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.
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.
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.
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 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.