This video says about itself:
4 July 2013
Bill Black: Tapes reveal Anglo Irish Bank executives laughed as they manipulated Irish Government into 16 billion dollar bailout the knew they would never repay.
IRELAND’S communists condemned the country’s banking system yesterday after a probe revealed scandalous abuses that led to people losing their homes. Permanent TSB, which was bailed out by the taxpayer during the 2008 banking crisis, has admitted “deeply regrettable” overcharging and wrongdoing on 1,372 mortgage accounts: here.
Trump’s top official profited from European bank bailouts. US Secretary of State for Commerce Wilbur Ross has become embroiled in allegations of ‘insider trading.’ SOLOMON HUGHES reports.
Banks tremble at the thought of the end of Quantitative Easing: here.
Related articles
- Caught on Tape: Irish Bankers Laugh about Never Repaying Bailout (dissidentvoice.org)
- Irish PM Promises Probe Against Bankers (nalonmit.wordpress.com)
- Secret Anglo-Irish Bank Tape Inquiry Launched (news.sky.com)
- International media coverage of Anglo recordings points to ‘suckered’ Irish government (irishtimes.com)
- ‘Impossible to stomach’: Merkel slams Irish bankers who fudged bailout figures (rt.com)
- Bankers Caught On Tape, Joking About Bailout, And How They’d Never Pay It Back (fedupusa.org)
sneaky ppl
LikeLike
Pingback: JPMorgan bank advocating dictatorship | Dear Kitty. Some blog
Pingback: Irish politician’s hen harrier scandal | Dear Kitty. Some blog
Pingback: The USA, a democracy? Noam Chomsky asks | Dear Kitty. Some blog
Pingback: Hunger for Spanish children, luxury for corrupt politicians and royals | Dear Kitty. Some blog
Pingback: Costa Gavras’ new film Capital | Dear Kitty. Some blog
Pingback: Poor Irish people get poorer, rich get richer | Dear Kitty. Some blog
Pingback: Rich get richer, meet at WEF in Davos | Dear Kitty. Some blog
Pingback: Economic crisis and literature | Dear Kitty. Some blog
Pingback: Extreme rightism in the Netherlands | Dear Kitty. Some blog
Pingback: Ireland no longer a ‘Celtic tiger’ | Dear Kitty. Some blog
Pingback: European elections update | Dear Kitty. Some blog
Pingback: Artists about banks, exhibition | Dear Kitty. Some blog
Pingback: Juncker, more European Union austerity | Dear Kitty. Some blog
Pingback: Bankers want still more power | Dear Kitty. Some blog
Pingback: British workers demonstrate against government austerity | Dear Kitty. Some blog
Pingback: Poor children in rich countries | Dear Kitty. Some blog
Pingback: Africa and Ebola, open letter to Bob Geldof | Dear Kitty. Some blog
Pingback: Margaret Thatcher, chemical weapons and economic crisis | Dear Kitty. Some blog
Pingback: Billionaires got billions more in 2014 | Dear Kitty. Some blog
Pingback: Solidarity with Greek people in Amsterdam, the Netherlands | Dear Kitty. Some blog
Pingback: Big Blockupy protest against European Central Bank | Dear Kitty. Some blog
Pingback: European Union austerity policies | Dear Kitty. Some blog
Pingback: Poor women, drones, Monsanto in new films | Dear Kitty. Some blog
Pingback: British Conservative ‘greenest government ever’ lies exposed | Dear Kitty. Some blog
Pingback: Support Greece, not banking billionaires, British Labourite Corbyn says | Dear Kitty. Some blog
Pingback: Support Greece against austerity, petition | Dear Kitty. Some blog
Pingback: European Union disrespect for Portuguese voters | Dear Kitty. Some blog
Pingback: Big banking writes Dutch pro-banker laws | Dear Kitty. Some blog
Saturday, 12 December 2015
‘State suicide’ of Italian pensioner
CAPITALISM’S latest scheme to save failed banks claimed the life of an Italian pensioner who lost his £72,000 life savings following the collapse of Banca Etruria last month.
The pensioner, who hanged himself, left a suicide note placing responsibility for his death at the door of the bank and the ‘rescue’ plan that cost him his savings. Three other Italian banks, (Cassa di Risparmio di Ferrara, Banca delle Marche and CariCariChieti) had to be rescued by the intervention of the Italian government and three other major Italian banks who stepped in to prop them up.
In a statement the Italian Prime Minister, Matteo Renzi, said: ‘The Italian government intervened when it saw that four banks risked closing and losing thousands of jobs and deposits’ before going on to express the government’s ‘own pain and condolences to the family’ of the dead pensioner.
The leader of the right-wing opposition Northern League commented: ‘A pensioner kills himself because he lost his life savings due to Banca Etruria and the absent government. State suicide.’ Over 130,000 shareholders and depositors lost their investments and savings as a result of this rescue.
Behind the death of one pensioner lay the implementation by the Italian government of the new rules on rescuing failed banks by means of a ‘bail-in’ rather than a bail-out. Following the world banking collapse of 2008, every capitalist state embarked on rescuing the banks by assuming their debts.
These bail-outs cost trillions of pounds which drove up the national debts of countries, debts that the bankers insisted be paid for by the working class through austerity cuts. With the working class across Europe and America rising up and refusing to accept their lives being smashed up just to keep the capitalist banking system from drowning in a sea of debt, the concept of the ‘bail-in’ was developed several years ago.
But the main driving force behind bail-in is the fact that the trillions of pounds worth of debt incurred by the capitalist state is becoming impossible to sustain and is driving capitalism internationally towards an historic crash.
Under a bail-in, to stave off collapse, bank depositors along with bank shareholders will have their money confiscated in order to pay off the bank debts. In the Eurozone, bail-in rules, called the Bank Recovery and Resolution Directive (BRRD), will become law next month.
This bail-in legislation is not confined to the Eurozone; similar legislation is being driven across the capitalist world by the Bank for International Settlements through the various state central banks, including the Bank of England, the US Fed and the European Central Bank. Each country will enact its own version of the BRRD.
The bankers and governments are trumpeting BRRD as a means to protect taxpayers from having to pay for bailing out bankrupt banks by forcing creditors and shareholders to pay up. However, as the tragic death of a pensioner shows, it is not just bloated bank shareholders but everyone who has money deposited in a bank that will find their money confiscated.
When bail-in was first used in Cyprus two years ago, ordinary depositors were shocked to discover that the money they had in the bank didn’t belong to them but could be seized any time the bank faced collapse and bankruptcy.
Given that today everything is paid into bank accounts, it means that the wages and benefits of every worker can be legally seized in order to save a bank from collapse. With the entire banking system teetering on the edge of insolvency, the revolutionary implications are clear – there is no solution for the working class to this huge crisis except through the overthrow of capitalism itself.
Bail-outs have led to massive state debts, paid for through savage austerity, while bail-in means workers and the middle class losing everything as every penny they own is confiscated in the name of saving the banks.
http://wrp.org.uk/news/11659
LikeLike
Pingback: Banks pay no taxes, Britsh government helps | Dear Kitty. Some blog
Pingback: Big Irish anti-water charges protests | Dear Kitty. Some blog
Pingback: Big Banking, Big Weapons corrupt British government bureaucrats | Dear Kitty. Some blog
Pingback: English opera chorus on strike | Dear Kitty. Some blog
Pingback: Poet Attila the Stockbroker on threatened British steel | Dear Kitty. Some blog
Pingback: Greek ex-minister about the European Union | Dear Kitty. Some blog
Pingback: British Labour leader Corbyn attracts big crowds | Dear Kitty. Some blog
Pingback: Civil liberties threatened in the USA, report | Dear Kitty. Some blog
Pingback: Donald Trump makes the rich richer | Dear Kitty. Some blog
Pingback: British Blairite goverment, was it ‘competent?’ | Dear Kitty. Some blog
Pingback: Apple tax dodging, Irish government crisis? | Dear Kitty. Some blog
Pingback: Shell, Exxon give 100,000 Dutch people earthquake damage | Dear Kitty. Some blog
Pingback: Shell drilling damages many beautiful ancient buildings | Dear Kitty. Some blog
Pingback: United States politicians profited from bank bailouts | Dear Kitty. Some blog
Pingback: European Union against democracy in Greece | Dear Kitty. Some blog
Pingback: Stop Italian anti-refugee policies | Dear Kitty. Some blog
Pingback: Banking and crime in Britain | Dear Kitty. Some blog
Pingback: President Macron attacks French workers | Dear Kitty. Some blog
Pingback: French President Macron attacks minimum wage | Dear Kitty. Some blog
Pingback: Davos billionaires’ meeting and their fears | Dear Kitty. Some blog