Classic wastes of public money in the last few years?

[The_Runt]

I just want the cola bottles

[Julio_Geordio]

@farmerinthecity

Huh?

I was correcting Runt’s error.

You implied that Stan Collymore cost 8.5 million cola bottles when in fact he cost quite a lot more.

On another note that is one of the most random sentences I’ve ever written.

[Watch_The_Break]

@farmerinthecity

Bertie’s statement about how he wondered how the sceptics on the economy don’t kill themselves is about the most outrageous I have heard.

How the whole cluster fuck developed is only a mystery if you quite deliberately ignore reality in my book. There are certain issues that the politicians won’t confront because ultimately they have no problem with the same situation arising again. As for as the political parties are concerned, the last ten years were fantastic for business. What needs to be recognised is that there was a sudden and massive concentration of wealth and therefore power in one narrow sector of the economy. A quarter of economic activity in one sector, and the used that massive power to control the political agenda, and buy the media through advertising revenue.

Regulation or lack thereof was an offshoot of this scenario because ultimately that’s how society works. Yet an much of a truism as this seems there doesn’t seem to be any push to confront the manner in which the construction industry seized control of the government. That’s the fundamental concern here and it relates to things like media campaigns, political donations, and corporate lobbying. As much as the technical regulative measures matter, these are the underlying mechanisms that need to be addressed, because these are the things that derailed our democracy.

[KIB_man]

@farmerinthecity

The timeline in the run up to the guarantee was incredible. You had Neary the cunt saying that he had no worries about Anglo days before the guarantee. The guy hadn’t a clue, or else didn’t want to know.

Banks, more so than any industrial sector, have a social responsibility to act prudently. They are the foundations that an economy is built on. Part of this responsibility requires stingent regulation and ultimately that is what failed. You can argue and call Fitzpatrick et al cunts but it is like everything, there are cunts out there but there needs to be a system in place in order to have rules so that they can’t just do what they like.

Speaking personally, a huge issue that needs to be addressed is that of the role of the auditors. Firms getting paid thousands specifically to audit liquidity returns to the Regulator which probably results in a junior, unqualified member of staff doing much of the work. Crazy stuff. In other cases, information may just be provided a day before the deadline for sign off and it is rushed through the night and signed off because the partner does not want to lose the client. And then at the head of it all is self regulators in the Institute. It’s a joke.

E&Y fucked up hugely on Anglo. What happened? They weren’t brought before the committee to answer questions and now their advice is being sought on what to do with Nationwide. Incredible.

anglo wanted to take over irish nationwide sure only a few days before that. with what i wonder iou’s or had they sean quinn so hoodwinked.

auditing is a defunct profession. it is in effect private enterprise self regulating. a farcical concept. the only auditor should be the revenue commissioners

@Julio Geordio

1. I suppose you believe in Global Warming as well.

2. What would you do with the bondholders? Screw them?

3. I’ll answer this when you answer the first two as they are linked.

global warming - yeah

what happens the bondholders with any other company that goes bust - screw them

@Watch The Break

Ultimate responsibility should lay with the politicians, in particular the people who made up the cabinet over the last ten years. Fianna Fail as a party should be buried for a generation. Instead they’ll probably be the second biggest party after the next election.

laissez faire regulation certainly paid a part but fitzpatrick, fingleton are their golden circle of cunts knew they were doing wrong. they could have taken steps to rectify things well before Sept 2008. but no they hid things and dug and dug and then dug some more. here lads a few loans, a million for you - hey a million for me. fucking cunts. its a bit like that nick leeson book - he blames every1 else bar himself. sure people turn a blind eye while things are going well but at the bottom of it all every1 knows if they are doing the right thing or not. the book should be thrown at them

but yeah bertie took the soft option at every turn too. even in health yer man drumm was saying that he was always up against it in the hse as ahern guaranteed when the hse was formed that noone would lose their jobs. i think their numbers actually increased and when the health boards disbanded there were a number of people left in limbo but still of course got paid for sitting on the bench. Bertie and them thought the national interest was seeing FF elected to power.

@Julio Geordio

They will be erecting statues to Brian Lenihan in a few years and he will be deserving of them.

ya they will - the statue will read repossessed.

[farmerinthecity]

@Julio Geordio

You implied that Stan Collymore cost 8.5 million cola bottles when in fact he cost quite a lot more.

On another note that is one of the most random sentences I’ve ever written.

What I did was take what Runt did (apply the 20 cent criteria and cut the result in half). He left out an zero and I put it in.

The stream of consciousness then kicked in and I referred to Stan. I then flippantly threw out that statement (I was fully aware that it wasn’t the case given the smilies etc afterwards) to show the confusion in the whole thing.

Just for the record I am a super auditor and had I been auditing Anglo it would never have had to be bailed out.

[KIB_man]

@farmerinthecity

KIB’s mate McNamara is looking for a 300k salary off them.

if he isnt careful he will take his building company down with him - tho he is supposed to have totally stepped aside from it.

[Sidney]

@Julio Geordio

2. What would you do with the bondholders? Screw them?

Is it not fairly obvious that Ireland as a country is going to have to default and screw its bondholders at somepoint over the next few years?

We should have made the bank bondholders suffer instead of taking on mountains of vast, growing unserviceable debt where the ability to repay is based on a pie in the sky notion of a recovery which clearly is never going to happen.

[Julio_Geordio]

@KIB man

what happens the bondholders with any other company that goes bust - screw them

Congratulations KIB Man you have just bankruped every Credit Union & Charity along with a good chunk of business in the country wiping out all the savings therein. You’ve also halved the value of evey pension fund in the country including the state pension fund which we now have to put more money into. You’ve also made it impossible for Irish banks to raise money abroad.

Anymore great ideas?

[KIB_man]

@Watch The Break

How the whole cluster fuck developed is only a mystery if you quite deliberately ignore reality in my book. There are certain issues that the politicians won’t confront because ultimately they have no problem with the same situation arising again. As for as the political parties are concerned, the last ten years were fantastic for business. What needs to be recognised is that there was a sudden and massive concentration of wealth and therefore power in one narrow sector of the economy. A quarter of economic activity in one sector, and the used that massive power to control the political agenda, and buy the media through advertising revenue.

Regulation or lack thereof was an offshoot of this scenario because ultimately that’s how society works. Yet an much of a truism as this seems there doesn’t seem to be any push to confront the manner in which the construction industry seized control of the government. That’s the fundamental concern here and it relates to things like media campaigns, political donations, and corporate lobbying. As much as the technical regulative measures matter, these are the underlying mechanisms that need to be addressed, because these are the things that derailed our democracy.

the celtic tiger was a glorified pyramid scheme. how was our country so stupid - the media were hugely complicit in it. that should never be forgotten.

[Julio_Geordio]

@sid waddell

Is it not fairly obvious that Ireland as a country is going to have to default and screw its bondholders at somepoint over the next few years?

We should have made the bank bondholders suffer instead of taking on mountains of vast, growing unserviceable debt where the ability to repay is based on a pie in the sky notion of a recovery which clearly is never going to happen.

See my previous post for reasons you are wrong.

[farmerinthecity]

@Watch The Break

How the whole cluster fuck developed is only a mystery if you quite deliberately ignore reality in my book. There are certain issues that the politicians won’t confront because ultimately they have no problem with the same situation arising again. As for as the political parties are concerned, the last ten years were fantastic for business. What needs to be recognised is that there was a sudden and massive concentration of wealth and therefore power in one narrow sector of the economy. A quarter of economic activity in one sector, and the used that massive power to control the political agenda, and buy the media through advertising revenue.

Regulation or lack thereof was an offshoot of this scenario because ultimately that’s how society works. Yet an much of a truism as this seems there doesn’t seem to be any push to confront the manner in which the construction industry seized control of the government. That’s the fundamental concern here and it relates to things like media campaigns, political donations, and corporate lobbying. As much as the technical regulative measures matter, these are the underlying mechanisms that need to be addressed, because these are the things that derailed our democracy.

Yeah a good point, well made.

Paul ‘Fook you Deputy Stagg’ Gogarty was on about how there needs to push through the ban on corporate donations. One Fine Gael lad piped up and said that was ridiculous and asked how the taxpaper would like to pay money to parties because that is what will have to happen.

No it won’t you utter cunt. Membership fees will fund ye and if ye don’t have enough then fuck ye.

[Sidney]

@KIB man

the celtic tiger was a glorified pyramid scheme. how was our country so stupid - the media were hugely complicit in it. that should never be forgotten.

+10000000

And the likes of Frank Fahey still gets loads of air time to spin his bullshit - RTE and certain programmes on Newstalk like Lunchtime (since Keane left) and the whole of O’Reilly’s empire are a disgrace.

[Watch_The_Break]

@KIB man

the celtic tiger was a glorified pyramid scheme. how was our country so stupid - the media were hugely complicit in it. that should never be forgotten.

It was power serving itself which is the natural order. Stupidity is a relative term.

[Julio_Geordio]

@farmerinthecity

What I did was take what Runt did (apply the 20 cent criteria and cut the result in half). He left out an zero and I put it in.

The stream of consciousness then kicked in and I referred to Stan. I then flippantly threw out that statement (I was fully aware that it wasn’t the case given the smilies etc afterwards) to show the confusion in the whole thing.

Just for the record I am a super auditor and had I been auditing Anglo it would never have had to be bailed out.

Apology accepted.

[farmerinthecity]

Tax breaks for building hotels.

Hotels?

I would be down the country with work quite a bit and there is about three hotels to every reasonably sized town. All empty.

[KIB_man]

@Julio Geordio

Congratulations KIB Man you have just bankruped every Credit Union & Charity along with a good chunk of business in the country wiping out all the savings therein. You’ve also halved the value of evey pension fund in the country including the state pension fund which we now have to put more money into. You’ve also made it impossible for Irish banks to raise money abroad.

Anymore great ideas?

care to flesh that out ? all deposits were guaranteed by the Irish govt. anyone who invested in the shares - well ya better luck next time. i dont think every pension fund in the country was linked to the shares of 4 banks.

[KIB_man]

@Watch The Break

It was power serving itself which is the natural order. Stupidity is a relative term.

ya i get the banana republic thing but Bertie Ahern and his I’ll do anything to be popular mantra won 3 national elections in a row. in effect the Irish public voted for pro construction policies and laissez faire financial regulation.

on the issue of the media being complicit anyone remember when RTE were looking for more money they got Ahern on to be a pundit on the Premiership.

[Julio_Geordio]

@KIB man

care to flesh that out ? all deposits were guaranteed by the Irish govt. anyone who invested in the shares - well ya better luck next time. i dont think every pension fund in the country was linked to the shares of 4 banks.

We are not talking about shares we’re talking about Bonds & every Credit Union, pension fund etc would be invested in these.

[Julio_Geordio]

@KIB man

ya i get the banana republic thing but Bertie Ahern and his I’ll do anything to be popular mantra won 3 national elections in a row. in effect the Irish public voted for pro construction policies and laissez faire financial regulation.

on the issue of the media being complicit anyone remember when RTE were looking for more money they got Ahern on to be a pundit on the Premiership.

Things have only gotten bad since Bertie left power.

Bring back Bertie

[farmerinthecity]

@Julio Geordio

Things have only gotten bad since Bertie left power.

Bring back Bertie

I sense that you may actually believe that.