The first casualty of war is the truth. The second – in our present war, the war of the financial elite and banks against nations and their citizens – seems to be the rule of law
The robo signing scandal in America is like an efflorescence of fungus covering and rotting civil trust and accountability in American civil life. Here in Europe it is no better. One of the many many things that has convinced me of this rather sweeping statement is following the details of the WhistleblowerIRL saga.
WhistelblowerIRL’s situation was on one level very simple. He was charged with making legal declarations at the end of each day to say that the bank he worked for, a part of the UniCredit empire in Ireland, had adequate capital to cover its liabilities. The law of Ireland said that to make a false declaration would result in a 5 year gaol sentence. So when WhistleblowerIRL found his bank was falling short of its legally required amount – not by a few euros but by billions, and not just once but regularly, he reported it.
He found, to his dismay, that no one, not the bank, not the regulator in Ireland, not the Central Bank seemed either interested nor inclined to do anything. He was told he was wrong, not to worry, stop saying these things, be quiet, shut up and finally – here is a letter threatening legal action by the bank if you speak of this again.
Fast forward – WhistleblowerIRL, after years of trying to get the regulator and the Central bank of Ireland to take ANY NOTICE at all, finally got to have a meeting at the Central bank. In which it was gradually made clear that if he said anything that indicated he did or knew of anything illegal – such as not reporting breaches of the legal capital holdings at his bank – the very thing he had been crying for help over in the first place – then HE might be referred to the police.
Not that he would but that he might. The Central bank couldn’t guarantee any immunity for him, within which he could tell his story.
So there he is sitting in a room with officials of an institution which has done little or nothing to investigate UniCredit being told he might be referred to the police if he was suspected of not having done his job as the law required.
What do you think? Would they listen and go after UniCredit or would they use his evidence to make him a convenient fall guy?
Here is a post WhistleblowerIRL sent me a few days ago.
It’s worth bearing in mind that UniCredit had dealing in its shares stopped AGAIN, yesterday I think it was, after massive share price losses, as did the other main Italian Bank, Intesa.
Central Bank Bill published – IrishTimes.com
CHARLIE TAYLORThu, Jul 28, 2011
New legislation that enhances the Central Bank’s regulatory powers and provides protection for whistleblowers was published today.
The Central Bank (Supervision and Enforcement) Bill 2011 strengthens the ability of authorities to impose and supervise compliance with regulatory requirements and to undertake interventions when necessary.
The publication of the Bill is a further requirement under the EU-IMF programme of support for Ireland.
Announcing the publication of the Bill this morning, Minister for Finance Michael Noonan said the legislation was a response to the regulatory failures which led to the recent financial crisis.
“The publication of the Central Bank (Supervision and Enforcement) Bill 2011 represents a significant further step in the reform of financial regulation in Ireland. The changes introduced by the Bill will underpin an assertive, risk-based model of regulation supported by a credible threat of enforcement,” said Mr Noonan.
Among the provisions included in the Bill is protection from civil liability and victimisation for so-called whistleblowers and a requirement for financial service providers to provide independently prepared reports to the Central Bank for diagnostic, monitoring and compliance purposes.
The power to issue regulatory interventions is included in the new legislation as is the ability to fine or suspend financial services providers where necessary.
The Bill is expected to progress to second stage in the Dáil this autumn.
You two deserve medals for persistence. The dangerous thing for WhistleBlowerIRL is that he is an individual whereas the guys making the decisions at the banks seem to hide behind the institutions. The bank this, the bank that, like it was a Philip K. Dick automaton. The course of this whole crisis won't change unless individuals are on the chopping block, not institutions.
I sympathise with whistleblower.
Took 6 years for a solicitor I blew the whistle on to be struck off – over the same allegations I originally made.
If it comes down to a criminal charge, he should select jury trial – the jurors will acquit and carry him shoulder high from the court, while the judge refers other matters uncovered in evidence to the DPP for investigation of the bankers.
That's why there will be no criminal charge!
Seconded shtove on that one.
If WhistleblowerIRL is to be refered to the DPP for not reporting before, but when he did, the CB took no action, what on earth do they mean ?
From IRL's 13thjune post – "The only thing is the Bank's offer of 'confidentiality' clearly was not enough to safeguard our hero's privilege against self incrimination. The [Central] Bank insists it must forward information to the DPP [Director of Public Prosecutions] if there is evidence of a crime. " here.
So what exactly could the DPP charge him with?
When Craig Murray was about to publish Murder in Samarkand he released the secret FCO communications on the net, and scores (maybe hundreds) of people around the world immediately saved them. He writes freely and they leave him alone.
Much safer than one set of papers in one place…
Kleptocracy means that they cannot allow him to speak.
Yet he must! I recommend he approach the C&AG who have constitutional obligations and may take some action.
These little people must realize the law is there to protect them and make the thieves accountable. Only then will this nonsense be stopped.
Afterall, if there is no lawful way of redressing injustice we become Vigilant Committee members. They need to realize that truth will out!
Mind you, Jimmy Livingstone was to be killed, but lost his wife instead. He was breaking the banks, branch by branch for DIRT liability and their customers for taxes owed into the millions, in the 1990s.
Brian McCabe, rank equivalent to Jimmy, Colonel, was killed in strange circumstances and his body found by the road.
I was much relieved to get my family out of the state!
I removed the last comment because the link was to a site advertizing accountancy services, so I felt the comment was not from a genuine reader.
I don't like removing comments but I also don't want the site to become a target for spammers and advertizers. My apoloogies to the person who posted if they were indeed genuine. Please next time leave a comment without a needless link to an advertizing site.