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Inside the Anglo Irish - The secret tapes

category national | crime and justice | feature author Thursday June 27, 2013 23:00author by ciara Report this post to the editors

featured image
Drumm: Wanted by the people for High Treason

The astonishing tapes show senior manager John Bowe, who had been involved in negotiations with the Central Bank, laughing and joking as he tells another senior manager, Peter Fitzgerald, how Anglo was luring the State into giving it billions of euro. Mr Fitzgerald had not been involved in the negotiations with the Central Bank and has confirmed he was unaware of any strategy or intention to mislead the authorities. Mr Bowe, in a statement last night, categorically denied that he had misled the Central Bank.

The audio recordings are from the bank's own internal telephone system and date from the heart of the financial crisis that brought the State to its knees in Sept 08.

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'."He also says: "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." 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".

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

Now i believe this was in the property of the gardai for over five years. My question is why wasn't anything done about it?

featured image
Banner drop in May 2010. See here

I know there was a referendum on legislating for inquiries for instances like this but the sheeple voted it down, and voted no.

Now it looks like there will have to be another referendum, or the government will have to find a different way of going about this.

What really boils my blood on this, in another recording i was listening to on RTE radio, they were laughing and joking about what expensive Merlot to drink on their ''working lunch''..

Meanwhile they have by their callous actions destroyed the lives of many a struggling family etc, while laughing about it.

It really sickens me.There are families who cannot even afford to feed their children that have given them up to orphanages in Ireland in the 21st century.

Are these people going to be prosecuted with the full weight of the law ala bernie madoff,or will they get off with it.?

There no different to any other form of criminal they have show flagrant disregard for the public at large.

Your thoughts please.

Editor: Some choice quotes

It's all a great laugh....
Drumm: “Ah, you’re abusing that guarantee. Paying too much in Germany I heard now as well. Fucking ridiculous, John.”
Bowe sings: “Deutschland, Deutschland, Ubber Alles” (both laugh) Drumm: I should be recording these calls for the fucking craic – or at least making notes.

Defrauding the system.....
Drumm: “We won’t do anything blatant, but,, we have to get the money in. Well we’ll have to fuckin’ tiddly-winkle for it.”
Bowe: “So I’m just saying to the guys: ‘Look, just be smart, don’t be stupid, get it in, don’t be overtly pumping it so that somebody can quote you… but we want to get the liquidity ratios up.’”
Drumm: “Correct and right. So okay so just keep nursing along….
Bowe: “We will. Now I have… sorry go on.”
Drumm: “… jack the rates up. That’s what I really meant, get the fucking money in, get it in.”

Related Link: http://www.independent.ie/business/irish/inside-anglo-the-secret-recordings-29366837.html

Caption: Anglo Irish Tapes Audio on YouTube from Independent.ie


 #   Title   Author   Date 
   anglo     John Maloney    Tue Jun 25, 2013 20:49 
   anglo and the blackhole banks     dave    Tue Jun 25, 2013 21:03 
   Re: Thoughts on the laughing Anglo tapes     T    Tue Jun 25, 2013 22:24 
   Keep Calm Paddy     Brian Clarke    Tue Jun 25, 2013 23:28 
   Qui bono?     Rational Ecologist.    Wed Jun 26, 2013 11:32 
   enron..     ciara    Wed Jun 26, 2013 14:49 
   A long drawn out costly enquiry only lines the pockets of the lawyers..     gary    Wed Jun 26, 2013 18:11 
   carnal knowledge...     dave    Wed Jun 26, 2013 19:23 
   Anglo Tapes -Jail these bankers!     T    Thu Jun 27, 2013 21:27 
 10   reality..     ciara    Fri Jun 28, 2013 14:15 
 11   Release of tapes stopped     Starfish    Sat Jun 29, 2013 03:16 
 12   Correction     Starfish    Sat Jun 29, 2013 03:18 
 13   lawyers will have a field day.. here comes their payday a long inquiry     ciara    Sat Jun 29, 2013 13:47 
 14   "The lawyers will have a field day"     W. Finnerty    Sat Jun 29, 2013 16:16 
 15   "... parliamentary inquiry into banking collapse ..."     W. Finnerty    Sat Jun 29, 2013 20:25 
 16   re:joan burton     ciara    Sun Jun 30, 2013 12:55 
 17   joan burton update     ciara    Sun Jun 30, 2013 19:37 
 18   class interests     Con Carroll    Sun Jun 30, 2013 19:46 
 19   complicated fraud?     gary    Mon Jul 01, 2013 12:39 
 20   good points Con     oliver    Mon Jul 01, 2013 14:42 
 21   inquiry to investigate circumstances planned     oliver    Mon Jul 01, 2013 15:33 
 22   Lengthy inquiries ffs..Stop the madness.     gary    Mon Jul 01, 2013 19:32 
 23   since the tapes broke..     dave    Tue Jul 02, 2013 12:00 
 24   libel     ollie    Tue Jul 02, 2013 15:37 
 25   reply     dave    Tue Jul 02, 2013 18:39 
 26   jail this squirming snake..     ciara    Tue Jul 02, 2013 21:14 
 27   And now they are going after the Anglo tapes whistle blower -how typical. What about AIB tapes?     T    Fri Jul 05, 2013 12:44 
 28   whistleblowers..     dave    Sun Jul 07, 2013 12:11 
 29   Who does it serve?     Baggie    Mon Jul 22, 2013 13:40 
 30   UPDATE: central bank drops it's investigation of anglo tapes     fred    Thu Sep 26, 2013 08:20 
 31   injustice     dave    Sun Sep 29, 2013 13:31 


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