When thinking of the Ireland bailout last Friday I wondered just “who,” or which companies, were getting bailed out. When the average person thinks of a “bondholder” he thinks of an individual; however, when it comes to the bondholders of these large banks they are often other banksters.
So I had a thought: wouldn’t it be interesting to read the exact names of the bondholders who are once again fleecing the average citizen of a country? Would these be the same names of those who received hundreds of BILLIONS of dollars in U.S. bailout-bucks? If so, we should call this group The Bailout Mafia because clearly they will get theirs before anyone else. Moreover, people seem to be afraid to stand up to them.
Because of the large research arm over at the ZeroHedge website, I thought I would contact Tyler about this idea. He responded immediately that it was a good idea to revisit this issue and re-released an earlier post. He told me to forward the list of the Bailout Mafia (my term) to you all. Once you read the list, with your prior knowledge of the financial abuse, you will get sick – or angry – or both.
Guido Fawkes, who managed to obtain the Anglo Irish bondholder list, shares the following commentary:
Anglo-Irish Bank did not represent a systemic risk to the Irish economy, it wasn’t a high street bank like AIB or the Bank of Ireland. If it had been allowed to go the way of Lehmans the only losers would have been shareholders and bondholders. The Irish state stepped in and nationalised a bank that was basically run by crooks lending to property speculators. The Irish people are taking losses that should rightly have been shouldered by bondholders.
Anglo-Irish Bank did not represent a systemic risk to the Irish economy, it wasn’t a high street bank like AIB or the Bank of Ireland. If it had been allowed to go the way of Lehmans the only losers would have been shareholders and bondholders. The Irish state stepped in and nationalised a bank that was basically run by crooks lending to property speculators. The Irish people are taking losses that should rightly have been shouldered by bondholders.
Every child in Ireland is being bequeathed a huge debt at birth to protect the interests of foreign, mainly German, bondholders – why? Guido was once a bond trader, it was always understood that sometimes the bond issuer defaults. That is the risk investors take.
So why is Dublin’s political establishment so keen to protect foreign investors at the expense of future generations? Guido has obtained the list of foreign Anglo-Irish bondholders as at the close of business tonight. These are the people whom Dublin’s politicians really seem to care about.
Between them they hold Anglo-Irish bonds with a face-value of €4,034,756,880. Shouldn’t they take the hit rather than future generations of Irish taxpayers? Capitalism is a system of profit and loss, they took the risk of investing in Anglo-Irish Bank. Is the Irish government under pressure from the European Central Bank in Frankfurt to protect German investors? Click here to read
Among those being favored at the expense of the Irish people, those that took the risk are (among others) The Rothschilds and Goldman Sachs!
The people of Ireland, unlike those in the USA, will not take this lightly. Last Saturday a hastily put together protest rally started with 10,000 people, and then swelled to roughly 150,000. An oft heard complaint at the rally was "What hurts me the most is why is the taxpayer paying for the IMF. Why are we bailing out the banks? These are the people who took the risk, let them take the hurt, let them feel the hurt."
Of course the Bailout Mafia doesn’t give a damn; it just wants its 100% risk less “investment” funds back. “To hell with sovereignty; to hell with ‘risk;’ to hell with democracy; to hell with the taxpayer; we just want our money back. You can’t expect us to lose even one cent – can you?”
Instead, the people of Ireland should tell the Bailout Mafia to go hell like the people of Iceland did. In Bloomberg we read “Iceland’s President Olafur R. Grimsson said his country is better off than Ireland thanks to the government’s decision to allow the banks to fail two years ago and because the krona could be devalued.
“The difference is that in Iceland we allowed the banks to fail,” Grimsson said in an interview with Bloomberg Television’s Mark Barton today. “These were private banks and we didn’t pump money into them in order to keep them going; the state did not shoulder the responsibility of the failed private banks.”
“How far can we ask ordinary people -- farmers and fishermen and teachers and doctors and nurses -- to shoulder the responsibility of failed private banks,” said Grimsson. “That question, which has been at the core of the Icesave issue, will now be the burning issue in many European countries.”
Trade Date: 11/26/10
E-Mini S&P Trades*
(before fees and commissions):
E-Mini S&P Trades*
(before fees and commissions):
- No “Secret” trades were filled today.
- Algorithm positions (2)
- “Reading the Tape” positions (3) combined Secret’s, Algo, & “Reading the Tape” total… +2.00
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