http://www.bloomberg.com/news/2010-10-04/bono-partner-mckillen-s-lawsuit-may-hold-key-to-14-billion-in-u-s-loans.html
Oh wow, this is what they want to fleece the people or Ireland for.
More crap real estate, the real kicker is that it's all in the US.
Not 1 dime of that 69 billion that they are asking the Irish people to fork over is in anyway going to help them at all.
It's time for a real world change people by and for the common man.
Because the elite don't know what the hell their doing, but then again maybe they do, Lining their own pockets while billing it to the people.
When Dublin property investor Patrick McKillen bought a 21-story Boston office tower for $170 million in 2006, his lender, Anglo Irish Bank Corp., helped find an anchor tenant: itself.
Now McKillen, Anglo Irish and its U.S. headquarters at 265 Franklin St. are entangled in a lawsuit that may determine how the bank, seized by the Irish government last year, handles more than $14 billion of debt backed by U.S. property. The bank’s loans are tied to buildings including a Rodeo Drive shopping mall in Beverly Hills, California, and the century-old Apthorp apartment building on New York’s Upper West Side.
“Anglo Irish ramped up its U.S. lending and has a book of loans that would be very appealing to real estate opportunity funds,” said Ben Thypin, an analyst at Real Capital Analytics Inc. in New York. “Big real estate players have tried to pursue purchasing Anglo’s assets but have been tripped up by uncertainty around who is actually in control: the bank or NAMA.”
McKillen’s suit against Ireland’s National Asset Management Agency -- itself a tenant of his in Dublin -- adds to the financial chaos surrounding the bailout of the nation’s banks. The government said last week that it will take control of Allied Irish Banks Plc, the second-biggest lender, and inject extra cash into Anglo Irish, pushing the cost of the rescue to as much as 50 billion euros ($69 billion). A hearing on whether the case may proceed is set for
Showing posts with label Anglo Irish. Show all posts
Showing posts with label Anglo Irish. Show all posts
Monday, October 4, 2010
Sunday, October 3, 2010
The Irish aren't smiling as the eye their corrupt elite
http://www.guardian.co.uk/world/2010/oct/02/irish-eye-their-corrupt-elite
Ireland seems to have the same problem that America has, the corporate elite are catered to at the expense of her taxpayers, who are just supposed to keep coughing up cash with no explanation as to where it's going at all.
For some reason the financial elite seem to think because they are the "advisers" of the President, they know what's best to run the country.
And what's best is always in "Their" favor at the expense of "our" ass.
This is a "world wide" phenomena that has turned into a way of global governance.
How does funding a no branch bank help the Irish taxpayer? And why should they be expected to do it at all? Their not even privy as to why it needs to be done, let alone what the damned bank is for.
Many thanks for calling it like it is in your editorial (1 October) on the Irish economic collapse. The Irish government has got it wrong again, but the clue to why is not in the "dozy government" line. It is hidden in your quote that "the elite directing the Irish economy is more tightly closed than an oyster shell". Ireland operates like a one-party state and the government is just the political wing of that elite comprising developers, bankers and newspaper owners, with a whole network of vested interests descending into almost every corner of the Irish state and economic life.
Of the €50bn of taxpayers money now committed to bail out the disastrous gamblers of the Irish banking system, nearly four-fifths of that sum is going into one bank, Anglo Irish. This bank has no high-street branches and so no claim to be part of the essential infrastructure of the country. And it is a bank which economic advisers have consistently told the government not to include in the blanket bank guarantee, because the scale and rottenness of its debt will surely bring the whole house of cards down.
So why is the government so interested in this bank? There is absolutely no transparency. No minutes of key meetings, or of the workings of the National Asset Management Agency (Nama), which is managing bank debts for the government, have seen the light of day. In fact it is in the Nama legislation that its workings can't be disclosed and that staff who speak about their work will be subject to criminal proceedings. Neither will key ministers answer questions about any personal investments in this bank. Could it be that the majority of investors in Anglo Irish are the same elite who also control the government? Cock-up or conspiracy?
Ireland seems to have the same problem that America has, the corporate elite are catered to at the expense of her taxpayers, who are just supposed to keep coughing up cash with no explanation as to where it's going at all.
For some reason the financial elite seem to think because they are the "advisers" of the President, they know what's best to run the country.
And what's best is always in "Their" favor at the expense of "our" ass.
This is a "world wide" phenomena that has turned into a way of global governance.
How does funding a no branch bank help the Irish taxpayer? And why should they be expected to do it at all? Their not even privy as to why it needs to be done, let alone what the damned bank is for.
Many thanks for calling it like it is in your editorial (1 October) on the Irish economic collapse. The Irish government has got it wrong again, but the clue to why is not in the "dozy government" line. It is hidden in your quote that "the elite directing the Irish economy is more tightly closed than an oyster shell". Ireland operates like a one-party state and the government is just the political wing of that elite comprising developers, bankers and newspaper owners, with a whole network of vested interests descending into almost every corner of the Irish state and economic life.
Of the €50bn of taxpayers money now committed to bail out the disastrous gamblers of the Irish banking system, nearly four-fifths of that sum is going into one bank, Anglo Irish. This bank has no high-street branches and so no claim to be part of the essential infrastructure of the country. And it is a bank which economic advisers have consistently told the government not to include in the blanket bank guarantee, because the scale and rottenness of its debt will surely bring the whole house of cards down.
So why is the government so interested in this bank? There is absolutely no transparency. No minutes of key meetings, or of the workings of the National Asset Management Agency (Nama), which is managing bank debts for the government, have seen the light of day. In fact it is in the Nama legislation that its workings can't be disclosed and that staff who speak about their work will be subject to criminal proceedings. Neither will key ministers answer questions about any personal investments in this bank. Could it be that the majority of investors in Anglo Irish are the same elite who also control the government? Cock-up or conspiracy?
Friday, October 1, 2010
Ireland reveals full horror of banking crisis
http://www.abc.net.au/news/stories/2010/10/01/3026943.htm
Bailing out the banks isn't working for anyone, except the banks.
The Irish government looks set to ramp up the bailouts of two major banks, Anglo Irish and Allied Irish, which almost went to the wall when Ireland's property bubble burst.
Taxpayers are being left with the bill and deeper austerity measures, but the government says the banks are too big to fail.
Overnight taxpayers learnt they will be shouldering an even bigger burden to bail out the Anglo Irish Bank - to the tune of $41 billion.
"The banks have actually got us into this mess. They should actually get us out," one person said.
"It is too shocking when you see people still on the side of the road homeless and yet there were these people smoking their big cigars and yachts out in the Mediterranean," another said.
With unemployment at a record high of 14 per cent, Macdara Doyle, from the Irish Congress of Trade Unions, says citizens cannot afford the bailout bill.
"We started out at this place two years ago with what we were told was the cheapest bank guarantee or bank rescue scheme in the world," Mr Doyle said.
"[It] then went to $4 billion. It is now at about $29 billion or $34 billion depending on what scenario you believe. It is not working. It is killing the economy."
Bailing out the banks isn't working for anyone, except the banks.
The Irish government looks set to ramp up the bailouts of two major banks, Anglo Irish and Allied Irish, which almost went to the wall when Ireland's property bubble burst.
Taxpayers are being left with the bill and deeper austerity measures, but the government says the banks are too big to fail.
Overnight taxpayers learnt they will be shouldering an even bigger burden to bail out the Anglo Irish Bank - to the tune of $41 billion.
"The banks have actually got us into this mess. They should actually get us out," one person said.
"It is too shocking when you see people still on the side of the road homeless and yet there were these people smoking their big cigars and yachts out in the Mediterranean," another said.
With unemployment at a record high of 14 per cent, Macdara Doyle, from the Irish Congress of Trade Unions, says citizens cannot afford the bailout bill.
"We started out at this place two years ago with what we were told was the cheapest bank guarantee or bank rescue scheme in the world," Mr Doyle said.
"[It] then went to $4 billion. It is now at about $29 billion or $34 billion depending on what scenario you believe. It is not working. It is killing the economy."
Subscribe to:
Posts (Atom)