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You might find this hard to believe - I do - but as far as I can determine the actual deal was negotiated by our central bank Governor and the top civil servant in the Dept. Finance with minimal political input or involvement.  It was a deal by bankers/administrators for bankers/administrators.  Not surprisingly the emphasis was on legalities rather than realities.  

Quite how the Minister for Finance and Taoiseach, not to mention the cabinet were absent from the substantive negotiations of quite the most import deal in the history of the state is beyond belief - and doesn't even seem to have entered public consciousness or political controversy yet.  It illustrates the degree to which Ireland and the EU have become international finance run entities rather than democracies.

Index of Frank's Diaries

by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Sun Feb 6th, 2011 at 05:52:42 AM EST
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what do we have regulators for, if they are so easily captured, and have no moral hazard?

that to me is the achilles heel to go for.

it's not about blame per se, though there's plenty of that, it's the total impunity and relative anonymity they enjoy.

i understand the 'set a thief to get a thief' logic, but with no price to pay personally for their fake 'oops!', and the convenience of needing revolving door appointments, because no lay person understands the devious logorrhea and arcane numericals these scams are couched in, but these people have betrayed millions by their convenient incompetence at their jobs, jobs which destroy quality of life for the many, enriching only a few.

who are they, why aren't their faces and names on front pages, why aren't they accountable, hiding behind their disposable stooge politicians?

they are worse than spies selling state secrets, no better than common criminals, yet when did one have to grovel even a little bit?

the present ones should be quaking, yet i have the impression they are continuing their selfish, corrupt games, while marionette pols go down like flies.

'The history of public debt is full of irony. It rarely follows our ideas of order and justice.' Thomas Piketty

by melo (melometa4(at)gmail.com) on Sun Feb 6th, 2011 at 07:02:19 AM EST
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"what do we have regulators for, if they are so easily captured, and have no moral hazard?"

Ah, that would be because when they cannot be so easily captured, a fake scandal is created in order to get rid of them.
After which of course, capture becomes a pre-condition for nomination.

Earth provides enough to satisfy every man's need, but not every man's greed. Gandhi

by Cyrille (cyrillev domain yahoo.fr) on Mon Feb 7th, 2011 at 02:34:04 AM EST
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Quite how the Minister for Finance and Taoiseach, not to mention the cabinet were absent from the substantive negotiations of quite the most import deal in the history of the state is beyond belief - and doesn't even seem to have entered public consciousness or political controversy yet.

Seems a good time to use this issue to give the pot a vigorous stir, though possibly in a separate LTE. My suggestion is that three factors entered into this:

  1. Cowan and other FF politicians were terrified of this issue and wanted to keep their fingerprints off of it to the extent possible.

  2. They have too little understanding of economics to deal effectively with problems of international finance.

  3. This is justified by the neo-liberal/neo-classical economics myth that economics is a separate realm from politics and has to be allowed to function according to its own laws -- the better for the economy to eat the society and pass the "profits" to the wealthy. "Filthy lucre" indeed!


"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sun Feb 6th, 2011 at 03:48:13 PM EST
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