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Angela Merkel Should Talk To Me If She's Truly Enraged By The Anglo Irish Revelation, For That's Just The Beginning!

Reggie Middleton's picture





 

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Last week I reminded readers that many banks in Ireland did the same thing that Anglo Irish did, and it addition I warned that Anglo Irish was ran by a bunch of liars anyway, reference Anglo Irish, Anglo Lies & Anglo Insolvency... All Hoisted Upon The Irish Version of US Muppets, AKA Irish Taxpayer. After all, I explicitly told the world what was up with Anglo Irish 4 months ago:

Anglo Irish Bank which subsequently became Irish Bank Resolution Corporation (IBRC), was recently liquidated by the Irish Government. Included below are three documents executed by this bank. The first two are charge documents that the bank entered into on the 15th of February, 2008. These charges are in favor of the Central Bank and Financial Services Authority of Ireland (the ECB). They are floating charges over Secured Obligations (repo agreements) and the banks payment module account.

Anglo Irish Bank Charge Doc no2 Page 1Anglo Irish Bank Charge Doc no2 Page 1Anglo Irish Bank Charge Doc no2 Page 2Anglo Irish Bank Charge Doc no2 Page 2Anglo Irish Bank charge doc Page 1Anglo Irish Bank charge doc Page 1Anglo Irish Bank charge doc Page 2Anglo Irish Bank charge doc Page 2

So, What's So Special About These Documents???

The reasons given for the floating charges are the banks participation in Target 2, which is a interbank, cross-border EU real-time payment system. A former Group Chief Auditor of one of Ireland’s largest banks who was part of the team who conducted the stress testing for the European Banking Authority was allegedly quite shocked to see the various charge documents herein. He informed BoomBustBlog consultants that these charge documents were not included in the stress testing. For those who don’t get the gravity of this statement – the previous encumbering of the Irish bank’s assets were ignored or not known by those who conducted the stress testing for the banks. What makes things even worse was despite the fact the bank’s assets were double counted, allowing them to pass the stress tests, they promptly started failing post stress test… And I do mean promptly, as in within months.

So, fastforward 4 months later and this week, I scan the news and I get the following from...

Marketwatch:  Irish banking tapes strengthen Merkel’s hand

Perhaps the greatest criticism of Sir Mervyn King, the former governor of the Bank of England who bowed out last week, was that he was slow to extend financial aid to banks hit by the financial crisis in 2007, on the basis that such assistance would amount to “moral hazard.”

But anyone who has studied tape recordings in the last few days of the foul-mouthed tirades of former senior officials at Anglo Irish bank, the failed Irish mortgage lender, would have a great deal of sympathy for King.

The leaked recordings, made shortly after the Irish authorities agreed on a blanket guarantee for six Irish banks in September 2008 amounting to 250% of Irish gross domestic product, were published last week by the Irish independent newspaper.

Revelations of expletive-studded conversations, in which Anglo’s then-chief executive David Drumm threatened to let his bank go bust unless it was bailed out by the financial regulator, have sparked opprobrium in Ireland and further afield.
From the UK Guardian: Anglo Irish Bank scandal 'damages democracy', Angela Merkel says

German chancellor delivers a strong condemnation of the revelations that the Irish bank's executives mocked the country's role in Anglo's bailout. 

Angela Merkel has expressed "contempt" for the disgraced Anglo Irish Bank executives caught on tape mocking Germany's involvement in the institution's €30bn (£25.7bn) bailout.

The German chancellor delivered a strong condemnation of the revelations, which have emerged in recordings of Anglo Irish management as they discussed a 2008 bailout by the Irish state, followed soon after by a full-blown rescue of the country by international authorities.

"I really have nothing but contempt for this," said Merkel. "It really damages democracy, the social market economy and everything that we are working for." Sounding outraged, three months before a general election where Germany's role in shoring up the eurozone will be a sensitive issue, Merkel added: "This is simply very hard to swallow for people who go to work normally every day, who earn their money."

From the BBC: Merkel: Anglo Irish bank tapes contemptible

The leaked Anglo Irish Bank telephone conversations are damaging democracy, German Chancellor Angela Merkel has said. Bank executives are heard on the tapes mocking Germans and making jokes about the financial crisis in Ireland. Angela Merkel told journalists on Thursday that she regarded the contents with contempt. On one tape, an Anglo executive is heard singing Deutschland, Deutschland über alles.

The taped calls, dating from September 2008 when Anglo Irish was on the verge of collapse, were leaked by the Irish Independent newspaper. Speaking in Brussels following an EU leaders summit, Chancellor Merkel said the recordings were "damaging democracy, the social market and everything we strive for". 

"I have nothing but contempt for this. The tone seems to be similar across all the banks," she said.

"It is for us a huge challenge to convince people who get up every day and every day do their work and always pay their taxes, do everything, even show solidarity with other people who are weaker. "All of this is destroyed by that and so I have nothing but contempt for that."

Chancellor Merkel, if you truly didn't know what was going on in Anglo Irish and are seriously perturbed, then I strongly suggest you have audience with me, for Anglo Irish was/is simply the tip of the iceburg. You see, I warned the world of Anglo Irish shenanigans nearly four months ago. I was explicit and direct, while supplying ample documentation. Ms. Merkel had plenty of reason to be upset then. As the eloquent spokesperson in the video below has made clear, The Problem Is Insolvency, Not Liquidity?

 

I then warned of Allied Irish Banks on the first of April, and made no apologies for these revelations - Ireland, You May Very Well Be Bust & I Make No Apologies For What I'm About To Show You. Only in banking can a single word be worth hundreds of millions of euros.

I warned about Irish Life & Pernament PLC.

I clearly warned on the Bank of Irleland, one of the most egregious offenders - 17 April 2013 I queried "What Should The US Do If One Of The Biggest Banks In Ireland Blatantly Defrauded US Investors?"

I warned of the reporting issues at RBS in "Who is RBS? Royal BS... or the Royal Bank of Scotland"

I see The Beginning Of The Great Irish Unwind, sort of like that kid in the Sixth Sense saw "Dead People". So, Ms. Merkel, or anyone else who needs to know the truth about these banks, please reach out to me. I've a lot to share with you.

 


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Tue, 07/02/2013 - 12:37 | Link to Comment Dewey Cheatum Howe
Dewey Cheatum Howe's picture

And in France it didn't take them long to go after Marine Le Pen since she is threatening the Euro and might have a chance of winning an election over there.

http://www.bbc.co.uk/news/world-europe-23142984

The European Parliament has removed the immunity of the French far-right leader and MEP Marine Le Pen, paving the way for her prosecution in France.

French prosecutors opened a case against Ms Le Pen in 2011 after she compared Muslims praying in the streets to the Nazi occupation of France.

Ms Le Pen, leader of the National Front (FN), is accused of incitement to hatred and discrimination.

The vote followed a move by a committee of MEPs to remove her immunity.

The request to do so came from the chief prosecutor's office in Lyon, the city where, in December 2010, Ms Le Pen told FN supporters that the sight of Muslims praying in the street was similar to the Nazi occupation in World War II.

...,.

Sure it came from the chief prosecutor's office in the name of justice.

 

Tue, 07/02/2013 - 12:02 | Link to Comment donsluck
donsluck's picture

Hmm, a leak?! Chase the leaker out of the country and revoke his passport!! Don't lament democracy, persue persue!!

Tue, 07/02/2013 - 12:01 | Link to Comment irishlink
irishlink's picture

I must say that I was not overly shocked by the tapes. Drumm was a CEO of a doomed Bank and this type of humour and bravado is often a human reaction to extreme scenarios ie gallows humour. The tapes did however make me wonder why other EU governments are not demanding the tapes of Dexia, Credit Agriolle , RBS, Northern Rock. etc , etc, etc.........  

Tue, 07/02/2013 - 11:50 | Link to Comment The Reich
The Reich's picture

A great Chancellor would say:

 

I WANT MY MONEY BACK!

Tue, 07/02/2013 - 11:56 | Link to Comment Ghordius
Ghordius's picture

well, she said "give the German gold back". and according to Jesse's Cafe Americain, this is the reason of the latest shenigans in that "market"

Tue, 07/02/2013 - 11:36 | Link to Comment Winston Smith 2009
Winston Smith 2009's picture

Amazing that someone can dig into publicly available documents and discover such a huge ripoff scam while the entire Irish banking system, regulatory agencies and government can't manage to do that. Just shows how incredibly corrupt and/or incompetent the entire system is.

Tue, 07/02/2013 - 11:38 | Link to Comment THE DORK OF CORK
THE DORK OF CORK's picture

M1 money supply recently surging in Ireland and gone past 100 billion for first time.

http://www.cso.ie/px/pxeirestat/Statire/SelectVarVal/Define.asp?maintable=FIM06

(use linear graph function to get a good feel for this event)

This could be because of external factors ……..perhaps the so called ” The Gathering” introducing direct exchange into the country.

Recently Noticed increased car traffic in certain areas and some tourist areas buzzing a bit but local non tourist pubs going to visit very many walls over the next couple of years as local people have to give up drink so that they can eat enough of their daily spud.

 

Ireland in the last depression................nottttttttt

We are a happy people.

 

http://www.youtube.com/watch?v=QS8WisImDEM

Tue, 07/02/2013 - 13:46 | Link to Comment Nue
Nue's picture

Your happy about having yourself and your childrens children sold into Debt Slavery to pay off a corrupt banking sector. Who threaten you with collapse if you do not give them money? If your happy about all that your high on something.

Tue, 07/02/2013 - 11:48 | Link to Comment Ghordius
Ghordius's picture

positive. trade. balance. you follow a very quirky economic school, imho. self-taught?

Tue, 07/02/2013 - 13:13 | Link to Comment THE DORK OF CORK
THE DORK OF CORK's picture

Of course

Although you need to have a mind like Hercule Poirot in todays euro 9th circle.

 

You snipe and bite without context my euro firiend

.You either lack sophistication or maybe like doing hatchet jobs in front of a poor zero hedge audience.

 

The above vid was made in jest.

I guess the euro mafia don't get simple peasant humour.

 

Of course a positive trade balance in a world without final settlement is theft.

During the Irish Sterling years where there was a eventual default on land rents (which was considered a form of sov debt in England and which was the probable cause of the 1930s cattle trade wars)

Or in the modern 9th circle of Euroland where money flows right to the top of the BIS debt engine.

 

Despite this the rural poor of 1930s Ireland had some dignity (unlike the urban poor of Ireland) as they had a measure of physical input independence despite and not because of the monetary conditions.


Tue, 07/02/2013 - 11:27 | Link to Comment aleph0
aleph0's picture

Reggie , stay out of politics or you might get arrested .... as a whistleblower.

 

Seriously though, most politicians are in it for the power. They don't want the truth, they're too busy creating the illusion... that they can continue to spend the money of the next 10 generations without the consequences.
And guess what .. they get away with it  ... every time.

 

Tue, 07/02/2013 - 11:11 | Link to Comment sunnyside
sunnyside's picture

I like reading Reggie's stuff, I just wish he had a little more self confidence/self esteem.

Tue, 07/02/2013 - 10:55 | Link to Comment THE DORK OF CORK
THE DORK OF CORK's picture

Shock horror -  Irish bankers use expletives when their bank is going to the wall as they attempt successfully to offload their double entry junk on the Irish anti -state.

 

For fuck sake.

The real scandal of our time is not the little bankers of Anglo or indeed the other banks but the letters of comfort given by the present Irish Finance minister to increase tax on a declining money /credit supply.

 

Tue, 07/02/2013 - 11:54 | Link to Comment Ghordius
Ghordius's picture

no. could not agree less. damn Anglo-Irish bankers's scandal is not "little" at all. it brought Ireland's debt from 60% to 120% of GDP. it was avoidable if those bastards had even one little grain of honesty in them

but if I remember correctly you belong to those who think that money supply is manna from heaven, and that there can't be enough of it, evah

Tue, 07/02/2013 - 12:12 | Link to Comment THE DORK OF CORK
THE DORK OF CORK's picture

@Ghordius

I am not a fan of the bankers double entry money & their hyperinflated conduit assets if that is what you mean. (including so called sov debt)

 

The deposits of Irish residents should have become national equity money back in the day and the debt contracts considered null and void as the assets serve no function other then as a conduit for wealth extraction.

I am afraid even Iceland is suffering from Inflation .

Why - mortages were not considered null and void.

 

Bankers use inflation to run money through these useless conduit assets.

They have no physiocratic function.

These banking fiefdoms need some form of military fiat to bypasss the banking system

That involves printing money outside the banking system as money is the most powerful symbolic force on the planet.

 

 

 

Tue, 07/02/2013 - 10:52 | Link to Comment Its_the_economy...
Its_the_economy_stupid's picture

Methinks thou (Merkel) doth protest too much.

Tue, 07/02/2013 - 11:45 | Link to Comment Ghordius
Ghordius's picture

she is in campaign mode until September - but remember she is a trained scientist, not a banker or economist. and the Anglo-Irish scandal shocked me... and I'm not easily shocked by human depravity

Tue, 07/02/2013 - 10:46 | Link to Comment rwe2late
rwe2late's picture

Reggie,

Methinks Merkel et al are no more interested in pursuing banksters for their shenanigans than

Obama is in pursuing Bush/Cheney for war crimes,

and for the same reason.

Tue, 07/02/2013 - 11:42 | Link to Comment Ghordius
Ghordius's picture

a bit harsh on Merkel, methinks. she is after all still the German Federal Chancellor, not an "elected president of the EU" (which we don't need anyway). as I wrote repeatedly, it's this corrupt banking culture that needs to be eradicated, and every country of the EU has to do something about that. Reggie, kudos

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