This morning,as the G20 traitors meet, Joseph Akerman CEO of Deutsche Bank and Chairman of the Bank Lobby Group the International Institute of Finance (IFF) is going to meet our glorious, traitorous leaders to tell them they must not, may not ‘ask’ the banks and bankers to shoulder any more of the cost of bailing themselves out than the 21% they already voluntarily agreed to .
Akerman delivers his message as Cahirman of the IFF on behalf of the worlds Too big to Listen and Far Too Big to give a Damn for you’ banks. The IFF was created in the 80′s after that financial crisis, by 38 of the worlds biggest banks to lobby against the interests of ordinary people. I’m sorry did I say that out loud? What I meant to say was that they lobby for the interestsof the big banks in particular to make sure that the costs of the regular financial crises are always disproportionately borne by the public.
True to form, this morning Bloomberg reports Akerman as saying that,
Forcing lenders to boost capital would be counterproductive, and getting investors to accept larger losses on Greek holdings difficult, …
Akerman is referring to the agreement between the EU and the private banks who hold Greek debts (IE who lent money to Greece unwisely) to take a 21% ‘haircut’ in what those bonds will eventually return. What he is objecting to is the idea that the banks should have to take a far more severe loss. Everyone is now talking about 50% and frankly looking at how much Greece owes, the rate of interest on what they owe and contrasting that with their rapidly diminishing chances of any growth at all with which to pay these debts and it seems clear to me even 50% won’t be enough to stop Greece’s spiral into deeper and deeper debt and social paralysis. But the banks don’t much care about social paralysis as in places they don’t live and in the lives of people they don’t give a damn for.
The Deputy Managing Director of the IFF, Mr Hung Tran went further than his boss Akerman and made the banker’s position even clearer,
There are no plans to change the deal,
So stick that in your democracy and suck on it! The Bank Imperium has spoken! He went on,
We should remind the public sector that we need to preserve the voluntary nature of the Private Sector Agreement, and therefore honor and implement the deal.
Why do we need to preserve the ‘voluntary nature’ of the agreement? We are sovereign peoples. We don’t have to come to you with our caps in our hands. Your banks are only alive because we, the people, bailed them out. Are still bailing them and you out. This is now a battle to the death between nations and peoples on the one side and on the other a completely corrupt and dysfunctional economic system that is now no more than a looting exercise of the worlds richest 1%. The banks must be put to the sword.
HONOUR!? What would bankers know about honour? What honour was there is systemically lying about the value of mortgages beingSecuritized and sold on to pension plans and the like? What honour was there is creating CDO’s which were designed to fail? CDOs so bad that those creating them referred to as ‘crap’ and which they knew would fail?
The banks of the IFF did all these things. They are a matter of public record.
So as the G20 prepares to betray the people of Europe and America once again, as the share price of banks shoots up again simply andsolely at the prospect of being allowed once again to suck the life blood from nations we all need a little moment of inspiration and enjoyment.
So I give you this. His finest to date. Enjoy!
And as the song says if we don’t stop the Zombie Banker Man, then ”Watch your money fade away, Day after day!”