Category: Banks & Finance

Banker does not approve of help for struggling mortgage holders

The chief executive of Permanent TSB, Jeremy Masding, does not approve of measures currently being taken to help out those struggling with crisis mortgages.

It would be grossly unfair to adopt a more lax attitude to debt forgiveness in respect of customers currently in arrears, for example, and deny that same facility to customers who have worked hard to avoid arrears to date or who may ultimately fall into arrears in the future.

As it would, we presume, be grossly unfair to adopt a more lax attitude to banks that went billions into arrears and are now being bailed out by those very same struggling mortgage holders.

Masding goes on:

Should banks now adopt exception/unusual rules in respect of any of these matters, this would have a material impact on customer repayment behaviour and the calculations underlying the stress tests would have to be completed recalculated.

Clearly this individual is worried that if the same exceptional/unusual rules that were extended to the incompetent greedy bankers were extended to struggling mortgages holders that they too would respond in a similarly arrogant and irresponsible manner.

Copy to:
Mr. Masding

Time to lock up the political and business suits

Economics Editor for the Irish Times, Dan O’Brien, sounded slightly right wing as he debated crime in Irish society with Fr Peter Mc Verry on Today with Pat Kenny (Tuesday).

According to O’Brien recession, poverty and inequality have little effect on crimes rates (See O’Brien’s Irish Times article on the issue here).

The availability of drink and drugs coupled with a reluctance to throw people in jail are, apparently, the principal causes of increased crime rates.

O’Brien was very confident discussing crimes committed, in the main, by the lower classes but when questioned about white-collar crime he became decidedly less gung ho.

Keep in mind that the following views are expressed in a country destroyed after a corrupt political system allowed (and still allows) white-collar criminals to break the law with impunity.

O’Brien: If society decides something is a crime then, you know, it should be investigated and those who break the law should be punished as society decides.

So, you know, whatever we decide and clearly, you know, there’s a problem with white-collar crime and there has been an enormous….interrupted.

Pat Kenny: But even white-collar wrong doing which has not yet being categorised properly as a crime…interrupted.

Peter Mc Verry: Society doesn’t decide what’s a crime; people in designer suits decide what’s a crime.

O’Brien: Well, I certainly think that we need, from a political perspective, to say that certain types of behaviour in financial institutions…

we need to look at making certain actions criminal as a means of deterring people because the consequences are so enormous that there is a case to be made for criminalising certain kinds of reckless behaviour particularly in financial institutions.

So, after the Titanic has sunk O’Brien wants the State to look at making certain actions criminal and believes there’s a case for criminalising certain kinds of reckless behaviour.

It would be interesting to hear what kind of (white-collar) reckless behaviour he believes should remain outside the law.

O’Brien believes that jail should be used to take criminals out of circulation and to act as a deterrent to protect society but, apparently, only wants this to apply to the lower classes.

Fr. Mc Verry is right on the button when he says that it’s people in designer suits that decide what’s a crime.

Ireland and its citizens will continue to suffer severe consequences until those suits, both political and business, are locked up.

Two tier justice system

Socialist Republican Party member Louise Minihan has gone to jail for refusing to pay a €1,500 fine for throwing paint over then Minister for Health Mary Harney in November 2010.

So, in just twenty months the justice system processed this citizen with efficiency and without any undue delay.

This is as it should be in a functional democracy.

Meanwhile, it’s over four years since the banking gangsters, their political friends and facilators within the regulatory sector destroyed the economy causing severe hardship for most Irish citizens.

No proper investigation, no progress whatsoever, not a hope in hell that any of these gangsters or their friends will be brought to justice.

Whatever happens; the Quinn family will be treated with respect

The first thing to be said about the Quinn contempt ruling is – No one will go to jail.

That’s not how things are done in Ireland. The Quinn’s are ‘respectable’, they’re part of the ruling elite of Ireland.

If they were sent to jail it would truly be revolutionary.

Revolutionary because it would be the first time in the history of the state that people of power and influence were actually dealt with in the same manner as ordinary citizens are dealt with when it comes to crime and punishment.

The judge has, apparently, three options. Jail, jail and a fine or a simple fine.

Her decision will depend on what deal can be worked out before Friday between the State, Anglo Irish Bank and the judge.

Everybody will be working away feverishly to work out a deal to save this ‘respectable business family’ from their own greed, arrogance and criminality.

And, of course, there will be no question of charging this ‘respectable family’ with something as ignominious as the crime of perjury.

Over the decades it has become clear that the crime of perjury only applies to the little people.

Here are some quotes from the judge regarding ‘truth telling’ in her court.

Sean Quinn’s evidence was not credible.

Impossible to accept the evidence of Sean Quinn Senior.

Sean Quinn’s son was not telling the truth.

The evidence of Sean Quinn’s nephew, Peter Darragh Quinn was most untruthful.

(The Quinn’s) have acted in a blatant, dishonest and deceitful manner.

They have consciously misled courts here and elsewhere.

The behaviour of the respondents outlined in evidence before me is as far as removed from the concept of honour and respectability as it is possible to be.

We can be absolutely sure, however, that the Quinn family will be treated with honour and respect with it come to handing out justice.

Social welfare fraud – Jail. Banking fraud? – Still waiting

A Dublin woman, Mary Connors, has been jailed for three years for making fraudulent social welfare claims totalling €229,000 over a 14 year period up to 2010.

Ms. Connors fully cooperated with the police and has paid back all the money.

Gardai had searched her home and a detective from the Criminal Assets Bureau (CAB) was assigned to her case.

So, no messing there. Gardai dealt with the case directly, special detective from CAB assigned to the case to make sure justice was done.

The judge presiding was clear; this is a serious case, public money, three years.

Meanwhile, it seems that former Senator Ivor Callely is unlikely to be pursued for the return of €6,000 he has been overpaid in expenses.

Apparently, there’s no legal basis to pursue him because the error was made by the Department of Transport.

The law is different for ordinary peasants on social welfare. Every penny can and is pursued whether it’s fraud or an error by a civil servant.

If it’s fraud by a peasant, it’s jail.

If it’s an error by a civil servant, it’s a bonus and promotion.

Ms. Connors was caught in 2010 and is now on her way to jail.

The bankers who destroyed the state were caught in 2008 – We’re still waiting.

The genius of Patrick Honohan to solve all our problems

I watched in utter astonishment as the governor of the Central Bank, Patrick Honohan, in just one stroke of absolute genius came up with the solution to all our problems (Six One News).

Some of our analysis suggests that if unemployment could be got under control and could come down even part way towards where it was before the crisis that this would have a very, very substantial effect on curing those mortgage arrears, a surprisingly large effect.

Mr. Honohan is an international economics professor and and expert on financial crises so I suppose it’s not that surprising that he has come up with the solution that will see all our worries dissolve into thin air.

But, my goodness, why did nobody else see this obvious solution?

I suppose becasue he must be the only expert on financial crises.

Anyway, Mr. Honohan has inspired me. Here’s some ideas I’ve come up with after some overnight analysis.

Drill like mad all around the coast and we’re sure to find billions of gallons of oil. This will pay off our national debt with enough left over to give one million to every man, woman and child in the country.

Make contact with an alien species who have no idea of the concept of wealth but live on a planet made of solid gold. Offer them the one thing they crave – the mad analysis of a central banker, in exchange for their gold.

Ask every expatriate to donate $5 to the nation and before you know it all our problems will be a thing of the past.

No, wait, that last suggestion has already been made by some politician – No, really, it has.

He must be a member of Mr. Honohan’s analysis team.