You know this non-bank that our money has been used to rescue? Anglo-Irish. This zombie institution for which our government sequestered your money and mine to dig it out of a hole created by itself.
That’s right: Anglo-Irish, the conduit for dodgy builders’ money, a non-bank which plays no part in the greater Irish economy, and which could have been allowed to disappear without in any way damaging our country.
Yes. That zombie bank.
Well, as you no doubt know, the Irish government decided to rescue this toxic institution, and in the process has probably destabilised our country forever. Why? Because Anglo-Irish Bank pumps the money for the property developers, and the property developers fund Fianna Fáil, the party of government.
Now the questions start to emerge. We knew that Seán Fitzpatrick, the chairman of Anglo, had borrowed upwards of €100 million from his own bank, and we knew that he he hid these borrowings with the connivance of another non-bank, Irish Nationwide, who very kindly took over his loans whenever the books needed to be inspected, so that the shareholders wouldn’t find out what he was up to.
This, apparently, isn’t a crime, though it should be. You might be astounded, and enraged, to learn that it isn’t a crime for a bank’s director to hold huge loans from his own institution and to hide these loans from the bank’s shareholders.
Now, today, other questions are being asked, to which we don’t yet have the answers.
The questions are these:
Did Seán Fitzpatrick not simply have huge personal borrowings from his own bank, but did he also borrow €300 million, which he then handed out to ten of his associates?
And did these associates subsequently lodge €30 million each back into Anglo accounts as if this was new money from outside, when in fact it was only the bank’s own borrowed money coming back in?
UPDATE 19th February 2009
The answer is no. The ten people each bought Anglo shares with the money
And was this done for the purpose of inflating the bank’s value, to create the impression that it had large depositors, when these depositors did not exist?
UPDATE 19th February 2009
Not exactly. It artificially propped up the value of the bank directly through the purchase of the shares, and it also dug Seán Quinn out of a hole by secretly buying back 10% of the share purchase deal he was locked into in a CFD gamble gone wrong.
Let me remind you that our government has staked your future and mine, and the futures of our children on bailing out this toxic institution, Anglo-Irish, when they could have allowed it to sink. And the only reason they did so is because Anglo-Irish is the conduit of money from the builders to their political party, Fianna Fáil.
To put it simply: did our government decide that Fianna Fáil’s survival is more important than the survival of the country?
If these questions turn out to have some basis in reality, then our government has committed treason.
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