Anglo Irish, Anglo Lies & Anglo Insolvency... All Hoisted Upon The Irish Version of US Muppets, AKA Irish Taxpayer

Three months ago I posted Global Banking Crisis – How & Why YOU Will Get “Cyprus’d” As This Bank Scrambled For Capital!!! wherein I introduced to the public the extent of the shenanigans at Anglo Irish bank. I subsequently broke it down even more granularly in As Forewarned, The Irish Savers Have Just Been “Cyprus’d”, And There’s MUCH MORE “Cyprusing” To Come. I even went so far as to assert… If I Provide Proof That The Entire Irish Banking System Is A Sham, Does It Set Up A Much Needed System Reboot? Let’s Go For It…

Well, for those who didn’t believe me…

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As excerpted from The Irish Independent,

Taped telephone recordings (from the bank’s own systems) from inside doomed Anglo Irish Bank reveal for the first time how the bank’s top executives lied to the Government about the true extent of losses at the institution.

… Anglo itself was within days of complete meltdown – and in the years ahead would eat up €30bn of taxpayer money. Mr Bowe speaks about how the State had been asked for €7bn to bail out Anglo – but Anglo’s negotiators knew all along this was not enough to save the bank.

… The plan was that once the State began the flow of money, it would be unable to stop. Mr Bowe is asked by Mr Fitzgerald how they had come up with the figure of €7bn. He laughs as he is taped saying: “Just, as Drummer (then-CEO David Drumm) would say, ‘picked it out of my arse’.”

… Mr Bowe’s comments in the audio recording reveal that Anglo’s strategy was to lure the State in, leaving taxpayers with no choice but to continue to provide loans to “support their money”.

… “If they (Central Bank) saw the enormity of it up front, they might decide they have a choice. You know what I mean?

“They might say the cost to the taxpayer is too high . . . if it doesn’t look too big at the outset . . . if it looks big, big enough to be important, but not too big that it kind of spoils everything, then, then I think you have a chance. So I think it can creep up.”

Mr Fitzgerald, the Director of Retail Banking, is heard saying: “Yeah. They’ve got skin in the game and that is the key.”

… The recording also shows Mr Bowe and Mr Fitzgerald laughing as they say how there is no realistic chance of ever repaying the loans.

For the first time, taxpayers get an exclusive insight into the banking shenanigans that cost Ireland our sovereignty.

It doesn’t end there…

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