Defaulting banks - where will it stop?

[Magda Hassan]

Bank of Ireland collapse confirmed
WhistleblowerIRL's rumour is now confirmed.


Again from Reuters

Ireland says in talks over Bank of Ireland equity investment

DUBLIN, July 23 | Sat Jul 23, 2011 10:02am EDT

(Reuters) - The Irish government on Saturday said it was in talks with potential equity investors in Bank of Ireland (BKIR.I) as it struggles to keep its last major bank out of state control.They hid this one for as long as they could but once word got out they had no choice but to confirm, hence making a statement on a Saturday. They couldn't let this be a rumour come Monday.

The article goes on to break the inevitable 'shaft the tax payer' news that,

If the lender cannot find an investor or persuade its largely retail shareholder base to participate in a 1.91 billion euro ($2.8 billion) rights issue then the state, which is underwriting the offer, could end up with a 70 percent stake.

Translation - the banks was indeed in New York on Friday trying to flog it and it's not looking good. If it was the government wouldn't have released this news at all. The big American Investors aren't buying because they don't think the bank is viable or solvent and worry that the Irish government and its EU pimp may not bail it sufficiently to make it profitable to buy in. That leaves asking Irish investors to be patriotic and give more of their money to the people who own the banks bonds. Fat chance.

So it's a goner and guess who will pay? The tax payer of course.

Dublin has closed two of its six domestic lenders, merged another two state-controlled institutions and will soon take over a fifth as it seeks to draw a line under a banking crisis that forced the former Celtic Tiger economy into an EU-IMF bailout.

Seeks to draw a line? Let me rephrase that, "...as it seeks to draw the noose a little tighter round the necks of its own people for the profit of the few."
http://golemxiv-credo.blogspot.com/2011/...irmed.html