Irish bank bailout scandal


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.

See also here. And here.

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.

87 thoughts on “Irish bank bailout scandal

  1. Pingback: JPMorgan bank advocating dictatorship | Dear Kitty. Some blog

  2. Pingback: Irish politician’s hen harrier scandal | Dear Kitty. Some blog

  3. Pingback: The USA, a democracy? Noam Chomsky asks | Dear Kitty. Some blog

  4. Pingback: Hunger for Spanish children, luxury for corrupt politicians and royals | Dear Kitty. Some blog

  5. Pingback: Costa Gavras’ new film Capital | Dear Kitty. Some blog

  6. Pingback: Poor Irish people get poorer, rich get richer | Dear Kitty. Some blog

  7. Pingback: Rich get richer, meet at WEF in Davos | Dear Kitty. Some blog

  8. Pingback: Economic crisis and literature | Dear Kitty. Some blog

  9. Pingback: Extreme rightism in the Netherlands | Dear Kitty. Some blog

  10. Pingback: Ireland no longer a ‘Celtic tiger’ | Dear Kitty. Some blog

  11. Pingback: European elections update | Dear Kitty. Some blog

  12. Pingback: Artists about banks, exhibition | Dear Kitty. Some blog

  13. Pingback: Juncker, more European Union austerity | Dear Kitty. Some blog

  14. Pingback: Bankers want still more power | Dear Kitty. Some blog

  15. Pingback: British workers demonstrate against government austerity | Dear Kitty. Some blog

  16. Pingback: Poor children in rich countries | Dear Kitty. Some blog

  17. Pingback: Africa and Ebola, open letter to Bob Geldof | Dear Kitty. Some blog

  18. Pingback: Margaret Thatcher, chemical weapons and economic crisis | Dear Kitty. Some blog

  19. Pingback: Billionaires got billions more in 2014 | Dear Kitty. Some blog

  20. Pingback: Solidarity with Greek people in Amsterdam, the Netherlands | Dear Kitty. Some blog

  21. Pingback: Big Blockupy protest against European Central Bank | Dear Kitty. Some blog

  22. Pingback: European Union austerity policies | Dear Kitty. Some blog

  23. Pingback: Poor women, drones, Monsanto in new films | Dear Kitty. Some blog

  24. Pingback: British Conservative ‘greenest government ever’ lies exposed | Dear Kitty. Some blog

  25. Pingback: Support Greece, not banking billionaires, British Labourite Corbyn says | Dear Kitty. Some blog

  26. Pingback: Support Greece against austerity, petition | Dear Kitty. Some blog

  27. Pingback: European Union disrespect for Portuguese voters | Dear Kitty. Some blog

  28. Pingback: Big banking writes Dutch pro-banker laws | Dear Kitty. Some blog

  29. 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

    Like

  30. Pingback: Banks pay no taxes, Britsh government helps | Dear Kitty. Some blog

  31. Pingback: Big Irish anti-water charges protests | Dear Kitty. Some blog

  32. Pingback: Big Banking, Big Weapons corrupt British government bureaucrats | Dear Kitty. Some blog

  33. Pingback: English opera chorus on strike | Dear Kitty. Some blog

  34. Pingback: Poet Attila the Stockbroker on threatened British steel | Dear Kitty. Some blog

  35. Pingback: Greek ex-minister about the European Union | Dear Kitty. Some blog

  36. Pingback: British Labour leader Corbyn attracts big crowds | Dear Kitty. Some blog

  37. Pingback: Civil liberties threatened in the USA, report | Dear Kitty. Some blog

  38. Pingback: Donald Trump makes the rich richer | Dear Kitty. Some blog

  39. Pingback: British Blairite goverment, was it ‘competent?’ | Dear Kitty. Some blog

  40. Pingback: Apple tax dodging, Irish government crisis? | Dear Kitty. Some blog

  41. Pingback: Shell, Exxon give 100,000 Dutch people earthquake damage | Dear Kitty. Some blog

  42. Pingback: Shell drilling damages many beautiful ancient buildings | Dear Kitty. Some blog

  43. Pingback: United States politicians profited from bank bailouts | Dear Kitty. Some blog

  44. Pingback: European Union against democracy in Greece | Dear Kitty. Some blog

  45. Pingback: Stop Italian anti-refugee policies | Dear Kitty. Some blog

  46. Pingback: Banking and crime in Britain | Dear Kitty. Some blog

  47. Pingback: President Macron attacks French workers | Dear Kitty. Some blog

  48. Pingback: French President Macron attacks minimum wage | Dear Kitty. Some blog

  49. Pingback: Davos billionaires’ meeting and their fears | Dear Kitty. Some blog

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.