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€17 billion of Credit Suisse bonds got written down to zero overnight. Don’t cry that the institutional bond holders got BURNED; they had for the most part insured this risky debt with credit default swaps. That’s €17 billion that’s not on the head of the Swiss taxpayer; so a proper transfer of risk from the taxpayer to the risk seeking bond holders. There’s no point crying over spilled milk here but the great majority of Anglo Irish bond holders had hedged in the CDS market. That horse has bolted. PS: Journal, are you going to continue deleting my Ukraine posts when all I’m doing is stating facts and, as the penny finally begins to drop, presenting a reasonable alternative view?
@a politicians promise is as good as a lie: their forum, their rules. You should know that by now. You can’t post comments on any other media site. Why isn’t there a national uproar over that!
@Ordinary Bloke: If your view is anything other than “Russia needs to get out of Ukraine and commit to a permanent ceasefire”, then it’s not reasonable and doesn’t deserve a platform.
Also, Putin needs to be surrendered to the Hague to answer for blowing up apartment buildings, schools, hospitals, etc. These things are completely non negotiable and rightly so.
With inflation running amok they can’t print money to get out of the current mess. Banks swapping money to shore up balance sheets has shades of Anglo Irish about it.
This is only going one way. Regulators learnt nothing from last crash. Bankers realised that they wont carry the can when everything goes south as they got bailed out last time. No moral hazard to worry about. The reality is that investment banking is a big casino with the public picking up the losses. Until bankers start doing time in the big house nothing is going to change. As for getting a conviction that is a remote possibility in this country, in fact you are more likely to win the lotto. There is always a technicality or an invalid warrant to get these carpet baggers off the hook.
The US Commerce Secretary says Ireland runs a 'tax scam'. Does he have a point?
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