It's just a 'hypothetical' crisis

And still the commentators and analysts are insisting that a crucial part of any reorganisation of the banking sector has to mean that those who caused the mess must be fired, they must be made accountable. Here’s what AIB CEO Eugene Sheehy, one of those responsible, thinks of that attitude (New at One, 2nd report 1st item).

“We have no comment to make.”

“You have nothing to say to reassure your shareholders and customers.”

“They read what they read but we have no comment to make.”

“But people are very concerned about the situation.”

“The Government and the banks are talking to each other, we have no further comment.”

“It’s the taxpayer who is potentially poised to rescue the banks should there be a serious problem, don’t you not think the least you could do is make a short comment on it.”

“It’s a hypothetical situation you put there, we have no comment.”

So, there you have it. A €480 billion guarantee from the taxpayer with anything up to a €15 billion pay out in real money and, according to this greedy, irresponsible and incompetent banker – it’s all just a hypothetical situation.

Lol

Letter in today’s Irish Independent.

Eimear Ni Bhraonain informs us (Irish Independent, November 19) that Joe Dolan recorded the song concerned “before he died”.

No — really?

NIGEL P COOKE
ST HELENS, LANCASHIRE

Is the FSAI doing deals?

Joe Duffy and Liveline (Wed) have taken on the responsibility of protecting the public from danger because the so called Food Safety Authority of Ireland (FSAI) is adamantly refusing to do so.

The FSAI is refusing to name a company which was found to have had high levels of contamination in its bottled water nearly a year ago.

Innocent water bottle companies such as Tipperary Water, Uisce, Ballygown and several others are phoning the show to reassure the public of the quality of their product and to protect their business from further damage.

According to Joe Duffy, the FSAI is still refusing to name the guilty party and say they will never reveal the name of any company that they have reprimanded – because it wouldn’t be fair.

There was a new and crucial piece of informaton revealed on the show yesterday.

Four months ago the FSAI did name a company, Pure Springs of Monaghan; that had problems with the quality of their product.

This raises very serious questions. Why the selective naming – Are deals being done?

Previous post.

Copy to:
FSAI

Bertie hates 'Bertie'

Bertie is not happy with ‘Bertie’. Former Taoiseach Bertie Ahern said the documentary on his life is probably a big turn off for viewers (Irish Independent).

Figures from RTE show that 601,000 tuned in for the first episode, 594,000 for the second and in excess of 500,000 for part three – I’ll bet RTE would love ‘big turn offs like that every night.

Ahern says he hasn’t been watching the series but has been told (by one of his mafia ward bosses?) that there has been non stop coverage of his personal finances

First shot in Lisbon II campaign

I see the Government is to considering amending the ethics law to force organisations and individuals to declare where they got the money to pay for their political campaigns.

We can take this as the first shot in the Lisbon II campaign.

Now (says Cowen) how are we going to force these people to reveal the source of their money while keeping our own sources secret?

Questions, questions…

It’s inevitable that the banks will be recapitalised, probably this week.

It’s the other ‘range of measures’ that Cowen mentioned that remain a mystery. Here are some of the questions I think the Government, the Financial Regulator and the banks might be chewing over.

How do we recapitalise using taxpayer’s money but at the same time ensure that the banks are not penalised in any way?

How do we ensure that the greedy chancers who caused the crisis keep their jobs?

FEAR – Rules all

The Government doesn’t seem to be aware that the collapse of the global and national economies has a silver lining – Lisbon II is guaranteed a massive Yes vote.

Not only is Ireland a different country since the first referendum but the earth is a different planet and that planet is ruled by one emotion – FEAR.

All the Government has to say is – If you vote No again the EU will cut us adrift in a world of financial chaos. That means we will be fully dependant on our own politicians to run our affairs – People will be tripping over themselves to vote Yes.

That doesn’t mean that the Government will be taking any chances and it will be interesting to see what further abuses of the democratic system they have in mind.

Declan Ganley of Libertas, who gave a fine interview on One to One on RTE the other night, will be a prime target.

He was also answering questions in front of the Oireachtas Committee on Ireland’s future in the EU where he was yet again attacked by the losers.

“The Treaty is dead, you lost, get over it, he told them.”

'Bertie' 3

The ‘Bertie’ documentary continues to portray Ahern for the chancer he is. Monday’s episode reminded us of some of the lies Ahern has told in furtherance of his dodgy career.

We listened to him profoundly state that, in his view, tax dodgers should be sent to jail. We now know, of course, that at the time he wasn’t tax compliant himself.

We also heard his speech criticising those (Haughey) who would abuse public office for private gain. Fianna Fail, we were told, was now a party of integrity and high standards with no room for chancers.

We saw that for the lie it was when Ahern delivered the graveside oration for the corrupt Haughey, describing him as ‘a patriot to his finger tips.’

In the section dealing with the Good Friday Agreement Ahern told of his contacts with Tony Blair and mentioned that all phone calls were taped by the British.

He added, without a trace of irony, “we don’t tape phone calls; it’s not in our culture.”

Consumers put in danger yet again

Yet another so called authority charged with protecting the interests of consumers has been found out.

The Food Safety Authority of Ireland (FSAI) discovered high levels of contamination in bottled water nearly a year ago but decided not to tell the public. Whatever the motives of the FSAI, the actual effect was to put consumers in danger while protecting the manufacturer.

This is a similar strategy to that employed by the so called Financial Regulator. Through a combination of stonewalling and secrecy laws, financial institutions are protected at the expense of the consumer.

It should also be noted that, once again, consumers only found out about this scandal through the media which, effectively, provides the only means of information and protection to Irish citizens.

Copy to:
FSAI

Meaningless political words

An independent consultant’s report on the waste water treatment plant at Ringsend in Dublin has identified major flaws in establishing its capacity and how odours could be controlled. The findings have prompted the Minister for the Environment John Gormley to say “Someone must be held accountable.”

The report said that serious errors of judgement were made:

“Those errors of judgement have affected people’s quality of life in this area and I think people who have made errors should be held accountable.”

John Gormley (Six One News, 8th report).

Serious errors of judgement that cost taxpayer’s millions are par for the course in Ireland. John Gormley is just mouthing meaningless political words when he talks about accountability – nobody is ever held accountable.

Next scandal please.