Irish Independent: ‘Banksters’ should be put behind bars’ - Retirement funds have collapsed *

Irish Independent
24.06.2009
By Paul Doran

Banksters’ should be put behind bars

If the poor are sent to jail when they default on civil debts, why are the ‘banksters’ forgiven for their corrupt, unethical, or questionable practices, which put them into default, and ruined the country?

Instead they are promised billions. And everyone else is told to “tighten your belts”.

In an article of June 7, a “director of a debt collection agency” said that “locking up defaulters is the only way to recoup debt”.

Then why not jail for the ‘bankster’?

The difference in treatment says a lot about who actually runs the country.

Financial interests are the greatest threat to democracy.

“The bankers own the earth. Take it away from them, but leave them the power to create deposits, and with the flick of the pen they will create enough deposits to buy it back again.

“However, take it away from them, and all the great fortunes like mine will disappear and they ought to disappear, for this would be a happier and better world to live in.

“But, if you wish to remain the slaves of bankers and pay the cost of your own slavery, let them continue to create deposits.”

So said Josiah Stamp (1880-1941) president of the Bank of England in the 1920s, the second richest man in Britain during that time.

THE comments from Chief Justice John Murray (’Chief Justice critical of unfair coverage’, Irish Independent, June 23) goes to show you how far removed this special elite is from the everyday lives of real people.

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Irish Independent
24.06.2009
By Charlie Weston

Our pension losses are highest in the world

Pension funds in Ireland notched up the biggest losses in the developed world last year, according to a stark new report.

Retirement funds here collapsed spectacularly because they are over-exposed to shares and property.

The report from the Paris-based Organisation for Economic Co-operation and Development (OECD) details the massive losses notched up by private pension funds.

The deficits have sparked new fears that those nearing retirement may have to radically scale back their income expectations.

Nearly a million people here are between the ages of 44 and 64, according to the Central Statistics Office. This means a pension timebomb is building,

The revelation came as the Government moved to bail out a number of struggling public sector pension funds by transferring them into the National Pensions Reserve Fund. Fourteen state and university pension schemes — all of them underfunded — are covered by the move

The move will guarantee the pensions, but comes at a future price to the taxpayer. The schemes currently have assets of €1.75bn, but liabilities of nearly double that amount, at €3bn.

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