No Inquiry Into Banking Disaster, Says Government

I heard Batt O Keeffe on the radio this morning, defending the party line on an inquiry into the banking scandal.

It was the same insulting and dishonest waffle we’ve always got from him and his kind.  Nonsense.

According to Ned, the officials of the Department of Finance are working flat out to make NAMA a reality, which will free up the banks to start lending again, and the last thing these hard-pressed officials need now is another inquiry to distract them from their arduous task.

Wrong, Ned.  Wrong on every level.

The NAMA money will never be lent out to customers.  It will be used to pay the banks’ debts and fill their coffers with cash.  NAMA will not result in  a single small business receiving a loan.

To say otherwise is a plain lie from Ned O Keeffe, who thinks he’s dealing with the Irish public of the 1950s when this kind of pompous guff was swallowed without question.

The reason the Government don’t want an inquiry is because it would expose NAMA for the fraud and con-job that it really is.  And because a thorough inquiry would expose the collusion and involvement of Governemt ministers at the very highest levels in creating the financial disaster that has resulted in the country being robbed to protect the wealthy.

Batt O Keeffe hasn’t two brain cells to rub together.  We all know that.  We all know he was made Minister for Education because the job needed an idiot.  But he’s also the mouthpiece of Brian Cowen, and therefore you can take it that when Batt speaks, Brian is behind him operating his jaw through a hole in his back.

They were all involved and they all knew what was going on.  Last night, on Prime Time, we learned that Charlie McCreevy, who was soon to become finance minister, received a €1.6 million mortgage from Irish Nationwide to purchase a €1.5 million property.  A mortgage of nearly 110%, from a mutual building society, supposedly operated for the benefit of its members.  And we discovered that there was no paperwork involved.  Fingers Fingleton put it through on the nod for this political heavy hitter who would shortly be in a position to make very favourable decisions.

Now, if the finance minister was in hock to a dodgy outfit like Nationwide, then we can presume there was no proper oversight of the system.  How many other ministers and senior Fianna Fáil members were in Fingleton’s pocket?

Professor Patrick Honohan, a man of impeccable credentials and newly-appointed head of the Central Bank, thinks an inquiry is needed urgently and has twice said so, but of course he was appointed by Lenihan who, in fairness to him, had no involvement in the fraud.  Isn’t it interesting that the highly-regarded academic  is certain we need an inquiry as a matter of urgency, while the half-wit who speaks for Cowen, Ahern, McCreevy and the rest of the rotten crew is so against it?

What are they afraid of?

Economy Politics

Government Finds Out Figures On Morning Of Cabinet Meeting

The government didn’t realise the figures were that bad until the morning of the cabinet meeting.



Are these people supposed to be running the country or not?

They didn’t know, until the day they met, how disastrous the tax take was. They just didn’t know.


Are they working part time? Is that it? Are they spending most of their day doing part-time jobs painting houses or cleaning toilets or maybe a bit of landscaping?

Give me a minute while I shake my head.

This is the government, isn’t it? Feel free to correct me if I’m wrong. The government. Those who govern.

What? They only found out on the morning of their meeting, at which they planned to govern us, how bad the sums were. They didn’t fucking know?

Why not? Was it a secret? Was there a bad civil servant out there saying, No! I’ll tell ya when I’m good and fuckin ready?

No. Of course there wasn’t. The reason they didn’t know is because they’re a crowd of fucking idiots.

That’s our government. Jesus, that’s what’s protecting us from oblivion.

We’re fucked.


The Anglo-Irish Ten, Hiding Behind Client Confidentiality

The spin goes on.

Today we’re being told they can’t name the ten secret investors because of client confidentiality.

You see?

Take it slowly, now, so you’ll understand it.

The banks can’t name these people because of their ethical obligations to the clients, and the government is unable to name the ten mystery buyers for the same reasons.

I see.

The banks claim to be bound by obligations to their clients – though clearly they feel no similar obligations to this country, and had little hesitation in dragging us all to the brink of bankruptcy.

Very well.  Let’s play pretend for a minute.  I’m a bank and you’re a rich punter.

Let’s call you Filthy Richie.

Me: Look, Richie, I want you to buy shares in me.

You: Why the fuck should I?  I have no collateral.

Me: No bother.  You’ll be digging me out of a hole, so I’ll lend you the money and you can use the shares in me as security for three-quarters of the loan.

You: But the shares are fucking worthless, and anyway I’d be using part of you to guarantee another part of you.  It makes no sense.

Me: I’ll still take shares in me as security. Richie, you’re in the clear.

You: What about the other quarter of the money I’ll owe you?

Me: You’ll never have to pay it.

You: Why not?

Me: I can’t chase you for it.  There’s a big mistake in the deal my people drew up.  Their fault.  How stupid of them.

Now.  Would some bright spark please explain how that would make you a client in any sense the civilised world understands, and how you would be entitled to client confidentiality.





Irish Times