Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: posthumousone who wrote (178129)	1/19/2009 9:55:58 PM
From: John Chen	Respond to of 306849

"a 700 pt rise up to the messiah day tomorrow????". If anything, tomorrow should be the start of 200-300 down day or days or weeks or months. It should be excruciating pain but slowly and then recover. It's better to start low and work its way up. This should be a basing year at best, bleeding to death is more likely. Any attemp to try to inflat out ( out spent ) the problem will be futile and meet with mericiless result. Let's see if O will lead the nation to: kneel down, hands up, beg for mercy and forgiveness from the God and Godess inhabiting in the shrines of wallstreet. That would make a 1000 points up day.

To: posthumousone who wrote (178129)	1/19/2009 10:41:35 PM
From: ChanceIs	Read Replies (1) \| Respond to of 306849

Ireland bank shares hit record lows >>>Dominoes. How do you stop the dominoes???<<< By SHAWN POGATCHNIK DUBLIN, Ireland Shares in Ireland's two largest banks plummeted to record lows Monday as investors feared that the government would be forced to increase their plans to invest in both, diluting the value of existing stock. The stunning sell-off came as the government prepared to nationalize Ireland's third-largest bank, Anglo Irish Bank Corp., an emergency measure that has raised wider doubts about the ability of Irish banks to cope with slumping property and construction markets. Allied Irish Banks PLC closed down 60 percent at euro0.60 ($0.79), Bank of Ireland down 55 percent at euro0.34 -- both shattering low points last reached in the mid-1980s. Ireland's other remaining publicly listed bank, mortgage and insurance specialist Irish Life & Permanent, fell 50 percent to euro1.10, seven cents above its own record low. Analysts said the surprise nationalization of Anglo had made it less likely that the much bigger, better-capitalized Allied Irish and Bank of Ireland would be able to drum up sufficient money from foreign investors as envisaged in a government bailout plan. Last month Finance Minister Brian Lenihan pledged to invest euro2 billion each in Ireland's big two banks alongside matching funds from private investors, and put euro1.5 billion into Anglo in exchange for a commanding 75 percent share of the debt-threatened bank. Lenihan stunned Anglo investors and global analysts by withdrawing the Anglo part of the plan Thursday night -- just hours before Anglo's battered shareholders were to convene to approve the deal. Instead, Lenihan said Anglo's debt problems required a total takeover rather than a cash infusion. Stuart Draper, director of Dolmen Stockbrokers in Dublin, said the Anglo U-turn was widely seen as "a panic measure that has spooked international investors." He said the government's hopes of wooing substantial private investment in Ireland's big two banks now appeared doomed, making heavier government investment -- and a heaver-than-expected dilution in the value of existing shares -- likely. International confidence in Anglo's debt management plummeted last month after investigators revealed that then-chairman Sean FitzPatrick had hidden euro87 million of his personal loans from shareholders. Friday's shareholder meeting heard that FitzPatrick had actually borrowed up to euro127 million, but hid these debts from the bank's external auditors for eight years. Five Anglo directors resigned from the board Monday, joining FitzPatrick and two other directors who resigned in recent weeks. Lenihan immediately filled one seat with Maurice Keane, a former chief executive of Bank of Ireland, and said he would announce other appointments once the state takes official control. Ireland's parliament will start debating the bill nationalizing Anglo on Tuesday. But the government was still revising its contents Monday -- and dropped a controversial rule restricting the ability of its biggest depositors to withdraw funds if they also have outstanding debts at the bank. That measure had appeared targeted at Anglo's biggest shareholder, Irish billionaire entrepreneur Sean Quinn, whose family reportedly have borrowed more than euro20 million from Anglo. The government denied claims from opposition lawmakers that it dropped the plans under pressure from Quinn, whose Irish companies make concrete and other building materials, run luxury hotels, and sell home, vehicle and health insurance. Quinn says his family has lost about euro1 billion from his ill-timed decision to buy 15 percent of Anglo's shares in mid-2008 -- when the stock was worth euro4 to euro5. Before its withdrawal last week from the Irish Stock Exchange, Anglo stock was worth less than euro0.22 -- more than 98 percent lower than their mid-2007 high.