Property Speculators and Treason

Our economy has been raped by a relatively small number of speculators.  Sixty, seventy, perhaps a hundred greedy individuals have brought our country to the brink of bankruptcy, abetted by the craven, corrupt and unprincipled political party that now leads our government.

As a result of these people’s activities, ordinary families who have never done anything but honestly pay their way and work hard, are being taxed to the point of penury in order to cover the failed bets of property developers whose only motivation was the acquisition of more and more personal wealth.

As a result of their greed, this country is on its knees while their profits from the last ten years hide in some anonymous Swiss account.

As a result of their collusion with corrupt bankers, our economy is in the worst state of any European country.

There are no more than a hundred of these people, yet they now hold our wealth, and the life’s labour of our children, in their secret Swiss bank accounts.

This is treason.

I see no reason why all the assets of these treasonous speculators should not be seized, in the interest of the common good.

Do you?


Also on Bock:

Paying For The Celtic Tiger

Economic Treason – Simple Recipe

Asset Management Agency – Ireland’s Bad Bank

Bludget 2009

Budget 2009 – My suggestions

Fingers Fingleton Sole Beneficiary of â€27 Million Irish Nationwide Pension Fund

Bailing Out The Property Developers

Business Ideas for the New Great Depression

Sorry? What?

Irish Government Ministers

Denying the Economic Crisis

Anglo-Irish Bank’s Croke Park Corporate Box

The Anglo-Irish Ten, Hiding Behind Client Confidentiality

Irish Bank Guarantees

Sean Fitzpatrick Tells Parliamentary Committee To Fuck Off

Letter To Brian Goggin, Bank of Ireland CEO

Anglo-Irish Bank, Brian Lenihan and the 7-Billion-Euro Fraud

Irish Government Nationalises Anglo-Irish Bank

50 thoughts on “Property Speculators and Treason

  1. Get the flaming torches and pitchforks out, we’re gonna have us a lynchin’!

    With you all the way, can I get a commitment that blood will be spilled?

  2. How can we employ the Gardai to do this?, unfortunately, we can’t, this is a job for Policemen, we have plenty of Gardai in An Garda Siochana, some of whom are tied up persueing an artist who took the piss out of our buffoon of a Taoiseach, but very few Policemen.

  3. Treason never will prosper.

    What is the reason?

    For if it was to prosper

    None would call it treason

    As the country prospered, the speculators, banks, estate agents and buyers were the ones fueling the boom.

    If same was now continuing we would see absolutely nothing wrong in the way they/we were behaving.

    No one called stop back then – cept for a few, who were accused of having some sort of Casandra complex. Alas, we never listened to them.

  4. I think we should dig up Dev and put him back in charge. A re animated corpse would do a better job of running this country.

  5. -Sweary
    Or Havelock Vetinari. Too bad we ended up with Rincewind.
    [/ double nerd]

    -Swe. Ge

    What I find strange is that last year some 250 odd people went to jail for non payment of debt. Why are these fuckers then allowed to default with impunity.
    Couldn’t (shouldn’t?) the Criminal assets bureau take action?
    It wouldn’t fix the economy, but the impression that there’s some justice might help people swallow this pull together bullshit.

  6. The only thing we should pull together is the entire FF party along with the Banksters attached to drey horses be the arms and legs at the next Macra ploughing championships by way of the intermission entertainment.

  7. I will wager FF will survive this in the long term. The population put them in the last time out when their then leader was in the public dock for dodgy dealings. Countless members of that party have proven untrustworthy over the years and yet they maintain an extraordinary hold over the electorate. The rebellious spirit of the Gael is nothing but a fictional sham. The people will take it on the chin and slavishly vote for the local FF gombeen man at the next election. Then they will say they had no option. Despair, despair!!

  8. Swe Ge — Good idea. Easter Sunday might be appropriate for the resurrection. Tomorrow is for crucifying.

  9. its quite possible that when the next election comes around, the only policy needed by a party to win; is one which will see those responsible for this mess jailed. i for one do not want to hear how the opposition plans to manage the economy, health, transport etc. the party/ person who has a plan to nail these crooks gets my vote. its a simple policy, one which sadly i don’t think the opposition will get right.
    consider nick leeson, why are our speculators/investors not been pursued like he was?

  10. Nick – the only man in history that wrote a cheque and the bank bounced – Leeson is actually living in Galway. But at least he served time. Ces’t, @ non payement of dept -owe the bank €100 and your in trouble, owe them I million and their in trouble.

  11. the only policy needed by a party to win; is one which will see those responsible for this mess jailed.

    Oh yeah, i’d vote for them even if they were upping the tax to 50%.

  12. Abdul; there really is nothing new in the “owe them 100 and you’re in trouble, owe them 1mil and they are in trouble” that was always the case, its just that now we have far more access to superfluous info, the real issues will remain hidden and protected and the taxpayer will remain the fall guy.
    I say it again, ditch the pitchforks, hit them where it hurts, we pay the wages, hold back the taxes, any takers ? There is no party in existence to vote for, accept the reality, form a new one, preferably with people possessing business and brain power.

  13. If retribution would balance the books, I’d vote for it, but we need better thinking than that. Certainly, people must be held to account, but we need rational thinking to get us out of this, and such thinking should not be based on the survival of Fianna Fáil.

  14. Don’t worry Sniffle&Cry there will be no crucifixion, only hype. Stock up on the booze anyway it is better to drink to forget then to forget to drink.

  15. Whatever about the banks, it’s horrible to use “rape” as a verb,

    Our economy has been raped by a relatively small number of speculators. Sixty, seventy, perhaps a hundred greedy individuals have brought our country to the brink of bankruptcy, abetted by the craven, corrupt and unprincipled political party that now leads our government.

    considering that one in four children and one in three women are raped in this country. Rape is not a word that should be used to describe a failing economy.

  16. It’s not being used to describe a failing economy. It’s being used to describe a conscious and brutal violation.

  17. That’s not the same as rape. You do not compare like with like. You take from what you imagine other people’s trauma and experiences to be and apply that to political decisions.

    You may know that many rape survivors have PTSD and can be triggered by rape in this context. I can’t speak for every survivor of course but I did not expect to be triggered in a post about the economy and the banks.

    Mostly I enjoy your blog but I can’t risk the post traumatic stress fallout that I experience because of that language.

    I’m sure others will be kind enough to follow up with tasteful comments about PC police and over-sensitivity.

  18. Grammaticly the word can be used in this context, though I see your point. If what you say is true I doubt anyone with any bit of decency would talk about PC police or over sensitivity.
    It wouldn’t have even occurred to me that just the word would have such an effect on a victim..

  19. I’m sorry if you find my choice of language painful but that’s how I choose to describe what has been done to us by these criminals. Nobody has ownership of a word in the language.

  20. I just saw someone raise this scary scenario on a thread on It’s a possible way of developers scamming us for even more cash for their worthless assets. Here goes:

    “Developer A and sons borrowed €220m (110% loan) for land “worth” in 2005 €200m.
    The bank holds the deeds, but he owes them the money, money that’s now sitting in some Fianna Failure non-resident Farmer’s account who sold the re-zoned land.
    Developer A the cute whore, splits up his assets and companies responsibilities by setting up 4 companies with different permutations of his children. Each company only has one unlimited shareholder. This shareholder is always poor Seamus, the young lad. All the time the shareholders are very well paid, on salaries from profits reaped on other similar but earlier schemes, making our politicians look like paupers. This cash is private, not company owned.
    Now its 2009, property has collapsed, the land is valueless. Developer A and the 4 companies still owe €220m.
    Superbank “the Irish tax-payer” comes to the rescue, and pays say €150m for the currently valueless land, then goes after Developer A and the gang of 4.
    All the Developers companies declare themselves bust. The company’s assets are seized, this amounts to say €1m, Superbank goes after Seamus, the only one whose private property is up for grabs, and it is seized, valued and sold for €5m.
    Seamus can’t be on the board of a company for 12 years, and still has a huge unpayable debt hanging over him, but he agrees to do his best and pay €200 a week. Don’t worry though Dad and family will look after him, living for a rent of €10 a month in a muck mansion owned by his sister Mary.
    Meanwhile, the land won’t sell, maybe in 30 years? But the PAYE suckers have just paid the developers bank €150m, retrieving just €6m from the developer, losing 86% of our “investment”, the other cute developers catch on and we double our national debt!”

    Scary if true! Because don’t you know that there’s plenty of them out there that would have the neck to try this!

  21. Mark,

    “It’s a possible way of developers scamming us for even more cash for their worthless assets”

    It’s called gaming the system.

    And yes, the scenario is possible. Whoever wrote it knows what they are talking about. “Each company only has one unlimited shareholder”.

    This is one of the reasons that NAMA is a Fianna Fail & Green Party con.

    When I said “Boy are we in trouble.” I didn’t mean the usual Fianna Fail / Green Party gombeenism. I meant that Peter Bacon already knows the value of the assets. He absolutely refuses to divulge the number. He also has stated publicly that, he, in his role as advisor to the Government is a man of absolutely NO MORALITY. He, Fianna Fail and the Green Party are going to fuck Ireland from here to eternity. All because John Gamely just couldn’t stand to be in opposition for the rest of his live. He is a prick. But that’s not the problem.

    Here’s the scary bit. The real gaming of the system.

    The taxpayer/citizen overpays for the assets (there’s no point otherwise).

    Call that €50Bn.

    The banks are clean. But they still don’t have cash to “fund small business” (as if Fianna Fail & The Green Party ever gave a fuck).

    Being clean of their toxic assets (and the associated liabilities) the banks are then sitting ducks for vulture funds. They buy AIB & BoI for less than they are worth (because they ALREADY HAVE the same information that Dr Peter Bacon refuses to divulge to the taxpayer/citizen).

    They consolidate the banking system. Close branches, sack 5,000 workers, make €20Bn.


    Because the Franchise Value of a banking system in Ireland (if clean) is worth €40Bn.

    That €40Bn is available right now to the Government. But it will be squandered by Fianna Fail & The Green Party.

    All it takes is New Bank(s) / Insolvent Banks.

    Rescind the guarantee and the taxpayer/citizen can fill a €40Bn hole in the National Finances.

    Yes, the adjustment would not be painless. But the alternative is, in the words of that piece of shyte, Ahern, suicide.

    I think Fianna Fail have just met with people who are more devious than they thought possible, and they just don’t get it.

  22. There was a Lady on RTE1 during the week. She had been a spokesperson for either ISME or IBEC I can not recall which. However She made the point that She is in Business to make profit not job’s. Dr. Bacon in spite of being put to the question at least twice made the point that he is a financial advisor not a moralist . That he leaves to others. Capitalism does exactly what it says on the tin. It makes Capitol . Morals have nothing to do with their version of the real World.

  23. Gary,

    The “Capitalist” answer to a bankrupt company is to let it fail.

    What we are seeing is not capitalism. It is Fascism. The merger of political and corporate power to maintain and enhance their privilege over the population.

  24. The point that I was trying to make, although I seem to have failed, is simply this . For the Golden Circle “Morality” where is the profit in that ? It seems from some posts that we feel that “Morality, Decency, Honour” are somehow hotwired into our Psyche . I am of the opinion that the Golden Circle are closer to the Feringi (of Startreck) the Law’s of acquisition are the only ones applicable. Whatever “ism” the Masses wish to attribute is of no importance , nor indeed are the masses themselves. They exist to serve.

  25. Gary,

    I don’t disagree that the Fianna Fail & The Green Party are amoral (of course not every one of them) or that the developer and banker elite are amoral.

    I just disagree on the cause. It is Fascism not Capitalism.

    Bertie Ahern took pride in calling himself a Socialist. The two Brians make calls to Patriotism.

    Does this mean that Fianna Fail has become the Patriotic Socialist Party?

    And if we are exhorted to put on the green jersey and get behind the wheel in this time of National crisis, can it be long before Fianna Fail change their name to the National Socialist Party?

    The NAMA is a Treasonous concept. The value of a clean franchise (licence) to operate a banking system in Ireland is worth €40Bn.

    “Whatever “ism” the Masses wish to attribute is of no importance , nor indeed are the masses themselves. They exist to serve.”

    You make my point for me. It is certainly not democracy and it is so far away from the idea of a republic that Tone, Pearse, Lemass and the rest must be turning in their graves.

    It is Fascism, and even if I am of the masses and the Feringi consider my opinion unimportant I will call it what it is until they TRY to take away my right to free speech.

  26. Abbott We do not disagree on the “Beast” merely on the semantics. The nature of the “Beast” in my humble opinion is greed, profit, acquisition. Nothing else is of any importance, least of all the notion of free speech. The Masses may rant, March or whatever as long as they produce a profit.
    Who knows perhaps some pretty uniforms and torchlight processions will keep them happy? There may even be a few quid in for “Bob the Builder” for constructing the Camps.

  27. Gary,

    I’m not looking for an argument here but the difference between Democracy &The Republic and Fascism in not merely a matter of semantics.

    Here is a link to the Fianna Fail manifesto.

    Can you point out where the Citizens understood that Fianna Fail would use €30Bn of their money to bail out the corrupt and the incompetent?

    They have no mandate. They are behaving in an undemocratic manner. It is not capitalism.

    I like this bit from Page 9.

    “We have also implemented policies to ensure that our fiscal and economic
    circumstances are sustainable over the long-term. Most importantly, the
    National Pension Reserve Fund, is ensuring that Ireland will be able to pay
    decent pensions even when the population ages significantly, as it is projected
    to do.”

  28. -gary
    greed, profit, acquisition.
    What’s happening in Ireland now is just a microcosm of whats happening worldwide, and has happened, to one degree or another, for a long time. The people at the top have all the money anyway, and if they want more they need only print it. I think it’s about power and contol. The oldest drugs.

  29. Abbott with respect who in their senses believes any Political Manifesto? Try asking the F.F.ers . When they call looking for your vote what was in theirs last time around. A pound to a pinch of snuff they will not have a clue. The Government do have a mandate. The people voted them in. Most likely on the basis that their Father and their Grand Father were T.D. before them.

  30. Is it true that Bertie introduced a scheme or sweetner, which may still be active, that all Independent TD’s recieve 45 plus thousand per annum, over and above saleries and expenses, as their votes in house are always pro FF ?
    Whether we are now living with fascism, kleptocracy or plain lunacy is becoming irrelevant, How do we recover, I can’t see but that it’s going to get a lot worse before it gets better.
    I overheard 2 women talking in a cafe last week, one said “i’m not going into Brown Thomas until the recession is over” is this indicitive of public feeling for some ? because I think at least 10 years for recovery, and then a very different country to what people have known.
    Abbot; I think you are, as always spot on, but I fail to see how FF’s mandate holds any water because even if the people succeeded in driving them out of power, it could be what they actually want, they would surely love now to sit on the opposite side of the house placing WO’D at the helm taking the piss out of Enda Kenny and his ilk, because thats all they are qualified for.

  31. Gary,

    OK. But just to be clear, I didn’t say I thought they gave a fuck. I just said I found Page 9 interesting given that two years later the country is on its knees. But hey, you’ve given me an idea. I might just take 10 minutes of pleasure asking silly questions before I tell them to fuck off.

    You haven’t changed my view on FF morphing into a Fascist party.

  32. st.leger.norma

    Please induldge me a little.

    This is just based on my belief that the economic and political realities have changed utterly and that requires at a minimum a changed way of viewing both, and the names we use in describing the reality.

    I mean, this is not a recession. It’s a depression. Stimulus plans won’t work because there is too much personal debt. NAMA’s declared objective (freeing up liquidity for small business & more consumption) won’t work because many local businesses and most of the personal consumption were based on fantasy economics

    We could probably agree that the economic reality has moved from vulgar and reckless consumption with an attendant personal debt explosion to fear, disbelief, anger and god help us all a “lack of confidence”.

    I see the reality of Fianna Fail this way. They have moved from,

    Fianna Fail V1.0 – The party of cute whores & gombeen men (Haughey)

    Fianna Fail V2.0 – The party of gombeen men & klepocrats (Ahern)

    Fianna Fail V3.0 – The party of klepocrats & fascists (Cowen)

    Fianna Fail V4.0 – Fascist (?)

    Sorry to labour the point. But for myself I need to frame the political as well as the economic reality.

    The social reality doesn’t bear thinking about.

  33. Abbott I have no intention of changing anyone’s mind on any subject. As has been said “verity is the spice of life” F.F. are Political cameleon . They sniff the wind . If the people want “socialist” then they will go that way. If the People want “fascist” then they will go that way. The People get what the People want. The Party will live forever , and shall always look after it’s own .

  34. Gary,

    “verity is the spice of life”

    I thought it was variety.

    “The Party will live forever”

    You will understand that, not being a fatalist, I don’t share your fatalist outlook.

    Still, thinking on it further, you suggest precisely what Fianna Fail suggest.

    We should all bow, tug our forelock and accept the fate that Fianna Fail have ordained.

    Are you one of their Fatalist Priests? You seem to know the soul of the Irish “People” better than George De Valero

  35. My Lord Abbott I was of the opinion that you would know Latin? Perhaps cynicism? Perhaps not.

  36. Gary,

    I know a little. I was not correcting you.

    But truly your words have fatality.

  37. My Lord Abbott , a rabid one. Not the least bit bothered who I bite ,or offend for that matter. Preferably infecting them. With a new way of thinking?

  38. Gary,

    Cynic, do you not know your own kind

    Being rabid dog explains your Fianna Fail loyalties

    You really don’t care for anything not even the children

    That you’re rabid Fianna Fail will eat

    There was no Celtic Tiger

    Just a child eating rabid dog Fianna Fail

    Your deliberate ignorance is vast

  39. Abbott in the cold light of day I found your ”Flaming rant” rather amusing. Calling me a dog is one thing. However a supporter of F.F.? I do not know where you picked this notion up. I do not support F.F. I never have and I never shall. I find this notion of yours offensive and beneath contempt . If I had my way most of them would be behind bars along with their friends from the tent. You are approaching the level of entities to whom I do not respond.

  40. Gary and Abbott: I won’t put up with much more shit. This is starting to feel like two fuckers trying to hijack the space I provide, either to squabble with each other or to talk crap. I’m getting very bored with it and I will withdraw commenting privileges at the drop of a hat, without further explanation and certainly without further discussion.

    Respect this site or set up your own. That simple.

  41. Bock on my part ,point taken, the fact that we broadcast to the Internet, the World., The Universe and eternity . It seems to be lost on some. Mea Culpa, Mea Culpa, Mea Maxima Culpa

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