Home > Uncategorized > IRISH POLITICS: THE POST GRADUATE COURSE. External Assessor of Thesés- Louis Le Savant, Adjunct Professor of Fraud Identification and Remediation at the University of Leuven, Senior Policy Adviser to Banque Centrale Européenne (BCE)). Register Now To Secure Your Place!

IRISH POLITICS: THE POST GRADUATE COURSE. External Assessor of Thesés- Louis Le Savant, Adjunct Professor of Fraud Identification and Remediation at the University of Leuven, Senior Policy Adviser to Banque Centrale Européenne (BCE)). Register Now To Secure Your Place!

Many a true word is spoken in jest!! (This is a send up to illustrate the untold damage been done to humanity by capitalist governments and Banks by illustrating their real views)

Draft Thesis of Mr Gene Kerrigan  (Full Text of Thesis Below with Comments)

Thesis Title: Seems Stealing is Part of the Elites Culture-The Tracker Mortgage Racket Makes some of Us Wonder if it’s Time We Turn Crooked.

Report:   To the Academic Council  of The Independent University of Ireland

Despite the excessive informality and lack of academic precision in the presentation of Mr Kerrigan, the thesis has considerable merit.

However there is a major error in the presentation .

In Chapter 3 on Page 27, Mr Kerrigan poses the question:

“What would it take to bring the cops into the banks. If they started forging money??? “

Mr Kerrigan does not seem to be aware that there is a huge difference between private citizens printing paper money  and licensed banks printing paper money. Indeed here at the ECB we are routinely printing extra notes without any underpinning by gold or any increased net economic production. The proper term for this activity is of course “quantitative easing”.  This process has bee extremely effective in furthering economic recovery in the EU.

I sincerely hope and expect that no lecturer at the Independent University of Ireland would suggest that this beneficial activity could attract the attention of the police!!

Indeed there are many examples in economic history of the production of additional unsupported currency having a beneficial effect on national economies.

Even where this extra currency has been produced by unlicensed banks , and is in effect counterfeit, this can be the case.

It is Reported by Healy DIT 1999, Ahearne Dept of Finance 2001, Chou en Lai (Jnr) University of Bejing 2004, and Sun Yat Sen(Jnr) Shanghai Institute of Technology 2007, that approximately half the currency circulating in the Peoples Republic of China is in fact counterfeit. This includes notes dispensed by several banks! This wide circulation of counterfeit currency is one of the factors producing unprecedented Chinese growth rates!!

Clearly  Mr Kerrigan’s assumption that “forging money” by banks is a clearly criminal activity is wide of the  mark.

What Bank Activities Should Attract Police Attention?

In banking history, there have indeed been activities leading to criminal investigation and criminal prosecution. The setting up by a bank of soup kitchens to feed the hungry, without prior approval of shareholders is a case in point. Such an activity would involve theft of monies from depositors and investors. Additionally, this type of activity could lead to the undermining of retail businesses, impairing the ability of shop-keepers to repay loans to banks.

Failure to expeditiously evict distressed mortgage holders is also a form of criminal activity. This could cause further damage to the loan book of banks, reducing the value of shares in banks. Additionally, it would probably deter international investors, (so-called vultures)  from purchasing distressed assets and thus reducing their value on the balance-sheet of the bank.

Please instruct lecturers at the university to convey these matters to postgraduate students.

Because of this defect in Mr Kerrigan’s work, I cannot recommend the award to him of the doctoral qualification at this time. When the defect is remedied and other minor corrections are carried out, I will look at Mr Kerrigan’s draft thesis again.

Professor Louis Le Savant, External Examiner, 30/10/2017

Mr Kerrigan’s Draft Thesis as submitted

Seems stealing is part of the elite’s culture

The tracker mortgage racket makes some of us wonder if it’s time we turned crooked, writes Gene Kerrigan

Sunday Independent   October 29 2017 (Unusually Mr Kerrigan has published his Thesis in Advance of Approval)

After decades of obeying the law, paying taxes without dodging or complaining, I’ve begun to wonder if I’ve been a mug.

Like most people, I’ve never stolen. Like most people, that wasn’t because I feared being caught. It came from a belief that society should be lawful and orderly.

Maybe they’re right, though – the people who run this country. Maybe thieving is the way to go.

Anyone looking at how the tracker mortgage racket is being handled can be in no doubt of the message from this Government: losers obey the law, winners do whatever they can get away with.

This goes against a code many of us were raised to believe. Personally, I was raised by Catholics who took seriously the command to “do unto others as you would have them do unto you”. It wasn’t just a well-constructed sentence, it was a way of life.

In my youth, some of my neighbourhood friends were socialists. They’d no quibble with adopting that same Christian ethic of good citizenship. They added their own: “From each according to their abilities, to each according to their needs.”

Today, the people who preside over our society see such ethics as quaint relics of a naive age.

And maybe they’re right.

Bankers took money from more than 30,000 people. Some victims went through dreadful horrors, lost their homes – only those people know what the strain did to relationships, the sleepless nights and the health problems.

It wasn’t an accident, it wasn’t a mistake – it was as deliberate as picking pockets, but far, far more lucrative.

Last week, Paschal Donohoe had the bankers in to “admonish” them for being too slow with “compensation”.

They say they might pay some compensation by Christmas.

He says he’s disappointed in them, and what they did was disgraceful and unacceptable, words that mean nothing.

This is how ministers deal with problems, these days – with meaningful words that in their mouths lose all meaning. When he was minister for health, Mr Varadkar said the hospital chaos was “unacceptable”. Then he got out of the job as fast as possible, without fixing the unacceptable problem.

Housing Minister Eoghan Murphy finds the increase in homelessness “unacceptable”, and he tinkers with yet more futile private sector incentives, counting the days until he can move on to better things.

In the tracker mortgage scam, though, from the Taoiseach down our political and moral guardians are explicit: the law has no role here, the bankers will do what they feel they can get away with, on a schedule of their own making.

What would it take to bring the cops into the banks? If they started forging money?

There’s a knock on your door and it’s the guards telling you they’ve found your stolen car.

Great, you say, I’ll go down tomorrow and pick it up.

Not so fast, say the guards. We’re negotiating with the guys who took it. They say they’ll have it back to you by Christmas, or maybe next summer.

You say, that’s terrible.

The guards say, yes, we told them it’s unacceptable.

You ask, can’t you just arrest them?

And the guards say, ah, now, you can’t go blaming individuals – it’s the culture, you see. Stealing cars, it’s the culture.

Ah, come on, says you.

We’ve told them, say the guards, that we’re quite disappointed in them.

And what they did say?

They’ve said to tell you, “Screw you, sucker”.

The thing is, this tracker mortgage racket isn’t an isolated case. All my life I’ve had the “law and order” rhetoric from the Varadkar types. Meanwhile, the comfortable classes were organising one criminal adventure after another.

In 1988 there was a “tax amnesty”, to allow tax fraudsters to launder their dirty money. It brought to light half-a-billion in dodgy accounts – huge money now, massive in 1988.

The amnesty was to be the last chance for these people to bring their hot money into the straight economy.

So, of course, there was another tax amnesty in 1993, another chance to launder the dirty money.

That one revealed the State writing off £1.3bn, to the benefit of the tax evaders.

We don’t even know the extent of the tax evasion organised within the higher reaches of the great and the good. The Ansbacher racket became famous because Charlie Haughey was a leading crook in that affair, but there were lots of other schemes that were never disclosed – some of them openly discussed in the plushest of offices, where the “people who get up early” decided how much or how little tax they’d pay.

Then there was the DIRT tax racket, in which thousands of hoteliers, publicans, pillars of the community, captains of industry stole hand over fist.

The political parties were at it, too. Remember “pick-me-ups”? No, you’re too young. Fianna Fail and Fine Gael would run up huge printing and transport bills, all kinds of expenses – and their patrons in business would pay the bills. The payments would be credited for services to those businesses. And, as business expenses, they were written off against the firms’ tax bill. Some of the crooks even claimed back VAT, to get another bite at the cherry.

We won’t even bother talking about the NIB racket or the various AIB rackets, you’ll have heard of the Beef Tribunal, Moriarty and the Planning Tribunal, but you probably don’t know about insurance “churning”, the offshore rackets or the bogus non-resident account scams.

Between the various rackets, the underground economy in which the comfortable classes revelled siphoned hundreds of millions out of the real economy.

The economy was depressed. To save money in the 1980s, the Fine Gael/Labour government closed 985 hospital beds. Fianna Fail pretended to give a damn, as the queues got longer, and the beds were replaced by trolleys.

Fianna Fail won the next election, denouncing the bed closures – and then closed a further 6,377 hospital beds. We’re still feeling the effects today.

So, the tracker mortgage racket is just one more step in a long history of organised crime indulged in by the comfortable classes, and tolerated by the major parties. And, sure, God help them, it’s never their fault, it just part of their culture.

Of course, there was always a reason why the cops shouldn’t or couldn’t crack down on these crime waves. Usually they were too busy blowing into little machines to inflate the breath test figures.

Often, though, there was a gap in the law, or a loophole – shucks, we don’t know how that got there.

It got there because the loopholes were arranged when the legislation was being drawn up in consultation with the lobbyists from the comfortable classes.

So, some of us are not terribly impressed when Le Varadkar gets out his props and poses for the cameras, lecturing us about the social welfare “cheats”.

He smears all pensioners and the unemployed and the disabled as potential chancers who have to be carefully policed in case they take an opportunity to steal. But he knows that social welfare cheating is minuscule compared to the continuing white collar rackets.

I’ll think it over, but it’s a bit late in the day to take to a life of crime. And I wouldn’t want to lower my ethical standards to those of Fine Gael and Fianna Fail.







Categories: Uncategorized
  1. October 31, 2017 at 9:58 am

    External Assessor of Thesés- Louis Le Savant, Adjunct Professor of Fraud Identification and Remediation at the University of Leuven, Senior Policy Adviser to Banque Centrale Européenne (BCE)).

    Surely Professor Le Savant means ‘quantitative easing’ ‘This process has been extremely effective in furthering economic recovery in the US’, not the EU. Quantitative easing was applied as the first response of the then Federal Reserve in the US under Ben Bernanke when President Obama took office. It funded the stimulus package for the US auto industry.

    Mario Dragi was a bit late applying QE as the economies were in ruin after Trichet’s ‘Austerity’. The EU response was to impose ‘Austerity’ which is effectively using up all the printed money already out there and giving it to the ECB and its cronie banks (the so-called senior bondholders (mostly German Banks)!!

  2. October 31, 2017 at 10:47 am

    Thanks Liam .What is your comment on Prof Le Savant’s analysis of the Chinese Experience? Paddy

    • October 31, 2017 at 11:09 am

      Paddy, I have not read the analysis of the Chinese experience. Where is this available. Thanks and Regards, Liam

      • October 31, 2017 at 12:21 pm


        Just Scroll Down from Top of My Blog Piece

        Irish Politics: The Post Graduate Course


        Im sure you realise that this piece comes from the genre “Many a true Word is Spoken in Jest”-It is asort of send-up being used to illustrate home truths about modern capitalist society. Louis Le Savant is fictional! My email is paddy.healy@eircom.net

  1. No trackbacks yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: