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Fear And Loathing in Dublin

Once again, my friend Jonathan Sugarman, the Irish/UniCredit whistleblower, is to appear before a public body and attempt to put on the record what those in power and their friends in the banks have tried for a decade to suppress.

On Thursday Jonathan is to testify before The Committee on Finance, Public Expenditure and Reform, and Taoiseach.  Jonathan was invited to testify some weeks ago. Now I obviously don’t know any of the confidential story.  How could I? But what I do know from Jonathan, is that it was and still is, his hope and intention to tell the  committee exactly what he knew of what led to the Irish banking collapse. If I know Jonathan he would have been very clear with those who arranged the invitation that he would not be censored nor deflected into talking of other safer topics. He would have been very clear he would testify with his first hand knowledge of  1) what happened at Unicredit, 2) How this was an example of unwise or illegal activities within the broader banking sector. I know Jonathan has always felt it was imperative that what he knew should be on the public record since what he could testify to, lay at the root of  the general banking collapse, shed valuable light upon why the government suddenly – and against professional financial advice – paid the notorious blanket, overnight bank guarantee and  how this led to the crippling public debt that was its direct result.

All Jonathan wants to do on Thursday is to tell the truth.  Too many in the major parties, the Central Bank and the Banking community have worked and continue to work very hard to keep him and a few others like him firmly shut up behind a wall of legal and financial threats.

Jonathan has tried before to get things on the record in Ireland. From the beginning he has had dealings with all the major parties telling them what he knew. Every one of them listened, made promises and later disowned him. Some even claiming they had never met him. Such is the immense fear and pressure to keep what really went on, buried.

And I fear it is happening again. The invitation was to talk about banking and its regulation – things of importance for the future of every man and woman in Ireland. But in the last days when the Central Bank and the large private – so called Pillar Banks, of Ireland – have testified the central bank particularly has chosen to talk exclusively about such pressing topics as tracker mortgages and car insurance.  So, a committee wanting to investigate banking and its regulation, calls in the Irish Central bank – the key banking regulator – which then decides it will talk about tracker mortgages? In my opinion,  the banks with the help of the Central Bank are trying to limit the agenda before Jonathan even arrives. I think they are trying to make sure that nothing of import is covered and there is nothing that could lead to any difficult questions for anyone to report or to follow up.

Why would the big private banks and the Central bank be so concerned to restrict the whole thing to set such limited agenda?  Let’s take the example of Mr Richie Boucher.  He is the CEO of Bank of Ireland. He is about to step down. You might think he might have a great store of vital, interesting and relevant things to talk about. He was, after all in the room with Lenihan and Cowan on the night the Bank Guarantee was agreed.  As was, I have been told by two separate people who claim to have knowledge – but have never had it officially confirmed –  a certain Peter Sutherland – father of the WTO and head cheerleader for globalism in general, and who was, on the night of the  guarantee, chairman of Goldman Sachs International (A post he held from 1995 and didn’t give up till 2015). So you might have thought the  committee would love to ask and be told by Mr Boucher what happened that night and what events led up to that most fateful of decisions, taken so quickly and so irrevocably by a group of men behind closed doors. But no. If you want to give yourself a headache go read his dozens of pages of testimony and I challenge you to find a single thing of vital interest to anyone wanting to understand banking regulation, or the lack of it, in Ireland.

The government can have as much shiny banking regulation as it can find paper to print it on. And shout about how wonderful their regulations are. The fact of the matter is any idiot can have paper regulation but if they chose not to ever enforce them then it is naught but a store- house of toilet paper for the banks and bankers to use.

The decision to bail out all the banks and the decisions to ignore all the warnings they were given by Jonathan and others, which led to the most momentous and far reaching decision of recent times, that has effected then lives of every person in Ireland, is still shrouded in secrecy. Do you know why the decision was taken? Would you like to know how Ireland got to the point that such a decision was ever needed?  Why are those like Mr Boucher not being forced to tell on oath what they know?  Do the people of Ireland not have a clear right to know?

If Jonathan is told he can only talk about the irrelevant topics the banks and central bank have chosen to restrict themselves to, then they will have silenced Jonathan yet again. This must not be allowed to happen.

I can tell them it won’t work. Too many people are watching. Too many are aware of what went on and whose necks are at risk. And not least, Jonathan, despite being hounded relentlessly, is not one to back down.  He has kept his powder dry and what a store of powder it is.

Jonathan already, a few weeks ago, bearded Draghi in his den.

You can see Jonathan testify in the Eu parliament here

And hear the question that skewered Draghi here

And here is the list of Bond holders that Jonathan and I tried twice, through the good offices of Senator Norris, to get read in the parliament – both times being prevented.  These are some of the bond holders the Irish government was so determined to bail out that it decided it would crush a generation of its own people with crippling austerity.

When will the People of Ireland make their voices heard and demand that the truth and the whole truth be told, and damn those who have profited from its suppression?

 

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30 Responses to Fear And Loathing in Dublin

  1. bill40 April 11, 2017 at 9:46 pm #

    Nothing I can add other than to wish Mr Sugarman the very best of luck with this. I have no doubt every attempt will be made to silence him.

    • steviefinn April 12, 2017 at 8:22 pm #

      Seconded.

  2. Spartacus Rex April 12, 2017 at 9:01 am #

    Happy to see that you are writing a bit more frequently David.

    I can only hope that your good friend Jonathan Sugarman
    has enough sense to avoid Balconies & Rooftops prior to Thursday.

    The sheer amount Banksters which knew too much,
    only to have turned up ‘suicided’ these past several years
    staggers one’s belief.

    Cheers,
    S. Rex

  3. Francis Crowe April 12, 2017 at 9:25 pm #

    Being from and living Ireland, I can positively confirm that nothing has changed, in this most corrupted of countries. We are in exactly the same place as we were prior to the 2008 crash, with exactly the same set of circumstances,e.g rampent house price increases, ditto rents, a health system in chaos and our media bought and paid for, while the government tell us that we are in excellent shape with nothing to worry about.

    In fact’ we have never recovered from the crash and in my opinion, never will. All that has happened is that we replaced one gang of crooks with another. Except this current crowd are intent on doing their masters bidding( i.e the bankers, international financers and vulture/hedge fund managers.)

    I fear that Jonathon Sugerman is wasting his time telling the truth because the gangsters cant afford to for the real truth to ever be disclosed.

    Dont forget, nobody has gone to jail for their part in the ruination of this country, and the long shadow of Sutherland and his ilk continue to reign over us.

    • steviefinn April 13, 2017 at 9:09 am #

      Personally I do not think he is wasting his time, no more than are all those who write blogs or in a variety of ways highlight the mendacity of those who run the present rigged system, which appears to me at any rate to have much potential through both financial & political events for another collapse.

      If this were to happen, enough people might finally wake up to the reality of the big screw & look to change it. In a post mortem of the corpse – people like Jonathon & others who know the why of it would be important witnesses to the how of the situation, hopefully leading to a reckoning & the building of something better..

      Of course these fat cats are banking on perpetual business as usual – rounds of golf with their banker friends – a nice fat pension to slope off with etc, & perhaps they are right, but hubris is a funny thing & comes in many forms, as has been well illustrated recently.

      Keep chipping away.

      • Kevin Kavy April 19, 2017 at 10:13 pm #

        Nafeez Ahmed predicts a crash in 2018. From his blog:

        The New York-based Jewish magazine Forward ran a lengthy piece examining my story forecasting a potential scenario of a major financial crash in or shortly after 2018 (the one that was picked up by the New York Observer). The article is authored by Andrew Eil, a coordinator of climate assistance programs for the US Department of State from 2010 to 2014. He now runs his own consultancy and his clients include the World Bank, the UN Environment Programme, Bloomberg LLP, among others.

        The piece is worth reading for the profound insight it provides into the way some sectors of the establishment tend to view the prospect of a global convergence of systemic crises. Eil’s basic argument is that, it doesn’t matter if the entire world experiences a series of cascading synchronous failures because of a major convergence of oil, food and financial crises driven by fundamental systemic and structural processes. It doesn’t matter because Israel, he thinks, will be largely insulated from the worst impacts of these crises, and therefore will potentially even benefit from the resulting chaos.

        While the Middle East and other parts of the world become weaker, Eil suggests that if my worst-case scenario indeed transpires (and I hasten to add that it is only one potential scenario – there are others, and here’s another I’ve outlined), Israel will be left standing. Eil points out some compelling facts that highlight how Israel could be relatively insulated from the worst impacts of a global crisis scenario. Unfortunately, his argument also highlights the sort of myopic, frankly, self-serving elitist thinking very much associated with the very paradigm that has made the global system so vulnerable to crisis:

    • james barrett April 18, 2017 at 11:30 am #

      At least you are not on your own, the U.K as a whole is in the same hole not that the majority seem to care, I,m alright jack attitude seems to be endemic in our society since Maggie bloody thatcher. but no need to worry the Donald will make sure we don’t have to worry about anything fairly soon.

  4. Gerard May April 13, 2017 at 12:46 am #

    I have personally written several times to Philip Lane the Governor of The Central Bank of Ireland reporting criminality of a major bank here,and he continually ignores my letters that I have had to report him to FATF in Paris .

  5. Seamus F. Maye April 13, 2017 at 9:56 am #

    Best of luck to Jonathan Sugarman today:-

    Very well written. I have over 40 years experience doing business in Ireland, originally in the criminal construction materials sector (controlled by CRH Plc). I can confirm that our once great nation has long since been run at the behest of big business. I have the files to prove it. So sad and so bad for the socio-economic well-being of our people.

    As part of CRH Plc’s criminal grip on the construction industry, it populated Irish banks with cross directors in order to control (distort) the market for credit to the sector. CRH Plc also forged massive influence over Fine Gael, Fianna Fáil, Labour and the Progressive Democrats to such an extent that successive governments created phoney regulators (pretend regulators) such as Financial, Competition (CCPC) and Business (ODCE) regulators.

    The problem for Jonathan Sugarman is that with a couple of exceptions, he will be speaking today to a group of zombified Fine Gael / Fianna Fáil / Labour TD’s who serve the interests of the global corporate agenda. Laws are there to be broken; citizens have no rights nor no real representation while white collar criminals are revered and genuflected to and mediais bought and paid for.

    Best of Luck to Jonathan Sugarman today.

  6. Francis Crowe April 13, 2017 at 9:45 pm #

    Didn’t exactly set the world on fire, did it?

    We truly are doomed. Try as we might.

    Ireland and it’s people are a lost cause and I say this a someone who really believed that things would change post crash. But unfortunately the baxxards have beaten us.

    Armed insurrection is the only answer. And they are only waiting to use their strongarm tactics.

    • Roger Lewis April 14, 2017 at 8:19 am #

      https://en.wikipedia.org/wiki/Erica_Chenoweth Hi Francis check out Chenoweth’s work, the asymmetry in State Violence capability and that of insurgent groups certainly makes it a relief if Chenoweth’s is correct, I like to think she is correct.

      • Kevin Kavy April 19, 2017 at 10:23 pm #

        So, a non violent revolutions and protests are more successful. I like the sound of that.

  7. Kevin Kavy April 19, 2017 at 10:11 am #

    Nafeez Ahmed describes how some powerful people see the world. Climate change, political destabilizing, financial crises, mass migration, food shortages, financial collapse in 2018, geopolitical turmoil, are all seen as being advantageous to their and their country’s position. As the world burns they see personal gains. Truly disturbing stuff, these people must be psychopaths.

    Nafeez Ahmed used to write for the Guardian until they ousted him because he got too close to the truth exposing the establishment. What a loss, so now the public is even less informed. He now writes on his own blog and on crowd funded sites. He seems to be doing quite well now, reaching a large audience, but these people may be mainly the converted, whereas at the Guardian he could have reached wider audience.

    An example of his writing:

    Yesterday, I put out a piece for VICE anticipating the Great Orange Face’s ‘America First Energy Plan’, and bringing together a body of cutting edge science on why Trump’s fossil fuel madness is doomed to kill the economy. It simply won’t work. It will backfire. And it will backfire economically before it even has time to backfire planetarily. You’ll be hearing a lot of outrage, rightly so, about the cleansing of the White House website of climate information, and the promotion of this madcap anti-science scheme to burn our planet to hell. You’ll hear less about the science of global net energy decline, which proves decisively that this scheme can simply never work.

    I did a major feature for openDemocracy today on the big complex systems picture of how we got to this point, and what the rise of Trump really means. This issue breaks across left-right political paradigms, and builds on my own recent journalistic, academic and scientific work looking at the risk of states failing in the context of deeper, systemic crises (like an earlier story I did for VICE interviewing a renowned futurist who foresaw the collapse of the USSR, and offers a similar prediction for the US under Trump). And guess what. Under Trump, America is well on the road to becoming a failing state on a business-as-usual trajectory. But it’s not all doom and gloom. The Trumpian moment is, equally, an unprecedented opportunity – and the time to mobilise to create the new world that can arise after Trump is right now.

    http://www.nafeezahmed.com/?m=1

  8. Jesse April 19, 2017 at 6:24 pm #

    Thank you very much for this.

    It is remarkable how many of our big banks have become serial felons, and yet remain virtually untouchable by the law.

    One can only wonder what foulness lies beneath the scum on the surface of this pond.

  9. Kevin Kavy April 19, 2017 at 9:02 pm #

    Jonathon Sugerman lost everything because he acted within the law. His lost his home, his wealth, everything. He is unemployed and can’t get a job. He has suffered depression and anxiety and eventually became hospitalised for it at one point. But those that broke the law got away Scot free.

    He says how 10% of Greeks go to bed hungry at night, their country ruined, while many bankers made £billions out of it, all completely illegal. Ireland got looted too. This went on in all the big banks, and Jonathon Sugerman is taking them all on. You wonder how the hell they all got away with it? Well, because they are the establishment, they are in power and they control the politicians and the regulators. What happened to our democracy? What happened to decency, what happened to fairness?

    We were once the First World with leading edge technology. We could have been the first in Green Energy making the rich £billions, but that would have been working, skimming the system was much easier. They believe in capitalism, but don’t like work. Just wheeling and dealing.

    Banking was so lucrative it it attracted many science PhDs, but they could have been designing Green products and been just as happy, probably happier, getting great satisfaction and earning a good wage. Society would have benefited greatly and there would have been lots of skilled and professional jobs. Ever Ready could have been a world leading brand in batteries, like Panasonic and Duracell, but the company was asset stripped and its R&D sold off instead. Paul Crag Roberts says many of the over class should be out on trail for treason.

    The public keep voting for right wing parties and don’t realise what they have lost. The media doesn’t tell them the truth. Now they have low wages and lousy jobs, the hi tech has gone abroad. People spend most of their lives working long hours to buy a home. They think they are getting rich because their houses are worth a fortune, but their standard of living is low. The bankers made a fortune out of mortgages as the nation was set to work while they skimmed off the profits. They make the money out of nothing, which is a force outside of market forces, while desperate people bid up the of houses to the max, scared they will lose out on a home. It’s a world where the money supply can’t run out and people can always borrow more. So up and up the house prices go until everyone is maxed out.

    The civilization we could have had compared to the one we got, it’s makes you sad.

    A short Interview with Jonathan Sugarman

    https://m.youtube.com/watch?v=mKpogQnjLI0

  10. steviefinn April 21, 2017 at 11:41 am #

    ISDS extra free lunch.

    http://triplecrisis.com/dispute-settlement-becomes-speculative-financial-asset/

    • Kevin Kavy April 21, 2017 at 9:43 pm #

      The Chinese had six great civilisations and they all crashed. They never learnt their lesson. First primitive societies develop into small towns, then the small towns become countries. The new rulers tend to be benign and lead fairly. Small businesses take off and people work hard and get their rewards. Then some small businesses develop into medium sized businesses and then some become large ones.

      A new rich elite emerges with lots of power and wealth and start to take over government. Corruption becomes rife, and they change the tax laws so that the rich don’t pay much tax. They also end up with monopoly power and screw the public. High tax burdens also fall on the lower classes. People then lose their spending power and so businesses start to suffer and the middleclass start to disappear. Then society begins to crumble and the civilization collapses.

      This is happening to the West. The US thinks it can keep dominance not by the strength of its industry, but by its military power.

      • Kevin Kavy April 21, 2017 at 10:17 pm #

        After every collapse of the Chinese civilisation there were revolutions afterwards where all the elite got killed. The Chinese are just emerging from the communist revolution and the government is now in a benign stage. But a new powerful rich are emerging and are trying to gain influence. The communist government is well aware of china’s history and are clamping down hard on corruption. Some of the very wealthy elite have been put in prison for corruption and other crimes where our elite very get away with horrendous financial crimes and corruption. The West sees the Chinese government as totalitarian and doesn’t understand its history.

        Paul Craig Roberts says that many of our elite should be put on trial for treason as they have looted our economy and are destroying our civilisation.

        • Kevin Kavy April 21, 2017 at 10:34 pm #

          Stefan Verstappen it’s a bit of a libertarian and a survivalist and he blames everything on the government rather than on the ruling elite who are the government. A truly Democratic government is a completely different thing. Still, this is a great video describing what I said above about civilisations crumbling. I think people will be impressed with it.

          Paradise Stolen – Episode 1 – DON’T SHOW YOUR CHILDREN!

          Stefan Verstappen

          https://m.youtube.com/watch?v=qZM6TJ4Cvb0

      • steviefinn April 22, 2017 at 10:57 am #

        That’s right Kevin, there are plenty of historical precedents & China was at it way before the West got going.

        “The political economist Benjamin Friedman once compared modern Western society to a stable bicycle whose wheels are kept spinning by economic growth. Should that forward-propelling motion slow or cease, the pillars that define our society – democracy, individual liberties, social tolerance and more – would begin to teeter. Our world would become an increasingly ugly place, one defined by a scramble over limited resources and a rejection of anyone outside of our immediate group. Should we find no way to get the wheels back in motion, we’d eventually face total societal collapse “.

        http://www.bbc.com/future/story/20170418-how-western-civilisation-could-collapse

        • Kevin Kavy April 22, 2017 at 2:51 pm #

          We’ve for to try to throw the elites our of power through whys what’s left of our democracy. But the elites own the media and even the BBC puts lies. Why anyone other than the elites vote for right went parties beats me. People haven’t thought it through. From that BBC site.

          Disaster comes when elites push society toward instability and eventual collapse by hoarding huge quantities of wealth and resources

          That economic stratification may lead to collapse on its own, on the other hand, came as more of a surprise to Motesharrei and his colleagues. Under this scenario, elites push society toward instability and eventual collapse by hoarding huge quantities of wealth and resources, and leaving little or none for commoners who vastly outnumber them yet support them with labour. Eventually, the working population crashes because the portion of wealth allocated to them is not enough, followed by collapse of the elites due to the absence of labour. The inequalities we see today both within and between countries already point to such disparities. For example, the top 10% of global income earners are responsible for almost as much total greenhouse gas emissions as the bottom 90% combined. Similarly, about half the world’s population lives on less than $3 per day.

          For both scenarios, the models define a carrying capacity – a total population level that a given environment’s resources can sustain over the long term. If the carrying capacity is overshot by too much, collapse becomes inevitable. That fate is avoidable, however. “If we make rational choices to reduce factors such as inequality, explosive population growth, the rate at which we deplete natural resources and the rate of pollution – all perfectly doable things – then we can avoid collapse and stabilise onto a sustainable trajectory,” Motesharrei said. “But we cannot wait forever to make those decisions.”

          • Kevin Kavy April 22, 2017 at 2:59 pm #

            From David Malone’s Facebook page. The BBC wanted to put out propaganda but it caught out.

            ANOTHER BBC GUEST REFUSES TO GO ALONG WITH THE PROPAGANDA!

            https://m.youtube.com/watch?feature=youtu.be&v=KU5taO5vRDo

          • Kevin Kavy April 22, 2017 at 7:57 pm #

            I swiped the words in on my phone and didn’t realise how many mistaken words it put in.

            Here it is again, corrected.

            We’ve got to try to throw the elites our of power with what’s left of our democracy. But the elites own the media and the BBC puts lies. Why anyone other than the elites would vote for right went parties beats me. People haven’t thought it through. From that BBC site.

            I don’t know why people are so down on Corbyn. It’s the policies that count, not the personality. The media are never going to present Corbyn in a good light. Spanish and Majorca holidays aren’t for me, either, but cycling around England is. I guess we’re both out of touch, except, I like to visit the pubs and Corbyn doesn’t.

  11. Doug Leighton April 26, 2017 at 9:19 am #

    Is it possible to get an update of the outcome of the testimony? Any reaction?

  12. Kevin Kavy April 27, 2017 at 9:26 pm #

    The Progressive Alliance sounds good. They’re trying to get progressive parties to work together at the election to defeat the Tories. In Ealing the Greens have pulled out to give the Liberal Democrats a better chance. Lets hope there is more of it and the Tories get a surprise. Wouldn’t it be amazing if Corbyn got in.

    Could your ever imagine a true Labour Government being in power? Pulling out of NATO to become independent, not renewing Trident, reversing many privatisations. The establishment, which is a vassal of the US, would become rather horrible indeed.

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