Should we name the Ansbacher account holders?

So asked Prime Time in September 1999. Of course the names were released… three years later. I recently put the entire Ansbacher report back online, after seven years of it being unavailable. I also posted the list of all account holders.

What is interesting about this, is the voxpop at the start. There was anger, there was a demand for accountability. It pretty much never happened. Indeed one of the Ansbacher account holders, Clayton Love Jnr, only this year made full settlement of €1.4m with the Revenue. There was no jailing or prosecutions.

Accountability? You must be joking.

Fianna Fáil delenda est.

Favours feeding the disease of corruption

On a recent Late Late Show (1hr.5mins), Pat Kenny introduced author and journalist, Colm Tóibín, as follows:

“A man who looks at life a little differently than most, it’s probably why he rushed up to shake the hand of the disgraced building society boss, Michael Fingleton…”

Alas, Mr. Tóibín is very much like the majority of Irish citizens in that he holds a warped sense of right and wrong when it comes to wrongdoing in Irish public and business life.

People like Mr. Tóibín have no problem whatsoever in recognizing wrongdoing in other countries. For example, commentators, journalists, politicians and ordinary citizens in Ireland all seem to agree that the behaviour of UK MPs regarding their expenses is fraudulent and/or seriously unethical. Instinctively, everybody knows such behaviour is wrong.

In contrast, when Bertie Ahern claimed, under oath, that he won large amounts of unexplained money on the horses, there was little if any debate on whether such a ridiculous excuse might be a lie and no debate whatsoever on the possibility that this former Taoiseach may have committed the crime of perjury.

Instead, we had lots of people, operating within the same mindset as Mr. Tóibín, endlessly debating whether Ahern would run for president or opt for a job in the EU. Ahern’s tribunal evidence was only discussed in so far as it might affect his legacy.

In other words, when the brutal reality of what Bertie Ahern really is was exposed, when his flawed pedigree was exposed and put right up there in front of these people they all went into denial and pretended it never happened.

We see the exact same response/mindset from Mr. Tóibín in his defence of Fingleton.

According to Tóibín Fingleton is being demonized simply because of his association with banking scandals in the same way that many (innocent) priests were demonised because of the activities of pedophile priests.

In Tóibín’s mind, Fingleton has done no wrong but is rather the victim of a witch hunt. Tóibín’s problem is simple; he is incapable of telling the difference between those who are guilty and those who are merely associated with the guilty.

This is not to say that Fingleton is guilty of any criminal behaviour, not yet anyway. He is, however, guilty of a recklessness and greed that has destroyed the lives of thousands of people.

He took Irish Nationwide from being a sound business that sold mortgages to help people buy their homes into the casino like world of property developers that left the building society with over 80% of its €12 billion loans related to construction and property.

Irish Nationwide facilitated Sean Fitzpatrick’s dodgy loans which, according to many experts, were fraudulent and are currently under investigation.

He arranged a €27.6 million retirement scheme for himself which gave the impression that the scheme involved a number of members when in fact he was the sole beneficiary. When this was exposed we were asked to believe that the misunderstanding was due to a typing error – shades of Bertie’s ‘I won it on the horses here’.

Tóibín himself provided the answer for his blind loyalty to a chancer like Fingleton.

At some point in the distant past Fingleton did Tóibín a favour, he gave him a mortgage when times were tough. It’s this ‘doing favours’ that lies at the heart of Irish corruption.

It’s why, for decades, thousands of people voted for the corrupt Haughey. – he did them favours. It’s why 12,000 people voted for the liar and tax cheat, Michael Lowry, in the last election – he did them favours. It’s why the chancer Bertie Ahern enjoyed such a successful career in politics – he did favours for his constituents.

The people who sell their votes for favours, the people who buy votes with favours and the people like Tóibín who cannot see beyond the favour are responsible for the destruction of this country.

Mr. Tóibín, along with thousands of other Irish citizens, simply will not or cannot understand that when somebody does something wrong they should be made accountable no matter what favours they have done.

For so long as this primitive tribal mind set persists Ireland will continue to suffer at the hands of corrupt politicians, bureaucrats and businessmen.

Mr. Tóibín himself provided a perfect example of the damage that can be wrought when favours, special interests, ruthless greed or blind loyalty take precedence over the common good.

He recalled a (outraged) phone call he received from the New York Times some years ago asking him:

“Is it possible that you are building a motorway through the beautiful landscape of Tara?”

He later visited Tara and realised that anyone who disturbed such a landscape would be in trouble, would be haunted.

The tragedy for Ireland is that while people like Tóibín can see that such actions are wrong he is incapable of understanding that they happen because Ireland is a country riven by the disease of corruption.

He is incapable of seeing that he and others, through their ignorance, are principally responsible for the continuing spread of that disease.

Copy to:
Colm Tóibín

Pot calling the kettle black

Bankers are not normally associated with comedy so it was interesting to see Mark Duffy, former chief executive of Bank of Scotland (Ireland), providing the whole country with a great laugh on Questions & Answers last night.

The question under discussion was the evoting debacle.

Duffy: The thing that stood out for me was the lack of accountability. I work in an environment where if you screw up somebody pays.

Bowman: Was that banking? (Loud laughter from the audience, the panel and I’m sure all across Ireland).

Duffy: I work on the basis if you do a bad job you don’t get paid, if you do a very bad job you lose it.

Bowman: (incredulous). But the bankers did a very bad job and they were paid bonuses.

Duffy: No, I’m looking at this from the perspective of where I’m working and our principles and philosophy

Bowman: I’m looking at what actually happened.

Duffy: When I look at what happened I see no apologies, I see no accountability, I see nobody stepping down.

Paddy Kelly is a happy man

The final act in protecting bankers and developers has now been taken with the transfer of €90 billion of toxic assets from the banks onto the shoulders of the taxpayer.

There remain now only a few loose ends to tidy up such as lifting the limit on bonuses and setting up yet another ‘regulator’ to protect the corrupt and greedy.

On January 22nd last I wrote about happy property developers living in a banana republic. The post concerned the property developer Paddy Kelly who candidly admitted that he owed hundreds of millions to the banks but wasn’t the least bit worried.

And now we know why he wasn’t worried, he knew well that his political friends would bail him and the bankers out.

“We’re going to need steady heads to sort our problems and we need to be decent to one another and to help one another and for me compassion is so central to how we live and how we are.”

The ‘we’ in this quote obviously meant fellow developers, bankers and political friends.

The banking crisis is over – or is it?

In the most dramatic development since the present financial crisis began, accountant Des Peelo, announced on Questions and Answers (Q2) last night that the banking crisis was over.

“I believe the banking crisis is over. I believe it’s been handled correctly and fair credit to Brian Lenihan and the people in the Dept. of Finance. There was this huge fog of uncertainty out there created by the banking crisis. I don’t think AIB or BOI will be nationalised.”

Mr. Peelo conceded that there was still a lot of ‘debris’ out there like the countless millions lost to shareholders but such personal loss and devastation didn’t seem to matter much to this man. The main thing was that Brian Lenihan had solved the problem and it was time for everybody to move on.

But when we remember that Mr. Peelo was Haughey’s personal accountant and also helped the chancer Bertie Ahern prepare his financial records for the Mahon Tribunal we realise that his announcement is not so dramatic after all.

Anybody who can work closely with the finances of the corrupt Haughey or the dodgy finances of Bertie Ahern and still feel that they are men of the highest calibre would have no problem in deluding themselves that the banking crisis is over.

Dermot Desmond's chicken comes home to roost

Apparently, billionaire businessman Dermot Desmond has lost a substantial amount of money because of the collapse in Bank of Ireland shares. He is not, at they say, a happy man and expressed his unhappiness (through a representative of course, Mr. Desmond doesn’t like to mix with the peasants) at the recent EGM in Dublin.

“Failures at all levels in the Irish financial system have resulted in the destruction in international and domestic confidence in Ireland. The global situation did not create the Irish property boom or subsequent bust.

There are far too many apologists from within the financial services sector who all too quick to that excuse – ‘We’re caught up in a global crisis not of our making’ – Such analysis is deeply erroneous.

In advance of any initiatives such as is proposed here today fundamental decisions on other matters must be taken, not least, how the bank is to be managed into the future.

It is difficult to understand the justification for allowing those who have caused the bank to be in this current mess to remain in situ and be trusted with getting it out of the mess.”

Not in my wildest dreams did I imagine that Mr. Desmond would become one of the victims of how things are done in our banana republic.

He was a very strong ‘financial supporter’ and friend of the corrupt Haughey making substantial payments to him when he was Taoiseach. At the Moriarty Tribunal Mr. Desmond was strongly critical of those who questioned his ‘generosity’ to Haughey.

And of course the destruction of international and domestic confidence in Ireland that Mr. Desmond speaks of is almost entirely down to the corrupt actions of Haughey and his cronies. He was one of the principal architects of the corruption that has infected every level of Irish society but in particular the financial sector.

Ah yes, here’s one chicken I’m only too delighted to see coming home to roost.

Bankers on the run…

Bank of Ireland shareholders got an opportunity to vent their anger at management over the almost complete destruction of their investments. But like Anglo Irish shareholders that’s all they’ll get as Irish bankers don’t do accountability.

The shareholders did however break into howls of laughter when the governor of BOI said

“The continuity offered by appointing a new chief executive with a deep knowledge of Bank of Ireland and an ability to hit the ground running….