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

  1. #496
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    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
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    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

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