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):

Friday, 29 June 2012

Italian & French translations of Z.G. Herman's letter to the Financial Times

Thanks to my friends PP & MF, here are loose translations of Z.G. Herman's letter to the Financial Times of 18 June 2012. Please see my previous blog posting for the original text in English.

"Nei film di Hollywood le situazioni di crisi hanno quasi sempre un lieto fine e ne siamo fortemente impressi, in realtà per ottenere lo stesso risultato non siamo disposti a cambiare. Che cosa significa che in Grecia abbia vinto un partito o l’altro? Assolutamente niente. Devono ancora formare un governo, che ancora dovrà applicare effettivamente le misure necessarie (e non è ancora chiaro quali siano) soprattutto il popolo dovrà essere in grado di lavorare effettivamente con tali misure. Questo solo per la Grecia.
La Spagna è la prossima, poi l’Italia, quindi anche i paesi del Nord Europa senza parlare degli Stati Uniti, Cina, India, Australia e tanti altri. Perché?
Perché quello che stiamo "a guardare" non è una tragedia greca, nemmeno spagnola, neanche europea, il mondo intero è spinto con tenacia da un sistema che si basa sull'illusione di una costante crescita quantitativa economica in un sistema a circuito chiuso, che richiede sovrapproduzione e sovraconsumo basato su un aumento del debito. Creiamo bolle dopo bolle che cercano di ingannare il sistema, siamo governati da leggi naturali rigorose che non possono essere ingannate. Oggi sono state scoperte.
Siamo noi al centro di questo incubo di contesto globale, un sistema totalmente interconnesso, per farla breve: siamo tutti incatenati su una barca che affonda.
Qual’è la nostra prossima mossa? "

‘’Les catastrophes ont toujours une issue sans conséquences dans les films hollywoodiens et nous en sommes profondément imprégnés, dans la réalité pour obtenir le même résultat nous ne sommes pas disposés à changer. Que signifie la victoire d’un parti ou d’un autre en Grèce ? Absolument rien. Ils doivent encore former un gouvernement, qui devra ensuite appliquer les mesures nécessaires (il n’est pas encore clair lesquelles) le peuple devra surtout être en mesure de travailler effectivement avec de telles mesures. Cela seulement pour la Grèce.
L’Espagne suit, ensuite l’Italie, et même les pays du nord de l’Europe, sans mentionner les USA, la Chine, l’Inde, l’Australie et tous les autres. Pourquoi?
Parce que ce que nous sommes en train d’ « observer » n’est pas un drame grec, même pas espagnol, européen non plus. Le monde entier est entrainé avec force dans un système basé sur l’illusion d’une croissance économique en circuit fermé qui requiert surproduction et surconsommation avec une dette croissante. Nous créons bulle sur bulle voulant fausser le système mais ce dernier est basé sur des lois naturelles qui ne peuvent être ignorées. Nous les découvrons aujourd’hui.
Nous nous trouvons au centre de ce cauchemar, dans un système global, complètement interdépendant, pour résumer, nous sommes enchainés les uns aux autres sur un bateau en train de couler.
Que faire maintenant ?“ 

Saturday, 23 June 2012

An observation about the current state of the global financial mess

A friend of mine sent this on to me this week. I have no idea who the author of this letter to the Financial Times is, but I think his observations are thought provoking. Especially at a time when the papers are full with the calming voices of our 'Dear', but dangerously incompetent, leaders. Well said Mr. Z. G. Herman, whoever and wherever you are.

"We are so much brainwashed by Hollywood movies that we crave a happy ending every time there is a crisis situation, but we are not willing to change in order to get it.  What does it mean that certain parties won in Greece? Absolutely nothing.  They still have to form a government, that government still has to actually apply necessary measures (and it is still unclear what those are) and most importantly the public will need to be able to actually work through those measures.  And this is only Greece.
Spain is next, then Italy, then even the Northern European countries not to mention the US, China, India, Australia and everybody. Why?
Because what we are "watching" is not a Greek drama, not even Spanish, not even European.The whole world is stubbornly pushing on with a system that is based on the illusion of constant quantitative economic growth in a closed, finite system, requiring overproduction and over consumption based on increasing debt.  We blow bubbles after bubbles trying to cheat the system but we live among strict natural laws that cannot be cheated.  And today we were found out.
On top of all this false dream we also find ourselves in a global, totally interconnected system, in other words we are chained together on a sinking boat.
So what is our next move?"
          Published in the Financial Times, 18 June 2012.