Whistleblower. Something truly rotten in the banking sector. Silence from our politicians!!!

[MPB]

All Banks are corrupt. All regulators can be bought.

Central Banks are the problem.

The IFSC was a concept designed by Charles Haughey and friends.

Typical of FF. Rather than imprison people for criminal activity, they just decide to make that particular criminal activity legal.

Hence the IFSC.

Ansbacher was illegal, but the IFSC was not.

As for the German Banks. They are being saved by their corrupt friends in the ECB. The ECB is the German Banks.

Germany is riding Europe and Europe is too cowardly to say it.

[C. Flower]

All Banks are corrupt. All regulators can be bought.

Central Banks are the problem.

The IFSC was a concept designed by Charles Haughey and friends.

Typical of FF. Rather than imprison people for criminal activity, they just decide to make that particular criminal activity legal.

Hence the IFSC.

Ansbacher was illegal, but the IFSC was not.

As for the German Banks. They are being saved by their corrupt friends in the ECB. The ECB is the German Banks.

Germany is riding Europe and Europe is too cowardly to say it.

Would Elderfield at this stage have a good idea of the extent to which the unregulated IFSC is a roaring abscess that could burst at the slightest p rod?

With the spectre of a banking union and centralised regulation looming, is there going to be some kind of attempt to clean it up internally, to avoid another Anglo-scale scandal, before somebody from outside intervenes ?

[Kev Bar]

That's a good piece by Mark Keenan. I was wondering if he's any relation to economics editor Brendan Keenan?

http://ie.linkedin.com/pub/dir/Mark/Keenan

Was thinking that too.

Rare you see writing sted of typing in that domain.

[C. Flower]

"Ireland: a great little country to do business in" Enda Kenny, August 2012, Beal na mblath

[Captain Con O'Sullivan]

All Banks are corrupt. All regulators can be bought.

Central Banks are the problem.

The IFSC was a concept designed by Charles Haughey and friends.

Typical of FF. Rather than imprison people for criminal activity, they just decide to make that particular criminal activity legal.

Hence the IFSC.

Ansbacher was illegal, but the IFSC was not.

As for the German Banks. They are being saved by their corrupt friends in the ECB. The ECB is the German Banks.

Germany is riding Europe and Europe is too cowardly to say it.

That just about sums it up alright. The IFSC may have been Haughey's notion but all roads lead back to Charles McCreevy. Interestingly the lynchpin of corruption between Fianna Fail and the senior civil service which bribed them to abandon any notion of independence at a senior level also leads directly back to Charles McCreevy.

McCreevy would be the lad also who was a Commissioner responsible for oversight of banking regulation at European level as well. I know he carried out an extensive round of lunches with European bankers in order to winkle out how they'd quite like to be regulated. And when that round of lunches was over and the hen looking like it was about to produce a regulatory egg he then strangled the the bird and ordered a new round of lunches and a new hen.

And then he was forced to step down as Commissioner. In a Europe and Ireland quite renowned for corruption for everything from the mafia to eastern european moneylaundering certain nabobs are required to look the other way deliberately or to even facilitate the con.

And there is no doubt in my mind that Charles McCreevy is absolutely central to the position Ireland and European politics now finds itself in with regard to corrupt banking.

I'd have him up against a wall faster than Bertie Ahern.

[C. Flower]

That just about sums it up alright. The IFSC may have been Haughey's notion but all roads lead back to Charles McCreevy. Interestingly the lynchpin of corruption between Fianna Fail and the senior civil service which bribed them to abandon any notion of independence at a senior level also leads directly back to Charles McCreevy.

McCreevy would be the lad also who was a Commissioner responsible for oversight of banking regulation at European level as well. I know he carried out an extensive round of lunches with European bankers in order to winkle out how they'd quite like to be regulated. And when that round of lunches was over and the hen looking like it was about to produce a regulatory egg he then strangled the the bird and ordered a new round of lunches and a new hen.

And then he was forced to step down as Commissioner. In a Europe and Ireland quite renowned for corruption for everything from the mafia to eastern european moneylaundering certain nabobs are required to look the other way deliberately or to even facilitate the con.

And there is no doubt in my mind that Charles McCreevy is absolutely central to the position Ireland and European politics now finds itself in with regard to corrupt banking.

I'd have him up against a wall faster than Bertie Ahern.

It struck me particularly that he recently said that Irish banks, over the years, had frequently been allowed to trade when insolvent, and that it was no big deal.

He must have been one of the most despised Commissioners in the EU, of all time.

He was completely upfront that he saw no reason to turn up to do the job for which he was paid, on any occasion there a horse in which he had an interest running.

[WhistleblowerIRL]

RTE apparently mentioned the story earlier this week:

RTE - Today in the Press - Monday August 27
Updated: 09:18, Tuesday, 28 August 2012

The Irish Independent reports that the Financial Regulator has refused to reveal what action has been taken in regard to a serious complaint of liquidity irregularities made to his office in 2007 by a whistle-blowing former banker regarding Unicredit Bank Ireland.

It was alleged that the regulator received details that Unicredit Bank Ireland, an offshoot of Italy's biggest bank, had been operating in the IFSC with liquidity levels vastly below what was required by law.

In addition, Jonathan Sugarman, a former executive with Unicredit Bank Ireland, has consistently claimed that the Irish regulator's office took no action regarding his complaint.

Mr Sugarman was appointed risk manager for Unicredit Bank Ireland back in 2007 when it had an operation worth $50bn (€39.94bn) based in Dublin's IFSC.

Upon assuming the new position, Mr Sugarman claimed to have noticed serious irregularities in the bank's liquidity levels. The bank was required by law to keep assets and cash in reserve equivalent to 90% of its liabilities. Mr Sugarman says he believed Unicredit was operating in Dublin with cover of just 70%. Having called in independent consultants to confirm his fears, he then claims to have raised the matter with his superior at the bank. He says he was told "not to worry."

However, Mr Sugarman resigned his position and claims he then approached the Irish Financial Regulator's office in late 2007 to report the irregularities -- as required by law.

http://www.rte.ie/news/2012/0827/tod...-business.html

I wonder does this mean that they might actually show my interview on ABC TV in Australia which aired last November? Surely, if it was deemed of interest to the Australian public, it might be of interest to a few people in Ireland? Or is that the problem?!?

Here is the link to the ABC interview, just to make it easier:
http://www.abc.net.au/foreign/content/2011/s3367080.htm

PS
As PW readers probably know by now - I officially notified the Regulator's office of 20% breach while I was still in my job.

[Captain Con O'Sullivan]

If the Irish Financial Regulator is refusing to reveal what action has been taken then isn't that the point where a report to the EU Financial Regulators Office is appropriate? Far as I am aware Eurofin offices won't take up a complaint unless attempts to make the national regulator's office take action have resulted in nothing.

Looks like that stage has been reached on this affair. I'll have a look and see if there are contact details available.

[C. Flower]

RTE apparently mentioned the story earlier this week:




I wonder does this mean that they might actually show my interview on ABC TV in Australia which aired last November? Surely, if it was deemed of interest to the Australian public, it might be of interest to a few people in Ireland? Or is that the problem?!?

Here is the link to the ABC interview, just to make it easier:
http://www.abc.net.au/foreign/content/2011/s3367080.htm

PS
As PW readers probably know by now - I officially notified the Regulator's office of 20% breach while I was still in my job.

The "Wild West" approach to banking has proven disastrous.

While the stiffening of the regulatory regime may not have played such a big role as claimed, the German assertion that Ireland would become a less attractive location for international banking has already come to pass.
The Global Financial Centres Index 9gfci), published twice annually by the London-based financial thinktank Z/Yen, reflects the views of 1,400 international bankers. In 2009, Dublin featured in its top 10 of financial centres in the world. Most recently in the March study, Dublin had fallen to 46th position and, according to Z/Yen, is likely to fall further in the next survey due next month -- perhaps even taking Dublin outside the top 50 for the first time since the survey began.
There is a perception that the IFSC is at a crossroads. Some say it can cover itself by specialisation -- whether that be "green funds" through the so-called "Green IFSC" or as a European hub for sharia banking.

http://www.independent.ie/business/i...t-3214910.html

[Dr. FIVE]

Will be big implications for FF, both Govt parties and others who did nothing and will more then likely claim ignorance if this momentum keeps up. Norris raised it in the Seanad in 2010 and Kathleen Barrington is now an adviser. Serious embarrassment if the right questions are asked.

Will there be trouble for Unicredit itself and the precarious position the bank has occupied since 2008?

[Dr. FIVE]

Interesting too that INM is finally running it. Is it coincidence that we're seeing it now when the O'Reilly is toppled and links between Unicredit and INM are weaker. If there is a connection it will certainly take the shine off Osborne's spin about lack of pressure and interference under the old regime.

[Captain Con O'Sullivan]

christ- the 'Green' IFSC. Brendan Halligan will go blind with tugging at himself. The McCreevy of the Labour Party with his directorships in 'aternative clean energy' or rather investment funds looking to shyster carbon credits in another dodgy market when they can get it off the ground.

He's only a simple man that fought the Spanish War for us all is Brendan... Ireland has an untapped market in bullshyte that could light up Berlin for at least ten years on a single breath.

Some say it already has.

[Dr. FIVE]

Enda was bigging up the Green IFSC a few months back until Shane Ross started asking him about rampant fraud in the sector. Should be right at home in Dublin. I see can I find the exchange

[MPB]

Would Elderfield at this stage have a good idea of the extent to which the unregulated IFSC is a roaring abscess that could burst at the slightest p rod?

With the spectre of a banking union and centralised regulation looming, is there going to be some kind of attempt to clean it up internally, to avoid another Anglo-scale scandal, before somebody from outside intervenes ?

No need for anybody to intervene. The global banking system is a dead duck. I would say that less than 20% of the worlds banks are solvent.

The scam, is that the Bankers are currently legally stealing the money being given by the worlds tax payers and stand ready to benefit from the impending global economic collapse.

The workers in the Banks will lose, while the decision makers in the banks will benefit.

My hope is that revolution puts a permanent halt to their gallop, but they have a habit of coming up smelling of roses even then.

[morticia]

None of the world's banks are solvent as they are all connected. Any significant levels of insolvency among more than about ten percent of them would bring the others down like dominos on testosterone.

Tbh, the Irish ones may be some of the world's cleanest.... now. Would love to see the tsunami of filth if Wall St and the City's banks had their books NAMA'd in the same way.

From what I hear from contacts in the London workforce, the old sell via strip clubs and lines of Colombian marching powder is as alive and well as when the City Boy book was written in 2006 ish, I think. And this is where tax payers money is going

Far be it from me to question the Almighty, but would He owe the citizens of Sodom and Gomorrah a bit of an apology at this point??