Senator David Norris' address to Seanad Eireann (the Irish Senate)

In Sept. 2007, fourteen months before Ireland's bank bailout, I resigned from my position as the Risk Manager of UniCredit Bank Ireland. I did that in order not to incriminate myself. I have spent the last 4 years seeking justice. On Feb. 23rd., 2010, I was fortunate to have Senator David Norris raise the matter in Seanad Eireann (the Irish Senate), and request a response from the Minister of Finance, Mr. Brian Lenihan. Senator Norris concluded by stating that:
"...there is ministerial responsibility in this matter. This is a grossly serious matter which has been reported to the Financial Regulator. A man has lost his job as a result. He honourably resigned. The degree of breach was 40 times the accepted margin. This is a disaster. If we are not prepared to face the issue and investigate it when it has been laid before the House, there is absolutely no hope for the financial system or its reputation worldwide...How can the Financial Regulator investigate himself? He was in breach of his responsibility."
In Nov. 2011, Emma Alberici, Europe correspondent for ABC TV, told my story as part of her documentary 'Going Rogue' which featured Nick Leeson and Sir John Vickers among other interviewees. It is ironic that at a time when the Irish tax-payer is bailing out un-secured bond holders, my story which occurred in Dublin, is deemed of interest to the Australian TV license payer. Please click on 'play video' on the following link:
VRT, Belgian state-TV, aired this interview with me on March 6th., 2013. My Interview begins in minute 27:
Het verdriet van Europa: Zeepbellen blazen (The sadness of Europe: Bursting bubbles)
VRT, Belgian state-TV, released extra footage of my interview on March 8th., 2013. (in English):

Tuesday, 3 May 2011

A peek into one of the deepest little cesspits in Europe - Golem XIV's blog today

A squib from Bloomberg, quoting the German Newspaper Sueddeutsche Zeitung,

"Munich prosecutors plan to file embezzlement charges against all members of Bayerische Landesbank’s former board...."
Having the words "all former members" and "embezzlement charges" in the same sentence just makes my day. Ever since the worlds' banks told us they were suddenly short of liquidity, the authorities who were supposed to oversee them, have been even shorter on balls than the banks were on cash. In fact regulators in several countries appeared to have had theirs removed almost as a requirement for getting the job.

So the Bloomberg headline is a thing to behold. The only other thing the article says is that Beyerishe LB lost 3.7 billion euros as a result of acquiring, in 2007, the Austrian bank, Hypo Alpe Adria. Which economy of reporting covers over a manhole which leads down into what is one of the deepest little cesspits in Europe. I say 'one of' because only a congenital regulator would imagine that Beyerishe is the only entrance into the sewer of European banking that ran a river of financial and political corruption, money laundering and dangerously shady arms deals from Croatia and Serbia to Austria, Bavaria, Italy and on to Ireland. 

And lest it seem that the taste for Austrian banks was limited to some axis of corrupt Mitteleuropa imbeciles let's not forget Anglo Irish also had its own Austrian subsidiary. A subsidiary which, thanks to Kathleen Barrington's work, we know had in it 600 million in cash deposits which Anglo sold for just 141 million to Valartis bank which needed a loan of 24 million euros in order to make the purchase. A loan Valartis got from...Anglo.  Hmmm!

My question is if any other authorities or regulators will feel emboldened and feel they too can belatedly start questioning the bankers they are supposed to regulate. I know questions have been asked in the Austrian parliament. Will they be taken further than mere questions?  Will someone in Austria have the moral rectitude to lift the lid on their sewer and see where it leads? Will the German's pressure them to do so or force them to do the opposite if it looks like some of the dirt has ended up in German banks being bailed out by German tax payers?

And what about the Irish?  So far the Irish regulator has been a stand out disgrace.  When Senator Norris tried manfully to read the list of Anglo's bond holders which I wrote about, in to the public and parliamentary record he was shut up.

"The names are Aberdeen Asset Management (London) Limited, AGICAM, Aktia Asset Management, Aletti Gestielle SGR, AllianceBernstein (UK) Limited, Allianz Global Investors France, AmpegaGerling Investment, Anima SGR..."
was as far as he got before he was interrupted and told what he had to say was not relevant. He continued anyway adding, "One Swiss bondholder owns 40% of the bonds and will get millions of euro from us.." at which point the debate was terminated.

There is a trail of disturbing facts, like crumbs of dry excrement, running from bank to bank, country to country.  All it would take is courage and honesty to follow the trail.

So many of the details of the dishonesty and bottom feeding are already known but scattered in different countries, that it cries out for a prosecutor with Europe wide powers and authority to be charged with joining the dots.  Will it happen? Of course not. We will have do it ourselves - with the courageous help of the few honest men and women such as WhistleblowerIRL who have spoken up and who may just give others the courage to do the same.