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WhistleblowerIRL revealed.

For those who might like to know. Whistleblower IRL has finally told his story – or part of it at least – to the television. ABC television of Australia to be precise. UniCredit’s lawyers will be furious as will some in the Irish ruling class.

It’s been a very long and painful road for WhistleblowerIRL. And all the man did was try to tell the truth and do his job as the law and his conscience dictated.

Here is the link to watch it on-line.

Nick Leeson is in there too.  Together they paint a pretty awful picture of how banks and regulators actually operate as opposed how they assure us they operate.

Last word to WhistleblowerIRL:

An enormous THANK YOU to everyone of you who has helped me to persevere in the last 4 years. Here is the link to the programme:

For more information about my story, including protocols of parliamentary debates in Ireland and Austria about the liquidity breaches at UniCredit Ireland, please visit my blog at:



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30 Responses to WhistleblowerIRL revealed.

  1. steviefinn November 16, 2011 at 12:07 pm #

    Well here’s hoping that Jonathan is eventually vindicated, for all to see, in Ireland.

  2. Cait November 16, 2011 at 12:33 pm #

    If there is any justice, some day WBIRL will be seen as an international hero…..

  3. Pat November 16, 2011 at 12:53 pm #

    Jonathan should be applauded, and fair play to David Norris for pressing his case in the Oireachtas – in contrast with the deafening silence from most of the Irish establishment and media. That it took a network in Australia to make this film speaks volumes about the corrupt nature of our society and the see-no-evil attitude to ‘light touch’ regulation evinced by many of our citizens. Surely there should be prosecutions against the financial regulator as well as executives at UniCredit. Maybe on the same day pigs are seen flying over the Financial Services Centre…

  4. Hawkeye November 16, 2011 at 1:48 pm #

    Seems that Unicredit is next in the firing line from the “Bond Vigilantes”:


    Or should we say the “Goldman insider-dealing Pump and Dump scheme”!

  5. Pat Flannery November 16, 2011 at 5:53 pm #

    Congratulations Jonathan. You (almost) gave me back my faith in humanity. If all we need is a few good men, we have a Marine Corp regiment on this site. You + David Malone, David McWilliams, David Norris – what is it with the Davids?

  6. The Dork of Cork November 16, 2011 at 6:46 pm #

    A honourable man in a city of thieves and Gombeen men – he did not stand a chance.

  7. cynicalHighlander November 16, 2011 at 6:59 pm #

    Whatever You Do, Don’t Look At The UniCredit Long Bond

    But such is life when your equity is €14.5 billion and your total holdings of Italian bonds ar… €40 billion! If we were betting people, we would probably out a dollar down that UCG is the next Dexia.

    • pilibi November 16, 2011 at 7:18 pm #


      David McWilliams led the charge to bail-out the banks (including Anglo Irish Bank) back in September ’08 in his column In The Sunday Business Post. If I remember correctly it was a three stage strategy involving a lot of tax payer’s money and an analysis that described a liquidity crisis in the banks.

      David likes to take credit for a lot of things – including coining the phrase Celtic Tiger.

      He also predicted a housing crash in 1999/2000. The thing about predictions is that
      they are predicated on the when.

      • Pat Flannery November 16, 2011 at 8:07 pm #

        Hi pilipi,

        As I understand it McWilliams told Lenihan to copy the Swedish “limited” bank guarantee model but Lenihan made the Irish bank guarantee “open ended”.

        It seems to me that Lenehan and his banking buddies used McWilliams in that McWilliams never advocated a blank check. He suggested a “temporary” guarantee, limited to deposits only, not all (bank) contractual liabilities.

        Another question for you: if the ECB could do QE without referendums would you favor it?

        It seems to me, here in America, that the Euro is fighting an existential battle with the Dollar with the Dollar possessing nuclear weapons (Fed QE) while the EU is using bows and arrows.

        The gamblers (aka the markets) will naturally favor the guy with the nuke. Therefore unless the EU quickly arms the ECB with the QE nuke, the Euro (and possibly the EU) will become a smoking ruin.

        What do you think?

  8. backwardsevolution November 16, 2011 at 7:23 pm #

    Picture this:

    Makana (a young Hawaiian singer who had previously sung for Obama) was hired to provide ambient music at an APEC summit (Asia-Pacific Economic Cooperation, which represents 21 countries that have a coastline on the Pacific Ocean).

    All these heads of state are having dinner, drinks, conversation, and he’s singing in the background.

    He then sings the song I posted yesterday, “We Are The Many”, for 45 MINUTES straight, even unzipping his sweater to reveal his Occupy t-shirt, but no one said anything. There were Secret Service agents in bushes and shrubs, staffers everywhere, and no one stopped him. I guess because he wasn’t singing it any differently than he had sung the other songs that night.

    Obama was at the dinner. Makana realizes he will probably not be asked to sing in front of him again. No comment from the White House.

    Listen closely to the words of the song (linked below), and then consider who it was sung in front of.


    • Hawkeye November 16, 2011 at 10:59 pm #


      That’s a beautiful song. Like an unplugged version of 24K 😉

      It could be anthem for a generation.

      The protest singer is no longer an endangered species!

    • No-Wobbles November 17, 2011 at 3:51 pm #

      Thanks for posting this link – brilliant. Cheered me up no end – especially seeing the somewhat bewildered reportage om CNN!

  9. backwardsevolution November 16, 2011 at 7:39 pm #

    Here is Makana speaking with a CNN reporter. He says he did not want to upset their dinner, only subliminally get his message across to the leaders of the world. He is very polite, soft spoken – an artist.


    You can see the reporter just can’t believe that he was able to get away with it.

  10. Wirplit November 16, 2011 at 7:58 pm #

    There are honest and ethical people in banking and maybe Jonathan’s example will encourage some more to question what they are involved in.

    Its been a long and persistent battle for him but out into the open it comes…

    just as UniCredit is scrambling for help… “If we were betting people, we would probably out a dollar down that UCG is the next Dexia’ – zerohedge.

  11. Charles Wheeler November 16, 2011 at 9:15 pm #

    The Quiet Coup is completed:
    “Despite reports that Mr Monti had sought to include politicians in his cabinet, there are none.

    “The absence of political personalities in the government will help rather than hinder a solid base of support for the government in parliament and in the political parties because it will remove one ground for disagreement,” he said.”

    It’s quite staggering just how easily this suspension of democracy has been achieved.

    • steviefinn November 16, 2011 at 10:53 pm #

      I’m wondering what the reaction would be if this ever happened in the UK, seeing as it’s OK everywhere else, how about Fred Goodwin ? I think he is available.

      • Charles Wheeler November 17, 2011 at 11:48 am #

        The Independent’s leading article ‘Undemocratic but necessary’, puts it like this:
        “To say this is “undemocratic” rather misses the point. The Italian public as much as the markets have lost faith (have long lost faith indeed) in the factional and corrupt way that parliament runs its affairs in Rome. The financial crisis has brought matters to a head.

        One reason why the new government had to be formed in this way was because party politics would not have allowed a quick solution in any other form. A lot of Italians, the majority even, will welcome a period of technocratic rule as long as it seems effective in dealing with the country’s economic problems and restores the faith of the markets.

        Which seems to suggest that this ‘undemocratic’ move has the backing of a majority!

        The implication being that the spread of ‘technocracy’ – i.e. the suspension of democracy – may be necessary to appease ‘the markets’ (i.e. the banks that are installing their placemen).

        Simon Johnson has written about the ‘Quiet Coup’ (http://goo.gl/c74N) that has taken place as the financial sector has bought off politicians and captured the regulators – it’s now reached the point where they can cut out the middle man altogether.

  12. backwardsevolution November 16, 2011 at 10:40 pm #

    Jonathan – I salute your courage. You did what was right, and one day soon you will see you were at the forefront of the change that is about to sweep the land. You are a hero. Thank you.

  13. MrShigemitsu November 16, 2011 at 11:59 pm #

    “Fine….just don’t do it again.”


    Immeasurably huge respect for Jonathan Sugarman.

  14. Patrick Donnelly November 17, 2011 at 8:31 am #

    Well done Jonathan!

    Childers, a Minister!, was told not to speak about Kevin Cardiff!!!!

    The guys, yes ladies, they are all men, manly men, despite the fact some are very single, have decided what is to be done and thy will be done! These bozos think they run the country! JS never stood a chance.

  15. Roger Lewis November 17, 2011 at 11:34 am #

    Jonathan Thank you for your Stand against the Corporate hypocrisy endemic in the current system.
    On Italy its a case of Fascism’s coming Home. All thats left is finding a Grand Duke to assassinate and for Barrosso to call for the invasion of Poland.

  16. Andrea November 17, 2011 at 11:35 am #

    Thank you Jonathan.

  17. Eachran November 17, 2011 at 1:55 pm #

    Well done Jonathan.

    Nice clear report from the Aussies.

    Anyone any comments on high order derivatives?

  18. pilibi November 17, 2011 at 5:32 pm #

    Hi Pat,

    I have tried without success to google the relevant articles from August ’08 in the Sunday Business Post, but I remember it was discussed on thepropertypin website, and how behind the curve he appeared to be.

    For now this link may help http://www.askaboutmoney.com/showthread.php?t=151575


  19. Jamie Griffiths November 21, 2011 at 1:21 am #

    What a dude Jonathan Sugarman is. Massive thanks and tremendous respect due.

  20. Sublime1 November 24, 2011 at 3:33 pm #

    Jonathan, I tried and failed to leave a comment on your blog. I just wanted to say many many thanks for what you’ve done.

    I’d like to know a little more about the complete lack of coverage of this story in the Irish media. Can you elaborate a little on what kinds of responses you’ve received from journalists?

    Well done again – and I wish you the very best.

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