As even more shocking revelations are published in the Irish Independent, the blood pressure continues to swell in the veins of taxpayers and Irish citizens throughout the country over the obnoxious, self-serving, egotistical Anglo elite and their self congratulatory, audacious, disdainful, pompous, contempt for the state and the public.
Even though Anglo, in its reinvented guise as the IRBC, was euthanised and put out of its misery in February of this year, its toxic legacy still prevails and lives on in the psyche of the country.
In Tuesday morning’s report, the then CEO of Anglo, David Drumm, takes centre stage urging his troops to show utter contempt and disdain for regulation of the banking sector. He openly mocks the Financial Regulator over his concerns of abuse in the system in the aftermath of the implementation of the guarantee, and calls on staff to, “abuse the Bank Guarantee, don’t get caught…”We won’t do anything blatant, but…we have to get the money in…get the fuckin’ money in, get it in.”
In July of 2008, the then Taoiseach, Brian Cowen and Sean Fitzpatrick, Chairman of Anglo Irish Bank, played a game of golf, where no business or banking matters were seemingly discussed on what was ‘merely’ a social occasion. Two months later, the Anglo tapes conversation between John Bowe and Peter Fitzgerald took place as published the Irish Independent.
The day beforehand, Anglo officials met with the Central Bank and the Financial Regulator and around the same time Sean Fitzpatrick met with Brian Lenihan. Concerns abounded that Anglo had liquidity problems, but Patrick Neary was assured the bank was solvent. In the early hours of the 30th of September five years ago, Anglo was one of the banks covered under the bank guarantee scheme.
The story dominates the papers and broadcast media this morning, with the Irish Times warning that the Government's planned inquiry can’t make findings of individual culpability, in The Star, Terry McGeehan speaks of the seething hostility of the public towards Anglo and the abuse of the state guarantee, and Martina Devlin in the Independent states that emigration is at famine levels, because Anglo lied. The Star also declares that the Anglo tape stars, John Bowe and Peter Fitzgerald, earned a massive €1.2 million euro each in the years after the bank guarantee, it seems all of John Bowes Christmases had come together as he said on tape, “That would be fantastic, if it was nationalisation, we’d keep our jobs,” and they could effectively see out their tenure as quasi civil servants in what became the warm embrace of the IBRC.
On Monday night, Bowe stated that he regretted his language and tone on the phone conversation, but denied he had misled the Central Bank inquiry, however we now hear him recite a satirical rendition of Uber Alles, whilst giving two fingers to the concerns of the British administration.
However contrite, Bowe may believe he is, as it could be argued he was only following orders, ‘Drummer’ however is another thing altogether.
The reckless abandon and utter disregard of the Boss for the stability of the state and impact of Anglos behaviour on the Irish economy is beyond belief. Drumm said in the tape, “we’re (Anglo) going to be around for a long time”, and never a truer word came out of the mouth of a Anglo executive, the pernicious and corrosive legacy of Anglo will haunt this country for generations.
It was disclosed that following meetings between Anglo Irish Bank and the Financial Regulator and The Central Bank, Anglo proposed an emergency loan to the bank of €7 billion euro, which if the information in the public domain now is to believed, was known in advance to not be enough to sustain Anglo. It appears that Anglo knew they could not repay this money and the buck must stop here with the CEO David Drumm, Sean Fitzpatrick, Chairman of Anglo Irish, and to a lesser degree their senior executives and officials, who must have been aware of the ‘strategy’. All indications point to an awareness that the bank did not have ‘liquidity’ problems alone, but that it was in fact for all intents and purposes actually bust and in serious trouble.