Rothschild Bank & Goldman Sachs are both on the list of bondholders getting U.S. taxpayer billions in Irish bailout

Guy De Rothschild

http://dailybail.com/home/rothschild-bank-and-goldman-sachs-are-both-on-the-list-of-bo.html

Anglo-Irish Bank did not represent a systemic risk to the Irish economy, it wasn’t a high street bank like AIB or the Bank of Ireland. If it had been allowed to go the way of Lehmans the only losers would have been shareholders and bondholders. The Irish state stepped in and nationalised a bank that was basically run by crooks lending to property speculators.  

• The Irish people are taking losses that should rightly have been shouldered by bondholders.

Every child in Ireland is being bequeathed a huge debt at birth to protect the interests of foreign, mainly German, bondholders – why?  Guido was once a bond trader, it was always understood that sometimes the bond issuer defaults.

• That is the risk investors take.

So why is Dublin’s political establishment so keen to protect foreign investors at the expense of future generations?  Guido has obtained the list of foreign Anglo-Irish bondholders as at the close of business tonight.  These are the people whom Dublin’s politicians really seem to care about:

Of the 80 listed companies only 7 listed pensions and being a cooperative savings institution. Of those only 4 listed churches and unions as their clients, the others could well have been big pension funds. The churches and unions in question were in Germany not Ireland.  Those seven companies are amongst the smallest of Anglo Irish’s bond holders.  I only have figures for four of the seven.  The largest, Union Investments of Germany, has a mere €165 billion in assets under management. 

The total assets under management which I was able to compile from publicly available figures is €20,871,150,000,000.   That is an underestimate because the bond holders who turn out to be Private and Swiss banks don’t publish any figures.  So Anglo Irish’s ‘bond holders’ hold and invest MORE than 20.8 trillion euros.  Guido lists those bond holders as holding between them 4 Billion euros in Anglo Irish bonds.

Now, in my opinion both figures are likely to be wrong.  Certainly my figure is a large underestimate.  But taking them at face value Anglo Irish would account for one 5000th of the total assets being managed by all the bond holders.  So would even a total default by Anglo Irish cause that much, let alone systemic, pain and risk? Why are the ‘Bond holders’ and the Irish government so concerned that the Irish people be forced to take the loss and pay the debts for them?

Now lets look at the other side of the equation, at Ireland itself.  Well Ireland’s GDP before the crash, in 2008, was … drum roll please… €207 billion.  Or 0.207 trillion.

SO….  on one side we have Ireland whose bond holders, its people, have between them a total GDP wealth of 0.207 trillion euros.  Who are being FORCED, against their will, to pay Anglo Irish bank’s debts to its bond holders, who between them hold 20.8 Trillion euros.  The people of Ireland are paying to, and protecting the wealth and power of, people who have 100 times more wealth!  

So where do these wealthy bond holders live and work?

Germany has the most with 15 of the bond holders. Who between them hold 5.3 trillion euros.
France is next with 10 bond holders.  Who have about 4 trillion to keep them warm.
Britain is third with 9 who have around 3 trillion.
The Swiss have 6 but who have about 8.5 trillion.
America has only three and hold only a trillion.

Other nations include, Spain, Belgium, Portugal, Holland Finland, Norway, Sweden, Poland, South Africa and Italy.

All these figures are very rough.  The figure for Switzerland is certainly under because Private Swiss banks just don’t publish figures.  What we can say for sure, figures or no figures, is these are not banks investing widow’s pensions or orphan’s pennies.

So who are they? Well many of the bond holders are privately held banks, which list their activities as asset management for off-shore, non-resident and high value individuals.  To give you an example, one of the private banks is EFG Bank of Luxembourg.  EFG stands for European Financial Group which is the third largest private bank group in Switzerland.  It manages over €7.5 trillion in assets.  It is ‘mostly’, 40%, owned  by Mr Spiro Latsis, son of a Greek shipping magnate.  He also owns 30% of Hellenic Petroleum.  His personal fortune is estimated to be about $9 Billion.

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damn..but not shocked..this is what its about..its not austerity budgets..they come later..its paying out the elites so they dont lose their “hard earned” money..its that simple..and that treasonous..next stop..spain..

401

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~ by seeker401 on November 24, 2010.