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Did Anglo-Irish Systematically Profit from Fraud? October 15, 2010

Posted by Garibaldy in Blogging, Capitalism.
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Guido Fawkes is reporting that it did, and that he has documentation to prove it.

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1. Damien, BlatantWorld.com - October 15, 2010

Looking forward to seeing this pan out in the media! Hope they get the finger out on this one 🙂

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2. Mark - October 15, 2010

Wasn’t this substantially in the Sunday Tribune last week?

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3. Mark - October 15, 2010

And do you even need to ask this question? Answer is obvious to the world…

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4. Garibaldy - October 15, 2010

Hi Mark,

If it was I totally missed it, and didn’t pick up on it anywhere else. Wouldn’t surprise me if it’s been spun by Staines, but worth a thread anyway I thought for the questions it raises.

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5. z - October 15, 2010

Paul Staines is just bitter about how short his naval career was.

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6. Ghandi - October 15, 2010

Read something about this the other day, just can’t recall where.

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7. irishelectionliterature - October 15, 2010

http://www.independent.ie/national-news/customers-overcharged-by-up-to-euro100m-admits-aynsley-2334622.html

Sunday September 12 2010

Sean FitzPatrick and his discredited management team at Anglo Irish Bank may have overcharged customers by as much as €100m on loans taken out between 1999 and 2004, which will now have to be paid back, with interest, by the taxpayer, the bank’s chief executive Mike Aynsley has confirmed to the Sunday Independent…..

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8. Joe - October 15, 2010

Several years back, didn’t George Lee and others first report on various methods of systematic overcharging by all the banks. I was always struck by one which was apparently known as “grazing” in banking circles. This was a sort of punishment for awkward customers. You know, if you had the temerity to ask questions about charges or to query how they were managing your account or generally making a nuisance of yourself with them about your money, they would arbitrarily add a fraction of a percent onto your overdraft interest rate or loan rate.
They called it grazing. I call it theft. Nobody was prosecuted for it. Some will rob you with a six gun and some with a fountain pen.
This latest story seems to be about Anglo robbing their corporate customers. Someone might be prosecuted for this. But I doubt it. In this case, there will be honour among thieves.

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ejh - October 16, 2010

Some will rob you with a six gun and some with a fountain pen.

I can imagine some vulgar words of language being used about this….

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Joe - October 18, 2010

Cheers ejh. Much appreciated. I know the song from an old Chrity Moore tape. That youtube is great, isn’t it.

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9. ec - October 15, 2010

Guido released a list of Anglo Bondholders this evening. I note that he explicitly states the list is of ‘foreign’ bondholders.

http://orderorder.files.wordpress.com/2010/10/ai-bondholders.gif?w=480&h=623

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WorldbyStorm - October 15, 2010

I see one or two names on there that might raise eyebrows amongst us… no?

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EWI - October 16, 2010

Goldman Sachs – no surprise. Any chance that RTÉ might ask Sutherland about this the next time he pops up to give the country advice?

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CMK - October 16, 2010

No.

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10. irishelectionliterature - October 15, 2010

Well there are a few places that have decent sized offices in the IFSC for starters.
Then we have Goldman Sachs (Peter Sutherland connection), who reportedly are the agent that sells Irish Government bonds.
There is also some stuff around various boards linking (via some of his tweets) Ganley and an anti EU agenda with todays Stories on Guido Falkes.
There are also some nice quotes from Lenihan in the Dail in May. “Detailed information on bondholders of domestic credit institutions’ senior and subordinated debt is not available” being one.
http://www.kildarestreet.com/wrans/?id=2010-05-18.985.0&s=brian+lenihan+anglo+bond+holders#g987.0.r

So Far we have a FF TD and a former FF TD and Minister having declared interests in some of the companies mentioned.

So it looks as if this particular part of the Anglo story could go off in any number of directions.

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EWI - October 16, 2010

There is also some stuff around various boards linking (via some of his tweets) Ganley and an anti EU agenda with todays Stories on Guido Falkes.

I’m not sure what Ganley et al hope to gain by this. The Toryboy set who utterly oppose the EU are deeply intertwined with the City of London and its culture, so why are they putting fuel to the fire?

Unless they’re specifically trying to stoke up public anger against the establishment, and will look to gain electorally – despite being more in step with the banksters!

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11. WorldbyStorm - October 16, 2010

The interesting problem being that this list would appear to indicate that all too many people who are telling us about the importance of the markets in relation to Ireland’s precarious position are linked directly to entities that comprise those markets. That’s hardly surprise, but if we can place any credence in this it does point up the [potential] extraordinary conflict of interest at work.

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sonofstan - October 16, 2010

There’s a shorter word that covers ‘a conflict of interest’ with regard to national sovereignty.

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CMK - October 16, 2010

This whole area is, to me anyway, where the orthodoxy’s house of cards will crash to the ground.

There’s Sutherland at the apex of the capitalist class but there are also hundreds, if not thousands, of Irish citizens who work on the trading floors of investment banks, stockbrokers etc. If there were a concerted effort to ‘short’ Irish debt and push the state into bankruptcy in order to make a profit, a very realistic prospect, would these citizens not be engaged in, at the very least, sedition and possibly treason.

Following on the Bobby Storey posted here today, it strikes me as odd that we have a pretty large security apparatus aimed at the preservation of the state. That apparatus is presently focused on dissident Republicans who will likely never make even the slightest dint in the Irish state’s sovereignty. We have had 70 years of the Offences Against the State Act and hundreds, at least, have been imprisoned under it. Yet the gravest threat the Irish state has ever faced, bar the ‘Emergency’, that is a concerted effort by the ‘markets’ to potentially bankrupt the state, will involve numbers of Irish citizens that far outstripp the numbers involved in dissident republican activity.

Surely Sutherland should, as an Irish citizen, instead of lecturing about austerity, be advising the state about Goldman Sachs trading stategy re: Irish debt, over the coming years? And if there is plot within Goldmann to short Irish debt, his first duty would be try and warn the state, as soon as he learns of it. He is a citizen, after all; and a former Attorney General, with a pension etc. Likewise with the hundreds, or thousands, of Irish citizens at trading desks across the world.

It’s a mystery why these individuals are not under surveillance or why they don’t come under the remit of the Offences Against the State Act.

‘The Markets’ are equivalent to an army amassing at your borders, and they can do as much damage. It’s a fascinating example of the profound psychological contradications embedded into capitalist thinking, that there isn’t even the barest attempt to bring to bear the state’s security resourses to on this key threat to the state’s viability.

Instead, as we’ll see during the forthcoming water charges struggle, the full weight of the law will be thrown at those refusing to pay, while those Irish citizens acting to bankrupt the state will get off scot free.

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