Suds and Sachs

September 24, 2010

The following refers thread on David McWilliams http://bit.ly/dtgJsw contributed to by cbweb (me):

Re

http://www.irishtimes.com/newspaper/finance/2010/0924/1224279585356.html

Deco also Georg, see my 11:10pm comment, this article you quote reaffirms my concerns:

“He will argue that whatever the final cost of Anglo, only a small proportion would be saved by a default, and that such a move for a small country would “surely precipitate a funding crisis both for the sovereign and the banking system as a whole”, adding that the collateral damage of such a decision would be “very serious”.

Criticising the Financial Times for repeated calls on the Government to stop protecting bondholders against bank losses, he will say the newspaper’s proposal is “flawed in theory and extremely damaging in practice”.

Mr Sutherland, who retired as chairman of oil giant BP last year, will point out that no OECD country other than Iceland has allowed a major retail bank to default on senior bank debt, which is considered pari passu or equal in ranking with regular deposits.”

Lets firstly rid ourselves of the false canard that Anglo was or is ‘a major retail bank’, here’s a proper definition of what a ‘retail bank’ is.

http://bit.ly/cUrxbb

Anglo has no vast branch network providing services to the community of Irish taxpayers. It was/is an investment bank providing developers with bubble investment money.

Sutherland makes an unfortunate suggestion that default would “surely precipitate a funding crisis both for the sovereign and the banking system as a whole”. It also misses the mark.

We already have the crisis. Not defaulting has caused the crisis. To be taken seriously by the markets, Anglo needs to default and the taxpayer taken off the hook.

I repeat my earlier suspicions of Goldman Sacks advice being a case of Greeks bearing gifts. What Goldman CDS shenanigans could be at play here. Is Goldman exposed to a large payout if Anglo defaults?

Sutherland, creator of the Erasmus programme, founder possibly of WTO, financial adviser to the Vatican with bio http://bit.ly/dlGWkO is deeply compromised by his Goldman involvement.

The full involvement, exposure, player role of Goldman as a purchaser of any CDS contracts on Anglo http://bit.ly/bCRvNz, if any, should be declared openly by Sutherland, plus any connections, if any, he may have to depositors and bondholders of Anglo, answers with verified evidence. Same for any parent Goldman companies he may be connected with through so-called Chinese walls!

Pay close attention to the following:

http://nyti.ms/bDzYJo

This details the role of Goldman in Greece over recent times. Hiding of debt, debt deferrals into the future, derivative speculation. Should there have been criminal charges preferred?

Perhaps Suds needs to look more closely at his affiliations to Goldman to square them with some of his other affiliations.

I’d be concerned any advice Goldmann give the government is a case of Greeks bringing gifts. We may be part of a broader strategy of the dollar against the euro. Doubt if Chinese walls are very effective in the financial world never mind in Goldman Sacks.

Socialism for the banks and allowing the state to control the market with NAMA as its Berlin wall is our effort to defeat the laws of capitalism itself.

That strategy has failed: bond spreads, recession, unemployment, emigration, zero growth, no inward investment, alerts from FT and many other alarms from observers, some of the accumulating evidence.

Did Goldmann sell a pup to greedy Irish clowns who savoured the prospect and allure of servicing quangos like NAMA while also ensuring for themselves a backstop from the taxpayer and the ECB for another pot of gold to keep control of their banks? I suspect the answer to this question is Yes.

Maybe a simple matter of greed and incompetence cemented by a culture of croneyism, gombeenism, nepotism?

So much for Pearse, Collins, Connolly et al http://bit.ly/aLTJ9y

(Additional content added 25/09/2010)

If Suds were making these comments in Athens concerning Greek fiscal policy, he would be laughed at.

Then there would be a distinct possibility they would put him in jail for assisting Goldmann in the execution of a conspiracy to undermine the euro. Goldmann’s ‘assistance’ to Greece, amounts to criminal fraud:

http://nyti.ms/bDzYJo

We need probity and a proper banking inquiry for Anglo. Given Suds outspoken remarks, to what extent was Seanie in league with Goldmann? Was Goldmann complicit in any financing decisions at Anglo?

I think Suds has moved beyond Capitalism and represents the interests of corporate Capitalism http://bit.ly/cBp2tQ

It is curious his appointment as financial adviser to the Vatican, also curious is the following http://bit.ly/aLKHoy

“Three weeks before the “natural gas leak,” the George Bush/Dick Cheney 9-11-linked Halliburton company negotiated the purchase of the world’s largest oil-spill cleanup firm (Boots & Coots) at the exact time keen observers on Wall Street–financial intelligence agents at Goldman Sachs (GS; often called “Government Sachs”)–unloaded 44% of their stock in BP. ….

The scariest part of this whole story is that Mr. Sutherland, the man standing with one foot in GS, and the other on the burning Halliburton-BP oil rig, is the Consultor of the Extraordinary Section of the Administration of the Patrimony of the Apostolic See. In other words, Sutherland is the chief financial adviser to the Pope…”

Vatican bank in the 1980’s was embroiled in a money laundering scandal.

Look at the connections here between the vatican and top Nama developers including banxter Seanie
http://bit.ly/bxpdKX

Plus sutherland must have been giving the Vatican great advice, see new money laundering allegations scandal for vatican bank here: “http://www.rte.ie/news/2010/0921/vatican.html

Seems Suds has a whole lot of horse manure to deal with. We do need to probe Anglo with a full inquiry.  Amongst the leading lines of inquiry should be the relationship between Goldman and Anglo and our other banks.

We do need to ignore Suds advice and burn bondholders to have them take their share of responsibility.

We’ve entered a period of interesting times for Ireland Inc.

Following added 17/10/2010 Very pleased others now questioning the Sutherland connection to Ireland Inc: http://bit.ly/aIIxVp

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