Page 2 of 34 FirstFirst 123412 ... LastLast
Results 16 to 30 of 497

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

  1. #16
    Join Date
    Mar 2010
    Posts
    1,441

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

    THE EU-IMF investigators will uncover significant fraud and corruption in their examination of the Irish banking sector according to a leading European economist who worked with the IMF.
    He believes that the troika – European Commission, European Central Bank and IMF – will expose the skeletons in the cupboards of the country’s banking system and adds that he believes the losses of €50 billion uncovered so far will be the tip of the iceberg.

    Dr Gros says it beggars belief that just months after stress tests gave the all-clear, losses of more than 25% of the country’s GDP appeared to come out of nowhere.

    “It’s not like the USA with a highly complicated system. Its simply three to five banks with loan books. It’s typical of what can happen in a small country where everyone knows everyone and as long as everything is going well, nobody notices,” he said.

    Read more: http://www.examiner.ie/ireland/eu-im...#ixzz15gpiSySt

    Hadn't realised it was posted already.

  2. #17
    Join Date
    Feb 2010
    Location
    Rockall
    Posts
    78,438

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

    Quote Originally Posted by Newsy View Post
    Read more: http://www.examiner.ie/ireland/eu-im...#ixzz15gpiSySt

    Hadn't realised it was posted already.
    A simple system of loan books - but the ODCE investigation says it needs years.

    Perhaps when they start to look they will find its not all so simple.

  3. #18
    Join Date
    Apr 2010
    Posts
    4,830

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

    Quote Originally Posted by Newsy View Post
    Read more: http://www.examiner.ie/ireland/eu-im...#ixzz15gpiSySt

    Hadn't realised it was posted already.
    Thanks Newsy for putting up this thread as it's very relevant.

    It's quite staggering as regards to the TOTAL silence of all the politicans in the Dail with an exception of David Norris. That said, which doesn't bode well in the future when it comes to the new govt administration sometime before 2012.

    It was quite flagged by the whistleblower as no further action was taken. That was quite unbelievable and total irresponsbility on all politicans who made no effort to dig this up a lot more.

    I'm not sure if IMF/EU would dig this up more because they are only looking at the books mainly balances- gaps etc to re-address it and make a serious adjustment from there.
    Last edited by disability student; 19-11-2010 at 02:18 AM.

  4. #19
    Join Date
    Mar 2010
    Posts
    237

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

    Quote Originally Posted by Newsy View Post
    Credit to bokonon for finding this.....hope you don't mind me for giving it a thread of it's own. This is massive.
    Cheers, nice one Newsy. I wondered why it didn't elicit a response in the Anglo Timeline thread! I didn't think of making a new thread!

    Anyway, as I said I was going to do, I contacted four Fine Gael and three Labour Party TDs Thursday to ask if their parties have been complicit in covering up this whistleblower's evidence. I was going to make a P.ie thread on this topic today, but decided to give them a chance to answer first.

    Dear Mr Noonan, Ms Creighton, Mr Bruton and Mr Varadkar,
    Dear Ms Burton, Mr Quinn and Mr Rabbitte,

    In April this year Fintan O'Toole reported on a whistleblower who disclosed breaches of liquidity rules at the IFSC offices of "one of the largest banking groups in central Europe".

    http://www.irishtimes.com/newspaper/...267604942.html

    In May this year Kathleen Barrington picked up the story. She described how Senator David Norris brought up the case in the Seanad and quoted the Financial Regulator denying the breach occurred.

    http://www.sbpost.ie/post/pages/p/st...205-qqqx=1.asp

    In the last few days, someone claiming to be the whistleblower began posting comments on the new Guardian Ireland page, under the name "WhistleblowerIRL".

    http://www.guardian.co.uk/discussion...istleblowerIRL

    This individual directly accuses opposition parties of being complicit in a coverup. He says:

    > I have brought the matter to the attention of several senior TDs (MPs) and Senators at all the major political parties; alas, silence prevails.

    He also states:

    > A prominent member of one of the opposition parties recently said to me - "we can't afford the consequences of revealing this story, we already have enough to deal with if we come to power".

    Is it true that [party] has been contacted by the whistleblower regarding these accusations? Is the quote above from a [party] member?

    Why was nothing done? Is [party] protecting a broken system already? What is your comment on Senator Norris's statement? Can we expect a full hearing for this whistleblower when the new government is formed?

    If [party] has some knowledge of this issue, I think you should say it now while there is a confessional going on.

    Or are the Irish citizens and our new "European partners" to expect ongoing revelations about our financial mismanagement even after the IMF has been brought in and after Fianna Fail has been ousted?

    I note that links to the whistleblower's Guardian comments have already appeared on the following popular websites:

    www.irisheconomy.ie
    www.politicalworld.org
    www.reddit.com

    This is absolutely infuriating if true and Senator Norris's comments in the Seanad sum it up: "if we are not prepared to face the issue and investigate it when it has been laid before the House, there is absolutely no hope for the financial system or its reputation worldwide".

    Best regards
    ----
    Last edited by bokonon; 19-11-2010 at 02:36 AM.

  5. #20
    Join Date
    Nov 2010
    Location
    in the national interest
    Posts
    17,673

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

    Hope this info finds it way to someone who can do something with it. (And they do it)
    Are we at all surprised this was posted on an English rather then an Irish site ?





    *gasps at the thought of the Tribunal we would be looking at *

  6. #21
    Join Date
    Feb 2010
    Location
    Rockall
    Posts
    78,438

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

    Quote Originally Posted by FIVE View Post
    Hope this info finds it way to someone who can do something with it. (And they do it)
    Are we at all surprised this was posted on an English rather then an Irish site ?

    *gasps at the thought of the Tribunal we would be looking at *
    Well, in fairness, we would have given Whistleblower the floor if he/she wished to post here

    We have several posts here about his/her efforts, going back months.

    If only more people would put their honour and reputation first - and that of the country - and come forward with the truth.

  7. #22
    Join Date
    Apr 2010
    Posts
    4,830

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

    [quote]
    Quote Originally Posted by C. Flower View Post
    A simple system of loan books - but the ODCE investigation says it needs years.
    FF/GP govt had deliberately refused to accede to their request for more staff.


    Perhaps when they start to look they will find its not all so simple.
    +1.

    Goldman sachs estimate for the bailout is to be €100BN.

    Well i think it's double that figure more or less.

  8. #23
    Join Date
    Feb 2010
    Location
    Rockall
    Posts
    78,438

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

    Quote Originally Posted by ang View Post
    It would seem corruption will be found in the banking sector:-



    http://www.examiner.ie/ireland/eu-im...on-136936.html

    This is almost worth a thread itself - partly because it offers and alternative to the EU/IMF loan package.

  9. #24
    Join Date
    Feb 2010
    Location
    Rockall
    Posts
    78,438

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

    A blogger, Golem XIV, has been following the relationships between German and Irish banks, and the role of the IFSC

    http://golemxiv-credo.blogspot.com/2...d-ireland.html

    I don't think he will mind his blog being quoted in full, but would be happy to take it down if he has any problem with this.
    Who bankrupted Ireland?


    Now across Europe the great blame game will rumble back into play. Our banks, your banks, their banks, or is it your feckless householders or ours, certainly can't be theirs, they're still doing well in Germany. Expect lots more national stereotypes to be wheeled out for ritual defamation.

    So let's ask who it was took a dump in Ireland?

    First, the suspects.

    Ireland has three big insolvent banks and several other smaller, equally insolvent financial institutions we won't bother to mention by name.

    Ireland also has a large number of subsidiaries of European, British and American Banks.These subsidiaries are often registered as Irish and therefore on Ireland's tab not the nation of the parent bank. This often gets forgotten in the excitement. But it is KEY.

    Ireland also houses a very large chunk of the world's Special Investment Vehicles (SIV's) which are the shell companies which house trillions and trillions of dollars and Euros and pounds worth of Collateralized Debt Obligations (CDOs). These are what Warren Buffett described as "weapons of financial mass destruction'" And they are in their own way as hard to find and disarm as the ones we had a fraudulent war over. Anyway I digress.

    These CDOs, in turn, house an equal or greater nominal value of Credit Default Swaps (CDS) written upon the CDOs. I can't tell you the figures because only the Irish Stock exchange has the otherwise completely confidential paper work and I have serious doubts (from what I have been told in the last week by an insider with first hand knowledge) that the Irish regulator and stock exchange have much of a clue themselves.

    So, to the crime.

    Some of this will, for legal reasons have to be done in generalized terms with names left out to protect the Innocent - me. But to start with let's be reasonably specific. Germany was and is very very angry with Ireland for ruining its banks. That is what a German banker told me this week. She spoke on the guarantee of anonymity as she would suffer all sorts of legal problems if she was identified. I am sorry that this leaves you just having to trust that I'm not just making this up, but I hope many of you know me well enough to go with it.

    In fact it was rumoured in German banks that at the time of the collapse of Hypo Real Estate, an angry call was made from the German Premier to the Irish, to complain, to which the answer was ... well it was short. Now this is nothing but a rumour. But it was a rumour in Germany which indicates that some in Germany were and perhaps still are very angry and blame Ireland.

    So are they right in their blame?

    The same banker told me this. She was aware of instances, and so was everyone else, of banks, German banks, who used to fly their people from Germany to Ireland in order to do deals that were not allowed in Germany.

    German banks set up subsidiaries in Ireland. These subsidiaries were often registered as completely Irish companies. Back in Germany the German regulator (BaFin) had strict and enforced rules. Very good rules for the most part. Far, far better than Britain or Ireland. But these good rules, properly enforced meant German banks could not do many of the most lucrative and in hind sight reckless kinds of deals.

    So the German banks would do the figures and work it all out in Frankfurt, then send a banker over to Ireland, get them to sit at 'their' desk in Ireland, in the Irish bank, and do the deal there. The legal registration of the deal and the 'oversight' were all Irish. This is known in the financial world as jurisdictional arbitrage. You and I would call it cheating if we were feeling charitable and lying if we weren't.

    The Banker flies back to Germany, where the German bank hasn't done any deal, and therefore has done nothing wrong. The deal was properly overseen and approved by the appropriate Irish financial authorities and the profits would be banked at a very happy Irish bank. If any management of the 'deal' was required an Irish company would be hired, there are many, and an Irish manager often living not far from Cork, would 'manage' the money in and out. I have spoken to such people. Usually I can hear the sweat coming off them as they ask how I got their number and where did I get my information. To which I would reply that the Internet is a very large place and never, never forgets.

    Now my question to you is this. If it's a German bank and a German banker doing the deal is it Germany who made the mess? Or, equally justified, if the deal was actually done in Ireland in an Irish company allowed and no doubt welcomed by Ireland's financial world, and overseen by Ireland's wonderful regulators, is it Ireland who made the mess?

    Should Germany, have pulled the plug on this racket? Should Ireland? Whose losses when they finally came, are they?

    If the bank is registered in Ireland as an Irish bank/business, then the loss is on Ireland's tab. Depfa was an Irish bank. Just months before its collapse in 2007 it was bought by Hypo, a German bank. Had that not happened the €180 billion euro loss at Hypo Real Estate would have been Ireland's loss, dwarfing all other losses. Why was Hypo Real Estate bought by Germany at that moment?

    I can't say for sure. But think about this. Sachsen Landesbank collapsed due to around $30-40 billion in bad sub prime loans its Irish subsidiary called Ormond Quay had made in the U.S. OrmondOrmond's collapse caused the immediate collapse of one of Germany's Landesbanks. Which suddenly sent ripples of fear through all the other Landesbanks as the world woke up to the rampant idiocy that the Landesbanks had been getting up to ...in Ireland.

    Germany had to step in and bail Sachsen out. Now lets think about Depfa. Depfa started life as a German bank. It became listed in London and then in 2002 moved to and registered itself in Ireland in the newly set up IFSC (Irish Financial Services Centre) This was like a legal gated community or financial maquiladora. The IFSC was in many ways supposed to be the regulator of what went on in its grounds. I leave you to decide how well it must have done.

    By the way the IFSC was created by Dermot Desmond with the help of Charles Haughey.

    So Depfa is now an Irish registered bank. But it has very close ties to Germany and many German banks and landesbanks. If ever Depfa went down it would certainly have plunged a vast swathe of German banks and landesbanks into a storm of insolvency, that would have dwarfed the fall out from SachsenLB. . Depfa must not be allowed to go down.

    So when in 2007 Depfa was suddenly bought by Hypo Real Estate was it because news of financial problems hadn't reached Germany and they bought it because they thought it was a great deal and were cheated by those crafty Irish? OR might Germany have known that a massive crisis was ticking away in Depfa and could see the clock was running down close to zero hour, and realized that if left in Ireland it would not, could not be rescued by Ireland and so would be left to start a chain reaction that would move straight to Germany? If they thought the latter, do you think it likely that Germany would have just said "Oh Scheisse" and sat waiting for Armageddon, or do you think they would have taken emergency action to bring Depfa under German ownership and jurisdiction where German pockets were deep enough to bail it out and thereby save the rest of Germany's banking system?

    You decide.

    So let's return to our question? Whose fault? Would Germany be right to be bitter about Depfa/Hypo and others? Or does the blame lie with the Germany banks and Bankers who flew to Ireland to do their mess? Is it Ireland's banks mess or Germany's? I don't think we can disentangle the blame.. maybe when the Irish Banks' books are finally opened we could. But I bet you no one outside the top bankers and politicians, the people who oversaw the creation of the bomb in the first place, will ever be told what's really in there.

    I can't say and neither can you, if the losses are Irish or German. But we can say, the losses never were, and should not ever be, yours and mine. We, the people, who were told nothing, were not asked nor consulted, whose laws were either ignored, set aside or re-written, we should not be expected to pay for those losses now.

    They are bankers losses. It is NOT a question of Irish or German. It is question of wealthy bankers from all countries not just Germany (almost every nation, Germany, America, Russia, France Britain, we did dirty work in Ireland) and their corrupt Irish helpers versus the people. It is not a question of should the Irish people or the German people pay. Neither people should. It should be the bankers who made the losses who should take them.

    DO NOT allow the bankers to set us against each other as a cover for their crime and guilt.

    Last edited by C. Flower; 19-11-2010 at 03:00 AM.

  10. #25
    Join Date
    Nov 2010
    Location
    in the national interest
    Posts
    17,673

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

    Quote Originally Posted by C. Flower View Post
    Well, in fairness, we would have given Whistleblower the floor if he/she wished to post here
    Yes and I hope he/she takes the opportunity.
    What I meant was, are we surprised it was posted on the Guardian site as opposed to the IT ?

    I think we all have inclination this could be alot murkier the we could have imagined.
    Anybody that believes Germany has been a model of prudence might be in for a for surprise.

    Greed is universal as we all know..

  11. #26
    Join Date
    Mar 2010
    Posts
    22,431

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

    And of course we also had a thread on the back to back loans between Hypo and Anglo:
    http://www.politicalworld.org/showth...highlight=Hypo
    Hypo back in January of this year was considering legal action against directors of its Dublin-based subsidiary, Depfa plc.
    GERMAN LAWYERS investigating the near-collapse of the Hypo Real Estate (HRE) group are considering legal action against former board members of its Dublin-based subsidiary, Depfa plc.

    Former directors of Depfa include ex-Central Bank head Maurice O’Connell and Frances Ruane, director of the Economic and Social Research Institute.


    They could find themselves dragged into a bitter legal battle between Depfa parent Hypo Real Estate (HRE) and Georg Funke, its former chief executive and a former Depfa director.

    “We are examining compensation suits against the entire boards of Depfa and of Hypo Real Estate,” Detlef Bauer of Gleiss Lutz, legal counsel to HRE, told The Irish Times.

    Many of the risky activities carried out by the Dublin-based bank that brought HRE and Germany’s financial system to the brink of ruin last year took place when several prominent Irish businesspeople sat on the Depfa board.

    O’Connell, who served for five years until 2007, could not be reached for comment; Ruane, a director for four years until 2006, declined to comment.

    The HRE case against Funke and two other board members is expected to get under way in May.
    Haven't heard anything about this case since.
    ttp://www.irishtimes.com/newspaper/finance/2010/0102/1224261527333.html

  12. #27
    Join Date
    Jul 2010
    Location
    Out of my mind
    Posts
    12,138

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

    Quote Originally Posted by FIVE View Post
    Anybody that believes Germany has been a model of prudence might be in for a for surprise.
    Consider this:

    German banks set up subsidiaries in Ireland. These subsidiaries were often registered as completely Irish companies. Back in Germany the German regulator (BaFin) had strict and enforced rules. Very good rules for the most part. Far, far better than Britain or Ireland. But these good rules, properly enforced meant German banks could not do many of the most lucrative and in hind sight reckless kinds of deals.

    So the German banks would do the figures and work it all out in Frankfurt, then send a banker over to Ireland, get them to sit at 'their' desk in Ireland, in the Irish bank, and do the deal there. The legal registration of the deal and the 'oversight' were all Irish. This is known in the financial world as jurisdictional arbitrage. You and I would call it cheating if we were feeling charitable and lying if we weren't.

    The Banker flies back to Germany, where the German bank hasn't done any deal, and therefore has done nothing wrong. The deal was properly overseen and approved by the appropriate Irish financial authorities and the profits would be banked at a very happy Irish bank. If any management of the 'deal' was required an Irish company would be hired, there are many, and an Irish manager often living not far from Cork, would 'manage' the money in and out. I have spoken to such people. Usually I can hear the sweat coming off them as they ask how I got their number and where did I get my information. To which I would reply that the Internet is a very large place and never, never forgets.

    Now my question to you is this. If it's a German bank and a German banker doing the deal is it Germany who made the mess? Or, equally justified, if the deal was actually done in Ireland in an Irish company allowed and no doubt welcomed by Ireland's financial world, and overseen by Ireland's wonderful regulators, is it Ireland who made the mess?

    ...

    They are bankers losses. It is NOT a question of Irish or German. It is question of wealthy bankers from all countries not just Germany (almost every nation, Germany, America, Russia, France Britain, we did dirty work in Ireland) and their corrupt Irish helpers versus the people. It is not a question of should the Irish people or the German people pay. Neither people should. It should be the bankers who made the losses who should take them.

    DO NOT allow the bankers to set us against each other as a cover for their crime and guilt.
    Source: Who bankrupted Ireland?

    Gangland Dublin ...
    Last edited by TotalMayhem; 19-11-2010 at 03:19 AM.
    Thus all which you call Sin, Destruction—in brief, Evil—that is my true element.

  13. #28
    Join Date
    Feb 2010
    Location
    Rockall
    Posts
    78,438

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

    Quote Originally Posted by PaddyJoe McGillycuddy View Post
    And of course we also had a thread on the back to back loans between Hypo and Anglo:
    http://www.politicalworld.org/showth...highlight=Hypo
    Hypo back in January of this year was considering legal action against directors of its Dublin-based subsidiary, Depfa plc.

    Haven't heard anything about this case since.
    ttp://www.irishtimes.com/newspaper/finance/2010/0102/1224261527333.html
    Yes, indeed ...

    It's getting late for me, but I have a feeling that careful reading of all this would be illuminating.

    I remember reading that Anglo Irish had been giving end of year back to back/end of year liquidity loans to German (and possibly other foreign) banks for a number of years.

    Do you remember that ?

  14. #29
    Join Date
    Nov 2010
    Location
    in the national interest
    Posts
    17,673

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

    yip, just read the full post.
    Great to find out our little corner of Europe is the Amsterdam of the financial world just before bed isn't it.

    Nice to CJH ghost is still with us also.
    I always knew it was his fault.

  15. #30
    Join Date
    Mar 2010
    Posts
    22,431

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

    Quote Originally Posted by C. Flower View Post
    Yes, indeed ...

    It's getting late for me, but I have a feeling that careful reading of all this would be illuminating.

    I remember reading that Anglo Irish had been giving end of year back to back/end of year liquidity loans to German (and possibly other foreign) banks for a number of years.

    Do you remember that ?
    Yep, and I think that was a Simon Carswell story as well. Getting late here too but I'll have a dig around for that one tomorrow. On here somewhere naturally

Page 2 of 34 FirstFirst 123412 ... LastLast

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
Share us
Follow Us