CHC: Update on State's continued failure to properly investigate allegations of white-collar crime

I noted the following statement (dated 20 August 2013) on the Central Bank website today.

The Central Bank’s investigation into Custom House Capital Ltd (in Liquidation) and persons concerned in its management has been on-going since the publication of the Final Report to the High Court by Court Appointed Inspectors dated 19 October 2011.

Following consultation with An Garda Siochána, the Central Bank’s investigation has been deferred pending completion of investigations by An Garda Síochána.

This case involves allegations of massive fraud at Custom House Capital (CHC) which was first uncovered in 2009 by a private company shortly after the so-called Financial Regulator had ‘investigated’ CHC and, effectively, gave it the all clear (See here).

Nearly five years later and we’re still waiting for our so-called law enforcement agencies to finish their ‘investigations’.

As with practically all allegations of white-collar crime in Ireland this case will be ‘investigated’ to hell and back until the entire affair becomes neutralised through history or resolved by other means which usually means those ripped off will stay ripped off and those with allegations of fraud against them will remain free and unaccountable.

Morgan Kelly: Straight talking and accurate

While looking at the Village Magazine website I came across a very interesting clip from RTE’s Prime Time in which Professor Morgan Kelly valiantly warns of the impending economic disaster that was about to hit the country.

His warnings were summarily dismissed by economists Brendan Keenan and Jim Power.

It’s noteworthy that we now seldom hear from Professor Kelly while Keenan and Power, who got it so wrong, are a constant presence on the airwaves analysing the disaster that they didn’t see right in front of their eyes.

It’s well worth having a look at the short clip for the full impact of Professor Kelly’s accurate forecast.

The most deadly animal of all: The raging elephant of corruption

Two recent events serve to demonstrate just how far this country is away from facing reality.

Labour Senator Denis Landy publicly announced that someone had attempted to bribe him within the confines of our parliament.

The media response to this sensational event was moderate at best. There was no state response whatsoever.

A mother and child were attacked by a Tapir in Dublin zoo.

The media response was wall to wall and even now, days after the event, it is still being reported.

Take RTE for example: The incident was reported and analysed at length on Morning Ireland, Today with Myles Dungan, News at One, Liveline and Drivetime.

It made headline news for several days in all the newspapers and some even felt the need to make editorial comment.

On Liveline we heard Joe Duffy asking a caller such penetrating questions as:

Would a sheep make such an attack?

Oh yes, replied the caller, but sheep are weak so wouldn’t do as much damage.

Another caller went into forensic detail about how she was savagely attacked by a cat fourteen weeks ago.

Was it painful, asked Joe?

I never felt pain like it said the savaged woman.

Describe the cat, prompted Joe.

After a detailed description of the deadly cat the woman pleaded with the nation to be on the lookout for the monster.

She finished by warning the nation of just how deadly cats can be.

Cats are more dangerous than dogs because they constantly clean themselves. It’s the salvia, you know, all the germs are collected in the salvia and if they bite you, well, you’re doomed.

Notwithstanding the horror and pain suffered by the victims in Dublin zoo, this event is a non-story. The mother tapir, like all mothers, acted to defend her offspring – end of story.

Meanwhile, the Labour Party, elected to power principally to deal with the rampant political and financial corruption that effectively destroyed the lives of a majority of Irish citizens, announced that the bribery allegations made by Senator Landy had nothing to do with them. It was a private matter for the Senator and they were going to do nothing.

As a country we have not moved ahead by one inch in tackling the disease of political/financial corruption since the days when the criminal politician Haughey made such activity an integral part of our national heritage.

Instead, we grasp at any excuse, no matter how ridiculous, to avoid talking about the most deadly animal of all – the raging elephant of corruption that’s dancing all over our lives.

AIB: Grotesquely hilarious

Letter to the Irish Examiner (August 8).

Sir,

It is grotesquely hilarious to witness Allied Irish Bank chief executive David Duffy castigate so-called strategic defaulters for their alleged refusal to fulfill mortgage contracts (Irish Examiner 2 August).

Without a shred of evidence Mr. Duffy has effectively accused 20% of his mortgage customers of deliberately defaulting on their responsibilities.

This attack on Irish citizens is all the more obnoxious when it is remembered that Allied Irish Bank is itself one of the most notorious strategic defaulters in the history of the state.

Yours etc.,
Anthony Sheridan

Colm McCarthy: Living in la la land

Economist Colm McCarthy was on Drivetime during the week (23rd) talking about the selling off of state assets.

According to McCarthy government ownership of Allied Irish Bank, Irish Permanent and part ownership of Bank of Ireland will eventually become the big privatisation issue.

McCarthy, like so many other so-called experts, actually believes that the banks are owned by the state.

This, of course, is not the case. There will be no ‘big privatisation issue’.

The banks are merely in the temporary care of the state until such time as all the billions lost during the casino property gambles are transferred onto to the shoulders of taxpayers’.

Once the banks are cleansed of all gambling debts they will be handed back, without any consequences whatsoever for the vermin bankers, to carry on as before – defrauding and screwing the taxpayers who were forced to bail them out.

It (fraud) will continue until you no longer give your consent

The following very strong, very revealing letter was published in the Irish Examiner last Saturday.

Beware third party rules on mortgage transfers

“In our view, the code could potentially slow the increase in mortgage arrears in Ireland, and may allow lenders to start repossession proceedings sooner.

“We view this as a credit positive for the senior notes in outstanding residential mortgage backed securities.”

Let’s translate this quote from the Standard & Poor’s ratings agency as they commented on the new Central Bank code on mortgage arrears.

The important line is the second one. Your mortgage was sold to third parties by your bank. These third parties are hedge funds, insurance companies, etc.

These are the senior note holders. Your bank was paid in full for your mortgage by these institutions. Your bank now acts as a debt collector for these third parties. Basically, they bought your promise to pay from the banks.

The Irish Central Bank rules clearly state that a debt cannot be sold on to third party investors without your consent. If it was then the debt is null and void.

The next question to ask yourself is was your mortgage sold on to investors? The answer to this question is the same as the one about the bear, the woods and toilet facilities he used.

So unless you received a letter stating your mortgage was no longer owned by your bank then your mortgage is null and void.

This is just another example of the multi-layered fraud that continues daily in this country, all perpetrated by the suited and booted ones.

It will continue until you no longer give your consent.

Barry Fitzgerald

Lissarda

Cork

The boardroom criminals could not have survived without the active support of a corrupt political system

Chief Justice Susan Denham’s call for businesses to put ethics back in their boardrooms is akin to asking criminals to stop breaking the law.

Not all businesses are ethical free zones so it is reasonable to assume, generally speaking, that Justice Denham is referring to the boardroom criminals of the Celtic Tiger.

The criminals who could not have committed their crimes without the full support and encouragement of our corrupt political system.

If our political system was not corrupt there would have been a proper regulatory system in place with the power and political support to root out the boardroom criminals.

Two particular sets of figures in the Courts Service annual report reveal much about the consequences and reaction to the collapse of the economy.

The number of restriction orders imposed on company directors grew by 50% last year while the number of directors disqualified increased by a massive 350%

In other words, the corrupt political system, for the time being at least, does not have the same influence over regulators.

There was an 82% rise in the number of people jailed for non-payment of debt, a 14% increase in tenant ejectments and 7% rise in orders to wind up companies.

These figures reflect the consequences of political corruption on ordinary citizens and businesses.

The Anglo Tapes: The Germans now know what we are as a nation

Few Germans, if any, have any notion of the damage done to Ireland over the decades by the disease of corruption.

Indeed, few Germans know anything of Ireland, period. Any why would they? Ireland barely registers on the global scale of importance.

Despite this, German politicians and media were able to make an immediate and 100% accurate assessment of what we are as a nation after just a few day of listening to the Anglo tapes.

Here’s just a few examples:

German Chancellor Angela Merkel:

The kind of banker talk like that on the Anglo tapes does real damage to democracy and makes it harder for politicians to convince people to get up, go to work, pay their taxes and show solidarity with people who are weaker. All of this is destroyed by that.

German Finance Minister:

These people came across as if they were supermen, above it all and had nothing but contempt for their fellow man.

A German publication interviewed some Irish commentators like Fintan O’Toole and Eddie Hobbs to get some idea of what was going on in Ireland.

The article concluded, using just the knowledge from these few people, that there was something seriously wrong with the Irish psyche, that there was something fundamentally wrong with the way the country was governed.

The above reactions were from citizens who live in a functional democracy where the rule of law applies to all citizens and not just to the peasants.

Now witness Marian Finucane’s response to the arrogance of David Drumm, keeping in mind that this is one of our most senior broadcasters who has witnessed and reported on an endless avalanche of corruption over the decades.

Drumm: Get into the fucking simple speak: We need the moolah, you have it, so you’re going to give it to us and when would that be?

And by the way, the game has changed because really the problem is now at their door.

Finucane: They actually do sound relaxed but they couldn’t have been relaxed, they must have been out of their minds.

And here’s Finucane’s reaction to the extremely insulting reference by the Anglo vermin to the German national anthem.

Finucane: (laughing) I think that’s hysteria breaking out somehow or other although I guess it wouldn’t have gone down terribly well in Germany.

The point to note here is that Finucane is making excuses for the vermin just as we’ve witnessed others make endless excuses for corrupt politicians, bankers,regulators and priests over the decades.

Unlike the German media and body politic, who immediately recognised vermn as vermin, Finucane did the typically Irish thing by ignoring the unpalatable truth.

Copy to:
Marian Finucane

What the bankster thought of the gangster

From the Attic archives.

When the criminal politician and traitor Haughey died in 2006 various ‘pillars of society’ were asked to assess his record.

The following is the assessment of the bankster Sean Fitzpatrick taken from the Sunday Tribune, 18 June 2006.

He was a big picture man, who certainly had his faults. There were two era’s. The first era he was off beam, when he did huge borrowing and got us into financial deficit.

The second time he had learned a lesson and the true Haughey came through. I can’t think of any modern politician who has done as much.

Haughey was exceptionally different to other politicians of the time.

There was just no hope, things were very bureaucratic and done at a snails pace. There wasn’t the entrepreneurial sense there is now. Ireland was dark and we were losing our best to emigration.

He was there at the time and set the foundation for us to come through.

Michael Noonan: One of our more distinguished gombeens

One of our more distinguished gombeen politicians, Minister for Finance Michael Noonan, was in typical arrogant mood during an interview on The Week in Politics yesterday.

When asked about the possibility of Ireland getting money back by way of European retrospection legislation he replied:

I think if we go there naively and put out our hand and say; give us the money, we won’t succeed.

This comment and the accompanying sneering smile tells us a lot about Noonan’s intelligence and complete lack of diplomatic skills .

My translation: That was good wasn’t it? Did you notice how I cleverly linked my reply to the lads on the Anglo tapes? Aren’t I fierce clever, not many people are as clever you know.

When asked for his response to the Anglo tapes Mr. Clever was very much plain old Mr. Gombeen.

It was appalling but of course it was recordings that were made over four years ago so we’re revisiting the past.

My translation: That’s all in the past and the matter is no longer relevant. People need to move on.

There has been a general distaste of bank culture right across Europe and indeed across the world.

My translation: This sort of thing happens all over the world, Ireland is not unique, it’s time to move on.

When asked what the Government intended to do about the economic crimes of David Drumm Noonan again took refuge in his gombeen mindset.

Well, I wouldn’t like to repeat a difficulty Mary Harney got into when she made remarks that were deemed to prejudge a court case.

My translation: We politicians really want to get these people but unfortunately we can’t say anything in case it would affect any future court case, so come back to me in, say, ten maybe fifteen years time and I’ll answer that question.

It’s very complex, very intricate and the prosecuting authorities are fearful if they move too quickly or imprudently that they’ll blow the case and with the separation of powers we must leave them do that.

My translation: These matters are beyond the understanding of ordinary peasants so they are best left to the ‘experts’ to deal with. And of course, due to the separation of powers, there’s absolutely nothing we politicians can do to force the authorities to complete their investigations any time soon.

Noonan was then asked why the Americans were capable of immediate action against whistleblowers like Edward Snowden while Irish authorities never acted.

The American system is different than the Irish system.

Well why don’t we change our system if that’s what it takes?

Because we have a constitutional mechanism which protects all citizens, it’s called the separation of powers and it’s up to the prosecution authorities and the criminal justice authorities to deal with it.

The Guards make inquiries in this country, we don’t politically interfere with the Guards, they give their books of evidence and their files to the DPP and the DPP decides who to prosecute.

My translation: Ireland is a progressive, civilized state that respects and protects the rights of all citizens no matter what charges are made against them.

America, on the other hand, is a primitive state that hunts down suspects without due process and its enforcement authorities are subject to political pressure.

On the warning by former boss of the Office of Corporate Enforcement, Paul Appleby, (that title always makes me laugh) that his office did not have enough resources.

We’ve heard the resources argument year after year, he got all the resources he needed and he got extra time to do his job.

This dismissal of Mr. Appleby as an effective liar was accompanied by another sneer but this one was not smiling.

It was one of pure contempt for an official who dared to ask for more resources to fight white-collar crime.

Copy to:
Minister Noonan