Peter Sutherland: Vampire Squid?

by Marcus McSpartacus Mon Oct 18, 2010 12:36

An Angry Ireland Calls Out Europe On Its B...s... Stress Test

ZeroHedge / http://www.zerohedge.com/article/angry-ireland-calls-ou...-test

10/17/2010

Remember when the pathetic farce that was the stress test presumably prevented Europe's collapse, and served as the inflection point preventing the EUR from hitting parity with the USD? Well, one of the banks that the "stress test" uncovered to be solvent was the recently insolvent Allied Irish Bank, which earlier this month needed a taxpayer injection of billions to presumably make sure that European creditors (and likely Goldman Sachs, very much like the case in Anglo Irish) never see even one dime lost. And today, an Irish Member of the European Parliament Alan Kelly said he intends to write to the EU Competition Commissioner to discover just how it is that one of Ireland's top banks slipped through the stress test cracks only to require a bail out mere months later. It appears that slowly everyone in Europe is starting to turn against the trillions in German bank liabilities that stand to be impaired, and lead to a systemic collapse, unless local taxpayers dutifully reach into their back pocket and make sure fat bankers continue their worry-free existence.

From BreakingNews.ie:

A Labour MEP is to write to the EU Competition Commissioner to find out why the Commission gave Allied Irish Bank the all clear in July only for the bank to require billions earlier this month.

Alan Kelly has said Europe's failure to anticipate the development is very worrying.

Mr Kelly said: "The fact that AIB passed the stress test raises many questions."

We can't wait for the response from those uber pathological liars at the head of the ECB.

One of the most bullish stories coming out of Europe last month was that Ireland, despite a drunk and disorderly finmin, and banks either increasingly more nationalized or on the verge of full scale restructuring, managed to fund its €25 billion in sovereign debt maturities. Of course, the European media took that as a sign of strength and from that point on it was off to the races for the EUR. Yet it appears the celebration was just a little premature. We learn today that virtually all of the maturities were funded indirectly by the ECB: in other words the monetization shell game so well mastered by the Fed is now being conducted by European banks everywhere. In September Irish bank borrowings surged from €95 billion to €119 billion, a €24 billion increase, and virtually a euro-for-euro match for all the new Treasury issuance. And since no demented monetization ploy goes unpunished, the action raised Irish ECB borrowings to 9% of liabilities, the same as Portuguese banks. As for the balance, as readers will recall we highlighted that last week the ECB purchased €1.4 billion of government bonds directly, therefore confirming that every single Irish bond auction would have been a 100% failure had it not been for Jean Claude Trichet's direct and indirect monetization scheme. But yes, somehow the euro is considered more viable than the dollar. [...]

by Hu Bris Tue Oct 19, 2010 16:57

A Map of Peter Sutherland's connection to various International Financial and (sometimes very shady) Political organisations currently involved in subverting/destroying what little remains of Irish soverignty

http://hubriticanomaly.blogspot.com/2009/04/at-last-why....html

Is Peter Sutherland a Traitor?

by southern comfort Tue Oct 19, 2010 21:07

Don't you just love it when someone else's one-way bet goes wrong, and then they expect *you* to pay for it? Can we call that a one-way-one-way bet? We can't call it a two-way bet because there would be a risk of losing.

In 2008 the state had 2 choices - get tough on the bondholders and expect the wrath of the ECB, or sing along because we might need the ECB to bail us out. In fact the ECB is a bondholder in some banks - at the time it was considered good to support them and invest in them.

So the ECB will bail us out, but will make us pay for years, and nobody at the top will complain because their salaries and pensions are guaranteed. A glorified county council at Leinster House, taking its pats on the head from Sutherland while paying lip service to the "patriots", and desperately hoping that we will have forgotten come the next election.

by J. P. Sat Nov 06, 2010 15:24

Sutherland opens Jim Kemmy school and calls for austerity.
-Mr Sutherland was invited to Limerick yesterday to deliver a lecture at the official opening of the Jim Kemmy Business School at the University of Limerick.-
http://www.irishtimes.com/newspaper/finance/2010/1106/1....html

by opus diablos - the regressive hypocrite party Sat Nov 06, 2010 16:45

...is not inevitable, says PS.

Provided we anticipate IMF policy and self-immolate, thus obviating the necessity of the 'invisible hand' choking us directly.

And Madam delivers the solemn paternalist nostrum with all due matronly authority. Nurse Ratchet hasn't gone away yet. On Jim Kemmy's grave, now thats chutzpah enough for Bibi.

by paddar4 - xat.org~~~~ Wed Jan 18, 2012 14:28 padardoyle at ymail dot com @s.crofrt.kildare 0863285339

troika of former attorney general at last st. moritz :"":shin digg""" why???