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Class loyalty will tell: The state hires Merrill Lynch as financial advisers
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Monday January 26, 2009 11:01 by James O'Brien - Workers Solidarity - personal capacity
Is the government trying to go bankrupt?
The Irish government has called in as financial adviser Henrietta Baldock of the remarkable loss making machine that is Merrill Lynch The Irish Times has reported that the government has taken on two outside advisers, Pádraig Ó Ríordáin of Arthur Cox solicitors and Henrietta Baldock of Merrill Lynch. Arthur Cox are one of Ireland’s premier firms of corporate lawyers. Merrill Lynch, formerly one of the big five Wall Street investment banks, is a much bigger fish. In 2008, however, they became a global laughing stock due to their regular quarterly announcements of billions of euros in loses.
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Jump To Comment: 4 3 2 1http://www.eurotrib.com/?op=displaystory;sid=2009/1/31/...2/798
A scary tale considering these ML people are also state advisors!
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as vincent browne writes today in the sbp, it is the weakest section of society that will fund the shortfalls which FF aka the builder party have esposed us to, but tripling capital gains tax and higher corporation tax would likely not be a good solution. Last thing we need is to give intel another reason to leave..much better to focus on trasparency and accountability at govt level, we need to find out why the bank guarantee exposing us to ruinous losses was rushed through by cowen and leninhan with not even the opposition having time to react. Even their own party had no say by the look of it, and this was of such collosal import to every single one of us. We need to to question our apathy to politics or we will continue to have our futures sold off. Unfortunately in Ireland there is no civic spirit, its more "as long as im alright jack". In other countries there would be demonstrations by now.
Excerpt: "In the case of the joint stock company, established through the issuing of shares, the shareholders, in return for supplying money capital, receive a title to property. They do not have a right to a portion of the company. As a shareholder of a retail chain, you cannot go into a store and claim some of the merchandise, on the grounds that you are a part owner of it. The merchandise is the property of the incorporated person, the company. What you are entitled to is a portion of the profit, in the form of a dividend.
With the development of credit and shareholding we have the creation of new markets—financial markets—in which these titles to income, bonds and shares, are bought and sold. And as the prices of these financial assets rise and fall, so profits can be made by buying and selling them.
Here I want to emphasise that there are not two forms of capital. The money that was supplied, either as credit or through share subscription, has been deployed to purchase labour power and the means of production. It has become productive capital engaged in the process of extracting surplus value from the working class. It does not exist in the form of money as well. The shares and bonds are what Marx called "imaginary" capital, or fictitious capital. They are, in the final analysis, titles to income, to a share of the surplus value extracted by productive capital.
However, in the world of finance, of fictitious capital, it is possible to make great profits by buying and selling financial assets. This is an enchanted world, a world of illusion, because here it is possible to make money simply through the manipulation of money. Money, through the payment of interest, seems to accumulate as a natural function of its existence. Money begets money as Nature herself nurtures the growth of plants and animals. How could labour possibly be the source of all profit when clever manipulations and trades by financial operators can result in the accumulation of vast wealth?" Nick Beams