Current Affairs Politics

Laughing All The Way To The Bank

Equality before the law? Not for Ireland's economic elite
Equality before the law? Not for Ireland’s economic elite

One law for us, another law for them. That is the lesson to be learned from the latest revelations surrounding the events in 2008 that led to Ireland’s indentured servitude to the so-called Troika of the European Central Bank, the International Monetary Fund and the European Commission.

From a report by RT news:

“Executives at the Anglo Irish Bank were recorded joking about how they lied to Dublin about the bank’s financial future in 2008, convincing lawmakers to invest in the failing bank with figures “picked out of my arse” – with no plans to pay them back.

John Bowe, the head of capital markets for Anglo Irish, was recorded laughing as he explained to Peter Fitzgerald, the former head of banking, how Anglo Irish had fleeced the Irish government into providing billions of euro to keep the bank solvent.

The 2008 conversation was captured by the bank’s internal recording system and published by the Irish Independent. Ireland still has yet to fully recover from the financial crisis, despite attempts to bring the country back to normalcy by way of a drastic austerity program set in motion in the four years since.

In the September 2008 conversation caught on the tape, Bowe admits he knew the €7 billion he initially asked for would not be enough to spare the bank, which was within mere days of a complete meltdown. When asked about the origin of that figure, Bowe referred to then-Anglo Irish CEO David Drumm.

“Just as Drummer would say, ‘picked it out of my arse,’ you know,” he said. “I mean, look, what we did was we basically said: ‘What is the amount we can securitize over the next six months? And basically say to them: ‘Look our problem here is time, it’s not our ability to create the liquidity, the enemy is time here.’”

Both Bowe and Fitzgerald can be heard laughing through the discussion. The tapes’ release also confirms the long-held suspicion that Irish bankers knew the initial government investments were far too small.

Recent estimates indicate that, all told, Irish taxpayers will have supplied Anglo Irish Bank alone with €30 billion – a massive sum for the small island nation of just over 4.5 million people.

Ireland has yet to criminally prosecute a single banker who helped gamble the country into an economic tailspin.”

Nor will it. When it comes to Ireland’s financial and business elites those who break the law are above the law.

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3 comments on “Laughing All The Way To The Bank

  1. Again the Irish people sit and take it. These gangsters’ should have been bounced into mountjoy[for their own safety] awaiting a trial for treason never mind fraud. The 1916 leaders’ would be proud of the way the Irish have developed. Small nations’ around the world used to draw inspiration from the Irish and their defiance and bravery, alas, those days are gone. The Irish now let the Spaniards,Italians,Turks or Brazilians do the shouting for them. The Irish will only shout when Obama or that clown bono ask them to. Its beginning to look like when the British ‘left’ the 26 counties’ they made sure their policies and culture remained. Its a banana republic of england.

    • 40 years of saturation British and American TV broadcasts have done more to “colonise” the cultural mindset of the Irish people than the previous 800 years of occupying armies. The majority of the Irish are now, in terms of their social and economic views, culturally Anglo-American. They are trapped in the Anglosphere and most are blind to the implications of that. In countries like Denmark or Sweden they believe that a nation is a community of communities and act accordingly. In Ireland the majority believe a nation is a glorified corporation, with management and workers. And act accordingly.

      The sane ones are very much in the minority.

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