by mannfm11 » Tue Jun 07, 2011 3:09 am
What do you think the bonuses paid on this money to the various bankers was? First of all, there are 300,000 empty houses in Ireland, where so much of the exposure lies. I was in Dallas back in the 1980's S&L bust. One S&L sold participation and built about a 4 mile stretch of IH30 in solid condo's, a market that didn't exist. The participants were flipping land and financing it 110%. Those that invested in the condos walked out of closing with money. The market wasn't there for those structures and many were torn down.
Ireland has 5 million or so people. The idea they built 300,000 too many housing units in a country that size, screams fraud. These bankers are supposed to know what the hell they are lending money on, but it is clear they were either incompetent or dishonest. The people that hired them should pay, not the Irish or the tax payers. Most of this housing stock will need to be torn down. Without the financing, none of it would have ever been done.
The link of international banks needs to be destroyed, as they are really doing nothing but screwing the worlds population out of as much money as they can. The bondholders need to own the banks to the extent of their holdings and the shareholders need to be wiped out. The bonuses need to be clawed back and the heads of these banks need to be arrested and tried for gross fraud and failure to maintain institutional control. Those that don't like bank equity can sell their shares on the market. All this money flowed to engage in poor business decisions for a quick personal profit, not to actually provide needed housing.
I read the Bubble at your recommendation 3 years ago. In it was described a dance to make bad debts appear to be good. This does sound suspiciously like the same process. The Fed has been covering up crimes and fraud and insolvency, not liabilities. Most large banks, the depositors should be given priority and the FDIC and other outfits would never pay out a dime. The bankers haven't had legitimate reserves or capital for years and as such have been operating under accounting fraud. Bankrupts exchanging their credit between each other in the guise of legitimate lending. When the tide goes out, we will find the whole system is naked.
The US guarantees are better known as Credit Default Swaps.
What do you think the bonuses paid on this money to the various bankers was? First of all, there are 300,000 empty houses in Ireland, where so much of the exposure lies. I was in Dallas back in the 1980's S&L bust. One S&L sold participation and built about a 4 mile stretch of IH30 in solid condo's, a market that didn't exist. The participants were flipping land and financing it 110%. Those that invested in the condos walked out of closing with money. The market wasn't there for those structures and many were torn down.
Ireland has 5 million or so people. The idea they built 300,000 too many housing units in a country that size, screams fraud. These bankers are supposed to know what the hell they are lending money on, but it is clear they were either incompetent or dishonest. The people that hired them should pay, not the Irish or the tax payers. Most of this housing stock will need to be torn down. Without the financing, none of it would have ever been done.
The link of international banks needs to be destroyed, as they are really doing nothing but screwing the worlds population out of as much money as they can. The bondholders need to own the banks to the extent of their holdings and the shareholders need to be wiped out. The bonuses need to be clawed back and the heads of these banks need to be arrested and tried for gross fraud and failure to maintain institutional control. Those that don't like bank equity can sell their shares on the market. All this money flowed to engage in poor business decisions for a quick personal profit, not to actually provide needed housing.
I read the Bubble at your recommendation 3 years ago. In it was described a dance to make bad debts appear to be good. This does sound suspiciously like the same process. The Fed has been covering up crimes and fraud and insolvency, not liabilities. Most large banks, the depositors should be given priority and the FDIC and other outfits would never pay out a dime. The bankers haven't had legitimate reserves or capital for years and as such have been operating under accounting fraud. Bankrupts exchanging their credit between each other in the guise of legitimate lending. When the tide goes out, we will find the whole system is naked.
The US guarantees are better known as Credit Default Swaps.