Posts Tagged ‘greedy bankers’

Published on 26 Jun 2013

Irish Prime Minister Enda Kenny has ordered a government investigation into the Anglo-Irish Bank bailout after the release of secret audio recordings.

In them, Peter Bowe, then head of Capital Markets, can be heard telling Peter Fitzgerald, director of retail banking, that seven billion euros would not be enough to save the bank but would be sufficient to ensure further bailout money was made available.

Asked by Mr Fitzgerald how he worked out the bank needed seven billion euros, Mr Bowe said: “Just as Drummer [bank CEO David Drumm] would say, picked it out my ****, you know?… That number is seven, but the reality is we need a lot more than that…

“The strategy here is you pull them in, you get them to write a big cheque and they have to keep, they have to support their money, you know?”

In total, the failed bailout of Anglo-Irish bank, which was liquidated in February of this year, cost Irish taxpayers some 30 billion euros.

In the tapes, which were recorded internally by the bank and made public by the Irish Independent newspaper, Mr Bowe can be clearly heard making light of both the bailout application process and the bank’s ability to repay bailout funds.

He said: “If they saw the enormity of it upfront, they might decide, they might decide they had a choice… They might say the cost to the taxpayer is too high.

“If it doesn’t look too big at the outset, if it looks big, big enough to be important but not too big that it spoils everything, then you have a chance. I think it can creep up.”

Speaking on Jeff Randall Live, Paul Williams, the special correspondent at the Irish Independent said:

“We have decided to publish them because in the five years since this catastrophe, this cataclysm occurred in the Irish economy, there has been no effort made by official Ireland either the previous…or current government…to explain to the men, women and children of Ireland why their country is on its knees.”

Anglo-Irish Bank was at the centre of the Irish housing market bubble, lending billions of euros to developers during the nineties and 2000s that would never be recouped.

Mr Bowe can be heard laughing as he said: “This is seven billion (euro) bridging. So it is bridged until we can pay you back, which is never.

“So, under the terms that say ‘repayment’, we say ‘no… not applicable’.”

Both Mr Bowe and Mr Fitzgerald have released statements denying deliberately trying to mislead the Irish government’s financial regulator or abusing the guarantee of Irish banks issued by Dublin at the height of the financial crisis.

Referring on the tapes to the prospect of the Anglo-Irish Bank being nationalised, Mr Bowe says: “That would be fantastic. If it was nationalisation, we’d all keep our jobs… civil servants, you know?”

http://web.orange.co.uk/article/news/secret_anglo_irish_bank_tape_inquiry_launched

 

This is an important video that everyone needs to watch. The recent events in Cyprus (investors getting a “haircut” as the cynical bankers put it), means that anyone who has money in a bank, is in danger of having their money stolen.

The simple fact is that anyone who puts money into a bank account is LENDING money to the bank. This LOAN is regarded as an UNSECURED loan. The bank has every legal right to do with the money whatever they wish, and this includes putting your money at risk. In the event of the  bankruptcy of the banks, unsecured loans would be last in the creditors queue; in reality your money would be lost.

What is even more alarming is that all banks practice FRACTIONAL LENDING. Simply put, this means that banks lend out more money than they have in their possession, usually at  ration of 1:100 (i.e  for everyone one dollar of currency, they can create another $100 of debt). This means that every time someone deposits money into a bank, they are being empowered to create even more debt! The implication of Fractional Lending  is that if every depositor withdrew their funds on the same day, the banks would be insolvent because they would not have the liquidity to service the repayment of the loans.

It has become clear that there are massive levels of collusion between ALL BANKS. The banking world is nothing less than a Ponzi Scheme. The greedy globalists are now beginning to plunder the masses that the new World Order seeks to implode by controlled economic demolition.

Video Originally Published on Mar 19, 2013

Cyprus Looting is Only The Beginning for Global Elite. Alex Jones invites Gerald Celente to discuss the looting of Cypriot bank accounts, and what the future holds for Italy, which may be the next nation to be similarly plundered.

http://www.TrendsJournal.com

Official Gerald Celente channels: “Gcelente” & “TrendsJournal”.

©2012 TrendsResearchInstitute. Gerald Celente™.

Financial crooks brought down the world’s economy — but the feds are doing more to protect them than to prosecute them

Greedy Bankers

Greedy Bankers

By Matt Taibbi
FEBRUARY 16, 2011 9:00 AM ET

Over drinks at a bar on a dreary, snowy night in Washington this past month, a former Senate investigator laughed as he polished off his beer.

“Everything’s fucked up, and nobody goes to jail,” he said. “That’s your whole story right there. Hell, you don’t even have to write the rest of it. Just write that.”

I put down my notebook. “Just that?”

“That’s right,” he said, signaling to the waitress for the check. “Everything’s fucked up, and nobody goes to jail. You can end the piece right there.”

Nobody goes to jail. This is the mantra of the financial-crisis era, one that saw virtually every major bank and financial company on Wall Street embroiled in obscene criminal scandals that impoverished millions and collectively destroyed hundreds of billions, in fact, trillions of dollars of the world’s wealth — and nobody went to jail. Nobody, that is, except Bernie Madoff, a flamboyant and pathological celebrity con artist, whose victims happened to be other rich and famous people.

This article appears in the March 3, 2011 issue of Rolling Stone. The issue is available now on newsstands and will appear in the online archive February 18.

The rest of them, all of them, got off. Not a single executive who ran the companies that cooked up and cashed in on the phony financial boom — an industrywide scam that involved the mass sale of mismarked, fraudulent mortgage-backed securities — has ever been convicted. Their names by now are familiar to even the most casual Middle American news consumer: companies like AIG, Goldman Sachs, Lehman Brothers, JP Morgan Chase, Bank of America and Morgan Stanley. Most of these firms were directly involved in elaborate fraud and theft. Lehman Brothers hid billions in loans from its investors. Bank of America lied about billions in bonuses. Goldman Sachs failed to tell clients how it put together the born-to-lose toxic mortgage deals it was selling. What’s more, many of these companies had corporate chieftains whose actions cost investors billions — from AIG derivatives chief Joe Cassano, who assured investors they would not lose even “one dollar” just months before his unit imploded, to the $263 million in compensation that former Lehman chief Dick “The Gorilla” Fuld conveniently failed to disclose. Yet not one of them has faced time behind bars.

Invasion of the Home Snatchers

Instead, federal regulators and prosecutors have let the banks and finance companies that tried to burn the world economy to the ground get off with carefully orchestrated settlements — whitewash jobs that involve the firms paying pathetically small fines without even being required to admit wrongdoing. To add insult to injury, the people who actually committed the crimes almost never pay the fines themselves; banks caught defrauding their shareholders often use shareholder money to foot the tab of justice. “If the allegations in these settlements are true,” says Jed Rakoff, a federal judge in the Southern District of New York, “it’s management buying its way off cheap, from the pockets of their victims.”

Taibblog: Commentary on politics and the economy by Matt Taibbi

To understand the significance of this, one has to think carefully about the efficacy of fines as a punishment for a defendant pool that includes the richest people on earth — people who simply get their companies to pay their fines for them. Conversely, one has to consider the powerful deterrent to further wrongdoing that the state is missing by not introducing this particular class of people to the experience of incarceration. “You put Lloyd Blankfein in pound-me-in-the-ass prison for one six-month term, and all this bullshit would stop, all over Wall Street,” says a former congressional aide. “That’s all it would take. Just once.”

But that hasn’t happened. Because the entire system set up to monitor and regulate Wall Street is fucked up.

Just ask the people who tried to do the right thing.