Irish banking shares

Ugly Americans is a decent read. It’s a true story based around American traders based in Japan about the time of the Bearings collapse.

Nigel Baring was an alright sort. He used to give his workers gloves to pull ragwort on his Limerick estate back in the early 1900s. Unheard of now, never mind back then.

Some Kilkenny Hurling panellist on work experience in a bank?

:smiley: Looks like one of the Fennellys.

Another Prime Time ‘expos’ on the banks now.

‘Fingers’ Fingleton is a cunt.

Seems like a good show so far. But its the public sector and social welfare that caused the bust according to many :rolleyes:

A complicit media has a lot to answer for in all this too. RTE themselves have a lot to answer for.

Must say the auditing profession seems a busted flush too. Surely the Revenue should be given greater powers instead.

Pat Neary, as toothless as an ant eater.

[quote=“KIB man”]Seems like a good show so far. But its the public sector and social welfare that caused the bust according to many :rolleyes:

A complicit media has a lot to answer for in all this too. RTE themselves have a lot to answer for.

Must say the auditing profession seems a busted flush too. Surely the Revenue should be given greater powers instead.[/quote]

Many?

Can’t think of a single person who said that.

150k pension a year for him paid for by the taxpayer.

IBEC sponsored shitrags though will out 50 dole frauds before examining that corrupt clown.

im back in ireland for the xmas so watching this here.
personally lads, i find it very hard to find any degree of sympathy for anyone who went and took out a massive 100% mortgage.
yes i know the banks were cunts for reckless lending but jesus its your choice to go and get the mortgage, You know what your getting yourself into…
The whole property ladder thing is a farciacal myth that i cannot believe people believed, i mean WTF, you buy a grossly overpriced 2 bed appt in a shithole like Stepaside with a 100% mortgage and you think that doing this will eventaully enable you to buy and sell your way to some mansion when you are 45??

its laughable,

I have a good laugh in Israel taking the piss out of the locals with the whole jews and money sterotype however in israel the reputation of the retarded irish and their property obsession based on greed and stupidity is a pretty hard thing to defend…

Why is it that we are so obsessed with “owning” our own patch and will do literally anything to do so…

[quote=“mickee321”]im back in ireland for the xmas so watching this here.
personally lads, i find it very hard to find any degree of sympathy for anyone who went and took out a massive 100% mortgage.
yes i know the banks were cunts for reckless lending but jesus its your choice to go and get the mortgage, You know what your getting yourself into…
The whole property ladder thing is a farciacal myth that i cannot believe people believed, i mean WTF, you buy a grossly overpriced 2 bed appt in a shithole like Stepaside with a 100% mortgage and you think that doing this will eventaully enable you to buy and sell your way to some mansion when you are 45??

its laughable,

I have a good laugh in Israel taking the piss out of the locals with the whole jews and money sterotype however in israel the reputation of the retarded irish and their property obsession based on greed and stupidity is a pretty hard thing to defend…

Why is it that we are so obsessed with “owning” our own patch and will do literally anything to do so…[/quote]

:clap:

Did these clowns not think they would ever have to pay it back?

They complain about the bankers looking for a quick buck - but how many people out there bought two, three houses on the basis of pure speculation.

[quote=“mickee321”]
Why is it that we are so obsessed with “owning” our own patch and will do literally anything to do so…[/quote]

The irish and israelies, a lot in common then…

Did these clowns not think they would ever have to pay it back?

They complain about the bankers looking for a quick buck - but how many people out there bought two, three houses on the basis of pure speculation.[/quote]

I have a degree of sympathy for people who bought houses to live in and find themselves in negative equity and look like they’ve overpaid. They can’t really complain obviously but I’d just have some sympathy.

Anyone who bought a house for an investment and then lost out, well that’s really where the sympathy ends.

KIB there’s a few ex-auditors on here and they’ll probably all agree it’s a crazy profession. It’s fee driven and focussed on client retention. Problem is that so many of the FDI into the IFSC came to Ireland not just for the tax rates but for our “principles based” (i.e. softly softly) approach to regulation. That’s backfired badly and nobody’s coming to Ireland now because we whored ourselves out and can’t drag our skirt back down again quickly enough.

[quote=“mickee321”]im back in ireland for the xmas so watching this here.
personally lads, i find it very hard to find any degree of sympathy for anyone who went and took out a massive 100% mortgage.
yes i know the banks were cunts for reckless lending but jesus its your choice to go and get the mortgage, You know what your getting yourself into…
The whole property ladder thing is a farciacal myth that i cannot believe people believed, i mean WTF, you buy a grossly overpriced 2 bed appt in a shithole like Stepaside with a 100% mortgage and you think that doing this will eventaully enable you to buy and sell your way to some mansion when you are 45??

its laughable,

I have a good laugh in Israel taking the piss out of the locals with the whole jews and money sterotype however in israel the reputation of the retarded irish and their property obsession based on greed and stupidity is a pretty hard thing to defend…

Why is it that we are so obsessed with “owning” our own patch and will do literally anything to do so…[/quote]

thing is mickee the banks bankrupted the country possibly for a generation. Not an individual.

A lot of people made money from buying and selling houses. Guess here lots of ordinary joe soaps made money at it, like anything else others thought if he can do it then I can do it. Vicious circle. Also its seen in Ireland particularly that paying rent is dead money. Dead money better than losing money though.

Did these clowns not think they would ever have to pay it back?

They complain about the bankers looking for a quick buck - but how many people out there bought two, three houses on the basis of pure speculation.[/quote]

I would say the vast majority were bought by people who wanted place to live and not ‘as pure speculation’. Financial impacts for those who bought at height of property market and then have seen their wages slashed/have been made unemployed is huge. That wasn’t about greed but simply about buying a place to live.
Social costs in governments recent budget as result of this farce is even scarier.

[quote=“larryduff”]I would say the vast majority were bought by people who wanted place to live and not ‘as pure speculation’. Financial impacts for those who bought at height of property market and then have seen their wages slashed/have been made unemployed is huge. That wasn’t about greed but simply about buying a place to live.
Social costs in governments recent budget as result of this farce is even scarier.[/quote]

A 100% mortgage though Larry?

It’s incredibly risky.

[quote=“farmerinthecity”]A 100% mortgage though Larry?

It’s incredibly risky.[/quote]

yes , but the government are meant to govern & the regulators are meant to regulate- they should have never allowed this to happen

KOH
NCC

[quote=“Rocko”]I have a degree of sympathy for people who bought houses to live in and find themselves in negative equity and look like they’ve overpaid. They can’t really complain obviously but I’d just have some sympathy.

Anyone who bought a house for an investment and then lost out, well that’s really where the sympathy ends.

KIB there’s a few ex-auditors on here and they’ll probably all agree it’s a crazy profession. It’s fee driven and focussed on client retention. Problem is that so many of the FDI into the IFSC came to Ireland not just for the tax rates but for our “principles based” (i.e. softly softly) approach to regulation. That’s backfired badly and nobody’s coming to Ireland now because we whored ourselves out and can’t drag our skirt back down again quickly enough.[/quote]

But sure if Anglo Irish didnt like if KPMG for example were too stringent in their auditing they could threaten KPMG that they were going to get PWC in instead. Its just crazy. The whole auditing profession is a scam really. We shouldnt be surprised the Enron collapse had Andersen’s sticky fingers all over it and I’m sure there are numerous other examples.

Revenue Commisioners tend to put the frightners up a lot of businesses because in theory at least they have the country’s best interests at heart. Their powers should be strengthened imo. Auditing by private industry is a farcical concept. Business tend to complain naturally about regulation as it holds restricts their ability to earn a buck. But without regulation it leads to a dog eat dog unsustainable environment where bust follows boom as sure as night follows day. Business needs to learn lessons from this bust or else will keep repeating itself.

:D, best one liner on here for a while.