I believe that there would be no recession in this Country if Anglo Irish Bank did not exist.

  30.  

    I said to my mother a few months ago, why doesn’t everybody stand up and refuse outright to pay their next months mortgage? Of course, being old school and 70 odd, dismissed my radical idea.
    Everyone, organised, that will stop the cunts in their tracks hiking interest rates on the people who are bailing the cunts out.
    Won’t work of course unless everyone does it, and as Pope pointed out, if you are snookered, why pay off what little you have left when you will lose your shirt anyway? Fuck em, have a sun holiday on next months mortgage while you work out what to do. Fuck em.

  31.  

    An Board Pleanala has granted permission to the developer Liam Carroll to finish the Anglo Irish Bank headquarters in Dublin. What the fuck?

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