Lenihan may fast-track Anglo bailout

Lenihan may fast-track Anglo bailout - Cliff Taylor -> sbpost.ie/news/ireland/lenih … 50990.html

A bit like a heroin addict staing, I just need one final hit!!! :unamused:

Funny that…

Perhaps this is why Callely is being slowly roasted.

Cant let it fail. Cant let the books be examined.

namawinelake raises some questions:
namawinelake.wordpress.com/2010/ … an-a-year/

The extra 10B is very very interesting. On top of the stat that the 2010 deficit is now 30%+ of GNP this would indicate just how serious things are at Anglo.

We have discussed here before about possible serious law breaking at Anglo but these kind of numbers would indicate to me that the nature and depth of the law breaking at Anglo, associated banks and senior business people associated with the Anglo circle must be at least an order of magnitude worse than any of the ideas floated here. That would explain the co-opting of Dukes et al. And the international angle must be very serious for the government to add 50% to 75% of GNP to the national debt just to bail a private bank. This goes far beyond a crony bailout and has now gone beyond just the political ruling class protecting their interests.

The people who made these decisions and who are making these decisions may be financially illiterate and incompetent but they are not that stupid. The situation must be very very bad. Bad enough so that when the truth finally comes out we will all be staggered and stunned by the depth and breath of the possible malfeasance involved and shocked by the relatively small initial sums involved considering the final staggering cost to state.

jmc, did you see the Anglo sueing WestLB thread…?

How many more leveraged investments did they have? Did they mark them to market continually when they were gaining in value? (extracting the profits before they were delivered) Or did they just recognise the expected (modelled) return? (same looting effect, different accounting mechanism)…

+1
Though I would have hoped the EU would some how ‘protect’ us from ourselves…

Once off, my hole

Just had a look at the thread. Seems like they are just testing the water but its chicken feed in the bigger scheme of things. There are lots of ways of extracting cash without doing m-to-m sleights of hand.

Was just reading this…

trueeconomics.blogspot.com/2010/08/economics-11810-anglo-saga-continues.html

…and as Gurdgiev went through the dismal numbers I was reminded of some of the more outrageous stories that came out of the S&L Crisis in the '80’s. Sounds like a significant chunk of Anglos loan book may have been made up of purely fraudulent loans. Well that’s what the US courts decided these type of loans were in the post S&L court cases. Considering all the steps NAMA et al has taken to defy the normal post bubble price curve the numbers so far would indicate large scale overstatements of loan values. Probably using all the usual techniques in these situations.