Comments on: A rumour concerning €1 trillion in German bad debt

By: My Site

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By: Charles Wheeler

Charles Wheeler — Sun, 25 Mar 2012 13:32:17 +0000

This article gives an insight into the erroneous – not to say unhistorical – mindset that feeds the complacency of the neoliberal world view and its reliance on voluntary arrangements.

It serves the interests of the looters and pillagers.

http://goo.gl/S9V2x

By: mikems

mikems — Fri, 23 Mar 2012 10:46:22 +0000

This isn’t surprising in the least.

It is obvious that all banks are sitting on massively over-valued assets and are hiding their real values by refusing to operate the markets these assets trade in.

Let’s have some mark to market in the downturn, and see how much traders would be willing to offer for these assets.

If it’s good enough to transfer profits immediately from mtm, why not losses?

By: Jonathan Sugarman

Jonathan Sugarman — Thu, 22 Mar 2012 20:14:56 +0000

In reply to Jim M.. Thank you Jim :-)

By: BHomes

BHomes — Thu, 22 Mar 2012 11:15:15 +0000

Deutsche Bank can’t afford $20 Billion extra capital for its USA investment bank division

http://www.zerohedge.com/news/deutsche-outmaneuvers-dodd-how-germanys-biggest-bank-took-fed-ride

By: sheepshagger

sheepshagger — Thu, 22 Mar 2012 00:24:33 +0000

Who has got wealthy from all this financial jiggery-pokery
There has to be a fat cat somewhere licking the cream from his lips.

By: Roger

Roger — Wed, 21 Mar 2012 21:45:29 +0000

Excellent film on the I Player I watched this evening about Elliot Spitzer ex Attourney General and then Govenor of New York. Very relevant to the discussion here.

http://www.bbc.co.uk/i/b0179wbx/

By: Jim M.

Jim M. — Wed, 21 Mar 2012 20:10:07 +0000

In reply to Jonathan Sugarman.

Hi Jonathan,

It took me a moment to recognise you! Nice to see you posting under your own name.

In case Phil doesn’t pick this up I suggest a look at the following:

http://www.linkedin.com/pub/rowan-bosworth-davies/2/428/bb5

http://rowans-blog.blogspot.co.uk/

Hope that helps.

By: Joe R

Joe R — Wed, 21 Mar 2012 20:05:52 +0000

In reply to Hubert.

Hubert,

I’m not sure your comment about the Irish bit is correct there.

The DEPFA thing didn’t land at Ireland door. Ireland have not paid a penny for this nor will they be. Irish banks themselves though do have huge borrowings from Germany.

Plus I see a lot of confusion between total external debt, government and private debt in numbers that are in circulation.

A breakdown I saw of total debt owed by the PIIGS to Germany from about 18 months ago in billions of Euro is as follows;

Portugal € 34
Italy € 143
Ireland € 140
Greece € 36
Spain € 180

Thats about € 533-odd?

Ireland and Portugal look to be the bombs most likely to go off next.
Ireland’s share of the debt (pop. 4.5 million) is about the same as Italy’s (pop.60 million ) and was racked up almost exclusively between 2003-2008.

By: Jonathan Sugarman

Jonathan Sugarman — Wed, 21 Mar 2012 17:44:53 +0000

In reply to Hawkeye.

Many thanks Hawkeye!

It it the source for the following quote that Phil used that I am looking for:

“The real problem behind all this is a question of class! Edwin Sutherland enunciated this conundrum back in the 1930′s when he wrote ‘White Collar Crime’. He observed that Judges and Politicians have great difficulty in perceiving bankers and financiers as criminals because they do not manifest the same stereotypical attributes as other, more usual criminogenic offenders.”

This rings particularly true in the case of Ireland’s inability to hold anyone accountable for the collapse of its banking system. “It just happened” is the generally accepted notion. The Honohan, Regling and Nyberg reports all found that the problem was the malaise of the system. No one is at fault.

It was a person who is now a minister in the current Irish government who had said to me that as a foreigner in Ireland, I obviously failed to realise that “There is no white collar crime in Ireland. We only send people to jail for shop-lifting and for not paying a TV license”.

Recently, someone was sent to jail for 6 years for smuggling garlic into the country. His real crime – not being well connected! Otherwise, he would be playing golf with all of the bankers & regulators who presided over Ireland’s financial melt-down.

“Ireland garlic scam: Paul Begley jailed for six years” – BBC, 9 March 2012:
http://www.bbc.co.uk/news/world-europe-17320460