Frontrunning: April 13

Tyler Durden's picture

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Ray1968's picture

ECB: Ireland’s Taxpayers Must Share the Pain

ECB can take a flying leap off a tall building!!!

All together now: 1) raise right hand 2)make fist 3) raise middle finger.

Terminus C's picture

I am damn near frothing at the mouth from that headline.

Fucking cock sucking leaches.

 

UGrev's picture

... Call for Entitlement Cuts, Higher Taxes 

Where did we hear that before and how long did it last before the riots started?

High Plains Drifter's picture

the brothers in the hood are not going to like that conversation.  he truely is a man of change..........

eigenvalue's picture

Why must Ireland’s taxpayers share the pain?

Cash_is_Trash's picture

Bring the financial pain!!!

Pull an Iceland your paddie pussies!

Cdad's picture

Higher taxes, higher interest rates, collapsing currencies, and PMs near all time highs....all good for the market, right?

What...go overweight Abercrombie here at three year highs?

Old Poor Richard's picture

Make that two middle fingers--picture Mini-Me.  Ireland needs to give the banksters the big F.U. like Iceland.  They may be PIIGS, but they've got standards, too: they won't dance with banksters.

 

chubbar's picture

Yeah, the teleprompter in chief has 3 wars going with rumors of a build up for a forth (Iran) and his first thought is to cut entitlements and raise taxes? WTF?

Joe Davola's picture

He does have a D behind his name, so the tax raises comes naturally.

he hopes to appeal to enough of the R's, so he will at a minimum mouth the words 'cut entitlements' with the fine print details stating nothing gets cut until the out years of the 51'st president's term.

chinaguy's picture

"Chinese Companies Go on Global Bond Spree".

May I suggest we make it illegal for US pension funds to invest in these?

 

idea_hamster's picture

Was this from Mad Libs?

US Lacks Credibility on Debt, Says IMF

I suspect the FT's source looked like this:

US Lacks Credibility on _____ (noun), Says _____ (name)

ivana's picture

http://www.rte.ie/news/2011/0413/banks-business.html

Irish taxpayers should not complain about having to bail-out the country's banks, an ECB policymakers said today.

Irish taxpayers should not complain about having to bail-out the country's banks and in future regulation should be steered at a European level, one of the ECB's top policymakers said today.

In an opinion piece in the Financial Times, ECB executive board member Lorenzo Bini Smaghi said Ireland's taxpayers should foot the bill as they are the ones that benefited during the pre-crisis boom years and elected the governments that regulated the banks as the problems built.

'The principle of 'no taxation without representation' should work both ways. If taxpayers have the right to share in decision-making, they must also accept the consequences,' Bini Smaghi wrote.

'As long as the accountability of supervisors to taxpayers is primarily a national affair, then there is a high risk that taxpayers will foot most of the bill. They should not complain when it actually happens,' he added.

Bini Smaghi said that while in theory, shareholders, managers and bondholders should bear the costs of a bank being restructured, in an open system like the euro zone's such problems were never black and white as they could pose systemic risks.

The situation where banks are based in one country but have subsidiaries carrying risks in another also creates the danger that they are not properly controlled by anyone.

Ireland's problems showed pure national regulation was flawed and in future needed to be steered at a euro zone level or wider, he said. 'Ultimately this would mean the integration of independent prudential supervision at the European, or at least euro area, level - to match the way burdens are shared when a systemic crisis strikes,' he wrote.

'Such a move may seem politically unpalatable, as taxpayers around the euro zone fear having to bail out the banks in other countries. But these taxpayers would at least have the assurance that banks in different countries would henceforth be subject to uniform and independent supervision,' Bini Smaghi said.

FU many names bankster bastard with ur cheap thin stupid explanations - WE WANT BOND/SHARE HOLDERS TAKE RESPONSIBILITY!!!

ivana's picture

Its really upseting to read this bs ... here you can see how derivatives and other financial crap of "systemic risks" is used to blackmail taypayers in order to allow indefinite bankster scam
FU 984379140^9843349825 times! FU bastard familiy, colleagues and friends too!!