Reports outline serious banking failures

rte.ie/news/2010/0609/banks.html

Reports now available here:

bankinginquiry.gov.ie/Reports.aspx

The money quotes on Anglo…

My emphasis. The echo of the voices of the unexplained men in the corridors that night…

Other quote…

My emphasis. Another Mandy Rice Davis moment I think. Well they would say that, would nt they.

“…factors may have contributed to the crisis but were not fundamental. Nor was the failure of Lehman Brothers decisive”

From the report:bankinginquiry.gov.ie/Preliminary%20Report%20into%20Ireland%27s%20Banking%20Crisis%2031%20May%202010.pdf

Lads - we need NEW news; there is nothing we didn’t know here ?

I agree. An excercise in stating the obvious however Cowen has up to now denied all responsibility. This clearly states otherwise in bald terms. No doubt though he will cherry pick and spin otherwise.
Nontheless, nothing to see here really. This govt. should have been gone ages ago. The fact that it hasn’t is proof that we don’t have ANY accountability and the corruption continues. The Greens could pull the plug any time but they won’t. Yet portray themselves as honest brokers.

It’s nice to have it confirmed. As jmc emphasises, Anglo was bailed out to support a small cabal of its bondholders. A similar story probably exists for existing debt holders of the other banks. The fact is that the state would have a lot more credibility if it had only backed new bond debt and deposits. It would be in a position to extend that without much in the way of EU scrutiny.

In the meantime, the insiders have sold into the bounces or the ill-conceived buy-back schemes and run off with their loot. The taxpayer is picking up their tab, but at least we get to watch them spring back to their proper positions on Ireland’s rich list.

By the way, NAMA is a whole different matter. This is about the imperial forces who shaped the guarantee.

Read it and weep. :cry:

irishtimes.com/newspaper/bre … ing54.html

This is news. Just make a list of the choices quotes from the report and every time a FF’er or VI makes their usual bullshit excuses just quote the relevant quote from the official ministers report back in their face. The report is just a slightly politer and more judicious version of what has been discussed here over the last few years.

What we have in the report is a whole armory of smoking guns and if the supporting material was released enough evidence to put a lot of people behind bars in any normal country.

Or at least a good wigging… with extreme prejudice. Maybe even a wedgie. Or a chinese burn…

I’m sure wedgies are unconstitutional…

It’s enshrined in Article 45.2.vi

We could have 5,000 smoking cannons and it would would not make the slightest bit of difference . At the end of the day Irish people have a victim mentality . They expect to be treated like fools . It was Lehman Brothers fault , with their testicles everywhere , small open economy and whats the other one that they use ? Is it ’ international factors ’ or international events ?

When a sitting Taoiseach can account for some unexplained cash as having come from a win on the horses and then go on to explain how he had no bank account , well then anything is possible . And that would include the next couple of generations becoming debt slaves .

How many Lehman brothers are there?

Number of testicles divided by 2.

I know. But a couple of dozen suitable quotes from report at least simplify the process of talking to a brick wall.

FF / VI apologist: Usual Blah Blah…
Self: suitable quote from report…
FF/VI apologist: sez who?
Self: the Finance minister of the government that has been in power since 1997…
FF/VI apologist: the usual pointless cute hoor rejoinder…

If nothing else it should make such situations a little simpler and less stressful. Of course at least 40% of the electorate are brickwalls but unless you can come up with a stroke to disenfranchise those 40% it will be business as usual until the whole edifice collapses and outsiders are brought in to clean up the mess and start putting the cute hoors in jail. Stranger things have happened.

A good chunk of Irish society still think that what you have is what you hold.

Ok, so this is the end of the phony war, no NAMA for the people etc…

It really feels like this society sees democracy as a competition to see who gets to rape the taxpayer next.

From Lenny’s letter…

Here are the reports referred:

The high level group on Financial supervision within the EU → ec.europa.eu/internal_market/fin … ort_en.pdf

The Financial Crisis and the Future of Financial Regulation Lord Adair Turner, FSA - Part I → besprent.com/ec_turner_pt1_v1.htm

The Financial Crisis and the Future of Financial Regulation Lord Adair Turner, FSA - Part II-> besprent.com/ec_turner_pt2_v1.htm

There is a lot of verbiage and waffling in the Max Regling preliminary report, but basically he politely calls the regulators an incompetent bunch of muppets who should not be trusted to organise a pissup in a brewery.

Am I missing something?

Where was the serious banking failure?

None of the banks went bust, they all got a gilt-edged guarantee and a bailout of their gambling losses.

Sounds like a good day at the office to me.

Maybe Patrick Honohan should have approached his task from a “How banks really work” point-of-view:
nytimes.com/2009/03/11/busin … hardt.html