Whilst I was in Ireland I read an article in The Irish Times about an e-mail sent to the staff of the Anglo Irish Bank written by their Chief executive a David Drumm where he writes to his staff about a party themed: 'The Back To School Doombuster Party' that he organized at a time when the financial crisis was deteriorating and the economy was turning deeply negative. The e-mail read:
"Dear colleague, the stock markets are down. They say the economy is in recession. It rained most of the 'summer'. The holidays are over. This is Anglo, so there is only one thing to do - party!"
Whilst the bank's financial position was becoming more precarious in December 2008, the bank spent 175,000 Euros on a Christmas party for staff, that month the bank also spent 53,000 Euros on hampers and wine for clients and 24,000 bringing customers and their children to the annual Christmas panto in the Gaiety Theatre Dublin. The previous year, Anglo spent 272,000 on Christmas staff parties in Dublin, London and Boston and 229,000 Euros on three Christmas parties in addition to 87,000 EU on hampers and wine. Anglo Republic is the bank that broke Ireland. Like if that was not enough on September 5th 2008 ( just three weeks before the government bailed out Anglo from collapse) the bank spent 80,000 Euros on a party for about 600 staff, at the Mansion House in Dublin. The cost excluded accommodation in hotels for staff who travelled from the bank's regional offices for the party. The drinks bill alone on the night, amounted to 24,000 Euros and staff were entertained by a live band.'
Whilst the financial terrorists are having a great time, it is the poor tax payer who has to foot the bills for their extravagances, it is high time someone goes to prison, how is it possible that these people can take a whole country to the brink of bankrupcy putting it into debt with the EU and there is not even one single person accountable for all this financial fraud? I ask. The politicians are in it as well, since its not their money that they gave to the same people in the bank who broke the economy in the first place. It amounts to legalized thievery at a large scale. Its happening in many countries, one cannot help thinking that its organized to fail so that the banks can get a hold of people's money. In other words, the countries are artificially being made to become bankrupt so that they can get their hands on the tax-payers money to create a single European Super State that no one in their right mind wants.
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You certainly see the difference in how certain sections of society are treated. When the miners kept paralysing the country with their strikes, they were accused of holding the country to ransom and eventually they were broken. But when the bankers say "You have to bail us out because we're too big to be allowed to fail," the governments not only bail them out but let them carry on behaving precisely as they did before.
Very true. Right now, its the bankers who are not only holding the nation to ransom but robbing the nation's wealth. There are rumours that the nurses and the teachers in the U.K. will go on a general strike. The nurses have not gone on strike since 1836 and the teachers since 1907 they are all unhappy about their pay and the meager pensions. Its funny how the most important section of society like the teachers and nurses is vastly under appreciated.
The banks have raked in £83 billion pounds by having slashed the interest rates from the savers accounts and since they are not paying this interest to the savers, its hardly worth it to have a savings bank account at all. The savers are being punished and the banks are hardly lending any money to the small businesses so you have to wonder what are these banks doing with the money?
Yes, there are no controls whatsoever to protect the savers from the gambling losses of the risky section of the bank. There was talk of separating these two sides of banking but that won't be implemented until another EIGHT years from now, so we can expect cases in the meantime where rogue traders can still brake a bank. Charming!
It's as though a man went to a casino, bought some chips and sat down to play at the roulette table. But when he tried to place his bet "The House" placed the chips where it wanted them to go. Then, when the wheel was spun, if the man won, "The House" kept his chips and refused to give them back. But if the man lost, "The House" told him to hand over more chips.
The banks have frustrated the Government at every turn. Politicians talk big but, like Mussolini, when they get down from their soapbox there is a little man who says to the banks "Yes sir. No sir."
No questions. I'm enjoying reading, though.
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Oh thanks Mr. Smith. We are just having a conversation about different subjects and even when we might disagree, what I like about talking with my friend Robert is, that it never comes to personal insults as happens in many websites. Its nice to have a friend with whom you can share many subjects that can be controversial and yet not resort to personal insults. I would welcome it if you venture your opinion if you are knowledgeable about a certain subject.
Hi Mr Smith
Join in any time you like. Nice to see you.
As I was saying, all the banks are trading over their limit, lending to each other money and when one of them makes a bad investment that's the time when the music stops, a bit like pass the bucket the one who is caught passing the bucket when the music stops goes bankrupt!
I know that the modern financial world can't exist except through credit, but there is a sense of unreality about the whole thing. Money you can hold in your hand somehow ceases to exist and is replaced by computer screens and bits of plastic. I'm not surprised it all came crashing down.
Lloyds Banking Group has signed up to a multi-million dollar bond deal with the arms manufacturer Lockheed Martin despite growing condemnation of the British banking industry's continued investments in cluster bomb manufacturers.
Lloyds Securities which is the British offshoot of the British banking group, was part of a syndicate that helped Lockheed raise $2bn (£1.2bn) through multiple bond deals. Lloyds has agreed to underwrite $10 million worth of bonds. Although Llyods' involvement is small, the agreement is controversial because he bank is owned 41% by the tax-payer. The deal comes at a time of growing criticism over the Government's failure to plug a legal lophole that allows companies to invest in cluster bomb manufacturers despite the ban on these weapons of mass destruction.
Finally, the American awakening. The country that started the wars in the Middle East has finally woken up to see the reality when the chickens have come home to roost since wars are not cheap and has drained the U.S. finances but its only when they themselves have found without any jobs and no future, that at last they are having demonstrations against the system. The Wall Street demostrations which started in New York have now spread to 847 different cities in the U.S. Americans didn't seem to care when Iraq was being bombed and when millions of Iraqis were being killed on a lie or when innocent people are still being killed in Afghanistan or in Pakistan for that matter with unmaned drones but its only now that it is affecting their own pockets that Americans have finally woken up from their dream. They were slowly sleep-walking into the abyss and their main stream media is slightly reporting it in a joking manner and if this so called main stream media fails to acknowledge what its going on they are risking their credibility.
According to the Tv this morning there is some sort oif fear index (I don't know how on earth they measure these things) and the fear index is going through the roof. Of course, economics depends upon psychology, and as someone said, if everyone believes the economy is kaput, then it will be, even if the economy is doing well. So it's even worse when the economy is doing badly.
I don't know what they mean about this "Fear Index" but its true to say that people feel angry that they cannot get a job anywhere and the ones who have one their tax money its used by the bank to make daisy bombs even though these are banned weapons of mass destruction and the people are also angry that whilst the governments are saying there is no money for the services apparently there is plenty of money to continue these wars abroad.
The U.S. airforce has been broken into by hackers and three drones have crashed in Somalia.
I'd say this recession is the biggest bank robbery of all time - and it's a robbery perpetrated by the babks.
Yes, the rich robbing from the poor.
The demonstrations in the U.S. have now spread to 1,400 towns and cities.
I read a placard that read.'The Arab Spring' The English Summer and the Wall Street Fall' The imbeciles in power are trying to create a distraction to deviate attention from this internal problems by trying to accuse Iran of an alledge plot to murder a Saudi diplomat, its so laughable that no one in their right mind would believe such a silly little lie. Only in Holywood they dream things like that. I hope no one in the U.S. goes to vote on the next elections.
I hope no one votes in any elections. It's our only weapon. Once we've voted, we've sold our souls for five years. Meanwhile the pantomime political parties will be doing their nice guy/ nasty guy act, and eventually people will fall for it and vote in the opposition - who will then become the nasty guys while the former government become the nice guys.
Even viting for a fringe party wouldn't make any difference. as soon as they showed signs of getting anywhere near having some power, they will be bought up and bribed.
In Belgium a few years ago, journalists were asking people what they thought about them not having a government for six months and most answered that they hadn´t noticed. Others said it made no difference as people were still going about their own businesses and had their jobs to go to. Only a few had noticed but replied "As you can see its not earth shattering, it hasn´t stopped anyone going about their daily routine. Life goes on without them.
Yes, its a boys club and the people are not included. Have you heard the latest? The massive European Bail- Out Fund has just been approved by all the seventeen member countries this means that these money will come out of all the tax payers money from their respective countries it will essentially go into the hands of un-elected leaches in the European Union to save more banks. One of the banks that has been saved has been charged with money laundering.
You know..we should be out there like the Americans in a huge demonstration since the banks are in cajoots with the government.
Yes, the whole thing is one massive con trick. But isn't everything in politics just a big con? They take taxpayers' money for pensions and then say "Oh dear, we're sorry, your pension won't go very far. " They take money for health treatment and then say "Oh dear, we're sorry, but the NHS can't afford that drug." Some foolish banks get into trouble and they tell people who have no debts whatsoever "Oh dear, we're sorry but you'll have to take a cut in your standard of living to bail out the banks." And so it goes on.
Its funny isn't it? how there is never any money for health, pensions or education but they are awash with plenty of money for a new war at a drop of a hat. I don't think people voted to have their tax payments for wars or to replenish the banks, most people work so that their children can have a decent education, health service and be able to retire with a decent pension. Now the politicians are saying that the age for retiring won't be 65 but are planning to extend it to save all that money in the coffers of the treasury. The global demonstration has now gone to most European countries, Japan, Latin America and Africa. The ones that have turned violent have been in London and Italy where they broke into Golden Sachs. Enough is enough with this governments. No one believes their lies anymore.
Yes, I've often wondered by what feat of magic can banks, who routinely close down small businesses at the drop of a hat, and fine their customers for going a penny overdrawn - how have these banks managed to run up billions of pounds of debt, and then get US to pick up the bill for the next 10, 20, 30 years? How on earth did they manage it? The breathtaking effrontery of it! And they are still telling the politicians what they will accept and what they won't accept. Beggars can be choosers when the beggars are banks.
You know how much money the banks have ill gotten from the savers? a whopping £83,000 billion pounds on interest that they should have paid to their clients savings accounts, they did this by reducing the interest rate to a paltry 1% on the money ordinary savers have in their bank accounts. A measly 1% is not an incentive for anyone to save, since the only ones who win are the banks not you. Try closing your savings account and they will try to convince you that your money is not safe under your mattress. I know people who have taken all their savings out and have spent the whole lot on house improvements and holidays. Better spend it now, before the bank goes bust!
Wars are not cheap and if the banks continue to invest in weapons and the press doesn't even mention where the money has gone, politicians KNOW where it has gone. This is why no one being blamed because if everyone knew the truth, this is time the likes of Dick Cheney,Rumsfeld, George W. and his ex-poodle dog would be all in jail.
Well, it suits the Government that people are bound hand and foot to the banks, because it means the Government can keep tabs on everyone's financial affairs. And it suits the banks because now that people incresingly can't live without a bank account, the banks can start imposing ripoff charges. It is still possible to get by with just a building society account, but it's getting harder.
Not really. Banks and politicians don't have all the power. People are more powerful and one way to show it is if people withdrew all the money from the banks. See what happens next.
There is going to be a general strike in Greece today. Greece has a government debt that is 162% of its gross domestic product. The Greek people say they are being squeezed to death by rising taxes. The strikers are planning to gather outside the parliament in Athens to protest against the austerity measures. There won't be any trains running, no buses, no public offices open. Even the small businesses will be closed.
I think it would be necessary to set up alternative structures before breaking the banks. But it certainly sounds attractive. How I hate the banks and the politicians!
That is already happening Robert. The demonstrators in Egypt are setting up an assembly where through concensus are taking decisions and are asking the militars to leave, since those militars were already in power and the only one who has left is the head of the snake: Hosni Mubarak. In Spain, the unions have joined the Indignados (protestors) and these are well organized with a proper structure and command. In France is the same. This is a movement that is not going away. Its here to stay.
Hi Maria
Yes, but I meant alternative financial structures. I don't trust politicians, trade unionists or students to run a healthy financial system. In fact it's because of the laziness and stupidity of politicians that the banks weren't properly supervised in the first place.
What is undeniable is that the banks are using their position as a vital part of the economy, to put themselves in a win-win situation. If they prosper, then they get rich. If they make the wrong decisions and go broke, the taxpayer bails them out. That's not how capitalism is supposed to work. Even socialism couldn't work like that (one of the reasons socialism failed in the 60s and 70s was that state-owned industries, when faced with strikes by their workforce, tried to evade the realities of the market by printing money to fund the wage demands.)
There is dishonesty in the banks and with our political rulers and often, both sides are intertwined. Look at Tony Blair, he gets a million pounds from Morgan Stanley bank every year for advice. Politicians are being bank-rolled by different entities. Have you been following the scandal of Liam Fox who had to resign his post as Foreign Defence minister? It has been shown that his lacky had links with Mossad and certain millionaires that were giving them large sums of money and these happen to be owners of weapons manufactories ? A clear conflict of interests. Politicians are not there to safeguard the interests of the people but only to line their own pockets. The system is rotten to the core.
Hi Maria
Well, the system is indeed rotten and I have no solutions to the problem. All I know is, the system couldn't exist if people did not keep voting for it every 5 years. Apart from that, I can't suggest anything.
Maybe people can take their money
out of the banks and put it in a building society, but that has problems as many people need the services of a bank (or perhaps more accurately, many people have been manipulated, pushed and shoved into a situation where they can't exist without a bank account)
I think that you are right in that the banks need to be properly regulated and protected from the risky exposures and one way to do it would be to split the bank into two. The section that deals with the normal bank accounts and the other one that deals in risky investing. The trouble is that even though that measure has been agreed, it won´t be implemented for another EIGHT years from now and usually, what the banks do, is to sell the toxic part to the tax payers and keep the profitable part of the bank for themselves.
Banks are to be given our money again in order to withstand a Greek default. The money must be held by banks as a security, it cannot be lent out! Just how that will create jobs is a mystery.
We stayed out of the Euro as we could see it was not in our interests, yet it looks it's failure will impact badly on the U.K.
Hi Maria
Well, the countries of Europe were warned about the single currency but went ahead with it regardless. That's because they are fools whose eyes are blinded by idealism. Now ordinary people are having to pay for it. But these ordinary people are also idiots. I sometimes see letters complaining "When we voted in the 1975 referendum it was just about a free trade area. There was no mention of political union." No, not by the pro Europeans but there were plenty of warnings from the anti-Europeans, who told the people what would happen. The people chose not to listen and now they are paying the price.
My own mother went knocking on doors asking people to say No to Europe and she was asked "which are you, a fascist or a communist?" That's because most of the anti Europe spokesmen were either right-wing like Enoch Powell or left-wing like Tony Benn. Most of the politicians in the middle were in favour of Europe.
My own feeling is that when you see the TUC, the CBI, the Labour, Liberal and Conservative parties all agreeing on something, it's almost certain that they're all wrong.
Today is Referendum Day. A crucial date. The people in the U.K. do not get asked anything, it has been our political class who have made all the decisions and today is crunch day because they will vote in Parliament if we, the people can decide in a referendum whether we stay IN or OUT of Europe. Peter and I have signed through The Daily Express campaign that we don't want to stay in Europe. The Daily Express campaign has been so successful, that such an overwhelming number of signatures has been obtained that these have now been passed to Parliament. David Cameron doesn't want people to have a voice through this Referendum but he has stiff opposition from his own party and he has done a lot of arm twisting throuh the whips to leave us out of this crucial decision. Let's see what happens next because right now, we have a unique opportunity to get out of Europe.
Hi Maria
I'm afraid there's no chance of us getting a referendum, because even if 70 tory MPs rebel, the Labour and Liberal MPs will ensure that Cameron wins.
What needs to be addressed is this myth that the Conservatives are the party of patriotism. I don't see this at all, and the sooner the voters stop believing it, the better.
Well, the news is out. 111 rebels Members of Parliament voted against the Prime Minister.
In Spain, they are proposing to ELIMINATE CONGRESS for them it is a useless chamber, said even by the same senators. Norway Sweden and Denmark do not have a senate.
I'm glad that there were a good number of rebels. As for parliament, I always think its finest hour was in 1834. That was the year it burned down.
I like the buildings very much, so I wouldn't want those to be burnt. Guy Fawlk's Day will be next week and generally the image of a politician is put on a stake to be burned. I wonder who will be this year?
I think it must be David Cameron. He is in charge so he is responsible. However, if the image is meant to represent him, it might not burn - slimy things tend to be fire-resistant.
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