What is the Anglo Secret?

 Posted by on April 1, 2010  Add comments
Apr 012010
 

THE final paragraph of Professor Brian Lucey’s article in today’s Irish Times contained an ominous statement.

He said: There is no economic rationale for keeping Anglo afloat, which must imply a political desire to see it not go into liquidation and its secrets revealed.

Lucey is right about Anglo.  There is no logical reason to keep it alive, and yet, in order to prevent its closure, the government has decided to double the national debt.  To protect a single dysfunctional bank, a bank bordering on a criminal conspiracy, this government has mortgaged the whole country, all of us, all our children and all of our grandchildren.

How can this be?

The  figures being presented by Brian Lenihan, Eamon Ryan and all the other Fianna Fáil errand boys are more than simply alarmist scaremongering.

They are lies.

Anglo can be safely wound down over the next ten years with none of the catastrophic outcomes currently being used by this government to terrify us into compliance.

Ironically, it was this precise tactic that led to Lenihan’s banking guarantee in September of 2008, in which the current catastrophe is rooted.  That night, Lenihan, Cowen and a gang of bankers got in a huddle in Cowen’s office, and the bankers warned the two terrified ministers that the sky would fall in if they didn’t bail out the banks.

The bankers lied.

Furthermore, Cowen and Lenihan swallowed the lies, panicked and issued the blanket guarantee.  However, it was plain even then that there was no need to protect Anglo.  It wasn’t systemic to the Irish economy and could safely have been allowed to collapse.

Cowen and Lenihan failed to take advice from the country’s leading economists, and failed to inform their EU partners that they had capitulated to the bankers’ demands, but instead went ahead like two frightened schoolboys and pledged your future to bail out these crooks.

It’s hard to disagree with Eamonn Gilmore’s Dáil accusation of treason, but you still have to ask yourself why.

Why would a government be so intent on protecting one rotten bank that will never again trade, when it could be wound down in an orderly manner over ten years at far smaller cost?

There can only be one answer.  Something is hiding within Anglo so appalling for the powers that be that they can’t contemplate having it exposed, no matter how extreme the public anger.

Let’s speculate, entirely hypothetically, that a member of the judiciary was on Anglo’s debtor’s list.  And let’s say that this judge had somehow acquired control of a fortune in the order of €100 million which could not be accounted for by the judge’s level of earnings as a lawyer prior to his appointment to the bench.

And let’s say that he had somehow moved this money offshore to a paper company in a different jurisdiction, and that Anglo was seeking to recover it.  And let’s further speculate that this judge might have some connection with current senior government figures.  Perhaps even a business arrangement.

Let’s imagine that the judge is in reality no more than a front-man for €100 million  accumulated by senior Fianna Fáil figures as a result of providing a climate favourable to speculators and international energy companies over the years.

Do you think that would be sufficient reason to keep the lid on Anglo?

I don’t know.  It’s just a novel I’m planning to write.  I made it up.

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  28 Responses to “What is the Anglo Secret?”

Comments (28)
  1.  

    i am sorry to be so woefully ignorant of your system, but, is there no agency in ireland that can call for an independent study? what about journalists? isn’t anyone following the money? (no matter what our President tries, we seem to be a half step away from calamity, no one seems to care or want to try to salvage the good that is here! i weep for my own country,) xoxxo

  2.  

    Yes. Journalists are following the story, but interestingly, the people leading the posse are the professors of economics in the universities who have provided some of the best journalism on the subject.

    Citizens also ask hard questions, and gobshites such as myself do our best to fill in the remaining blanks.

    In the States you have the SEC but that would never work over here. It might actually result in someone being convicted and that would never do.

  3.  

    I felt myself that Cowen protested just a bit too much after the accusation.

    As they say, “patriotism is the last refuge of a scoundrel” and watching his reaction, I felt that last shred of respect I had for the man slip away, like an old scab falling off one’s knee.

    Why didn’t he stand back up and defend his actions in the face of such an accusation?
    Surely if the man was truly insulted to the core of his being by having been accused of Treason he would have been able to come up with something better than his response, which more or less amounted (to my ears anyway) to:

    “No, Gilmore, you’re a poopoo pants”

    Then again, as Hanlon would point out
    “Never attribute to malice that which can be adequately explained by stupidity”

    I’m not sure which is scarier. That there is a conspiracy along the lines of your totally-made-up-and-not-in-any-way-related-to-reality idea, or that we were thick enough to allow these retards to run the country.

  4.  

    I’ve heard people say that
    Too much of anything is not good for you, baby
    Oh no
    But I don’t know about that
    There’s many times that we’ve loved
    We’ve shared love and made love
    It doesn’t seem to me like it’s enough
    There’s just not enough of it
    There’s just not enough……..

  5.  

    All we need to see is just who are the bond holders. what if some of these bond holders are also the holders of the bad loans.
    When you think about it who else would buy bonds or shares in Anglo? After all this money flowed into anglo after a stop was put to hiding money in offshore accounts.
    what if the golden circle who bought the shares with the money loaned from the bank was not the first time something like this happened.
    what if instead of having their money on deposit and paying tax. it was held in the bank as bonds?
    this is too far fetched I mean, take over their loans and then pay them for their bonds, there must be some flaw in my logic.

  6.  

    “And let’s say that this judge had somehow acquired control of a fortune in the order of €100 million which could not be accounted for by the judge’s level of earnings as a lawyer prior to his appointment to the bench.”

    I would say,with respect Bock,a chairde,that you are heading down a very productive track here.

    Remember that in this property led DEPRESSION along with its attendant sideshow of criminality,stupidity and downright greed we have one very pertinent Common Denominator…..The Legal Profession.

    Not one square millimetre of property could be conveyanced without the detailed involvement of a wide cross-section of the Irish Legal profession.

    This would have included every element from the Solicitors Clerk via the Barristery and thence to the bench whereupon sat Judges of the highest caste who adjudicated on the many and varied disputes which came before them during the lifetime of De Boom.

    The Legal Profession is where the TRUTH in all of this reposes and thus far our leaders,particularly those of a Legal bent such as nice Mr Lenihan,are adamant in their insistence that the very important initial meetings remain TOP SECRET come what may.

    Perhaps it`ll take a break-in down at Church Street (A la the Watergate Building) to finally get the ball rolling…..

    Cue an Irish version of Woodward agús o Bernstein…?

  7.  

    You know Bock, I was thinking exactly the same thing myself after your recent post on this, where I said, what would happen if the banks weren’t bailed out?’ .. I mean what the fuck went down with the Corrib Gas field deal. Why were our natural resources, worth billions given away for free. It all stinks! Half the politians are corrupt as fuck. I’m beginning to understand your disgust for the likes of Bertie Ahern, even though I try to see the good in people.
    Surely this cosy deal with Shell could be scrapped and renegotiated, but then that would never happen either would it, as it might piss off some people privy to said cosy negotiations.
    Are they having a laugh at us really!

  8.  

    Negotiations – ‘we go down….you go down with us…..ride the storm and we’ll all come out smiling’.
    Strategy – deny until hell freezes over – it works.

  9.  

    Why is it secret. Unwittingly, we are now the shareholders in this bank. Likewise, when do the government intent to publish the books of who owes what? I think we will find if they do publish same – if they don’t it will be a scandal – that it is much more banal that we think. There will be a few dodgy ones to be sure, but the vast majorty will be small businesses who employ tens of thousands of people and can we afford to let them go to the wall? Or can we? Meantime, if the gov had thrown the bank to the wolves and announced that they were investing circa 25 billion in job creation this country would be back on its feet within six months. But Europe demands that we maintain the credibility of our banking system at all costs, and the unemployed scrape by ,while our young people, collateral damage, are going out the door via Shannon and Dublin airports, just like they did in the 50s,60s,70s, and 80s.

  10.  

    FF are probably trying to buy time until the final results of the Mahon Tribunal, the findings of which are due to be published sometime soon. (That is sometime between now and armageddon.)

    Perhaps then we might finally find out the extent of Bertie Ahern’s nefarious dealings with Anglo. After all his former bit on the side was given a loan from Anglo of about £30,000 with minimal prerequisites to cover some of the previously undisclosed loans that the Mahon Tribunal had already uncovered. Under the auspices of buying a house no less.

    But with the wheels of NAMA in full swing by the time the findings of the tribunal are finally published, it will naturally be too late to do anything about it.

    Even then we will probably never know the full story of the sordid Anglo Irish Bank tale but my two year old son will be paying for it in years to come and chances are so will his children.

  11.  

    Cowan’s reaction to Eamonn Gilmores statement in the Dail yesterday was a classic Kinesic response indicitive of absolute shame.
    His verbal response did nothing to hide his true feeling’s.
    If there is nothing to hide than why not open the entire Anglo book to the public, It will come out eventually, but I fear the consequences will be far greater than the fall of this Government.
    On a day to day level, yesterday’s revelations, which made headlines right across Europe will impact with extreme negativity in the business sector, As already European suppliers of good’s into Ireland were withdrawing credit facilities, Yesterday’s new’s will force them to demand pro forma payments from Irish businness’s across all sectors and in the coming year the amount of businness’s that will be unable to fulfill those demands will close,
    We have’nt seen anything near the worst yet.
    It’s time to pull the emergency chain on this impending disaster.
    Anglo has to go because whatever way a domino effect on other banks may occur, It will be nothing compared to the ruin this will create.
    Now it’s either Anglo or Ireland, Who will make that choice.

  12.  

    Watch those apostrophes Norma!

  13.  

    while reading this thread here in the Philippines I noticed some guys putting up a poster for the elections here.It struck me as being just as apt for Ireland as the Philippines…Kung Walang Corruption Walang Mahirap….translates as = IF NO CORRUPTION, NO POOR…Maybe this could become a slogan in Ireland for the next election!!

  14.  

    A heady mixture of corruption and incompetence. Very Irish of us.

  15.  

    Haymoon. Were it only the apostrophes ……………….!

  16.  

    Look to Austria.

    €2bn of Mafia money laundered by Anglo Branch.

    http://www.independent.ie/business/irish/anglos-austrian-banking-arm-in-mobcash-probe-2098949.html

  17.  

    Anglo; a process, not a bank.
    Picture a pine tree diagram with Anglo at the tip. Branching down from the tip would be listed every scam deal carried out by the two past Governments. FF-PD. FF-Green.
    Include Dublin Docklands. Corrib Gas Field. Private Hospitals. Creation of the HSE coupled with the dumping of services to citizens. Pharmacy Companies that set up in this State during the period of both sets of government partners. The closure of five prisons. The failed take over of Dublin prisons by Group Four, and who are once again sniffing at the Prisons contract.
    The legal profession would have many branches on that tree, so would the medical profession. The Russian and Romanian connections to FF are also on that tree.
    There is the American military branch which includes a Shannon airport link. There are so many branches on that tree that I haven’t a clue what else to put but all branches face the tip and all cash flows through that tip to the benefit of the few.

    I’d wager that your scenario BOCK is merely the ‘tip of the iceberg’.

  18.  

    Still waiting for my Irish passport, not good for peace and all……………..

    Using America as a model as the Uk and Ireland seem to be about 10 years behind you’ll get used to the corruption, affairs and book deals, yer zeal and passion will give way to not bothering to bang yer head against a wall as the system on all levels goes out of its way to get money out of you and shrugs and indifference will greet you as you try to get ahead in life but aren’t allowed.

    People are being turned into nonrenewable sources to be exploited and not helped , educated or retrained for the future, we will go the way of the tree and the clean water and air , don’t worry we’ll all be too fat to care.

    I see the First Trust bank is being sold by AIB I had an account in the TSB when First Trust bought them out, times change but its up to us to keep speaking up and not lose the fire or they will change for the worse.

  19.  

    Tell us Bock, whats this judge’s name.

  20.  

    Dredd. In the novel, his name will be Dredd.

  21.  

    Old Knudsen – you put it very well, indeed!:

    People are being turned into nonrenewable sources to be exploited and not helped , educated or retrained for the future

    What I was hoping to see when the cement truck pulled up to Anglo in Galway – although this would probably work better in Dublin – was a few Trojan guerilla people’s accountants jump out and invade the central offices – where all the computers and files are – and simply take it over. It is our bank, after all – so why don’t we nominate a citizens’ committee of book-keepers, accountants and computer wizards, to go in and run it ON OUR BEHALF. Let them run it with full transparency – every page of data opened to public viewing on the internet. Let the public vote on whether Anglo should buy balls, sandwiches, or maybe, invest in a few lorries, so as to cart the banks’ assets out of the hands of any recalcitrant debtor into a big warehouse from where we could hold a nationwide garage sale on ebay. It would be something to tell, and give, our grandchildren!

  22.  

    Let’s just review what we know to be true about Anglo’s loan book, and then extrapolate from there. This bank lent Seanie Fitz, its own chairman, over €80 million, seemingly without recourse. Around €30 million was lent jointly to Seanie and his buttbuddy Lar Bradshaw to invest in a marginal, unproductive Nigerian oil field, secured on the shares in the oil exploration company. There are few things in this world more speculative than buying a minority stake in a privately-held marginal Nigerian oil field. Yet somehow this bank’s credit committee (i.e. Seanie) saw fit to make this loan, when you or I could not borrow 5 grand for an old Ford Fiesta. When it came to telling shareholders and regulators about this lending behaviour, Anglo suddenly got cold feet, and warehoused it in Fingers’ bank for the weekend.

    Now a bank in which the chairman and a director can get away with this is a bank that can do whatever the fuck it likes. Why did the regulator turn a blind eye? Why were the auditors asleep at the wheel? Who else got soft loans to invest, sans recourse, in bubbles? It was simply a massive game of heads I win, tails the taxpayer gets fucked up the shitter.

    There is only one way to find out. We need to see the list of bondholders who were inexplicably protected from bankrupcy. We need to see the list of customers who got soft loans, unsecured on their personal wealth. We need to see the list of depositors with more than €30,000 in the bank, who stood to lose had Brian Lenihan not moved the goalposts on deposit insurance.

    Three lists. I guarantee you there are some names on these lists that will blow this story wide open. These names got to Brian Cowan and Brian Lenihan on a dark September night and scared the living shit out of them.

    Why can’t we see this information? We own this bank now. It’s all bollocks until this information is made public.

  23.  

    whatever is going to happen, I wish it would happen… I’m sick of fupping hearing about it… rubbing our faces in it as each day goes on, those fupping bankers

  24.  

    “Three lists. I guarantee you there are some names on these lists that will blow this story wide open. These names got to Brian Cowan and Brian Lenihan on a dark September night and scared the living shit out of them.”

    There’s one more list we need. Who was there the night of the guarantee? Who was consulted ‘incorporeally’ that night? Would that list include the Kaiser – the capo di tutti capi – and his bagman McManus, as the Sindo reported? Was it they who put the squeeze on the DoF to include Anglo and the subordinate debts?

    In the meantime, let innuendo and rumour flourish, the more scurrilous the better… there is more truth in them than anything you’ll hear from Montrose. Rumour was the lifeblood of the French revolution.

  25.  

    Can we not just kidnap Alan Dukes and beat it out of him.

  26.  

    Maybe a late comment, but there are some interesting details on
    Anglo bondholders listed here, appropriately in small print; it may not be a complete list, but still worth a look: http://tinyurl.com/37zq72a

  27.  

    White collar crime is a CRIME !!!
    in every other country , why not here !!!!
    I would like to see the bankers and politican pay. They should be jailed

  28.  

    Owe a few hundred to a bank especially anglo, expect to be hunted down
    by barking mob, owe millions and join the club.

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