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

  1. #496
    Join Date
    Feb 2010
    Location
    Rockall
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    78,822

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

    Jonathan Sugarman and John McGuinness FF Chair of the Finance Committee met with Philip Lane, Governor of the Central Bank, today on the matter of investigation of massive liquidity breaches by Unicredit Irl, reported by JS in 2007.

    Lane (himself and adviser on the bailout) said that the matter was closed.

    McGuinness says it is still open.

    As the Central Bank is itself effectively deciding on its own conduct in this, one wonders who oversees and controls the geniuses who have run and are running the Central Bank ? The Central Bank has now reabsorbed the Regulator function ( which was separate at the time of Sugarman's resignation) and also had most of its powers taken away from it and shifted to the European Regulator.

    The issue seem to me to be not that a bank misbehaved, because if allowed to, of course banks will (as Jonathan Sugarman himself explained so succinctly to the Finance Committee in September). It is that the Central Bank did not react. This kind of failure was a national disaster for all of us and a personal disaster for Sugarman who so far has been left hang out to dry without the regulator of the day to back him up in his position with regard to constructive dismissal by Unicredit (Sugarman was persistently being asked to do something he believed, with reason, to be illegal).

    So who polices the Central Bank ?

    Amusing note: The wiki page on the Central Bank quotes Lane as saying that he "favours the promotion of a culture of challenge".
    “ We cannot withdraw our cards from the game. Were we as silent and mute as stones, our very passivity would be an act. ”
    — Jean-Paul Sartre

  2. #497
    Join Date
    Feb 2010
    Location
    Rockall
    Posts
    78,822

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

    Report on today's meeting between Sugarman and Lane - McGuinness said he was shocked by it.

    http://www.thejournal.ie/jonathan-su...99130-Nov2017/
    “ We cannot withdraw our cards from the game. Were we as silent and mute as stones, our very passivity would be an act. ”
    — Jean-Paul Sartre

  3. #498
    Join Date
    Feb 2014
    Posts
    2,980

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

    Quote Originally Posted by MPB View Post
    The IFSC was a concept designed by Charles Haughey and friends.
    Not quite correct.

    In 12 November 1985, Con Power made a formal presentation entitled "The Irish Financial Services Industry in an International Context" to the Enterprise & Employment Committee of Dublin County Council in which he proposed the inclusion of internationally-traded financial services in an Enterprise Zone that had been proposed by the Dublin County Council on land adjacent to Dublin Airport.

    Power's article entitled "International Finance Centre – Con Power’s Plan", was published as the front cover article in Stubbs Business (Vol XVCI, No. 26).

    Haughey and friends then ran with it, after the defeat of the FG/Labour coalition in the 1987 General Election.
    "If you go far enough to either extreme of the political spectrum, Communist or fascist, you'll find hard-eyed men with guns who believe that anybody who doesn't think as they do should be incarcerated or exterminated. " - Jim Garrison, Former DA, New Orleans.

  4. #499
    Join Date
    Apr 2013
    Posts
    141

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

    Things are finally looking up for the beset residents of Shrewesbury Road in D4. A derelict house, 'Walford' “has remained unoccupied and in a state of near dereliction for almost 15 years presenting a very poor image to the road”. One sympathises.

    It was bought at the height of the boom by someone (who was definitely not Sean Dunne)for €58m - and left to rot (the debt, one presumes, picked up by the taxpayer). Bought for a snip by Dermot Desmond who will now demolish it and build a replica of Blenheim Palace on the site.

    Nice to know that we all own a little bit of it. Looking forward to the opening party.

    http://www.thejournal.ie/dermot-desm...19114-Sep2018/

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