“I Picked 7 Billion Out Of My Arse”: Audio Reveals Bankers Joking About Bailouts

26 Jun

Screen shot 2013-06-26 at 9.07.18 AM

This is the culture, the mind-set, the spirit which has now almost completely enslaved the world to the power of usury.

From Business Insider:

Once again, we have some more embarrassing conversations between bankers…

The Irish Independent, a Dublin-based newspaper, has uncovered tapes of an internal phone conversation from September 2008 between two executives at Anglo Irish Bank during its bailout deal and they sound pretty scandalous.   The Irish Independent points out that the recordings show they misled the Central Bank.

The executives from the recording have been identified as John Bowe (head of the bank’s capital markets) and Peter Fitzgerald (director of retail banking).

However, Bowe “categorically denied” that he misled the Central Bank and Fitzgerald, who wasn’t involved in discussions with regulators, said he was unaware of any intention to mislead, the report said.

Either way, the newly revealed recordings are still embarrassing.

Here are some partial excerpts (via the Irish Independent):

The two bankers begin their conversation jokingly comparing themselves to being able to walk on water and drink beer out of both hands.

John Bowe: “Hello”

Receptionist: “John I have Peter Fitz for you.”

Bowe: “Oh yeah, OK.”

Bowe: “As me granny used to say, you must be therapeutic…”

Peter Fitzgerald: “What does that mean? Can I work the computer is it? (Both laugh)

Bowe: “Therapeutic. Therapeutic…I was just ringing you.”

Fitzgerald: “I’m ambidextrous as well. It means I can walk on land and water.” (More laughter)

Bowe: “You can drink, you can drink beer out of both hands…” (laughter)

Then they get down to business.  Bowe tells Fitzgerald that they met with the Irish Financial Services Regulatory Authority (IFSRA) the previous day about getting €7 billion.  They laugh how they will never be able to pay it back.

Bowe:  ”So we went down..and we basically said. In Central, yeah. And I mean, to cut a long story short we sort of said. ‘Look, what we need is seven billion euros…and we’re going to give you and we’re going to give you, what we’re going to give you is our loan collateral so we’re not giving you ECB, we’re giving you the loan clause.

“We gave him a term sheet and we put a pro not facility together and we said that’s what we need. And that kind of sobered up everybody pretty quickly, you know.”

Fitzgerald: “Yeah.”

Fitzgerald: “And is that €7 billion a term?”

Bowe: “This is €7 billion bridging.”

Fitzgerald: “Yeah.”

Bowe: “So…so it is bridged until we can pay you back…which is never.” (Both laugh)

Then they joke how the regulators would need to change their underpants after hearing the terms of that deal.

Bowe: ”So under the terms that say repayment, we say; ‘No…’” (laughter)

Fitzgerald: (Laughing) “None…just none. Not applicable. OK and what did he say? ‘I need a change of underwear?’

Fitzgerald: “Jesus that’s a lot of dosh…Jesus f—–g hell and God…well do you know the Central Bank only has €14 billion of total investments so that would be going up 20…Gee..that would be seen.

Bowe: (Laughing) “There was a bit of that…there was a bit of that.  ’And how would we do that? We would need to give you…we need to…’Jesus you’re kind of asking us to play ducks and drakes with the regulations.’ And we said: ‘Yeah.’ We said: ‘Look what we are telling you is if we get into difficulties, we have 100,000 plus lump sum depositors in Ireland all of whom would be very vocal.’”

Fitzgerald asks Bowe how he came up with the 7 billion figure.  Bowe responds that like then-CEO David Drumm, he picked it out of his “arse.”

Fitzgerald: “Ah we are, yeah, yeah and, em, what, how did you arrive at the seven?

Bowe: “Just, as Drummer would say, ‘picked it out of my arse’, you know. Em…I mean, look, what we did was we basically said: ‘What is the amount we can securitize over the next six months?’ And basically say to them: ‘Look our problem is time, it’s not our ability to create the liquidity, the enemy is time here.’”

Fitzgerald: “Yeah.”

Bowe: “So we can rebuild, in other words, we can rebuild the liquidity off our loan book, but what we can’t do, we can’t do it now and the balance sheet’s leaking now.”

Bowe tells Fitzgerald that they actually need more money than the 7 billion figure.

Bowe: Yeah and that number is seven, but the reality is that actually we need more than that. But the strategy here is you pull them in, you get them to write a big [check] and they have to keep, they have to support their money, you know.”

Fitzgerald: “Yeah, yeah, yeah, yeah, yeah. They’ve got skin in the game and that’s the key.”

Bowe: “They have and they have invested a lot. If they saw, if they saw, the enormity of it up front, they might decide, they might decide they have a choice. You know what I mean? They might say the cost to the taxpayer is too high. But…em…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,

Fitzgerald: “Yeah, Yeah.”

….

The actual audio recording is available at the link.

UPDATE:

Good to see the mainstream media picking up this story. From The Australian:

IRISH government ministers have been accused of turning a blind eye to the country’s financial collapse after tapes emerged of top bankers joking about bailouts.

In a set of phone calls recorded five years ago, executives at the toxic Anglo Irish Bank laugh about abusing a blanket bank guarantee to beef up the books at the expense of the UK and Germany.

One conversation – taped two days after the fateful September 30 2008 bank guarantee, and published by the Irish Independent – features former chief executive David Drumm giggling while his colleague John Bowe recites lines from Deutschland Uber Alles.

Drumm, who has since fled to the US, and Bowe are heard laughing about concerns that the guarantee would drive a wedge between Ireland and its EU partners.

The former said he would give “two fingers” to UK concerns…

Drumm and Bowe laugh about damage being done to Ireland’s reputation and concerns of flight of deposits out of Britain.

“So f***in’ what. Just take it anyway… stick the fingers up,” Drumm said about cash flowing in from Europe.

The bankers, recorded in January 2009, sound delighted with the temporary financial windfall, saying it was “fantastic” that if Anglo was nationalised they would keep their jobs and become civil servants.

Ah yes, a common dream of parasites everywhere.

To be a highly-paid, job-guaranteed, Big Government “employee”. A “public servant”.

Like politicians.

Advertisements

5 Responses to ““I Picked 7 Billion Out Of My Arse”: Audio Reveals Bankers Joking About Bailouts”

  1. omanuel June 26, 2013 at 9:18 am #

    Fear and loathing of the energy that vaporized Hiroshima and Nagasaki in early Aug 1945 scared world leaders into forming the United Nations on 24 Oct 1945 and promoting misinformation as science to enslave the public and save world leaders from death in nuclear annihilation.

    The rest of this tale of intrigue will be completed and submitted for publication next week when I return from vacation:

    The Orwellian nightmare is information anarchy. It all began in 1946, the same year Orwell started writing “1984″:

    https://dl.dropboxusercontent.com/u/10640850/Neutron_Repulsion-Source_of_Life.pdf

    I deeply regret that I could not decipher this earlier.

    Oliver K. Manuel
    Former NASA Principal
    Investigator for Apollo

  2. mick June 26, 2013 at 10:24 am #

    Frightening stuff. If these bankers were bank clerks they would find themselves out of a job and more than likely in front of the courts facing fraud charges. But then there are rules for ordinary folk and different rules for those in positions of power.

    When General Motors in the US was on the brink of failure the company received bail out money from the US government, even though the CEO arrived in the company Lear jet pleading poverty. The essential difference is that the US government took out equity in the company. The same should occur with any financial institution in the same position.

    What the banking system got away with after the GFC, which it caused, is one of the best scams ever inflicted on any population anywhere, ever. Too big to fail?

  3. Kevin Moore June 26, 2013 at 9:15 pm #

    http://rt.com/news/anglo-irish-bank-probe-221/

  4. Kevin Moore June 27, 2013 at 6:45 am #

    Secrets. Lies . Spies . Democracy?

    http://coldtype.net/Assets.13/PDFs/0613.CT75.pdf

Trackbacks/Pingbacks

  1. Oeps. Ewoud Jansen heeft Minsky niet gelezen… | Lux et Veritas - July 5, 2013

    […] Daarnaast: hij vergeet het stukje ‘macht’ – ondertussen zijn er 350.000 Spaanse gezinnen uit hun huis gezet, door de banken. Waarbij die banken, als die in de betalingsproblemen komen, anders dan de Spaanse huishoudens opeens niet meer aan hun verplichtingen hoeven te voldoen en anderen daarvoor kunnen laten opdraaien, zie Cyprus, zie Ierland, zie SNS. En waarbij zeker geen 350.000 Spaanse bankiers hun baan verloren hebben… Terzijde – maakt u zich geen enkele illusie over hoe dat er allemaal aan toegaat, je wordt zoals uit recent opgedoken audio-opnames uit Ierland blijkt en tot groot plezier van de zwendelaars bankiers belogen en bedrogen en bezwendeld waar je bij staat. […]

Comments are closed.

%d bloggers like this: