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Forum Post: Irish Bankers Bragging about Bailout

Posted 1 year ago on June 26, 2013, 11:33 a.m. EST by shoozTroll (17632)
This content is user submitted and not an official statement

"Once again, we have more embarrassing conversations between bankers ...

The Irish Independent, a Dublin-based newspaper, has uncovered tapes of an internal phone conversation from September 2008 between two executives at Anglo Irish Bank during its bailout deal and they sound pretty scandalous. The Irish Independent points out that the recordings show they misled the Central Bank.

The executives from the recording have been identified as John Bowe (head of the bank's capital markets) and Peter Fitzgerald (director of retail banking).

However, Bowe "categorically denied" that he misled the Central Bank and Fitzgerald, who wasn't involved in discussions with regulators, said he was unaware of any intention to mislead, the report said.

Either way, the newly revealed recordings are still embarrassing.

Here are some partial excerpts (via the Irish Independent):

The two bankers begin their conversation jokingly comparing themselves to being able to walk on water and drink beer out of both hands."

Read more: http://www.businessinsider.com/anglo-irish-bank-tapes-2013-6#ixzz2XKygAqeQ

25 Comments

25 Comments


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[-] 6 points by shadz66 (19985) 1 year ago

MTHRFKRS !!! This is how Banksters the world over see the rest of us !! Be in NO doubt whatsoever about it ! Thanx for this forum-post shooz and also fyi and in cross linkage and reference, I append :

too fkn angry for latin ...

[-] 4 points by Middleaged (5140) 1 year ago

Anglo Irish Bank is just like the American Politicians and Corporations. Amazing. We are all corrupted in the same ways ... could be it all traces back to English Corporations and English Royal Corporations ... and English Business Empires, British Empire.

It seems like when ever the British saw some valuable Resource they created a design to capture the Trade. Trade and Money was always most important to the British way of life or ... Kingdom.

I tried to look at early Corporate History, but don't think I can talk confidently about it. Probably I look at Lords of Parliament and think of the British Whigs Party.

https://en.wikipedia.org/wiki/Whigs_(British_political_party)

The Whigs were like our American Conservatives in that they supported the Monarchy and a Foundational Philosophy based before the Age of Enlightenment.

Then I think of British Officers who came from the Elite Class of people in England. Many British Officers seem incompetent in War and very Lazy, Corrupt, Dangerous to their own men, and Heartless about the people they considered "Cannon Fodder".

[-] 3 points by shadz66 (19985) 1 year ago

IF the scum-bag Irish Banksters could be hacked and their comms recorded they could be open to well - blackmail or coercion or worse so what'd be the purpose and implication - commercial or otherwise of :

Especially as so much of the whole enterprise is riven by 'private contractors' ?!! Who do they work for & what is their purpose ?!

Et Cui Bono ?

[-] 1 points by Middleaged (5140) 1 year ago

I totally Love Greg Palast. I think it is his hat AND his reporting. lol

[-] 4 points by shadz66 (19985) 1 year ago

http://www.gregpalast.com/ ; http://dirtywars.org/jeremy-scahill ; http://benswann.com/ &

http://www.guardian.co.uk/commentisfree/2013/jun/26/nsa-revelations-response-to-smears .

Four links re. four journalists who are worthy of their trade and 'hats'' off to you too 'Ma' ~{[:-)

pax ..

[-] 3 points by Middleaged (5140) 1 year ago

All the Corruption and Conspiracy Theories that have come True:

1) Secret NATO Armies in Europe
2) Corrupt & Uncaring Congress, Taking Bribes, Letting Lobbyist write laws
3) Secret NSA Domestic Spying
4) IRS Targeting of Political Opponents of the Administration
5) President Obama supporting War Expansion, Secret Prisons, Drone Strikes, Supporting Wall Street, Supporting Corporations, Supporting Big Oil, Supporting Big Agriculture
6) President Obama Turning his Back on Promises of Transparency, Justice, Being a Progressive, Helping with Jobs, Helping with Education, and a promise to take on Big Power
7) No WMD in Iraq
8) No Free Lunch for the Wealthy or Tax Loopholes
9) NAFTA, CAFTA would Produce Jobs for Americans
10) Government will Seal the Southern Border after Amnesty to stop illegal Immigration
11) We were attacked in Vietnam by the Vietnamese and that is why we went to war against the Communists
12) JFK, RFK, MLK were murdered by lone gunmen and there was no cover-up by the government or police
13) Thatcherism & Reaganism will Trickle Down to create new Jobs and help everyone
14) No one on Wall Street Committed Fraud prior to the 2008 Crash and there was no Racketeering involved
15) No one could have forseen the Savings and Loan Scandal in the USA or the Dot.com Crash
16) Subprime Mortgage Crash was due to Janet Reno & Bill Clinton not the Secondary market for Mortgages on Wall Street who were giving them AAA Ratings and Selling them in Tranches

And Yet... all the Scandals haven't really been Opened up Yet.

Jeremy Scahill show us one more. A secret US Army.

[-] 3 points by Middleaged (5140) 1 year ago

Opportunity in adversity:

Is it possible all the electronic surveillance and tracking of Financial Transactions developed & perfected after 9-11..... Could form the basis for Identifying Financial Relationships between

1) Officers of the Court
2) Congressmen & members of Parliament
3) Bankers
4) Corporations
5) 501(C) organizations, PACs in the USA, Think Tanks, and Foundations
6) Off Shore Trust Accounts
7) Deferred Wages of Corporate Executives (unpaid taxes on wages)
8) School Officials who put kids on SSRIs or Psychotropic Drugs
9) Physicians who over prescribe medications
10) Corporate Board members
11) University Professors and University Executives
12) WB Loans and who's account the money actually goes into (as per Karen Hudes story)

[-] 4 points by shadz66 (19985) 1 year ago

Great points and also consider the extent of the market sensitive information being gleaned by the NSA and PRISM etc. for the manipulative purposes of 'TPTB' & thus again closely consider :

radix omnium malorum est cupiditas ...

[-] 4 points by Middleaged (5140) 1 year ago

Great one by Chris Floyd, Robert Higgs, and Silber. It is all true. And it is my experience as well.

[-] 4 points by shadz66 (19985) 1 year ago

''Hey, MSM : All Journalism is Advocacy Journalism'', by Matt Taibbi :

''All journalism is advocacy journalism. No matter how it's presented, every report by every reporter advances someone's point of view. The advocacy can be hidden, as it is in the monotone narration of a news anchor for a big network like CBS or NBC (where the biases of advertisers and corporate backers like GE are disguised in a thousand subtle ways), or it can be out in the open, as it proudly is with Greenwald, or graspingly with Sorkin, or institutionally with a company like Fox.

''But to pretend there's such a thing as journalism without advocacy is just silly; nobody in this business really takes that concept seriously. "Objectivity" is a fairy tale invented purely for the consumption of the credulous public, sort of like the Santa Claus myth. Obviously, journalists can strive to be balanced and objective, but that's all it is, striving.'' I also append here :

I append the links above 'Ma' in response to your comments and points as we were on the important matter of journalism in The U$A & beyond and it's function in defending democracy against autocracy.

veritas vos liberabit ...

[-] 3 points by Middleaged (5140) 1 year ago

The Truth Shall Set you (us) Free. Freedom, Freedom, Freedom.... Freedom.

All of the Revolutions around the world are about Freedom from Moarchy and Oligarchs that don't care about the economic situation of the people.

How can people work for low wages when they can't afford health care ... or access health care.

How can people work for subsistence wages when they can't take care of their families, can't afford health care, can't afford education, and the country doesn't provide an opportunity for a career or a livelihood.

If there is no livelihood, there is no country or national allegiance to the privileged who always end up in parliament, congress, or as executives.

The Age of Enlightenment brought out these Ideas. There is no Reasonableness to the Rule of Monarchs, Big Established Religions, the right of heredity for title, status, and property, and for the people to remain poor and miss out on education and the possibility of going to a place of higher learning.

We fought Revolutions for this purpose. We wanted something different from being ruled by people that would deprive the common people of the "Truth, the Information, the details of Government, the Truth about who was influencing our Government, about who was bribing our government, and for reparations for commerce who ruined transportation, ruined roads, ruined financial markets, ruined or controlled banking, and who imposed penalties, taxes, fees against us to keep us from becoming successful in business, from starting a business, from keeping a business, and from having ... Individuals Rights like Privacy, Freedom of Speech, freedom from false imprisonment, freedom from arrest without warrants, freedom from arrest without an attorney, freedom from arrest without phone calls, freedom from arrest without bail, freedom from arrest with out a speedy trial.

We protested for 100 years to get labor rights, the right to strike, and the right to have a union represent us to management. Now we don't have the right to a union & we don't have the right to Representation in Washington.

[-] 2 points by shadz66 (19985) 1 year ago

''The Duty of Lawyers'', by Ralph Nader :

Re. Nader, again appended for the standing record and from your thread - as it fits your comment and this good thread so well and Ralph Nader's words follow Matt Taibbi's piece so seamlessly & beautifully.

multum in parvo ...

[-] 1 points by Middleaged (5140) 1 year ago

Tell Ralph Nader I just need a place to stay while I work for Free in his office. Damn it Ralph. Who is going to Replace you when you Die??? I know you must have some kind of order of Succession. You are a smart guy. But are you taking people in to learn in your office. Do you have Trust Funds set aside to help with University Education for those that need to follow you to Law School???!!!!

Ralph?? This Question is for you. Have you planned for Succession if you Die in office? Is there some way people can serve you and learn from you in your office or through a Trust Fund??

[-] 2 points by shadz66 (19985) 1 year ago

"Raise the Minimum Wage : Democratic Party Sleeps on FDR’s Legacy", by Ralph Nader :

How about you tell RN ? OWS & the seeded future cadre are Ralph's legacy. Also re US journalism :

spero meliora ...

[-] 1 points by shoozTroll (17632) 1 year ago

It reminds of the conversations at Enron, where they too, were proud to be getting rich by ripping off some else.

[-] 4 points by shadz66 (19985) 1 year ago

''Enron : The Smartest Guys in the Room (2005)'' :

"The Crooked E - The Unshredded Truth About Enron'' (2003) :

Skilling is out soon right ? The capacity of so many USers to put up with Kleptomania and Kleptocracy is unbelievable really & quite frankly, beggars belief ! Propagandist, Corporate MSM is a Very Big Evil !!

multum in parvo ...

[-] 1 points by shoozTroll (17632) 1 year ago

Enron??

What's an Enron?

http://www.ajr.org/Article.asp?id=2496

Skilling bought his way out of prison, but remember there was one who got off scott free.

http://www.npr.org/templates/story/story.php?storyId=5411422

[-] 9 points by shadz66 (19985) 1 year ago

Journalism in The U$A is fukt, with a few very notable exceptions who actually prove the point (Palast, Greenwald, Scahill, Taibbi etc.) & many thanx for the links. From the latter : ''The Enron executive who walked away from the company with the most money - has hardly been mentioned during the trial. His name is Lou Pai. He made more money than Lay or Skilling. And Pai has escaped federal prosecution. He wasn't even called as a witness at the trial.'' Hmm. As windyacres has just reminded me in another comment [ http://occupywallst.org/forum/obama-finallyfinallypicks-2-nominees-for-the-feder/#comment-982664 ] Dubya and Ken Lay were good buddies from back in the day. Ho hum and bet you a crooked dollar that that isn't in Baby-Bush's new 'Lie-Bury', lol & hrumph !!!

verum ex absurdo ...

[-] 3 points by LeoYo (5767) 1 year ago

Caught on Tape: Irish Bankers Laugh About Never Repaying Bailout

Friday, 05 July 2013 12:27 By Jaisal Noor, The Real News Network | Interview and Video

http://truth-out.org/news/item/17409-caught-on-tape-irish-bankers-laugh-about-never-repaying-bailout

Bill Black: Tapes reveal Anglo Irish Bank executives laughed as they manipulated Irish Government into 16 billion dollar bailout the knew they would never repay.

TRANSCRIPT:

JAISAL NOOR, TRNN PRODUCER: Welcome to The Real News Network. I'm Jaisal Noor in Baltimore. And welcome to this latest edition of The Black Financial and Fraud Report.

Now joining us is Bill Black. He's an associate professor of economics and law at the University of Missouri-Kansas City. He's a white-collar criminologist and former financial regulator, author of The Best Way to Rob a Bank Is to Own One, and a regular contributor to The Real News.

Thank you for joining us, Bill.

BILL BLACK, ASSOC. PROF. ECONOMICS AND LAW, UMKC: Thank you.

NOOR: So, Bill, what do you have for us this week?

BLACK: I have Ireland, all of Ireland summed up in a few snippets of tape recordings that have emerged, in which the top executives of a bank called Anglo Irish, whose frauds drove the Irish financial crisis, have finally been revealed--of course not by investigators for the government, who are busy not even knowing these tapes existed, supposedly, for four years, but because the media has finally started releasing these tapes.

And the wonderful thing about bankers when they're being taped--and mind you, they know they're being taped--is they sound just like other crooks. So in particular this has to do with the collapse of Anglo Irish when they knew they were massively insolvent. But, of course, they wanted to continue to be able to get paid for their jobs. And so they went for a bailout from the Irish government. And the Irish government was so close to the banks and Irish regulation had become so pathetic that the Irish government actually believed Anglo Irish when it said there are no real problems at the bank, it's all a misunderstanding, but there's a run on the bank, and so you need to step in and you need to give us an unlimited financial guarantee of the Irish government for all of our debts, whatever they might be, no matter how big they might be, and you need to do it without ever looking. And the Irish government said, sure, let's do that.

Now, that was significantly insane, but the tapes show something about how these negotiations (and negotiations should be in quotation marks) went on. So you've got the Anglo Irish executives, and their plot is: we need a number big enough that it's scary about how much of a public bailout we need, but not so big that it'll be obvious that it would be insane to bail us out. So they came up with a number in the EUR 7-10 billion--so that's, you know, more like, at that time, $16-17 billion to put in initially, with, again, no due diligence and no understanding of the fact that--how big a cesspool Anglo Irish was. And one of the Anglo Irish Bank execs is asking the other, where'd you come up with this number? And he says, well, I followed the policy of our CEO and I just pulled it out of our arse. Right? So that's the level.

And then it says they get mad with the government, because the government starts thinking that maybe it should do due diligence before it puts an absolutely unlimited guarantee out after the 15 billion, 16 billion, roughly, in U.S. dollars. And, mind you, the Anglo Irish folks had said once they give us the first slug of money, they'll be politically trapped, because they won't want to admit to their constituents that it's all money down the drain, and so they'll continue to support us once we get them hooked on supporting. So in the second group of tapes they're discussing how they're going to send people down to the central bank and demand their moolah, and they're laughing and joking about how EUR 1 billion are flowing out of the institution every day.

And then, once they get that bailout from the Irish, they go, and it becomes obvious that Ireland can't possibly pay this guarantee, because Anglo Irish and the other fraudulent Irish banks are so big and their losses are so massive that they're not simply going to bankrupt the banks, every large bank in Ireland; they're going to bankrupt the whole nation, because they've done this guarantee. And they start thinking, well, who are we really protecting with this guarantee? And the answer in large part was foreign predators like German banks. So the Irish decide that there's only one answer. They're either going to default or they need a bailout by the European Union. So they go to the European Union. And this really amuses the Anglo Irish executives, who are laughing and laughing about it, and then starting to sing in the background Deutschland, Deutschland, über alles, the first verses that you never sing anymore of the German national anthem before World War II because it's really politically incorrect type anthem and such. So now the Germans are outraged that all of this has come out.

But as I say, the government has--Irish government, which is supposedly pursuing a vigorous investigation, of course is doing nothing of the kind. The CEO has fled Ireland and is hiding out in America, of all places. And the investigation was so pathetic that they either didn't know for four years that they had these tapes, or when they listened to them thought, well, you know, who cares type of thing.

So we now have a massive political scandal in Ireland, which has become a political fight in Ireland between two of the leading parties, and we have an international scandal in which Angela Merkel, the head of Germany, purports to be outraged and talks about how these Irish bankers are operating like cynical Übermensch--supermen in other words.

So everything that she thought was true about bankers has been confirmed about the top bankers in their own words, and you can go to--our viewers can go to The Irish Independent, which has been breaking these tapes and has a series of these, and you can read the keywords, but you can also listen to the tapes yourself. And if you love those, I must tell you you should go back and listen to the tapes of Enron and the other energy traders when they were creating the California energy crisis, because they too knew they were being taped when they said these amazingly outrageous things. So, of course, I'll leave you with a thought. If that's what they're willing to say when they know they're being taped, imagine what they say when they know they're not being tape recorded.

NOOR: Thank you so much, Bill. I will link to both of those websites.

BLACK: Thank you.

NOOR: Thank you for joining us on The Real News Network.

This piece was reprinted by Truthout with permission or license.

[-] 0 points by shoozTroll (17632) 1 year ago

The callus pride these people show in ripping off their countrymen, is one of the most reprehensible things I've ever been made aware of.

I'm sure similar things were said at the turn of the 19th century.

[-] 2 points by MattLHolck (16833) from San Diego, CA 1 year ago

I've heard the US debt being described as being owned to the chineases

is that the chinease people or the chinease bank?

has chinease labor been sacrificed to improve our lives so we own product to those people ?

or are theses chinease that we owe just banksters from china ?

[-] 3 points by shadz66 (19985) 1 year ago

Bill Moyers, Matt Taibbi & Yves Smith talking so Matt, try these for some good, digestible information :

From the first link ... ''Rolling Stone editor Matt Taibbi and Yves Smith, creator of the finance and economics blog Naked Capitalism, join Bill to discuss the folly and corruption of both banks and government, and how that tag-team leaves deep wounds in our democracy.''

fiat lux ...

[-] 1 points by shoozTroll (17632) 1 year ago

I read that that isn't true, that we owe most of that money to ourselves, not China, or anyone else.....

[-] 1 points by TikiJ (-38) 1 year ago

A perfect excerpt of how the ruling elite view us here. Everyone, them and us, understand what is going on, yet no one stops them.

If you were to speed past the police at 90mph everyday, and they knew exactly who you were, and never pulled you over, why would you slow down?

[-] 1 points by shoozTroll (17632) 1 year ago

That seems to be the issue for a few thousand years.

Power and wealth, are tangible, self replicating forces.