Thursday, March 18, 2010
Bank Chairman Arrested!
The Garda Fraud Squad have arrested the former chairman of Anglo Irish Bank (AIB) in relation to a year long investigation into financial irregularities at the bank.
As this news filters around the board rooms of the world's top banks the stench of urine will waft across business districts around the world but especially in the City of London which was the epicentre of the fraud which now threatens to impoverish much of the world as citizens are being forced to guarantee losses incurred by private banks.
Fraud is now endemic in the financial services sector thanks to Brown's bail-outs. And the economy faces further decline until such times as the banks who went bust (all of them) are let go and a new financial system is ushered in. Throwing money at the banks has been a personal disaster for millions of people who have lost jobs, pensions, their homes and continue to do so.
You simply can not have a financial services sector which does not have to face the consequences of its speculative investments and that's what bail-outs have done. The result? Banks are now out of control abusing public funds and are still no nearer solvency.
You will hear talk of recovery from the media, corporate economists, bankers, politicians and others but it can't happen. Why? Banks are bust so will not lend and the people are so heavily indebted they do not wish to borrow any more. Until now the government has thrown money at the banks in the hope they will lend. Problem is that that money means more debt to the public and the banks' debts are so huge the bail-outs are but a drop in the ocean.
The solution? Investigate the banks and lock up all those who bought and sold derivatives that bankers and others knew where fraudulant. Send them to prison. Build a new financial system, cancel citizens' mortgage and credit card debts and allow people to save and spend again. That is the solution that should have happened at the start of this sorry mess. Instead, the fraudsters were rewarded and the population has been raped. And the poor fools including economists and eminent bloggers were so dumb they advised bending over and askingfor more.
We've all been screwed from Ireland to Iceland and from America to Greece by global merchant bankers. We must try the bankers who perpetrated the fraud or governments will hand over every penny you and your grandchildren make to them to fill the black hole created by their greed and fraud.
People have to decide between debt bondage or economic justice.
One banker arrested, I want to see thousands more! Time to clean up the garbage from our systems starting with bankers!