lesbiassparrow (![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png)
lesbiassparrow) wrote2009-02-19 09:41 am
lesbiassparrow) wrote2009-02-19 09:41 am
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Anglo Irish Bank
(This will probably only be of interest to Irish flisters, who are probably sick of hearing about it, but for anyone else who is interested, here's the background.) The Republic of Ireland recently nationalised one of the major banks, Anglo Irish Bank (AIB). Nothing surprising there, as governments have had to this in various countries because of the economic crisis. However, it has become increasingly clear that the bank was in far deeper trouble than anyone said or (apparently) knew. The question is whether the government didn't know out of laziness, stupidity, or incompetence or lied because of corruption. So far it has been disclosed that AIB was lent a massive amount of money by another financial institution to make their books look better; it appears a report was filed and given to our Finance Minister, but he claims he never read it. I'll repeat that: he never read a report about a huge Irish bank which already was in trouble and which talked about them being lent millions of euros by another financial institution. It also has now come into the open that before the nationalisation the bank lent 10 shareholders 300 euros million to buy up stock and thus prop up its price. Of course, now most people want to know who these shareholders are because the government nationalising the bank has protected their investment and taxpayers would like know if there are any connections between this "golden circle" and anyone who pushed this deal.
I give you now this delicious quote from the Tainiste (our deputy prime minister):
Ms Coughlan said the names of the so-called ‘golden circle’ of 10 business people in question had not been disclosed to the Minister for Finance.
“The Minister has no right to that information as a shareholder. It would undermine confidence in the bank if the Minister as a shareholder could obtain information about customers of that bank,” she said.
I have no words to properly comment on the stupidity of that statement. Sometimes I wonder how these people even passed primary school, let alone got into positions of power.
Edited for the right name of the bank. Clearly, much like some of these politicians I don't read things as carefully as I should.
I give you now this delicious quote from the Tainiste (our deputy prime minister):
Ms Coughlan said the names of the so-called ‘golden circle’ of 10 business people in question had not been disclosed to the Minister for Finance.
“The Minister has no right to that information as a shareholder. It would undermine confidence in the bank if the Minister as a shareholder could obtain information about customers of that bank,” she said.
I have no words to properly comment on the stupidity of that statement. Sometimes I wonder how these people even passed primary school, let alone got into positions of power.
Edited for the right name of the bank. Clearly, much like some of these politicians I don't read things as carefully as I should.