2008–2009 Irish banking crisis

The 2008–2009 Irish banking crisis is an ongoing situation in Ireland which has led to a number of financial institutions requiring government assistance and has subsequently led to a number of unexpected revelations about the private affairs of some banks. The December 2008 hidden loans controversy within Anglo Irish Bank led to the resignations of three executives, including chief executive Sean FitzPatrick, and the institution was nationalised in January 2009 when the Irish government determined that recapitalisation would not be enough to save the bank. Recapitalisation was however carried out at the country's two largest banks, Allied Irish Bank (AIB) and Bank of Ireland (BoI), with bailouts of €3.5 billion confirmed for each bank on 11 February 2009. Since then it has emerged that Anglo Irish Bank falsified its accounts before it was nationalised, with transactions between it and another bank, Irish Life and Permanent, being uncovered. The chief executive of Irish Life and Permananent, Denis Casey, resigned in the aftermath of this revelation. Amidst the crisis the ruling Fianna Fáil party has fallen to third place in an opinion poll conducted by The Irish Timesplacing behind Fine Gael and Labour, the latter of which rises above Fianna Fáil for the first time in history Fine Gael leader Enda Kenny, speaking in County Cork on 15 February, asked the entire board of the Financial Regulator to resign.
It is now known that a mysterious "Golden Circle" of ten businessmen are being investigated over shares they purchased in Anglo Irish Bank in 2008.
Tyr, a few days ago I heard a feature on CBC radio about the banking crises. It mentioned Iceland, Ireland, Switzerland and USA as the countries where banks were in big trouble.
Did they have some crazy mortgage schemes like 115% financed?
And yet months and months ago I stated that we were in a recession, nobody would agree.


The U.S. Economy: Designed to Fail
President Barack Obama showed a great deal of gumption in standing before Congress last night delivering his first speech to the joint assembly. All the trappings of power were on display as members of the House and Senate, the Supreme Court, the Joint Chiefs, the Cabinet, and the VIP guests hugged and waved at each other, radiant in their tailored attire only two nights after the Hollywood stars put on their own show on Oscar night.
Too bad neither the president, nor Vice President Joe Biden and Speaker of the House Nancy Pelosi applauding on the podium behind him, nor the jubilant Democrats with their solid majorities, nor the grumpy Republicans slouching in the minority across the aisle, know what they are doing as economic extinction stares the United States of America in the face.
Yes, it’s that bad. The day after the speech the Dow-Jones dropped to 7,271, almost 50 percent off its October 2007 high, with no bottom in sight. According to the Washington Post, the Big Three automakers are now facing a “bottom-up” collapse of their component supply lines if their vast network of suppliers doesn’t receive new federal loans within a week. Worldwide the situation is just as bad. The U.N.’s International Labour Organization reports:
“What began as a crisis in finance markets has rapidly become a global jobs crisis. Unemployment is rising. The number of working poor is increasing....

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