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Posts tagged ‘Anglo Irish Bank’

Fracking, Fascism & Market Failure

Messagge from Ben Gilroy (leader of Direct Democracy)

Dear friends & supporters,
Because of the constant untruthful attacks in media in particular RTE and a Labour loving DJ with LMFM and now the court attack from the State, the Gardaí, Anglo Irish Bank and their receivers and senior legal teams, it has become necessary for me to step aside as . The constant abuse of process and late filing of affidavits on the night before the hearings, is a clever ploy to delay the court case and keep me occupied in a frivolous court battle up to the elections.
It is just not possible for me to lead the party while the elections are on the horizon, so while it has become necessary for me to step down as leader I fully intend to stand as an MEP candidate in the coming election in May
While a small few within the party are delighted to see me step down, as they said I have become toxic, I still enjoyed overwhelming support from the majority of the party. To them I take this opportunity to thank them for all their support. To the few of which I no longer have their support I would like to say that I accept their stance and bear them no malice.
Direct Democracy was really set up to challenge a corrupt system where the rights of the people were put aside to protect corporate corrupt entities that have ruined this country. I constantly attacked the system and the system attacked back and a few of the DDI members believed the attacks, one went as far as to say I broke the law. Even the system didn’t find me guilty before a trial.
RTE did a hatchet job in a pathetic primetime programme that was cut in a very construed way to give a false impression of my character. RTE must remember they are a state broadcaster not a broadcaster for a corrupt state.
Anglo Irish Bank and its cronies had the audacity to go to court to secure an arrest warrant for my arrest and claim that I broke some law, kettle calling the pot black comes to mind. On false evidence Gardaí broke into my home early in the morning and with the alarm screaming my wife was on the landing pleading with the Gardaí not to come upstairs as we had young children in the house. My young children aged 1, 5 and 9 had to witness their father being arrested and taken from their home for these corrupt bastards in Anglo Irish Bank and their legal cronies who can go to state supported courts where they weave magic and make wrong appear right.
But to my solid supporters who get it, make no doubt “I haven’t gone away” and I will stand in Europe to air my views and stand up for the rights of the people. Not one of our elected politicians has the gonads to tell Europe where to go when forcing us to pay gamblers on the stock exchange.
End of rant hope to see all my supporters in court soon and then let the battle for Europe commence.

Protest tomorrow from 6pm, outside Leinster House

Sent into us to-day

Promissory Notes :

The technical group in the Dail  has tabled a motion calling on the Government to lobby the ECB to allow us to destroy the €25 billion in bonds that replaced the Anglo Irish Bank promissory note. You can read the motion here. It will be discussed tonight and tomorrow in the Dáil, and there will be a public protest tomorrow from 6pm, outside Leinster House. Details of the protest are here.
The Finance Bill This week the finance bill will be discussed in forensic detail in the Joint Committee on Finance, Public Expenditure and reform. I have tabled a number of amendments to issues such as:

  • Increased support for the young and unemployed
  • Increasing tax relief  for medical insurance premiums for adults and children
  • Opposing the proposed changes to life assurance policies and investment funds
  • Opposing the proposed 0.75% levy on pension schemes and changes to retirement benefits

The committee will be sitting today, tomorrow and Thursday and can be watched online here.
Legislating for Assisted Suicide? Last week the Tánaiste and I discussed assisted suicide. We were both in agreement that this is something that should be talked by legislation. I have suggested an expert report that weighs the need to protect those near the end of their lives and cases. You can see the debate here.

‘Conned’: a German view of Ireland

Last week, the German newspaper ‘Süddeutsche Zeitung’ published an article about the ‘conning’ of Ireland – over several decades – by its political masters.

Süddeutsche Zeitung vom 29.06.2013 / Ressort: Die Seite Drei


Dublin – Wer verstehen will, warum Irland sehr reich werden könnte, aber vermutlich doch eher arm bleiben wird, muss die Geschichte von Ray Burke kennen. In Irland ist Ray Burke beinahe so bekannt wie James Joyce, Samuel Beckett oder der U2-Sänger Bono, der sonnenbebrillt stets aussieht wie eine dickliche Fliege. Allerdings denken die Menschen in Irland nicht gern an Ray Burke. Schließlich hat er ihre Zukunft verkauft.    Irland steckt in einer nicht enden wollenden Krise, was daran liegt, dass eine gigantische Spekulationsblase geplatzt ist. Die Banken, allen voran die Anglo Irish Bank, hatten unablässig neues Geld in den bereits  …

By Christian Zaschke

Anyone who wants to understand why Ireland could be so rich yet will probably remain poor should learn about Ray Burke.

In Ireland, Ray Burke

Ray Burk

is almost as well known as James Joyce, Samuel Beckett or the U2 singer Bono who, in his sunglasses, always looks like a pudgy fly. People in Ireland don’t have positive thoughts about Ray Burke. After all, he sold their future.

Ireland has been trapped in a never-ending crisis since its gigantic property bubble burst. The banks, above all Anglo Irish Bank, worked ceaselessly to pump fresh money into the already overheated property market – which finally collapsed with the outbreak of the financial crisis of 2008

The ruined Anglo Irish Bank has just made headlines posthumously after the Irish Independent published transcripts of telephone calls from September 2008. On the tapes you can hear how high-ranking bankers make fun of the crisis. The €7 billion emergency assistance that they demanded from the government would be paid back when they have the money, the bankers agree jokingly – “in other words: never”. That money won’t be enough anyway, says one department head, as he pulled the €7 billion figure “out of my arse”.

The journalist and author Fintan O’Toole says: “The reaction here in Dublin is very interesting. Hearing directly [the bankers’]boundless contempt is shocking. And everyone knows: we are paying for what they left behind.”

In a now legendary all-night sitting on September 29th, 2008 the Irish government agreed to guarantee all bank debts. O’Toole calls this the “most disastrous decision that was ever made by an Irish government”. At least two generations of taxpayers will pay off these debts. O’Toole makes an excellent job of charting the Irish path to disaster in his book Ship of Fools, in which he calls the accounts of Anglo Irish Bank the “most inventive work of Irish fiction since Ulysses”.

The oil off the Irish coast could be the way out of this misery. The oil could be the hope. If the former energy minister Ray Burke hadn’t rewritten the relevant laws as though the oil industry itself held the pen. And if Bertie Ahern

ahern-problem-flowchart bertie%20Ahern_Wanker

hadn’t made an already bad deal for the Irish people even worse…………………………….

full article at source:  http://www.irishtimes.com/news/world/europe/conned-a-german-view-of-ireland-1.1454115?page=1

A HIGH Court judge has cleared the way for aggrieved customers to initiate private criminal prosecutions against bank staff.


 In a landmark judgement, Mr Justice Gerard Hogan upheld the right of citizens to bring private prosecutions, after lawyers for Irish Bank Resolution Corporation (IBRC) claimed this right had been abolished 14  years ago.

His decision paves the way for a hotelier to bring a  private prosecution against two IBRC officials he claims behaved  dishonestly during discussions about a rescue plan for his business,  which has debts of €23m.

It is believed to be the first case of its kind since the banking collapse and could lead to a raft of similar actions.

“Employees of financial institutions never thought that they could be prosecuted  for their actions as bank officials,” one senior counsel told the Sunday Independent.

A summons has been issued to compel the bank officials to attend to answer allegations in a district court.

Once that hearing takes place, it will then be up to the Director of Public  Prosecutions to decide whether the case should proceed further.

“The underlying purpose of the private prosecution is . . . to draw the  public prosecutor’s attention to the case with the implicit request that the prosecution be taken over (by the DPP),” Mr Justice Hogan said in  his written judgement.

The ruling opens the way for disgruntled customers to take cases against officials at all levels of the banking sector.

However, legal experts warned there are dangers involved for people seeking  private prosecutions, as they could find themselves liable for  substantial legal costs if they fail.

The ruling came after one  current and one former member of IBRC staff sought a judicial review to  bring a halt to hotelier Pat Halpin’s private prosecution against them.

Mr Halpin, 62, has run hotels in Dublin and his native Clare for a quarter of a century, but got into difficulty in recent years over borrowings  with the former Anglo Irish Bank.

His businesses include the Aberdeen Lodge and Merrion Hall boutique hotels  in Ballsbridge, Dublin, and Halpin’s Townhouse in Kilkee, Co Clare.

IBRC last year appointed a receiver to two of his companies, Crossplan  Investments Ltd and Elektron Holdings Ltd, which look after his  interests in Dublin.

He claims he was invited to a  meeting with two IBRC officials in February last year – before the  receiver was appointed – to discuss the sale of Merrion Hall in a bid to pay down debt.

Mr Halpin says he and his accountant were left with the impression from the meeting that the matter would be  considered further “within the higher echelons” of the bank and that the bank would come back to them with proposals.

However, Mr Halpin claims he later learned it had already been decided by IBRC that a receiver be appointed to both companies.

He alleges a letter he subsequently received from the bank showed clearly  that both officials had known that a receiver was to be installed at the time of the meeting and had deliberately concealed this knowledge from  him.

Mr Halpin subsequently initiated a private  prosecution against the two officials in the district court – alleging  offences of dishonesty under the Criminal Justice (Theft and Fraud  Offences) Act 2001 – and succeeded in getting the court to issue a  summons against both. The charges have been denied by the two officials. Both went to the High Court seeking to halt the private prosecution,  claiming such prosecutions had been effectively abolished by the 1999  Criminal Justice Act.

They contended that there had to be a preliminary examination procedure for a private prosecution to take place.

The officials argued such prosecutions had been effectively abolished  because the Act did away with the traditional practice of holding a  preliminary investigation in the district court to determine if  sufficient grounds existed for sending a person forward for trial to a  higher court.

In his ruling last week, Mr Justice Hogan  disagreed and said the right to a private prosecution had not been  indirectly affected by the abolition of the preliminary examination.

The judge also said that, although he felt Mr Halpin’s case “seems slender  and tenuous”, he would not be justified in quashing the summonses.

Mr Justice Hogan cautioned it was also important to remember that the  charges had been denied in the most emphatic terms by the two officials  and they had yet to be heard on the merits of the complaints.

The judge said he would leave it to the DPP to decide whether the case should proceed or be dismissed.

He also awarded Mr Halpin 60 per cent of his costs. A stay has been placed on the private prosecution until January to allow the bank officials to appeal to the Supreme Court.

As yet, there has been no indication such an appeal will be lodged.

Law Library sources said the ruling was significant as it confirmed the  rarely used right of people to bring private prosecutions.

Any citizen with a reasonably credible complaint against somebody can walk  into the district court and convince a judge to grant permission for a  criminal summons, one senior legal expert said.

The  standard of proof for the issuing of a summons is low and those who were summonsed would, in all practical circumstances, have to challenge the  allegations made against them in court, the source added.

Mr Halpin told the Sunday Independent he was hopeful he would succeed in persuading the DPP to take up his case.

The businessman is also taking a separate action against IBRC for alleged overcharging to the tune of €2.6m.

source: Sunday Independent

The Psychology of an Irish Meltdown

July 2013

Friso Gentsch/dpa, via Corbis

DUBLIN — FOR the past month, Ireland has been outraged by tapes of Anglo Irish Bank officials, back in 2008, discussing lying to the government about how big a loan they needed, and how they knew there was no chance that the loan would ever be repaid. That loan was the first domino in a sequence that ended with the whole Irish economy flat on its face.

It’s not the bankers’ actions that have outraged people — pretty much everyone had a fair idea that this was what had gone down. It’s the overpowering sense of amorality revealed on the recordings, which were released by the Irish Independent newspaper. The bankers have a great laugh about the situation. It genuinely never seems to mean anything to them that the taxpayer is going to be forced to pay their bills, to the tune of tens of billions. More than that: it never seems to occur to them that their actions might harm people.

I write psychological crime, so I spend a fair amount of time thinking about morality and amorality and what underlies them. And it seems to me that this amorality could be a symptom of something deeper: a total disconnect between action and consequence.

Ireland’s population is just over half that of New York City’s. Our ruling class — including many of the politicians, bankers and property developers who wrecked the economy — is a tiny community, interwoven by friendship, marriages, education, sports and financial transactions to a degree that would be unimaginable in a bigger country. That interweaving has created a safety net that won’t let any of the ruling elite fall. If you’re a banker and your golf buddy’s kid wants to be a banker, then it doesn’t matter if the kid is an idiot, or if he kills cats for kicks: you’ll take him on, and you’ll keep him on…….

full article at source: http://www.nytimes.com/2013/07/28/opinion/sunday/the-psychology-of-an-irish-meltdown.html?smid=tw-share&_r=2&

Gangsters the lot of them!

Tim Healy– 18 July 2013

                    THE Department of Finance and Central Bank conspired with Anglo Irish Bank in relation to its advancing more than €2bn in loans to Quinn companies for the unlawful purpose of propping up its share price, it has been alleged in the Commercial Court.

The alleged conspiracy involved the department arranging for documents from Anglo to be “significantly amended” to disguise the true extent of the department’s knowledge about what was happening in relation to the loans, the family of bankrupt businessman Sean Quinn has claimed.

Had the regulators done their duty and not encouraged Anglo’s actions, these illegal loans would not have been advanced, Anglo “would have gone to the wall” much more quickly and the Quinns would not have been exposed to claims for €2.34bn, Martin Hayden SC, for the Quinns, said.

He was applying for orders joining the department and Central Bank, in their capacity as regulators, as co-defendants with Anglo in the Quinns’ action denying liability…………

full article at source: http://www.independent.ie/irish-news/courts/quinns-claim-central-bank-conspired-with-anglo-29429511.html

Comment :

By Thomás O Cléirigh

Remember this ?

These scoundrels must face the music one way or another we the people of Ireland must get justice!This activity is called “Insider Trading” and is illegal and all who took part in it must be brought before the courts otherwise we are just living in a Be-NAMA Republic and I do not accept this!

Quinn took part in this obvious illegal act, and was happy to do so when he thought he was going to benefit from it! So no tears from me for him! He just got caught holding the baby! , and is it any wonder when he was dealing with gangsters like the two lads in the tapes above?

While I am on topic where are the other inner circle members (Golden circle)  who were also involved in this little scam???

‘I’ll never pay taxes in Ireland again’

The 55% rate for self-employed contractors with few benefits has led many of my engineering friends to emigrate, and knowing it is all going to pay for the banks’ mistakes means I won’t be back, writes Jack B

There has been a lot of talk in the last few weeks, in Ireland and abroad, regarding the “Anglo Tapes” which have become infamous around Europe. Currently I am gainfully employed in Germany, and I’ve seen the mounting animosity towards Ireland recently first-hand in my new country of residence.

People who are aware I’m Irish have been questioning “how much did I know was going on?” It’s becoming increasingly difficult to put the palms out and admit I was aware were being carried out in a haphazard way. All it does is engender to my fellow Europeans how much of a bunch of blackguards the Irish truly are……………….

full article at source: http://www.irishtimes.com/blogs/generationemigration/2013/07/15/ill-never-pay-taxes-in-ireland-again/



By Thomás O Cléirigh



I was self-employed and I am now registered as unemployed for the past 5 years. I have not received any assistance from the state , No Dole and no financial assistance whatsoever : I paid all my taxes over the years and at one stage had over 6 full time employees working for me .I was in the hotel and catering business not the building industry  and I am discussed with the revelations of Anglo and also with the payment our self-serving political lackeys who infest in the Dial. The self-employed of this country are an easy scape goat and an easy touch I agree with the body of the above article and the gombeens in the Dail will learn soon enough that you cannot suck the people dry and expect them to continue to lie-down and take it forever, push the people so far and you will end up with open revolt! Roll on the Irish revolution !

On the Anglo Irish Tapes

“Distracted from distraction by distraction”

T. S. Eliot



Think about it what are they hiding?

Machholz Blog

No matter how Coalition dresses it up, we cannot afford to pay Anglo’s debt

By David Mc Williams

First, the good news. Swapping the debt from a promissory note to a long dated government bond will mean that, in the short-term, the State won’t have to find so much money to pay for the sins of Anglo. My back of the envelope calculation suggests that the savings will be substantial. Had Ireland kept paying the promissory note over the next 10 years, we would have had to come up with €30bn in a decade. That’s a huge figure, more than 20pc of GNP. Clearly, this was not on. This new arrangement means Ireland will have to come up with about €5.8bn.

Paying over a longer period is good news for all of us relative to paying the lot over 10 years. But it is not good news relative to paying nothing at all or to extending the promissory note out for a few hundred years. After all, we could have set the terms of our own promissory note schedule had we the inclination to do so.

More interestingly, we could have paid nothing at all, let the Central Bank continue to finance Anglo and positioned ourselves on a collision course with the ECB. The Government didn’t have the stomach for this scrap and so the ECB’s sweetener for taking the debts of Anglo on as sovereign debt is a long-term horizon to pay the stuff.

The ECB has got what it wants. The pesky promissory note, which it never liked, is gone. Ireland has more debt but at low rates of interest………………………

full article at source>>>http://www.davidmcwilliams.ie/2013/02/09/no-matter-how-coalition-dresses-it-up-we-cannot-afford-to-pay-anglos-debt?utm_source=Website+Subscribers&utm_campaign=4b6510736e-22112012&utm_medium=email

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