Thursday, December 23, 2010

Irish government to rob billions from pensioners to "save" yet another useless toxic bank

Outrageous, right?

It is however what politicians through Europe are doing these days: rob the poor to give to the rich.


The Irish government gained court approval Thursday to nationalize Allied Irish Banks, the fourth bank taken over by Ireland amid a financial crisis brought on by speculative real estate lending.

The government, through the National Pension Reserve Fund, is immediately injecting €3.7 billion ($4.85 billion) into the bank and will initially get a 49.9 percent share of the AIB's ordinary share capital. Following the conversion of nonvoting shares already held by the government, taxpayers will own 92.8 percent of the bank, Ireland's Department of Finance said in a statement.

Can't we nationalize by decree without paying and without assuming the toxic debts of such useless entities? I understand that guaranteeing the regular accounts and savings (up to a limit) of regular citizens is important but for that we do not need to give away the hard earned pensions of workers. 

This is simply put a crime against the citizens, against the workers that keep Ireland (or any other country) standing. 

Let me forecast that the members of this government will some day be put to popular trial and sentenced to death for this and other similar abuses. 

... if not just outright lynched by a rightfully angry mob.

Thanks to DownSouth for the reference.

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