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Thread: Greece may take legal action against US banks [edited]

  1. #21
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    Re: Greece may take legal action against US banks [edited]

    Quote Originally Posted by PeteEU View Post
    Exactly.. at least this politician has the balls to even be thinking about it.
    It isn't balls, it is pathetic. It is another example of how Greek leaders are trying to foist the blame on others when it was their own ruinous fiscal policies that have put them in this situation.
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    Re: Greece may take legal action against US banks [edited]

    Quote Originally Posted by ludahai View Post
    It isn't balls, it is pathetic. It is another example of how Greek leaders are trying to foist the blame on others when it was their own ruinous fiscal policies that have put them in this situation.
    So you are saying that the Greeks should not go after those who were complicit in the problem... I see.. so you are one of those non-accountability conservatives when accountability means one of your own will be hit.. now that is pathetic.
    PeteEU

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    Re: Greece may take legal action against US banks [edited]

    You don't have to be a conservative to find this pathetic, after all Greece is responsible for their fiscal policy no matter what some bank advised them to do. US banks should take legal action against Greece for libel and slander.

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    Re: Greece may take legal action against US banks [edited]

    Quote Originally Posted by Djoop View Post
    You don't have to be a conservative to find this pathetic, after all Greece is responsible for their fiscal policy no matter what some bank advised them to do. US banks should take legal action against Greece for libel and slander.
    Problem is Greece did not approach them.. the banks approached Greece with a product designed to hide the debt. They were advised by the bank that it was legal and no problem. That was very bad advice and considering the information we have been getting on these very banks playing both sides of the track.. then the question arises if the banks set up Greece (and others) to fail so the banks could earn trillions.

    There is this thing of aiding a criminal or illegal act.. which is what the banks did.
    Last edited by PeteEU; 05-17-10 at 06:08 AM.
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    Re: Greece may take legal action against US banks [edited]

    In the CNN interview, Papandreou said many in the international community have engaged in “Greek bashing” and find it easy “to scapegoat Greece.” He said Greeks “are a hard-working people. We are a proud people.”

    “We have made our mistakes,” Papandreou said. “We are living up to this responsibility. But at the same time, give us a chance. We’ll show you.”
    Papandrewpoop packed a lot of crap into a few sentences.


    Greek bashing
    ?
    Ahhh... like they don't deserve a little ridicule. It's the same reason why Obama is ridiculed. Forcing dumb ideas upon us who's time has long passed.

    Easy to scapegoat Greece?
    YES! Like Obama. It's easy to identify and mock stupidity. Greeks have had more time at it though.

    Hard working people?
    LOL... they misquoted him. He said "hardly working people".
    Even hardlier working people than most of Europe.
    A little like Obama's Amerika. Some work, some jerk.

    We have made our mistakes?
    His speech writer lifted this from Queen's, We are the Champions.
    He was going to sing it to the press, but cooler heads prevailed.

    They are living up to this responsibility?
    Oh yeah baby! We see that!
    Point your fingers in other directions for your own problems.
    This guy a lost twin of Obama's?

    They'll show us?
    This is the "Yes we can" substitute.
    They have already shown us. We know Greece and Greeks.
    They behaved like they were behind the Iron Curtain for decades.
    Now they want to flip a switch and say "New Greece"! LOL.

    Sorry, it takes at least a generation to begin the process of eradicating the feces they've used as a grease substitute to lubricate the Greek machinery.

    .
    Last edited by zimmer; 05-17-10 at 06:17 AM.
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    Re: Greece may take legal action against US banks [edited]

    Quote Originally Posted by PeteEU View Post
    Problem is Greece did not approach them.. the banks approached Greece with a product designed to hide the debt. They were advised by the bank that it was legal and no problem. That was very bad advice and considering the information we have been getting on these very banks playing both sides of the track.. then the question arises if the banks set up Greece (and others) to fail so the banks could earn trillions.

    There is this thing of aiding a criminal or illegal act.. which is what the banks did.
    LOL... are the Greeks a bunch of incompetent nincompoops that couldn't understand what they were getting into? Well, we've established that... so Yes.

    They didn't have the brains to see what could be? Seems so.

    Didn't have the will power to say no? Another... in the yes column.

    Couldn't have consulted with some of their EU members or other financial advisers? Perhaps they did and got the green light.

    You see, here we have the ever arrogant Europeans telling us how we should run our show, when they are up to their asses in debt and don't shell out barely a nickel for national defense. Then when they are offered dubious instruments and accept them... they turn around and blame those making the offer.

    Did they eliminate the word "no" from the Greek vocabulary?

    Then we have one of my favorite posters, a definer of the EU... Petey... defending Greece's ridiculous behavior, pointing fingers at the US.

    Man up Eurowimps. Accept your own mistakes and take responsibility for your won f-ups and back yard for once.

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    The Clintons are what happens...
    when you have NO MORAL COMPASS.

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    Re: Greece may take legal action against US banks [edited]

    Quote Originally Posted by PeteEU View Post
    Problem is Greece did not approach them.. the banks approached Greece with a product designed to hide the debt. They were advised by the bank that it was legal and no problem.
    It doesn’t matter that the bank approached them, governments are responsible for their legal advice, usually not something they put out to board.

    I hope the Nigerian lottery doesn’t have their number.

    That was very bad advice and considering the information we have been getting on these very banks playing both sides of the track.. then the question arises if the banks set up Greece (and others) to fail so the banks could earn trillions.
    Err, for the record, I have seen no information other than your accusations on this forum. If they make trillions (Rupees?) that’s not going to go by unnoticed in these economical depressing times.
    There is this thing of aiding a criminal or illegal act.. which is what the banks did.
    Ah, I see. So the Greek government is the criminal and the plaintiff in this conflict, how interesting. Somehow I don’t think they’ll be able to prove any of it, but maybe I’m being naÔve.
    Last edited by Djoop; 05-17-10 at 07:10 AM.

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    Re: Greece may take legal action against US banks [edited]

    Quote Originally Posted by Djoop View Post
    It doesnít matter that the bank approached them, governments are responsible for their legal advice, usually not something they put out to board.
    Of course the former government is responsible for it all, but that does not mean that accomplices should go free does it?

    Err, for the record, I have seen no information other than your accusations on this forum. If they make trillions (Rupees?) thatís not going to go by unnoticed in these economical depressing times.
    Not my fault you dont know of the role of speculators and investment banks in the world economy. George Soros ring a bell? Ask the Brits about him. And dont you find it odd that the bailed out investment banks had profit every single day for the last many months despite days where the markets went down several 100 points.. hmmmz. Wonder what they made money on .. oh yea, bets on the markets taking a nose dive! And that is the root of the problem. Companies and investors can make bets on an negative and actively assure that the negative happens.

    Ah, I see. So the Greek government is the criminal and the plaintiff in this conflict, how interesting. Somehow I donít think theyíll be able to prove any of it, but maybe Iím being naÔve.
    No, the Greeks are the bank robbers, and the banks are the driver in the get away car. Should the driver not be punished for his actions?

    It amazes me that people dont believe in accountability for ALL involved.. instead you all protect the banks (most likely because they are US) and throw more firewood on the Greece fire... pathetic attitude to be frank.
    PeteEU

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    Re: Greece may take legal action against US banks [edited]

    Quote Originally Posted by PeteEU View Post
    Of course the former government is responsible for it all, but that does not mean that accomplices should go free does it?
    So, whatís the penalty for giving bad advice? Anyways, Iíve given my opinion and thatís all the time Iím going to waste on the nonsensical notion that it takes balls to blame others for your mistakes.

    Not my fault you dont know of the role of speculators and investment banks in the world economy. George Soros ring a bell? Ask the Brits about him.
    If this comment convinced anybody let me know, Iíll kill myself.

    And dont you find it odd that the bailed out investment banks had profit every single day for the last many months despite days where the markets went down several 100 points.. hmmmz. Wonder what they made money on .. oh yea, bets on the markets taking a nose dive! And that is the root of the problem. Companies and investors can make bets on an negative and actively assure that the negative happens.
    No I donít find it odd, most banks are back in black. Do you want to borrow some money?

    No, the Greeks are the bank robbers, and the banks are the driver in the get away car. Should the driver not be punished for his actions?
    The answer is always NO because the analogy is incorrect.

    It amazes me that people dont believe in accountability for ALL involved.. instead you all protect the banks (most likely because they are US) and throw more firewood on the Greece fire... pathetic attitude to be frank.
    Yeah my attitude is pathetic and I donít the role of speculators and investment banks in the world economy, I should be thankful for your willingness to respond to my comments.

    You obviously forgot I had to school you on black wednesday, still you ask me if I know Soros. Iím not going to downplay it and say itís pathetic, some thing are better left unsaid.

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    Re: Greece may take legal action against US banks [edited]

    IMO, legal action may be far-fetched. That does not mean other mechanisms to reduce/slow speculation might not be a bad idea. However, the source of the problem is Greece's fiscal position.

    If Greece ultimately needs to have its debt restructured, and if the IMF proceeds with a preemptive restructuring (the alternative it offered to the package that was ultimately agreed), both public and private sector institutions will take losses on Greek debt. While the banks suffering the "haircuts," especially if they are forced through by the IMF, might try to claim to be "innocent victims" of Greek fiscal profligacy, the reality is that there are no "innocent victims" in the debtor-creditor relationship. It takes two to tango, so to speak. Greece failed to gain a grasp on its fiscal policy. The financial institutions and others that allowed Greece to accumulate a substantial external debt failed to consider Greece's past: the unique circumstances that followed Greece's anti-democratic era and Greece's history of serial default. In short, bad lending/poor risk management practices coupled with Greece's lack of fiscal sustainability were the building blocks of this most recent financial market crisis.

    The speculation that has occurred in recent weeks is more of a symptom than the cause of the disease so to speak. The underlying disease is Greece's fiscal position. That does not mean that symptom mitigation is necessarily a bad thing, but the overall cure will depend on Greece's fiscal consolidation.

    On May 15, 2010, European Central Bank (ECB) President Jean-Claude Trichet provided an interview with Der Spiegel. In that far-reaching interview, he provided some insights specifically related to Greece, not to mention the larger context of the financial challenges facing the Euro Zone.

    With respect to Greece, some excerpts:

    The Greek government took too long to acknowledge the extent of the problem and take the necessary measures. We at the European Central Bank (ECB) were loud and clear in our warnings that the government must act quickly and decisively. In very demanding times, in times of severe tensions deciding swiftly and decisively is of the essence...

    ...we must now demand extensive adjustment programs from the governments, which the heads of state and government committed to the Friday before last. They are committed to accelerating the consolidation of their budgets. They know what is at stake now...

    There need to be major improvements to prevent bad behavior, to ensure effective implementation of the recommendations made by "peers" and to ensure real and effective sanctions in case of breaches (of the Stability and Growth Pact). The ECB is calling for major changes...

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