What must the regulator have known about Anglo 2005-2007.


#21

Not only was the Dame street branch aware of everything. And I mean everything.

The ECB was fully aware of things like property sector concentrations and balance sheet growth in the irish banks.

The common misconception of a few Paddies close to Fianna Fail pulling the wool over the eyes of Frankfurt is laughable. Frankfurt was aware of all material issues from 1999 onwards, and quite comfortable with the story up to 2009.

The spheres of influence and knowledge you are looking for are big,and wide ranging.


#22

Yes. Many of the world’s central bankers had the light touch regulation derived ideological bug. Bought and sold, perhaps. Anyways, they’ve since publicly renounced their previous views. Alan Greenspan. Jean-Claude Trichet.

But at this time we should only focus our gaze on the national sphere imo. What was done in this sphere was unique in its own way, and pathological in its own way, granted there were external influences providing a certain reassurance to key perpetrators in many respects.

For example, look how professional ethics were trampled on in Irish working life. From valuers to auctioneers to engineers to financial advisors and lawyers. Loook what their work became. Look what the newspapers became. Look to the Marie Hunts and Dan McLoughlin’s.

Rather than pointing around at others, we really need to look at ourselves first, in the most civilised light we the Irish people are innately capable of.


#23

When the cold war ended the question was ‘who decides where the world goes now?’

The answer - whoever has the money.

The creation of trillions via derivatives was a political more than an economic act. How is it that every significant economy in the world has followed the same path over the last 20 years? The US, Australia, Canada, Britain, Ireland, Spain, Holland, Italy, Greece, Germany and more - debt to astronomical degrees. This is not coincindence, it is global policy.

US offshoring of industrial production, accomplished without industrial unrest or trade union opposition through the simple means of flooding that country with cheap credit to opiate the people during the time of its deindustrialisation.

China, gathered into the global network through offshoring and the trade advantages accruing to it from worldwide credit on a massive scale.

What do we see here and everywhere? That those with the money dictated where the world went. So they created the money.

This is not an accident - you don’t run up 750 trillion dollars worth of derivates by accident. This is a political process.

In Ireland (and elsewhere) the availability of billions put Haughey and the previous shysters in the shade as regards access to unimaginably large amounts of money. So much money that FF were happy to sacifice both the country and their own party to get at it - the amounts were simply too much not to do so.

Same here as in the US, the trade unions stepped aside and enabled the process and the people were opiated during the transition.

Now the payment is due, worldwide. And the next step of the political process is generation of solutions out of crisis - global solutions, provided by those who generated the crisis. And for those who don’t play ball there’s the increasingly severe surveillance state.

This is political all the way through, with innumerable slobbering scalpers yelping and slurping at the trough throughout, ignorant.


#24

As far as I know that only works in a theoretically functioning system. When default occurs the default dominoes all the way through the chain, realsing the full amount and making a mockery of the concept of ‘netting’.

How was 750 trillion of libailities and profits created in the first place? That’s 11 times world GDP. It’s a nonsense. A politically motivated nonsense.


#25

Imo it was the derivatives issue, the size of the markets in them, and the consequences of markets this size collapsing that engendered the paradigm of governments bailing out banks (at least outside Irelaand. - In Ireland, it was only used as an excuse to bail out ‘insiders’ in general). More to the point, back in 2007 they were all packaged up together and with mortgages and emerging market loans and more, into instruments like CDO squared that couldn’t be disentangled. It is my understanding that back in 2007 the total derivatives market (instruments like CDS’s, Foreign Exchange Derivatives, Equity Linked Derivatives, Commodity Derivatives, Interest Rate Derivatives… and more…) was 1,144 trillion US dollars while the GDP of the entire world was about USD 50 trillion. So, 22 times world GDP.


#26

The underlined bit looks like an ideology or religious dogma to me.

Agreed.

It also continues because there is no (current) working alternative.

How does the free market eliminate corruption?
And if it can do it, who is to say it won’t do it in the way the famine eliminated over-reliance on potatoes?

Seán Fitzpatrick: “Of course you need regulation. But you don’t need over regulation. What we need is appropriate regulation.”

Of course he’s right: you don’t need over-regulation. But what he means by that and what most people consider to be over-regulation, are two very different things.


#27

Bravo Roc.

You guys are one resourceful lot - I lovel history…


#28

I want to add my thanks to Roc for the original post: it makes clear what many of us have been thinking.
I hope Pearse Doherty is reading!


#29

Eh, not just the regulator and government of the time, it seems. Haven’t read this. I’m sure there’s a desperate FF slant in it. Still.


#30

Enda Kenny: the Anglo connection - TOM LYONS and DANIEL McCONNELL -> independent.ie/irish-news/en … 36123.html

Fianna Fail slam “boot boy” Enda Kenny over Anglo Irish Bank tapes - -> irishmirror.ie/news/irish-ne … oy-2004709
27 Jun 2013

Irish PM Enda Kenny attacks bankers - video - -> guardian.co.uk/world/video/2 … kers-video
Friday 28 June 2013

Family defend Lenihan after Drumm attack on Anglo Tapes -> independent.ie/business/iris … 85214.html
01 July 2013

and the letter from a concerned citizen…

Now is time to fight back -> independent.ie/opinion/lette … 36273.html

I reckon the political game by FG/Lab is to use the banking inquiry to drag FF through the mud before the next election. FF have picked up on this and are using this to send a warning shot across the FG bow to back off.


#31

A non-story. The only relevance for anything that happened after September 30 2008 is only if it shines a light on collusions before that key date. I.e. To what degree can our government and its institutions be implicated in the situation that brought about the guarantee and NAMA, and indeed, in the act itself (implementing the guarantee and NAMA), how much of its intent was cover up for previous collusion.


#32

Petition for a European inquiry into Irish banking:

secure.avaaz.org/en/petition/Wa … _Ireland_1


#33

Just wanted to include this video of oireachtas committee on this thread. Right at the start, just noticed the dialogue.

Lenihan: “It’s very well appointing watch-dogs, but you have to make sure they bark as well”.

(Loud guffaws and general merriment).

Then a voice from the back can be heard: "It depends on the dog you buy…"

(More laughter).