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« Chris Whalen On Wells Fargo & BofA: "They've been pulling reserves out of loss provisions to goose their earnings and hit the analyst targets" | Main | Map Of U.S. States By Home Foreclosures »
Thursday
Feb172011

Will Bernanke Scoop Up $50 Billion Of Ireland's Toxic Assets? Fine Gael Seeks MASSIVE Loan From U.S. Fed

The Chairman can't stop stuffing his face his balance sheet.

--

Originally published Feb. 5.  Reprinting in light of yesterday's elections in Ireland.

Will Bernanke Scoop Up $50B of Ireland's Crap Assets?

Ireland's Fine Gael party, which is likely to take control of the government at the next election, has issued a multi-pronged plan to deal with Ireland's banking and sovereign debt crisis.  Among other options, they are reserving the right to "unilaterally restructure the private debts of those Irish banks in greatest need of recapitalisation."

In other words, secured and unsecured bondholders are going to get whacked, or at least that's the not-so-subtle threat.

However, in less positive news, Fine Gael also made public their hope to secure funding from the Federal Reserve:

  • "To wean Irish banks off their dependence on ECB funding, Fine Gael is also looking at possibly securing funding from the U.S. Federal Reserve using the dollar assets of Irish banks, estimated at around $50 billion, as security."

Ponder that for a minute.  Irish politicians are openly planning to use the Federal Reserve, the central bank of the United States, to bail out their own, corrupt, diseased banks.  At Bernanke's extra low teaser rate of course.

Makes one wonder what else the Fed might have been involved in these past two years.  But, don't worry.  The Chairman has it all under control.  In fact, there's absolutely no need for any sort of pesky audit of the Fed.  He told you that himself on Thursday.  And if there's one thing we know for sure, it's that the Great Bernanke would never lie.

WikiFed, anyone...?...

---

 

A quick glance at Bernanke's transparent dishonesty...

 

 

By jaysus, Fine Gael's Enda Kenny says Irish ice cream is just feckin' tasty.  Won't you have some, Mr. Bernanke?

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Reader Comments (23)

Feb 4 (Reuters) - Ireland's main opposition party warned on Friday that it could unilaterally restructure bank debt if it wins power this month, unless the burden on the country from an EU/IMF bailout is eased.

http://www.reuters.com/article/2011/02/04/ireland-opposition-banks-idUSLDE7131N920110204
Feb 5, 2011 at 11:26 PM | Registered CommenterDailyBail
Irish opposition party warns Europe on banks

Fine Gael says renegotiation part of Europe-wide efforts

* Warns it may unilaterally impose losses on bank debt

* Wants Europe to take stakes in top two Irish banks

* Looking at accessing bank funding from U.S Federal Reserve

http://www.reuters.com/article/2011/02/04/ireland-opposition-banks-idUSLDE71318V20110204
Feb 5, 2011 at 11:28 PM | Registered CommenterDailyBail
The 1099 Repudiation

A revealing debate over one of Washington's dumbest ideas.

http://online.wsj.com/article/SB10001424052748704709304576124090853943176.html?mod=WSJ_hp_mostpop_read
Feb 5, 2011 at 11:29 PM | Registered CommenterDailyBail
The Tax Bowl

Roethlisberger vs. Rodgers vs. Romo.

We won't predict the winner of this Sunday's Super Bowl between the Pittsburgh Steelers and Green Bay Packers. But we can report this much: The Steelers will get to keep a lot more of their season earnings, though both team's players would be a lot richer if they played all of their home games ...

http://online.wsj.com/article/SB10001424052748704709304576124283088841742.html?mod=WSJ_newsreel_opinion
Feb 5, 2011 at 11:30 PM | Registered CommenterDailyBail
Can a Computer Win on 'Jeopardy'?

Defeating a chess champion is a piece of cake compared to parsing puns and analyzing language.

http://online.wsj.com/article/SB10001424052748703439504576116163439390834.html?mod=WSJ_newsreel_lifeStyle
Feb 5, 2011 at 11:34 PM | Registered CommenterDailyBail
Advice to Likely Finance Minister, Michael Noonan: Play hard ball -- it's the only option

http://www.independent.ie/business/irish/play-hard-ball-its-the-only-option-2527373.html
Feb 6, 2011 at 12:31 AM | Registered CommenterDr. Pitchfork
Dr. P--

As I've come to learn on the dark horse campaign trail in Chicago, hardball is your only option.

DB, I'll have a draft guest post re Janko et al that'll knock your socks off. Watch your email the next 24 hours. To answer the question posed by this post, just ask: do GS/JPM win or lose? That's your answer.
Feb 6, 2011 at 12:35 AM | Unregistered CommenterCheyenne
do GS/JPM win or lose? That's your answer.
---
Well, here's a partial answer.
http://dailybail.com/home/rothschild-bank-and-goldman-sachs-are-both-on-the-list-of-bo.html
Feb 6, 2011 at 12:42 AM | Registered CommenterDr. Pitchfork
The answer is yes to this post, then they will create a fraudulent AAA rating on these Irish "investments", bundle them up, and sell them to the nations pensions like little cluster bombs to destroy Americas seniors as they have in the past.

And then we will blame the unions like good little citizens of Dumbfuckistan. Then we will all live happily ever after in abject poverty, and reward the guilty by electing them to high office.

The end.

Oops, I wasn't supposed to say that part about how they have already done that, the citizens of Dumbfuckistan are not supposed to know so they can continue to blame someone else...
Feb 6, 2011 at 2:05 AM | Unregistered CommenterS. Gompers
Dr. P--

There are only 3 answers to a yes-no (or any binary) question: yes, no, I don't know.

For that reason, I couldn't assimilate the link you so kindly provided. And unfortunately, I'm leaving the office soon.

I'll check your response via my hand machine (a dubious Blackberry) but I can't respond 'itl tomorrow.

Janko says if he had the dough, he'd put 5 dimes on GB tomorrow. I got the dough but play ponies and avoid books. However, Bernanke's ZIRP policy has forced me into speculative bets beyond comprehension.

Stay tuned.
Feb 6, 2011 at 2:13 AM | Unregistered CommenterCheyenne
cheyenne...i have some time tomorrow...call me around 11 am if you're free then...and it's hard to bet against aaron rodgers, but anything can happen...he underperformed, like jamie dimon with his wife, last week...
Feb 6, 2011 at 2:21 AM | Registered CommenterDailyBail
Gomp wrote...

And then we will blame the unions like good little citizens of Dumbfuckistan. Then we will all live happily ever after in abject poverty, and reward the guilty by electing them to high office.

The end.

---

that is poetry gomp...but honestly, the Fed won't do this deal...not even close...too public, too risky....that was Fine Gael's first mistake....should have talked to bernanke privately...they shot their load before bernanke even undressed...game over...no loan for ireland...
Feb 6, 2011 at 2:26 AM | Registered CommenterDailyBail
That "poetry" was sarcasm Steve, because they have done it to the pensions already, and I now have a "governor" that proves the validity of the moral character of Dumbfuckistan. Never say never though, and never kick a "dead" bull in the nuts, he might just be sleeping.


Have a good evening.
Feb 6, 2011 at 2:37 AM | Unregistered CommenterS. Gompers
I think the FED will do any deal they want to and to hell with public opinion . They Ignore the courts, piss on the CFPB, and have the MSM and the Government for their cheering section to keep the ("Citizens of Dumbfuckistan, Love that term Gomp!") under control. They haven't paid any attention to the majority of the American People for almost a hundred years why start now?
Feb 6, 2011 at 12:39 PM | Unregistered CommenterSagebrush
New indestructible mosquito that evades malaria control measures is 'impossible' to kill off

http://www.activistpost.com/2011/02/new-indestructible-mosquito-that-evades.html
Feb 6, 2011 at 2:44 PM | Registered CommenterDailyBail
Hedge Fund Manager Bill Fleckenstein: Fed Money Printing to Cover Bank Theft Is Leading to Food Inflation Worldwide

http://www.washingtonsblog.com/2011/02/hedge-fund-manager-bill-fleckenstein.html
Feb 6, 2011 at 2:50 PM | Registered CommenterDailyBail
"Fed Money Printing to Cover Bank Theft Is Leading to Food Inflation Worldwide"

The most important thing is that we are still paying farmers to not farm. Anybody remember the story of the seven fat cows and the seven skinny cows?

But don't worry, the rich will not go hungry, even if they have to use the law to steal from you and take food from the mouths of babies they will survive.

The leadership of Dumbfuckistan is setting us up for the greatest systemic failure the world has ever seen, and the masses clamor to vote for them.
Feb 6, 2011 at 4:21 PM | Unregistered CommenterS. Gompers
When TSHTF in the USA all the banksters and CONgress liars will realize there is no place to hide anymore,[...]

They will feel the full rath of the people that they have enslaved......The NWO and its lackeys will be crushed by the masses,as they try to make ends meet,and become fully aware of who is to blame....

Bye Bye bernakeeeeeeeee and your ilk........................
Feb 6, 2011 at 4:38 PM | Unregistered Commenterdan
For Bernanke, no escaping politics now

http://www.reuters.com/article/2011/02/06/us-economy-weekahead-outlook-idUSTRE7151WT20110206

[snip]

Echoing comments from White House and Treasury officials, Bernanke said last week that if Congress failed to raise the government's borrowing limit, it could force the United States into a "catastrophic" default.


Ireland gets 3.6 billion euros from rescue fund: source

http://www.reuters.com/article/2011/02/06/us-eurozone-bailout-idUSTRE7150TW20110206

[snip]

(Reuters) - Ireland has received a first tranche of 3.6 billion euros ($4.9 billion) from the euro zone rescue fund, slightly more than the initial amount agreed, a fund source told Reuters on Sunday.
Feb 6, 2011 at 5:12 PM | Unregistered Commenterjohn
I'm with Sage. And yeah, Gomp nailed it with Dumbfuckistan.
Feb 6, 2011 at 10:34 PM | Unregistered CommenterCheyenne
"Janko says if he had the dough, he'd put 5 dimes on GB tomorrow."

Good thing Ben gave Jamie the money instead.
Feb 6, 2011 at 10:41 PM | Unregistered CommenterCheyenne
Hey, DB, I'm trying to send you an email, but mac is flat-out motherfucking me. Funny, no?

Email includes a terrific shot of Janko.

"No one ever opened my head with a glove," he told me. ' All headbutts, dirty motherfuckers."

Wait 'til you see the pic. Janko's livid about the infraction, and coming to kill.
Feb 7, 2011 at 1:27 AM | Unregistered CommenterCheyenne

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