Haughey dies

Charles Haughey is dead – let the frenzy of denial begin. The campaign to rehabilitate Haughey, the most ruthless, hypocritical, corrupt politician in Irish history has been underway for some time now.

Recently, Ahern described Haughey as a ‘wonderful man’. His former assistant, Catherine Butler, called him a cultured, intelligent, dedicated and patriotic man. And just now I am listening, with almost sickening disgust, to our President, Mary McAleese, who, in theory is supposed to represent all the people of this corrupt Republic, waffling on about the great Haughey.

She has actually announced that she is cutting short her visit to Africa to return for the funeral of this criminal. She is a disgrace to all the Irish citizens who have suffered and continue to suffer from the actions of this greedy and ruthless politician.

Ireland – The Wild West of European finance

The on-going criminal action in the US against those involved in the General Re Reinsurance fraud case continues to throw some light on the ‘Wild West’ activities of the Irish financial sector.

In Monday’s Irish Times, it was reported that General Re’s Irish subsidiary Cologne Re, was seen as an ideal location for the fraud because

Dublin “did not report to anyone” and so avoided the “North American problem” of financial regulation.”

That Ireland does not ‘suffer from the problem’ of financial regulation is becoming more obvious every day.

The reason for this is simple – The so called Irish Financial Regulator is more of a facilitator than a regulator.

For example in 2004, over two hundred cases of overcharging (theft) by financial institutions were identified. Not one of these institutions was punished in any way; they were simply asked to hand back the €60.9 million ‘overcharged’.

Incredibly, the regulator insists that it is in the public interest that the identities of these institutions remain a State secret.

In recent times, the New York Times reported that Dublin was fast becoming the “Wild West of European finance”. It’s a well deserved tag.

Political crisis

There was widespread panic today among politicians when it was learned that a child rapist had being released from prison on foot of last week’s Supreme Court decision striking down the law on statutory rape.

The panic was not caused by the potential danger to the children of the nation but rather by Bertie Ahern’s threat to recall the Dail next week in order to pass legislation to plug this gaping hole in the law.

A spokesman for the body politic said it was outrageous that such drastic action would be considered to resolve a problem that was only brought to the attention of politicians a mere sixteen years ago.

He went on to say that recalling the Dail could have major consequences for TDs and their families. Holidays had been booked, sun tan lotion purchased and civil servants briefed on keeping constituents happy until the long, long, long weekend was over.

In any case, recalling the Dail should only be considered when something really important needs afixin. Like for example when Fianna Fail’s friend, Larry Goodman, needed help some years back to prevent his business going down the tubes.

Meanwhile, that great defender of Irish democracy, Michael (I know what I know) McDowell was busy denying any knowledge of all this unsavory business.

I know nothing, my staff knows nothing, the Attorney General knows nothing, his staff may know something but you’ll have to wait until we come back from our well deserved holidays to find out. Byeeeee

Usual idiot talk

“If the legislature here are discussing the possibility of changes in order to legalise and regularise their position, well, you know, they’re entitled to be here from that point of view. But in a strict sense, I suppose, they’re illegal,”

This is part of what the Minister for Foreign Affairs Dermot Ahern said in the US recently in defence of illegal Irish immigrants in that country.
Hypocritical Irish politicians are of the opinion that the illegal Irish in America suffer more because they are unable to come home to attend Uncle Pat’s funeral or little Mary’s First Holy Communion than the average Afghan being sent back to one of the poorest and most violent countries in the world.
Speaking such idiot talk outside Ireland is not easy for Irish politicians. They are used to operating in a corrupt state where any old guff passes for intelligent analysis.

Here’s a letter from Friday’s Irish Times that gives a good idea of the respect our politicians have earned for their profession

Madam, – Dermot Ahern is beginning to speak the same incomprehensible garbage as his namesake. How can “illegal Irish immigrants” be “entitled to be in America”?

That elected representatives of this country can spout this kind of rubbish is shameful. – Yours, etc,

DERMOT SWEENEY, Viking Harbour, Dublin 8.

The sheriff is not for the good guys

BANKING Rottweiler Liam O’Reilly still doesn’t trust the banking sector not to get up to mischief again. “There’s an old saying. Trust . . . and verify,” he smiles.

The above quote is from an interview with the Financial Regulator’s chief executive, Liam O’Reilly in last Sunday’s Independent .

Anyone unfamiliar with the fact that Ireland is a corrupt state might get the impression that O’Reilly is an Eliot Ness type figure relentlessly pursuing the corrupt and protecting the interests of honest citizens.

An analysis of the article will clear up any such misconceptions.

AIB will have more reason than most to cheer O’Reilly’s impending retirement from the Financial Regulator’s office, having been hit for €34m after the forex rip off

AIB were not hit for €34m. They were not hit for anything. The €34m in question was the amount they stole from their customers and that’s all they were required to pay back.

At the time the Financial regulator did not have the power (even if it wanted to) to impose any punishment on AIB because the civil servants who established the organisation did not provide for any such power. This is like a car manufacturer designing a car with no petrol tank – in other words, gross incompetence.

There was always a very clear determination by (AIB chairman) Dermot Gleeson and the board to sort it out. It’s not to say that in this room that there weren’t some very hard and tough conversations. But it was always businesslike. It was never personal,” he says. “A bit like the mafia.

Unwittingly, O’Reilly hits the nail on the head here. ‘A bit like the Mafia’ Can you imagine the Securities Exchange Commission (SEC) the American equivalent of our Financial Regulator, inviting Enron into the office to “sort out” allegations of very serious corruption? All done in private with no police involvement.

In the US, the police and SEC were involved from the start. Everything was done in public and through the courts, in other words justice was seen to be done. Our Financial Regulator operates, for the most part, in secrecy. This policy benefits the corrupt and damages the interests of ordinary citizens.

On the Cologne Re corruption, O’Reilly is quoted as follows.

“We were on top of that from day one…”We were quietly moving on it.’

Quietly is the operative word here. The Australians and the Americans immediately initiated legal action, keeping their public (customers) fully informed of events while our Financial Regulator kept things quiet preferring to merely “monitor” the situation. This is despite the fact that the corruption originated in Dublin’s IFSC centre. No wonder the New York Times labeled the IFSC “the financial wild west”.

‘Up until May of this year the regulator had secured over €69m in refunds for consumers’

‘In refunds’?? The consumer, somehow, is supposed to be grateful that the regulator managed to get refunds for stolen money. No fines, no police involvement, just quietly refund the stolen money.

‘Some 32 institutions have been nailed for 259 cases of overcharging since May 2004.’

What does O’Reilly mean by “nailed’?? None of these institutions were punished in any way whatsoever for their corruption. All of them are protected by the regulator through a policy of secrecy. This secrecy puts the ordinary citizen at a serious disadvantage in that he is unaware that he may be dealing with an organisation that has a record of stealing from its customers.

‘Perhaps AIB won’t be the only bank who’ll be happy to see the sheriff leave town.’

AIB were never afraid of O’Reilly nor do they care who replaces him. They are safe in the knowledge that his successor will maintain the policies that have always protected the financial institutions at the expense of ordinary citizens.

That’s how things are done in the financial ‘wild west’ sector in Ireland

Irish Holocaust?

What would come to mind if you heard the following? Rape, gang rape, sexual abuse, shock treatment, drug trials, medical experiments, death and burial without record, slave labour, mental and physical cruelty, cremation of bodies, murder, mass graves, selling babies for profit.

Yes, most people would say the same.

The following is a transcription of the experiences of Kathy O’Beirne while she was a captive of the Catholic Church as a child. She was a guest on The Vincent Browne Show, RTE radio, on the 22nd June last. It’s a lengthy piece but well worth reading carefully.

Vincent Browne: Tell us your story, how did come to be in the Magdalen Laundry?

Kathy: Well, I was sexually abused from the age of five by three different people, one was a priest and my life went wrong. As Fr. Mc Verry said, the first seven years are the most important part of your life really and the night before my First Holy Communion I was raped and things went from bad to worse and I was out of control and I didn’t know what to do.

I knew there was something happening and it wasn’t right but I didn’t know what it was.

Just before my eight birthday, I was taken to a panel of doctors on the advice of one of the clergy that abused me.

My parents didn’t know what happened to me and didn’t know I was being abused and I didn’t say anything. I was brought to a panel of psychiatrists in Dublin and they diagnosed me a child with a troublesome mind and a week later, I was sent to an industrial school run by the nuns, I was there for just two years

Vincent Browne: Where was this?

Kathy: I can’t say because it’s in the enquiry so I can’t mention the name of it but it was in Dublin, like a training ground for the Magdalen Laundries, I believe anyway. I was there for just two years and I was sexually abused by a visiting priest that came there and I told one of the nuns

Vincent: Was this another priest? Yet another priest?

Kathy: “ Yes, in the industrial school, I wasn’t the only girl, there was other girls raped there and sexual abused

Vincent: “ By the same priest?

Kathy” By the same priest and I did tell a nun about it and when I told her I was taken off again

Vincent: You told a nun, is it?

Kathy: I told a nun that was looking after us and I was taken off again anyway to speak to this doctor and he was going to help me and the whole lot and I came back and a couple of days later I was sent to a children’s mental institution in Dublin where I was for two years.

I had electric shock treatment and drug trials for the two years I was there. We were abused; horrible things went on in it.

Vincent: What sort of things?

Kathy: Abuse and drug trials and electric shock treatment

Vincent: Can you say where this was?

Kathy: I can’, no, because it’s all in the enquiry and you can’t mention the names of the places until the enquiry is over. It’s all in the other book, I have another book coming out The Aftermath, who am I? is the name of it but until the enquiry is over you can’t mention the names.

So I was transferred after two years, we got up to a lot of mischief there and we came across this guy called Johnny and he was just a breath of fresh air so we became friends, himself and another couple of girls.

Our punishment when we did anything wrong was to send us down to the gate and at the gate there was a morgue and we’d have to wash the dead bodies of people who died in the mental institution.

Vincent: What age were you then?

Kathy: I was there from when I was ten until I was twelve. Of course, Johnny had bright ideas to burn down the morgue so we wouldn’t have to wash the bodies. You would have to read the book. But anyway, he burned down a birds nest, he didn’t burn the morgue down but he was sent off to an industrial school, we never saw him again.

My friend was sent off and a week later I was transferred to a Magdalen laundry in Dublin where we worked from half seven in the morning until half six, maybe seven and eight o clock at night washing sheets all day.

From the priest’s quarters, hospitals, the deliveries came from all over Dublin, prisons, hospitals, dirty sheets, dirty linens and we’d work all day long and we were abused there. And there was a visiting priest there that used to sexually abuse us as well.

We were visited by lay people every Sunday and they’d either take you out or take you out in the grounds but I was abused from the age of fourteen and I had a baby girl called Annie a month before my fourteenth birthday in the Mother and Baby Home.

She lived for ten years and died with an illness she was born with. I looked after her for three months and I was sent back to the Magdalen laundry and she was transferred to an orphanage where I had access to her and she died on her tenth birthday.

I was transferred on to a girl’s home in Dublin. I spent two years there and then transferred on to another Magdalen laundry in Dublin, then back to the girl’s home and a social worker took an interest in me. She had known me from one of the Magdalen laundries I was in when I was only thirteen. She lost contact and then I met up with her again when I went to the girl’s home.

So she kind of got me on the right road, you might say and got me a flat and got me out and helped me. But my life went absolutely desperate for the next twenty years.

Vincent: What happened?

Kathy: Well, I was distraught and I didn’t know what to do, I didn’t know where to go because when I reported it to the priest he told me nice and politely to fuck off, that no one would believe me and I was damaged and no one would ever want me.

So, when I came out I kept that in my mind and I thought I was damaged and no one would ever want me. So, I had to keep what had happened to me to myself because if I told anybody, no one would want me and I would’t have any friends.

And then I went on this revenge thing, I’d have to make everyone hate me, it was just unbelievable and I ended up in hospital on three different occasions. I took two or three different overdoses, I cut my wrists, I tried to commit suicide. It was just absolutely unreal.

It was just the second part of hell I was delivered to in the first place when I was eight.

A lot of things went on and it’s not only what happened to me, I saw girls being raped. I witnessed a young girl of fourteen/fifteen being gang raped in one of the homes, not the Magdalen laundries but one of the girls homes, by five men. When they were finished with her one of them broke a bottle and shoved it up to her and we never saw her again.

l never forget that night because I was banging on that door for that priest to come out and help us because his punishment was to put us out on that step for the night and if we weren’t there and he hadn’t punished us that wouldn’t have happened to Mousey, that was her nick name.

Horrible things happened, people died and they were buried and you never knew what happened to them, you never knew what they died of, it was just unreal and it was living hell. I thank god that I survived.

My psychiatrist or any doctors that I had been assessed by don’t understand how I survived because I was in a lot of biopsy trials and things like that. Biopsies were taken from our livers and bowels and we never had sedation and they were sent away for, you know, to improve lives of others that may die in years to come and for cancer research.

I’m just very lucky but I do believe that I did survive to tell the story and get justice for the hundreds and thousands of people who suffered because it’s not only me and it’s not only women and children, there was men as well.

I have met men from Artane and the Dangles and the stories are so horrific. They can’t bear to live with themselves, I mean 58 survivors of institutional abuse and Magdalen laundries have committed suicide in the last five years and they are only the one’s we definitely know about, the one we have names for and that’s a very high rate.

When we went to require our files they told lies and said we were never there or that we were only there for so many weeks, we were there when we were such an age because it was illegal to have us there at the age we were. Now I required my files from the first industrial school that I was ever in when I was eight and I was told, that to their great regret, that all my files were lost in a flood.

I’m doing this campaign thing for the last eleven years for justice to get the word “penitents” which means sinners from over hundreds and hundreds and thousands of innocent Magdalen Laundry women’s heads.

Up in Glasnevin is a big monument with pray for the repose of the souls of the female penitents. We weren’t penitents and they weren’t penitents. They worked and they washed priest shirts, your shirts, everybody’s shirts because everybody brought their laundry. The woman down the road brought her laundry, the man from the grocery shop brought his laundry, the man from Smithfield brought his laundry.

We worked all our lives and we got nothing for it. There was people in the Magdalen Laundries from the time I went there and they were there from the time they were twelve, you know, they were sixty when I went there and they were eighty and eighty five when they died in the laundries and they got nothing. They got no recognition, got no thanks for what they did. The only thing they got was dumped into a mass grave with hundreds of other bodies.

I mean in one of the Magdalen laundries, and I’m sure you’ve all read it in the papers. In Dublin, they had their own burial ground, most institutions did and eleven years ago, when I was thinking about getting this all together and getting the truth out I got a phone call to say that the nuns were selling off the land to a builder to build private apartments and houses.

But they needed an exhumation; they had to take up the bodies that were buried on that ground in order for the builder to buy the ground. He couldn’t buy it with the bodies there so they sought it anyway and they were granted it and diggers (bulldozers) went in.

They were supposed to take three or four days but they were still working three weeks later because when they dug down a foot deeper after exhuming 35 bodies they came across 22 bodies, other bodies that were a foot deeper.

All in all they took up 155 bodies and they put them in cardboard boxes and drove them across the city to Glasnevin cemetery and they put all the bodies into the one furnace and they burnt them. They put them in three different urns and buried them along with seven to eight hundred other Magdalens in a mass grave at the top of Glasnevin.

We sought an enquiry into the exhumations because when the nuns were asked; what happened the bodies? and the cause of death; no death certificates were obtainable and there was no cause of deaths. Cause of death unknown. Marital status unknown.

Of course they weren’t married, they were there since they were twelve and thirteen, they were never out of the place. So we have twelve bodies up in Glasnevin that nobody knows who, where when or what, but I know because I have all their names. But, when we sought the enquiry from An Taoiseach, Bertie Ahern and the police, it was turned down.

Now it is an offence to bury a body without a cause of death and if there’s a body found in your back garden then I guarantee it will be sealed off and you will be arrested and they will know what that person died of even if it was a hundred years old.

So the nuns and clergy can bury innocent women and children, pluck them up, bring them here, bring them there and burn them and do what they like with them and nobody knows why, where, who.

They were somebody’s children and they are only the one’s we know about, there are hundreds and hundreds of bodies buried on the lands of the Magdalen Laundries all around Dublin and the country and in Letterfrack.

And they just didn’t die from being undernourished or anything else, a lot of the children were murdered, they were murdered and they were left to starve to death.

And we’re sitting here as a nation and everybody in Ireland and all over the country because I have it well spread. I have been all over the country, I’ve been in England, I’ve been everywhere and we all know about it and we’re all guilty because we know about what happened those innocent children.

You, me and everybody else, the people that’s here tonight are letting it happen and I think it’s about time that people got out and stood up and be afraid no more because I’m not afraid of the clergy and I’m not afraid of the nuns. They ruined my life and they took away my life but never again. (Kathy breaks down crying here)

Vincent: My god, what a story

Kathy: And that’s only some of it, it gets worse but it’s too hard to talk about, sorry, I’m fine. It’s just absolutely appalling.

There was a mass up in Glasnevin on Sunday for 50,000 children. It was covered in the papers as still born births, it wasn’t still born births. I got my daughters birth and death certificate after thirty years on Friday.

And I was up there with all those people at that big mass, 50,000 children, there are 50 children in each plot from all walks of life, there not just my children they’re not just Magdalen children, they’re not just survivors of institutional people’s children, they’re from every walk of life.

They’re from working class people and everything else 50,000 people, children, buried in one of the graves, we have five mass graves up in Glasnevin and you never seen anything like them.

There’s a field up there three or four acres long and you wouldn’t put your dog or cat in it if it died and that’s where there’s hundreds of people buried.

And you come to this big stone which says “pray for the repose of the souls of the female penitents asylum” which means sinners.

They weren’t sinners, how dare they and I’ve been fighting for eleven years to get that off. I’m going on hunger strike next week and I’m definitely going to stay there and if I die doing it, well, I died for a good cause.

We’re all sinners, there’s none of us perfect, we know that but I think it’s up to god to judge them women, not up to the nuns; they’re only human beings like us and everybody else.

I was in an enquiry in Archbishop Martin’s palace for the last year, with Guards, with everything else, seven hours a day, a dreadful time I went through, I nearly went mental, I nearly committed suicide.

Vincent: In Drumcondra?

Kathy:The Child Protection Service run by Phil Garland. They were very good to me and they looked after me very well and Phil is very good and the people up there but there’s only so much they can do.

When I was to go on hunger strike seven months ago the nuns came out and said they would meet me after they denying me, and you know as bad as things were, it was a worse kick in the teeth for me for them to deny me than it ever was for them to abuse me

Vincent: What do you mean they denied you?

Kathy: They said they didn’t know me, that I was only in their care for six weeks because it was illegal for me to be there when I was eight. In the middle

Vincent: This is in one of the institutions you can’t identify now?

Kathy: Yes, the first industrial school I was in when I was eight and it was a five hour meeting up in the Child Protection Service with a nun, a couple of nuns. Phil Garland headed it and another nun because every meeting there the minutes are taken and everybody has to sign that they satisfied with what was said

Three hours into the five hour meeting about the mass graves this nun looked across the table at me and she said.

You know Kathy I have some of your files from the industrial school when you were a child and I also have some letters that your mother left you

My mother was dead three years at that time, that was last year. Sure, how would my mother write letters?

Yes, she said, letters, your mother left them for you when you were a child in the industrial school.

Thirty five years later after them denying me and saying that they never knew me, I was never in their care, only for six weeks she had my mother’s letters and when I required my files I was told my files were washed away.

I never knew my mother left letters for me. She handed me over the file and I said to Phil Garland, “how long ago was that, because I couldn’t think straight, he said, Kathy, thirty five years ago, and I looked at her and I jumped up and I ran out.

I went mad because here was I with these lovely letters and what she did say to me was “oh Kathy, don’t get upset they’re loving letters from a loving mother”.

My mother left them for me when I was nine in that industrial school, thirty six years later the nuns was handing them over to me.

But to add insult, they couldn’t have insulted me any more than they insulted me, and talking about throwing salt in an open wound.

When I got home, I couldn’t take myself to open them until two weeks later.

I brought them to my mother’s grave and I opened them there “cause all I wanted to do when I opened them was to go over and take my mother out of the grave and say oh Mam, I’m sorry, I didn’t know these letters were here, you know.

When I opened them, they had the cheek to give me photocopies of my mother’s letters and refused blank to give me my mother’s original letters.

I have spent hundreds of pounds trying to get them off them. My legal team have sent solicitors letters. Phil Garland has sent letters, Archbishop Martin has sent word and they haven’t answered one of them and they won’t give me back my mother’s letters and that’s why I’m going on hunger strike next Wednesday.

I want my mother’s original letters. They’re mine, she wrote them to me, my mother will never write me another letter and I think they’ve made me suffer enough and if I have to die doing it, well it will be worth it.

To get my mother’s letters and penitents off the headstones, well, that’s what I will do and I’m determined and that’s why I’m here today because they never broke my spirit and they never will break my spirit.

And I still have my faith but I don’t believe all people are the same. I have some very good friends that are priests and nuns. It was just a few evil people like them that got into the church that turned a lot of people sour.

The church is a temple to me and I don’t blame the church. People said that I had to stop going to mass, it’s not the church. The church didn’t do anything on anybody.

It was a few evil people that went into the church, who gained access to the like of my innocence and hundreds of thousands of other innocent people.

I go to church, I pray. I’m sick at the moment; I’m waiting for news from the hospital on a biopsy. With the help of god it will be alright.

I definitely believe that I survived to tell this story and to help all those innocent people, not just me. I’m only a small part of it. You think tonight’s story was bad, you want to read the next book. It’s absolutely disgusting what happened here in Ireland to innocent children.

Babies were sold. I was lucky; my baby wasn’t sold because the wealthy Americans didn’t want sick babies. When the babies were born, they were sold off to the wealthy Americans. They were driven once a month by a man.

Vincent: How do you know that?

Kathy: I was there, you could buy a boy for fifty shillings and a girl for ten shillings. You got a girl cheaper.

They were all shipped down, because I was on a programme and the man that drove the babies heard me and he rang in and said I’m the man she’s talking about, I’m the man that drove the babies, that was only last year.

He came forward to the enquiry. The babies were taken in his taxi once a month and they were brought down to the North and put on a ship to America and sold to the wealthy Americans.

To good Catholic families in America where the godless bastards would be brought up to have a good life while their mothers washed away their sins in a Magdalen laundry.

I’m human, I’m human. Hitler didn’t treat his people like that, he was decent, he put them all in and he gassed them.

Vincent: My god, shocking stuff

Toothless IFSRA

During the 80s and 90s, Irish banks and other financial institutions robbed tens of millions from the State through DIRT, Ansbacher and other frauds. During this time the Dept. of Finance, various Ministers for Finance, the Central Bank and the Revenue Commissioners all knew about this theft but took no effective action.

When it all eventually came to light, the most common excuse was: “we were afraid that any action would lead to a flight of capital out of the country’. Since then, hundreds of millions have been spent investigating this corruption in never-ending tribunals, all paid for by the taxpayer. One would imagine that after all this; the so-called State regulatory bodies would have got their act together and financial institutions would be more than willing to co-operate in cleaning up their business.

Not so, apparently. The so-called Irish Financial Services Regulatory Authority (IFSRA) has timidly proposed some modest regulations to test the integrity and competence of senior personnel in the banking industry. The arrogant response by various financial institutions demonstrates that they have no fear of the Financial Regulator and are determined to maintain the freedom that almost total self-regulation affords them.

Some of the objections to the modest proposals include: Unduly burdensome, deterrent to recruitment of personnel, overly bureaucratic or damaging to Ireland’s attractiveness as a base for international financial services and, yes, you’ve guessed it, fear of a flight of capital from the country. So, what is involved in this proposed oppressive and despotic regime? Well, just three requirements:

1. Directors will have to disclose that they are tax compliant and provide a tax clearance certificate every year.
2. A person would be unsuitable as a director if they had dealings with a tribunal of inquiry
3. A director would have his/her suitability examined if they failed to manage finances.

Now the banking industry is constantly reminding us of how important they are, how crucial their industry is to the financial health of the country. The employment of thousands, financing of industry, provision of mortgages, they have even claimed that they created the Celtic Tiger. So what is the problem with meeting a few modest and reasonable conditions in order to qualify to work in an industry that is apparently of such crucial importance to the future of this great little nation?

The problem is of course, accountability. Our bankers are not used to answering to anyone other than themselves. On a practical level, there is no problem meeting the above requirements but on a psychological level, it is an impossibility. The very idea that the great and good of our banking sector would have to submit to regulation, no matter how minimal, is, for them, simply outrageous and unacceptable.

So, how will this be resolved? Well, judging by how things have always operated in the Banana Republic of Ireland, the following is likely. A deal will be struck that will save face for both parties. The so-called Financial Regulator will issue yet another glossy pamphlet trumpeting how it is protecting the interests of the consumer and the banks will continue to do what they do best, make massive profits within their own self-governing financial republic where they are untouchable.

Guess who loses out?