This page has been archived and commenting is disabled.
One Of Ireland's Biggest Banks Busted Fudging The Books? Nah! Busted Concealing Debt? Nah! Busted.. Cyprus Was Just The Preamble
Here come's the next bank surprise. This bank, which is still trading in the US/Ireland and is still accepting deposits and making loans, appears to have some pretty fishy underpinnings. For paid subcribers, I've posted another potentially "Cyprus'd" EU bank with shortable US/LSE traded shares/options for subscribers, reference EU Bank Capital Confusion, Part 2 - Malarkey (you may subscribe here). As was the case in my last post, if you have believe that the information below actually identifies a gross misrepresentation of fact, omission or outright fraud, simply contact the SEC and let them know that Reggie Middleton suggested they look into it. You can actually use this form to convery my message. Let's start by excerpting the history of the country in question from yesterday's post, "Global Banking Crisis - How & Why YOU Will Get "Cyprus'd" As This Bank Scrambled For Capital!!!".
Introduction and Background
In 2007 Ireland had significant cross border exposure to UK and US banks through derivatives and property products. As I warned in 2007, the real estate bubble in the the US/UK popped in 2008, sending pathogenic contagion straight through the Irish banking system. The entire banking system started collapsing. On February 15, 2008, Ireland took extraordinary measures (which we will explore in depth a little later on) to mitigate said collapse, measures that many a layperson would deem misleading, if not fraudulent. RBS (Royal Bank of Scotland, one of the largest financial institutions in the countries of Ireland and the UK) was effectively nationalized by the UK and a bad bank was formed to purchase bad debt/products from the Zombie Irish banks in exchange for government bonds, backed by a country that just simply couldn't afford it.
Following my warning in February of 2008, Lehman filed bankruptcy in September sending an additional set of contagion shock through Ireland and its banking system, causing Ireland to issues bonds and further indebt itself to save its Zombie banks – again! This time through blanket bank guarantees backed by the full faith of the government.
In September of 2010, a large swath of said government guarantees for the banks were about to expire. Reference this excerpt from the book “Zombie Banks: How Broken Banks and Debtor Nations Are Crippling the Global Economy”:
In September 2010, some of Ireland's government guarantees for bank debts were about to expire, which put U.S. Treasury officials on edge. If the guarantee wasn't renewed, the banks would likely default on their bonds, triggering the next event in line: a slew of credit default swap (CDS) contracts on Irish banks' debt. U.S. Treasury officials had reason to worry - the names backing those contracts were the largest U .S. banks, and they could end up paying billions in case of default. Any more weight on U.S. banks could be a tipping point to collapse. Treasury officials made inquiries to their counterparts at the Irish finance ministry asking about the course of action the country was planning to take and indicated their concern about possible default and its CDS repercussions. A year after having issued blanket guarantees on the banks' liabilities the Irish government once again didn't dare let the bank fail. Instead it ended up asking for financial assistance from the European Union (EU) and the International Monetary Fund (IIMF): the country had been pushed to the brink of collapse.
image002
And now, on to the entity at hand...
Allied Irish Banks (AIB)
As you can see, AIB (Allied Irish Banks) is currently operational, taking deposits and making loans. It trades ADRs on the NSYE, having been delisted from the LSE and the Irish Stock Exchange after the Irish government nationaized it.
As per Wkikepedia:
AIB offers a full range of personal and corporate banking services. AIB Capital Markets is the division of the company that offers international banking and treasury operations. The bank also offers a range of general insurance products such as home, travel, and health insurance. It offers life assurance and pensions through its wholly owned subsidiary, Ark Life Assurance.
In December 2010 the Irish government took a majority stake in the bank. AIB shares are listed as an American Depositary Receipt (ADR) on the New York Stock Exchange, under the symbol AIB. AIB's shares were formerly traded on the Irish Stock Exchange and the London Stock Exchange, but its shares were delisted from these exchanges following its effective nationalisation. The remaining publicly traded shares of AIB are now listed on the Enterprise Securities Market of the Irish Stock Exchange.
Internationally, AIB operates mainly in the United Kingdom (as Allied Irish Bank (GB) and First Trust Bank in Northern Ireland), and Poland (as Bank Zachodni WBK SA(BZ-WBK)). In November 2010, it sold its 22.5% stake in M&T Bank in the United States. At the beginning of 2008 AIB entered the Latvian, Estonian and Lithuanian markets by acquiring AmCredit mortgage finance business from the Baltic – American Enterprise Fund.
It's obvious this was an error in judgement, as a matter of fact it was extremely ill timed - reference The Depression is Already Here for Some Members of Europe, and It Just Might Be Contagious!
... In 2009, Allied Irish Banks [] accepted a 3.5 billion euro bailout from the government of the Republic of Ireland as a part of the Bank Recapitalisation scheme. By March 2011 the total sum of required bailout was expected to climb up to 13.3 billion euro.
Nationalisation
On 30 September 2010, the Irish Government announced plans to use its National Pensions Reserve to inject €3.7 billion of capital into Allied Irish Banks, becoming the majority shareholder and effectivelynationalizing the bank.[50]
AIB needed to raise additional capital due to increasing losses on bad loans incurred from the real estate bubble, and Irish Finance Minister Brian Lenihan stated that the bank was unable to attract sufficient interest from private investors.[50][51] As part of the deal, Chairman Dan O'Connor agreed to quit the bank while managing director, Colm Doherty, announced he would leave before the end of the year after 13 months in the job.[52]
In December 2010, the European Commission approved the plans, and the Government passed emergency legislation to allow the deal to take place without requiring the approval of existing shareholders.[53] The High Court subsequently approved the deal on Dec 24 2010, allowing the Irish government to take a 49.9% stake in the bank, rising to 92.8% following disposal of the Polish subsidiary to Banco Santander.[53][54]
AIB became the fourth of Ireland's "Big Six" financial institutions to be nationalized, following Anglo Irish Bank, Irish Nationwide, and EBS Building Society. AIB was delisted from the main market of the Irish Stock Exchange on 25 January 2011[3] and the NYSE on 26 August 2011
Credit Event occurred
The ISDA Determinations Committee, consisting of 15 USA and European banks, decided that a restructuring credit event occurred with respect to Allied Irish Banks on June 9, 2011
Hmmm.. A credit event occurred...
AIB has inccurred significant debt from which the underlying collateral has significantly diminished. This caused the need for even more capital and more borrowing. It also apparently caused it to change the wording in its annual statements regarding repos, potentially allowing it to conceal financial aid in the form of even more debt from another party. After all, when you borrow something it's a loan right, as in additional debt??? Below, you see a loophole for near unimited borrowing, and not a peep will show up in the financial reporting!
Of course, theres more... AIB Charge Discrepency
Definitions: Charge - The document evidencing mortgage security required by Crown Law (law derived from English law). A Frixed Charge refers to a defined set of assets and is usually registered. A Floating Charge refers to other assets which change from time to time (ie. cash, inventory, etc.), which become a Fixed Charge after a default.
The charge document below, which was registered with Ireland’s Company Registration Office (CRO), states that the charge is in respect of the Company’s participation in Target 2-Ireland. It is also in respect of ‘all present and future liabilities whatsoever’ of Allied Irish Bank Plc. (to the Central Bank and Financial Services Authority of Ireland or to the European Central Bank). The charge is over ‘Eligible Securities’.
Target2 is a European Union payment system. I believe it is misleading to indicate in the annual accounts that Target 2 has a bearing on the security that has been given.
In the short particulars section of the charge; the property charged to the Central Bank and Financial Services Authority is over ‘all rights, title, interest and benefit, present and future, of AIB Plc. in and to each of the Eligible Securities from time to time, where ‘ Eligible Securities’ means, at any time securities of such a class or description as may from time to time be designated by the ECB as ‘Eligible for Sale and /or Purchase, as the case may be.’ (Refer to actual CRO charge document below)
AIB Charge Discrepency1 copy
In the Irish version of the Bank’s annual Accounts (2008) and the SEC 20F (page 223 - 2) it states that the charge was placed in favour of the Central Bank and Financial Services Authority of Ireland over all of AIB’S ‘right, title, interest and benefit present and future in and to certain segregated securities.’
Using the description ‘certain segregated securities’ is completely different to the description all ‘eligible securities.’
It appears that AIB is stating that they have given ‘certain segregated securities’ as security to the ECB whereas the ECB actually decides which securities will be designated as ‘eligible’. The charge is in favor of the Central Bank and is over ‘all present and future liabilities whatsoever’ of AIB. This charge is a floating charge over repo agreements, aka Eligible Securities - securities that the graphic above demonstrates can go on ad nauseum and way beyond the entities prudent ability to repay, yet not appear on the balance sheet or in its regulatory reporting!!!. These securities have been purchased by the ECB through the repo agreements.
Thus, it appears as if this floating charge granted to the ECB is over assets that the ECB already owned. The floating charge was given to the ECB by AIB for emergency funding (emergency liquidity). Do you see a circular argument here? A potential Ponzi even???!!!! I warned my paying subscribers three years ago,Beware of the Potential Irish Ponzi Scheme!
Very important note: BoomBustBlogger JPM noted below in the comment sections the following...
Reggie,
First up, big fan of your work. One of the few people genuinely worth listening to these days. You have consistently had the quality dope on these dopes over these past few years.
However, as an Irishman, I would draw your attention to one slight anomaly in the above post. It relates to the image containing the extracted explanation of AIB's Gross Settlement Systems from its annual report alongisde a page from a CRO charge filing. As far as I can see, the extracted page from the CRO charge filing actually relates to a charge filed by that other "AIB", Anglo Irish Bank, not Allied Irish. If you look at the name of the lawyer on the filing, it comes from the (former) lawyers for Anglo, Eugene F Collins, not Allied Irish Bank's lawyers.
Correct me if I am wrong though.
Notwithstanding that minor aberation, I wholehearetedly agree with your general thesis; Irish banks are a complete shambles, and the increasing German intransigence toward sharing some of the burden (for whcih many German banks were also responsibile) bodes ill for creditors of all colours, classes and stripes.
Of course I hope it doesn't come to that for many friends of mine, but I fear you may (yet again) be on to something.
To follow on from my post above; it has occurred to me that perhaps the same lawyers were filing the same duplictious charges (as compared with the charges disclosed in the annual reports) on behalf of a number of their insolvent clients (relying on the nuanced cut and paste skills one learns in law school!!).
If that is so, my above post stands corrected.
While it's somewhat moot (given that the real issue is how likely it is that AIB will require further capital - very, given enough time and further, ahem, "credit crunches" (solvency blow-ups??)) , but perhaps, if you have a moment, you could clarify whehther that CRO filinig extract is in fact from a charge filed on behalf of allied Irish, not Anglo Irish?
Thanks, and keep up the great work!
Yours,
An Irishman Watching On In Horror From Australia.
He happens to be absolutely right. I mistakenly put the charge from Ango Irish in with the annual accounts of Allied Irish. We already covered Anglo Irish Bank in Global Banking Crisis - How & Why YOU Will Get "Cyprus'd" As This Bank Scrambled For Capital!!! It's not as if I didn't have a valid point with Anglo Irish, as can be seen by the article that printed the day after my post - reference As If On Cue, BoomBustBlog Shenanigan Research Gets Real In Ireland, Why Aren't These Guys Knocking On My Door?:
The Irish Business Post announces senior bondholders will get wiped out. That's right, a 100% loss! Zilch! Zero! Nada! Now, that's investing. That's getting "Cyprus'd", plus some!!! From businesspost.ie: IBRC senior bondholders to be burned
Alas, an error is an error and I made one. It is sharp readers and subscribers such as the one above that make BoomBustBlog what it is today. He actually caught the error by recognizing the lawyer's name as representing the other bank, something the average investor or layperson would never catch.
Unfortunately, he is also correct in that this means very little difference in the grand scheme of things for even if this charge didn't exist, AIB is still likely over-encumbered and swimming in underwater borrowings - in my all so humble opinion. There's also the fact that AIB actually did enter into an all encompassing charge to save its ass, just like Anglo Irish did. There's a strong liklihood that AIB will end up just like that "other AIB" as well, except this time it may be depositors doing the recap in lieu of taxpayers through an equity buyout.
Yep, I made a boo-boo, but it means nothing for AIB, let's correct it here and make sure we get the laywers right this time around....
image004
image009 copy
Now, back to our regularly scheduled programming...
These charge documents apparently have not been included in the recent ‘stress testing’ conducted by the European Banking Authority. By AIB's own admittance, they are not recognizing the borrowing of securities unless the are intended for resale to a third party. This was not the case in the previous year!!! If this is true, these assets can very well appear on the balance sheets of both the ECB and AIB.
The assets should not appear on AIB’s balance sheet as a negative pledge clause, which the ECB was granted, prohibits the bank from doing this, see details in charge document.
Now, let's suppose you buy all of that malarky above regarding charges, disclosure, borrowing not showing up on the balance sheet, etc. Knowing what Ireland had to go through to bail out its banks the first two times, and then needing to go to the ECB/IMF the third time, and knowing what Germany did to Cyprus and it's bank depositors/bondholders last week... I just want to ask you bank customers one question. Do 'ya feel lucky??? If I'm on to something with the research above (and to be honest, it looks awfully convincing) and Ireland's already bailed its banks twice, and had to go to the ECB after those bailouts because it was broke, then what happens when this bank needs more capital.
The way I see it, if Cyprus is the new template, than depositor funded recaps (read, they take your savings/checking account money to bail out the bank) are inevitable!
If you have believe that the information below actually identifies a gross misrepresentation of fact, omission or outright fraud, simply contact the SEC and let them know that Reggie Middleton suggested they look into it. You can actually use this form to convery my message.
For paid subcribers, I've posted another potentially "Cyprus'd" EU bank with shortable US/LSE traded shares/options for subscribers, reference EU Bank Capital Confusion, Part 2 - Malarkey (you may subscribe here). There's plenty more to come, featuring bigger and more shortable banks, and scandal reaching deep into the ECB itself. This is better than a cheap reality TV show with over endowed girls crawling over each other!
Here's that interest rate calculator from EU Bank Depositors: Your Mattress Is Starting To Look Awfully Attractive - Bank Risk, Reward & Compensation . It shows how much interest you should be getting in return for the banking risk that you are taking.
»
- advertisements -
I was once told that this bank was much loved by the Italian Mafia!
Nothing ever came to light, but then in Ireland not much does.
I suspect what you are looking at Reggie is not really an issue for the bank's capital. It looks to me like the ECB is securing itself against the risk that a bank won't voluntarily return a mistaken or fraudulent transfer of funds via Target2. I think in order to participate in Target2, the bank has to contractually give the ECB the right to seize and sell its assets, if that's what it takes to retrieve a mistaken or fraudulent transfer of funds. Tells you something about the level of trust among Europeans. You might want to check other Eurozone banks with US listings and see if all of them don't have this exact same charge filed with the SEC. My guess is they all do.
At first I thought it might be related to the refinancing and emergency liquidity assistance loans AIB has outstanding from the Irish central bank. Collateral is pledged for those which the ICB could sell if it decides not to roll over the funding and AIB doesn't repay. But the reference to Target2 would make no sense if this were about collateral posted to the ICB.
That said AIB is indeed still a mess for a lot of other reasons.
Zero Dudes.
This Reggie dude is completely incoherent. Can you get someone with unmm _writing skills_ to summarise his 'argument' somehow. One or two paragraphs will do I reckon.
Ireland removed the highdeposit guarantee last week because it was supposed to do so on that date since about 2011 some time.
Deposits of €100k plus are no longer insured same as in every other EZ country (and the UK) and including Germany. I think US depositors are insured up to $250000.
Nowhere in the developed world insures beyond that....certainly not the Cayman Islands :)
But does all that warrant the longwinded reggie stuff. Why NO!!!!! I wasted 5 minutes reading that crap. :)
heh heh heh...I see I'm not alone in gradually catchin on to the BoomBust drift!
Jonathan Sugarman, the former Unicredit (Ireland)risk manager who blew the whistle on his former employers' incredibly lax attitude to 'mandated' liquidity standards has covered this territory on his blog http://whistleblowerirl.blogspot.co.uk/ long time ago, and with application to specific (Ireland based German owned) banks even bigger than AIG(see Depfa)...and a lot more insider stuff!
and he's done it without recourse to a hefty subscription fee. I've bent over backwards to avoid sayin anything not nice, cause I liked the mans' hustle, but methinks that, like the squatter in the White House, there must be a little bit o the ol Irish blarney in Reggie too!
Milord Joyful? cackling? watch out, it's a bad sign... ;-)
regarding the "under 100k sacrosanct level" I remember reading from the last book of Nassim Taleb how he recounts that he was approached at Davos by a former SEC employee acting as financial advisor
his product: a fund that exploits the "under-100" insurances worldwide for great sums of cash - by "parcel-parking"
Ireland refused any kind of financial solidarity when it was pillaging the taxes of other countries with its low rate and was booming. So wouldn't it be irresponsible to beget solidarity now ? Nothing comes for free, including "solidarity"
The bank was nationalized, so of course all deposits are subject to theft (confiscation, expropriation, or the dishonest "levy" and "tax" euphemisms).
Nothing is guaranteed by the Ponzi; your money is theirs. It will be "insured" up to the point that they need it; then whatever % they want will be theirs.
Great dissection Reggie.
Rats!!!!!
Always after me lucky charms and me pot of gold!!!!
reggie , tellin it like it is, kudos to ya
You are the Man, Reggie!
Certainly more organized lies, operating organized robbery, is "inevitable." When the foundation of the whole system is the legalized fraud of private banks being able to make "money" out of nothing, (as debts, since the borrower has to promise to repay in order to allow that fraud to function) THE WHOLE SYSTEM IS INEVITABLE RUNAWAY FRAUD, BACKED BY FORCE, TO ENABLE IT TO CONTINUE, BUT, BUT, BUT, STILL, THAT FORCE CAN NEVER MAKE THE FRAUDS TRUE!!!
The social pyramid scheme based on this legalized fraud has already exceeded any reasonable "collateral" by an order of magnitude, or more! I believe it is only possible to continue because the vast majority of people are political idiots, who have been conditioned to believe in bullshit, and have well-established social habits which revolve around the money system as their STATE RELIGION.
A STATE RELIGION monetary system is astonishing to behold, since it is legalized lies, backed by legalized violence, which has been going on and on, for generation after generation, and therefore, almost everyone has adapted to surviving inside of that kind of slave society, which was based on dishonesty backed by coercion.
Despite that making "money" out of nothing violates the most basic laws of nature, since the most proven scientific facts depend on the concept of the conservation of energy, our entire civilization IS based on that foundation of a fundamentally fraudulent financial accounting system, whereby the biggest gangsters, the banksters, HAVE been able to apply the methods of organized crime to effectively take control over civilization, and direct the political processes to legalize the astounding FRAUD of privatized fiat money creation by those banksters. Almost everyone else must still operate inside of the real laws of nature, where they have to sell their labour, or their goods, in order to make money, BUT THE SOURCE OF THAT "MONEY" IS LEGALIZED FRAUD, BACKED BY THE FORCE OF THE GOVERNMENT!
The endless stream of articles about the wrinkles in that systemic force backed fraud PERHAPS provides "actionable information" to those inside of that system, who are attempting to navigate through it, and PERHAPS survive, or even prosper from better navigation through those established systems. However, what I would predict is that the future "solutions" that the established systems will come up with for their endemic problems are going to continue to be flabbergasting. Like the MF Global event in 2011 was surprising, and then the Cyprus event in 2012 was surprising, I would make a hollow prediction, which has no content, that the "new template" is going to be a series of one unprecedented event, after another, probably continuing to grow at an exponential rate.
The deeper drivers of the events described in this article are frauds, and so, the situation reviewed in this article is more superficial frauds, built on top of the deeper frauds. Of course, almost nobody who lives inside of the STATE RELIGION is able or willing to do much about that ... But nevertheless, I feel it is worthwhile to try to intellectually understand that money apparently made out of nothing is actually backed by murder. That is both why the established systems were able to be made and maintained in the first place, and why their eventual madness and collapse into chaos, due to too much triumphant frauds, being stacked on top of each other, is something way "out of the box" of the STATE RELIGION'S bullshit about itself.
I doubt that the bail-in, as the new template to follow the bail-out, will last long. Instead, the next "new templates" are going to be more unprecedented, and too crazy for us to be able to contemplate or predict at the present time. Since these social systems, our STATE RELIGION monetary and taxation systems, are legalized lies, backed by legalized violence, where that violence can never make those lies become true, the whole thing can only get more insane, in ways that can not be understood by any analysis which presumes rational sanity.
The real world is run according to the principles and methods of organized crime, which results in social reality becoming a series of almost infinite tunnels of deceits, looping around and back through each other in toroidal vortices. That human reality of organized lies, operating organized robberies, DOES follow the laws of nature, but does not do so in any ways remotely close to the descriptions about what is happening found in the forms of the STATE RELIGION bullshit about itself.
Articles like this are very interesting revelations of the more superficial levels of financial frauds. Those levels are maybe the only practical ones for most people to bother to care about. However, I feel it is vital to try to understand that financial frauds, as almost infinite tunnels of deceits, are the basic ways that the whole established system works! Since "money" made out of nothing IS backed by murder, there are no ways to predict the real future without attempting to include that, on level after level, as we go through and through the paradoxical tunnels of infinite deceits, which loop back upon themselves, to one degree or another ...
Basically, our society is more than 99% dominated by MAGICAL THINKING, which was made and maintained so that 99% of the people would be able to believe in the STATE RELIGION that controls their lives. Therefore, any deeper understanding of human realities, which are more consistent with the radical truth about the laws of nature, as manifested through human beings, is something which is almost unimaginable now, since it would require a series of political miracles to be able to happen. Instead, the most probable future continues to be that people will discover, more and more, level after level of financial frauds, disrupting and destroying their lives, without enough of them ever understanding that enough to do anything constructive about that. Instead, they will mostly be living through the collapse into chaos, which was inevitable, as the result of too much successful fraud.
To go beyond that kind of MAGICAL THINKING, found in our fiat money STATE RELIGION, enough of the people would have to understand that money is backed by murder, and resolve their problems through better understanding that reality. However, those kinds of understandings are then about infinite toroidal vortices of deceits, since civilization is an energy system controlled by the application of the methods of organized crime, and it can not be anything else, except perhaps one that uses more information, and thus has a higher consciousness about itself ???
Stockton, Detroit, Montgomery County...when was the last time you looked to see how well your town or city was managed? See how much outstanding debt your little hamlet has and why they took it on. What type of ROI does your town get on new DPW trucks or tenured teachers who are on their third decade of teaching and are making over $100K...Big line item in my town is paying the pensions of the DPW and other town administrators...interest expenses are increasing every year and my town has historically been well run in a prosperous area...
Shit, I thought our village could sell off any excess DPW equipment at 100 cents on the dollar, pre-depreciation. Now I'm being told that every municipality has extra and their only worth their melt value, less the $5,000 paid to the wrecking company to drive it to the recycling facility. Wait - they're worthless?
Actually, I love the police and school administrators on Long Island who retire, begin collecting their very, very strong six-figure pensions, then they immediately get hired back as 'consultants' for additional six-figure incomes. Who the fuck lets them get away with this shit? Oh, that's right, the village administrators who agree to the fees of law firms and town employees, who in turn choose the town administrators salaries, who are all part of the great circle jerk called 'fuck the taxpayer.'
Ireland has always been a experiment for these characters...........
Its just what we do or is done to us.
We are next on the chopping block.
Within the euro entropy circle we are worth more dead then alive.
http://www.youtube.com/watch?v=j5ptS9q3X8s&list=UUDGN6PKvJsFcfsbz0Des4GQ&index=14
Absolutely. They practice on the Irish. What they got away with in Ireland they did everywhere else, refined. Sponsor a criminal syndicate, strongarm local business, buy into the government, exterminate the locals from the top down, the bottom up and corrupting the youth, at least when its not more cost effective to just kill them all, or deport them. Its the UN Dream. Collect all the history books you can, they are going away.
Exactly on target Reggie, that clip sums it up perfectly. People have and are Hoodwinked by the Elite but the clock is ticking.
Here we go ....The ultimate MATTRESS: http://www.youtube.com/watch?v=5veb6v549g0&feature=player_embedded
Mattress commercial ...Great Tuesday laugh ...
All the so called Rescued Irish banks are indeed in a shambles. Lucky for the chosen few who quietly left Anglo to the AIB and Bank of Ireland they can draw the paycheck for a few more months. All the Irish banks are run by a small group of people who in their younger years attended two or three schools in Dublin, well connected with the Irish politicians and their families all a little tarnished gold circle.
Chickens coming home to roost
- Malcom X
Speaking of...
this-is-what-he-does. yes, and nobody does it better!
Good work Reggie. Someone wake me when the irish actually do somethying about all this.
there alway wish-key..yep
I'm sick to death of the Irish being named as the supposed poster boy for an austerity driven recovery, the unemployment levels are horrendous, they've done what the Irish alwayds do, shrug shoulders say a few prayers and send their kids off on boats to the UK, whilst the MSM there has been busy drumming up good pr wrt Amercian companies taking advantage of huge tax advantages to open up there. Meanwhile their debts and deficit makes no real tangible headway. And the countryside is awash with small housing developments that no one wants, some of the new builds have actually been demolished. It's saving grace is the trade with the UK, otherwise it'd be a total economic basket case.
Shut your gob you u amadan.
Great line. In the US I haven't heard anyone called and amadan in about 10 years. My friend's Irish mother used to crack me up muttering about this person or that person being an effing amadan. Nobody knew what she was saying so she was never called on it.
Yeah Yeah -the UK has always saved the Irish -- when the Irish were starving in the UK induced potato famines of the 1840's -the Brits were generous enough to provide the boats to ship them off to America as indentured servants
- the Brits are evil -always have been. always will be. Between the corrupt Satanic British Crown and the equally satanic Rothschild Bankers - the Brits have done more harm to the world -and have furthered the interests of Luciferians -than all the other countries in the world combined ---until the bads guys took over the USA.
The Irish have been a bunch of pussies in accepting the austerity measures dumped on them. They have no fight or protest in them. They're petrified, status anxiety ridden, house price obsessive zombies.
Thank you for your dash of anti-Irish racism and your pro-British bullshit. You say that Ireland's "saving grace is the trade with the UK, otherwise it'd be a total economic basket case." Being a former resident of Ireland and 100% of Irish Ancestry, I believe I recall that our relationship with the UK has consisted mainly of the Irish getting fucked over for several centuries.
Our trade with the UK, until very recently, was - they steal everything and leave the Irish with nothing. They let several million starve without offering any aid. Basically, they were 100 years ahead of Hitler as scumbag fucking mass murders. The Irish now just find amusement with your country due to the realization that you are an up-tight group of douches who simply made up your religion when the existing one didn't fit the tastes of another one of your inbred scumbag kings. You have a religion and history of which you should truly be proud. You'd almost all be Mormons if Henry XIII decided just to make his bullshit religion allow for polygamy. Ahh, what's the difference? They're all so fucking inbred they make the true LDS look like an open society.
Now, the UK is also so fucked up that they are dying to get out of Northern Ireland but they are afraid of what would happen if they did. They hate to lose face and have the 26 counties under true Irish rule laugh them all out. They also don't want that group emigrating to England as you dislike them as much as any other culture you have subsumed. Your monarchs also know that the members of the 'Church of England' living in the north would become even bigger terrorists than they are now.
The Brits, on the other hand, are a real class act in the number of cultures and countries they've destroyed. I'll look forward to their next manly man's war when they descend on the Falkland Islands, kill another 500 Argentines, and say the 'won a war.' Like France, you fucks have only won a war with help of the United States. Further, with the large number of Irish-Americans in the US, you can basically thank the Irish for bailing your big-mouths and small cocks out of WWII.
Without the US, the results would have been the same as your 'war against the colonists' and you'd all be speaking German. The Irish, on the other hand, would keep working for the Germans during the day and blowing up what they built each night courtesy of the IRA.
By the way, if you don't think the UK is an economic basket case, you are a moron. And, with an economy many times larger than that of Ireland, they'll actually screw a large part of the world when they crash, burn and all go back to eating shitty fried fish wrapped in newspaper and covered in vinegar to hide the taste of ass.
The UK, like the US, are afloat only because they maintained their right to print an unlimited amount of currency. They maintained this right because they did the Euro head-fake. They basically led everyone to believe they'd be joining the Euro until the day they had to commit. Typical.
Fuck you. I'll officially name you today's poster boy for douchebaggery!
Hahahahaha...that's quite an unhinged and demented rant you've gone on there, nicely done. There's all kinda bagage and paranoia contained in it. I especially like the 'bits' that answer questions I didn't raise, such as where you attack the UK, as if I'm a defender of it.
I'm half Irish - but I think you've overdone it -sure the Brits are evil - at least their leaders are everything you say is true but in the interests of balance -they did give us the Beatles.
Who's Henry XIII?
Whoops, I think I should have said the VIII. I was on a rant and I didn't go over the details - y'know? I didn't want to slow down.
In any event +1 for style...
Good rant, anyway.
Why thank you - and the 13th (XIII) is sure to be another real inbred sleazeball when he comes along.
I am Irish. The pro UK garbage was racist and uncalled for. Thank you for theawesome rebuttal lecture.
My father told me about the filthy limey scum when I was a kid. My kids now know, too. My hope is they immigrate enough third worlders to outnumber and dilute the poisonous blood of theirs forever.
Take a look at HBOS/Lloyds and RBS 2008 and the secret £61.2 billion support from the Bank of England refunded to the Bank via Rights Issues which never revealed the liability
Great work Reggie, thank you!!
I read this one on ZH a few days ago and it merits repeating: Long cash and mattresses! To which I will add: Fuck banks!
"AIB (Allied Irish Banks) ... trades ADRs on the NSYE"
Um ... ticker, please? (And not AIBYY, thank you -- a NYSE ticker.)
I believe they delisted at the end of August 2011.
How long did it take between Bear and Lehman? March to September? Except, now THEY are doing it with whole countries and the time lag may be longer. I am thinking that they are right on schedule for Sept 11, 2015.
Hey, I hear it is "fireball" season (the new Hallmark holiday started in 2010) ... and me with nothing appropriate to wear.
True, it's no longer banks but state failure.