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From the Independent
IRISH Nationwide chief executive Michael Fingleton fasttracked millions of euro of loans to leading politicians, it was claimed last night.
These included a €1.6m loan to former finance minister Charlie McCreevy, who was buying a property that was only worth €1.5m at the time, an RTE investigation found. The loan was granted by Mr Fingleton even though the building society’s guidelines did not allow it to grant 100pc mortgages.
So anyone surprised. It is who you know not what you know that matters. But let not delude ourselves that this is confined to the corridors of power. We are a nation that has always been a nation that has operated like this. Giving jobs to people because of who they know. Can anyone get a ticket to any sporting event without knowing someone? This is the culture we have cultivated in Ireland and embrace when it gets us a ticket to a big match. So can we really be a. Surprised or b. pissed when it is done at higher levels? We always look for short-cuts if we want to move to a place where the above cosy dealings are shunned we need to look at ourselves. Getting tickets for a match or easy million euro loans are exactly the same thing, inequality of opportunity and knowing the right people. To stop this requires a lot of change.
im sorry there are higher expectations on those in power.
Thought it was interesting the show mentioned that journalists had access to the same fast-track system, and then jumped straight to the politicians. If the business editors of national newspapers were being given special treatment, that would surely cloud their judgement on whether to publish stories about the problems in the banks. Worthy of investigation, I would think, but when neither politicians nor journalists can investigate (being involved) and no crime has been committed, who’s going to chase this one?
I don’t think there is any doubt as to whether a crime was committed, the only question that remains is, who committed it and who knew about it.
The bankers knew very well that they had deviated from the normal business model that had been rigidly employed for years, not just in Ireland but also in international banking services.They knew quiet well that they were breaking their own rules of good banking behaviour.
The criminal part is that they were also aware, that the money they were using to gamble with, was not theirs to use in this manner, it was their customers and their shareholders money, and they used this as collateral to borrow huge amounts to keep feeding their own greed.
These people were experienced in their business, and they would also have been aware that even if the worst happened, which it did, then the state could not afford to let them go bust, and would have to recapitalise them with public money. The fact that they intentionally engaged in these anti business practices with money that was not theirs, and without the permission of those who owned it, makes it a crime.
Before this debacle does anyone remember what it was like trying to get a loan, or mortgage, from these same people who could spot a rogue application, in the blink of an eye, which is what they were trained to do, so I think we can take it for certain that they were educated people and knew exactly what the consequences of their folly was.
It is also interesting to note that Minister Batt O Keefe, this evening has declared that ‘ Now is not the right time for a banking enquiry, because it would distract officials at the Department of Finance, who wre trying to get NAMA up and running’(I kid you not).
do we have the laws to charge anybody with
That’s why we need an ungent investigation, to determine what if any laws were broken, and by whomn, which makes it even more galling to hear a Government Minister say we shouldn’t do this, because it would distract officials at the Dept. of Finance.
If the Department of Finance were doing their job correctly in the first place, then they should have had enough checks and balances in place to ensure that this kind of thing could never have happened. Thats their job.
Considering the State of the Country’s finances now, we could be forgiven for assuming that our Government should be leading the charge to determine if wrongdoing took place. One has to wonder why they are stifling the requests, last week it was Cowen, and to-day it is O Keefe
If the business editors of national newspapers were being given special treatment, that would surely cloud their judgement on whether to publish stories about the problems in the banks. Worthy of investigation, I would think, but when neither politicians nor journalists can investigate (being involved) and no crime has been committed, who’s going to chase this one?
Interesting review of Shane Ross’ book (“The Bankers”) in a recent Phoenix Magazine. Well worth checking out in the context of this story.
(And the answer is ‘no-one’, the CPI having been done in by the Dublin establishment)
http://www.independent.ie/business/irish/nationwide-no-longer-expects–fingleton-to-repay-83641m-bonus-1990740.html
Gangsters reject Fingleton slur
Leading Irish gangsters reacted angrily today to being associated with ex-Irish Nationwide boss Michael ‘Fingers’ Fingleton. The allegation was made by Fine Gael TD Paul Kehoe during the recent Dail debates on the NAMA legislation.
John Gilligan, speaking on a mobile phone from Portlaoise prison, said ‘We’re not in the same league as yer man at all. Sure I’ll have no pension to live on if I ever do get out of this place, and he walked away with €27 million and left the tax payer with his debts”.
Gerry “The Monk” Hutch was interviewed while taking a pair of Northsiders to their debs in his stretch Hummer limo. “It’s so uncomfortable having to wear a bally or the oul tights when you go out on a job. Maybe I should have worn a nice suit and a trilby hat, and I wouldn’t have ended up driving these scangers around to keep the wolf from the door.
Fingleton was not available for comment, as he was busy laughing all the way to the bank.