That's according to Jeroen Dijsselbloem, President of the European Stability Mechanism.
The logic seems to be that a troubled bank's owners and investors should be held liable for a bank's losses before the taxpayer is called on for a bailout.
He seems to be saying that people who put their money in a bank are "investors" in that enterprise.
They're not.
The kind of financial hanky-panky that gets banks into trouble has absolutely nothing to do with the fact that my all-too-modest pay is deposited there, and that I then use my account to pay my mortgage and utilities.
While it is fine to hypothesize that the people taking the biggest hit in the Cyprus fiasco are Russian tax cheats, the principle here is that you the depositor are going to be held to account for the derivatives trading losses of that twat who got himself a multi-million bonus last year but lost his bank a billion this year.
Doesn't sit right with me.
Showing posts with label European Stability Mechanism. Show all posts
Showing posts with label European Stability Mechanism. Show all posts
Monday, March 25, 2013
Saturday, June 30, 2012
What's new in the eurobaloney crisis
It has been such a busy week news-wise that you might have missed this tidbit.
Non-elected Italian PM and former Goldman Sachs advisor Mario Monti and EFSF boss Klaus Regling have prevailed upon austerity goddess Angela Merkel to permit the creation of a new bail-out superfund to be called the European Stability Mechanism.
The EFSF is the European Financial Stability Facility, created in 2010 as a conduit to shovel public money to failing private banks. Regling was one of the chief architects of the eurozone (as was Monti) and among the many other hats he wears, he has been an advisor to hedge fund Moore Capital Management.
What's new about the new European Stability Mechanism is that it will be authorized to shovel the public's money directly to the banks without the approval of national governments!
This is certainly cause for celebration among the Bilderberg crowd. There's nothing worse than a bunch of elected politicians to gum up the smooth running of the machinery of plutocracy.
Enough already with "will of the people" this and "public interest" that... this will free up the banksters to do what it is their God-given mission to do.
Screw over the rest of us.
Non-elected Italian PM and former Goldman Sachs advisor Mario Monti and EFSF boss Klaus Regling have prevailed upon austerity goddess Angela Merkel to permit the creation of a new bail-out superfund to be called the European Stability Mechanism.
The EFSF is the European Financial Stability Facility, created in 2010 as a conduit to shovel public money to failing private banks. Regling was one of the chief architects of the eurozone (as was Monti) and among the many other hats he wears, he has been an advisor to hedge fund Moore Capital Management.
What's new about the new European Stability Mechanism is that it will be authorized to shovel the public's money directly to the banks without the approval of national governments!
This is certainly cause for celebration among the Bilderberg crowd. There's nothing worse than a bunch of elected politicians to gum up the smooth running of the machinery of plutocracy.
Enough already with "will of the people" this and "public interest" that... this will free up the banksters to do what it is their God-given mission to do.
Screw over the rest of us.
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