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):

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.