Burn the Bondholders

Absolutely agree. Bailing out bond holders, which is what the bank bail outs have all been about, was the worst thing that could have been done. All that this has achieved is that bond holders will not require higher interest rates for risky bank ventures in the future, thus leaving the door wide open for banks to make exactly the same mistakes again.
 
Niallers said:
If the attached article is to be believed the majority of Bond holders are not poor old Granpa and Granmas pension fund it's high worth private companies and private banks.
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This was covered elsewhere a few weeks ago. It is important that we don't burn bondholders like Roman Abramovich so that he can continue to pay John Terry's salary .
 
Its just proves what I have been saying all along.The interests of the super wealthy world banks are more important to the elite in FF than the welfare recipients and tax payers of Ireland.I suppose these FF elite will find themselves in lucrative bank directorships down the road.
 
I don't think that's true. FF definitely had friends in high/low places, but they would take the easy option if it was there. Bondholders don't vote, and to politicians the vote is all important. The only reason they aren't burning the bondholders is that they are afraid of the consequences.
I would have been in favour of allowing them all to collapse by the way, in true capitalist form, but I don't think FF are protecting these people because they like them.
 
If you want to see who are the Anglo bond holders, check out [broken link removed]. It certainly puts in context recent exortations from Peter Sutherland of Goldman Sachs for Ireland to keep the bondholders sweet.
 
The list posted on the p.ie thread certainly blows out of the water the notion that the bondholders are other Irish financial institutions, so if we dont pay them, our other banks will go bust. I dont think there's a single Irish company on the list!!!
 

I am shocked! And don't you think that banks and private companies hold our pensions or our savings???

I believe that the "burning" would generate such a domino effect on confidence... We all have to pay, but let's get the divorced CEOs of banks who gave so much to their wives pay first...
 
Godfather said:
the "burning" would generate such a domino effect on confidence... We all have to pay
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Why do we all have to pay? I never invested in Anglo. I never borrowed from Anglo. Why do I have to pay for those who played around with a dodgy bank?
 
Good point, I agree. Anyway one way or another we all pay... And if we would let Anglo down then lots of our pensions and savings would be gone already. Dont you have a pension scheme to worry about? Dont you have savings to worry about?

Anyway if we wouldn't pay directly by letting Anglo down, we would pay indirectly somehow, for example by being pushed out of the Euro and by losing completely credibility with the financial world markets...

Am I the only one to think that in a globalized economy a country pays one way or another to the international community?
 
Godfather said:
Good point, I agree. Anyway one way or another we all pay... And if we would let Anglo down then lots of our pensions and savings would be gone already. Dont you have a pension scheme to worry about?
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I have some funds in a private pension scheme from an old employer. It is invested in a fund diversified across regions and across industries, so a meltdown of Anglo would be a drop in the ocean. It would be the same for any sensibly managed fund.
 
Again excellent point Complainer. It looks like the government has chosen for Ireland to save Anglo instead of the global financial markets to punish ireland (I was reading that one of Anglo's biggest bond holders was a pension scheme fund from Germany)... Only time will tell us which choice would have been best at this stage...
 
I think we all know already.You will know too when the spending cuts hit..unless you are one of the rich elite.The public will have to endure savage cuts because our government want to appease rich banks such as Goldman sacks and rich german and swiss banks.
I would understand if Cowen stood up and said that Ireland will be hit with nuclear bombs if we didn`t pay up.
 
Why do we all have to pay? I never invested in Anglo. I never borrowed from Anglo. Why do I have to pay for those who played around with a dodgy bank?
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The big secret that the Government does not want the Irish people to know, or realise, is that we don't have to pay.
All that has happened at the moment, is that the government has agreed on the Irish people's behalf, that we will pay.
Well, I didn't agree to this. I don't remember a NAMA referendum, or a bail out the banks, or Nationalise Anglo referendum. These are huge decisions taken without the consent of the people.

What would happen if people just refused, en mass, to pay for the government's self-made fiasco?
 
umop3p!sdn said:
I don't remember a NAMA referendum, or a bail out the banks, or Nationalise Anglo referendum. These are huge decisions taken without the consent of the people.
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Maybe those referendums weren't there but saying "no" the European treaty a few years ago instead of voting "yes" for the fear of collapsing would have led the government (pro-Eu) to new elections for sure. Maybe some people might regret having voted "yes" at this time. Europe favours banks, that's very clear, from Trichet & Co. that are dictating rules to the Ministers of Finance since the Euro begans... And that's very clear, I hope you don't disagree
 
Godfather said:
......(I was reading that one of Anglo's biggest bond holders was a pension scheme fund from Germany)...(
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And.......there you have it. Cowen and Lenihan do not want to go to Angela Merkel again, after the Depfra disaster, and tell her that the incompetence of the Irish government will result in the German economy taking another hit.

In addition to that, we do not know if some of the bondholders are wealthy Irish individuals who are closely connected to FF. I wouldn't do to cause any pain to the largest source of FF funding, now would it?
 
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