Thursday, 18 March 2010

Sean Fitzpatrick arrested on suspicion of Anglo Irish Bank “financial irregularities”.

I don’t know if any of you look at Father Ted? I think people from outside Ireland labour under the misapprehension that it is a comedy, rather than a faithful portrayal of Irish life. There’s a running joke in the series, where Ted has embezzled money intended for a Lourdes trip for sick children. Any time the issue is brought up he tries to defend himself by claiming that the money was “just resting” in his bank account.

In real life, the Irish authorities are remarkably tolerant of political and financial corruption, and the great Irish public usually increase their votes for politicians found guilty of it. To be honest, I don’t think that would even have happened on Craggy Island.

I was watching the 9 O’clock news this evening, and the phrase “financial irregularities” cropped up several times. But when you think about it, Ireland is run on financial irregularities. Question is, how many perpetrators have ever been brought to justice? I can only think of Lawlor and Burke… both on foot of the tribunals.

Now it seems that Sean Fitzpatrick was arrested this morning on suspicion of “financial irregularities” at Anglo Irish Bank, and has had his detention extended by 12 hours for further questioning.

Fitzpatrick was chief executive of the basket-case bank from 1986 until 2005, when news of secret loans taken by him from the bank emerged. Loans totalling more than €87 million, which remained hidden from the auditors for over 8 years.

The taxpayers have already (involuntarily) put €4 billion of their money into Anglo, which was nationalised in January 2009. It is expected to post the largest-ever losses in Irish corporate history later this month, so that figure might as well be one of Bertie’s blank cheques. Commentator Fintan O’Toole says it could be as much as €30 billion.

Given that the bankers, politicians and developers have restored us to our proper place as the basket case of Europe, the Irish ruling class should really have no option but to make examples of members of the elite who engaged in corrupt practice and helped bring the country to its knees.

That’s not to say more arrests and investigations will take place because of any new-found sense of indignation and disgust among our rulers at the low standards in Irish public life, but simply because international investors and bankers will expect it.

But that’s only being logical. Let’s see what really happens.

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Der Wanderer said...

A high ranking victim, at least, Gombeeen man. Hope dies at last. Nice piece following the news. Thanks.

Anonymous said...

the banks must have very bad news on the way and requires far more public support than ever mentioned before, fitz arrest is just asop to the scandal weary public what a great little country hurrah hurrah GM

Anonymous said...

Iv just read it on the internet I cant believe it as last some action. First thing is to take that pension pot he voted for himself.
Top lawyers on standby.

Anna said...

Dont forget the britísh senior fraud office started investigating him Months ago, could even have been 9 -12 months,
seems it was also a Dutch bank Rabo bank that finally forced Liam Carroll into declaring bankruptcy, the more they over-reached themslves into territories where fraud is a serious thing, the more chances they have of prison...there was great pleasure in my work at all this...I do think the little green worms are turning

Anonymous said...

I'm very sceptical about this. The rot is very very deep. GM you made some good points there.


Ella said...

Seanie F has been released without charge, now there is a surprise!

Anonymous said...

Not excusing the aforementioned but the problem as I see it, is not one man or organisation, its many many indivuals like him. Ireland is full of them, its a cultural thing. If he goes, in time, someone else will step into his shoes. There is, and was, always something well and truely rotten at the centre of this state. Dont expect anything to change with the arrest of one or more individuals. This country will never change. See it for what it is.


The Gombeen Man said...

Well well... it seems that none of us are surprised. We'll be told that what these guys get up to is far too complex to be tackled. Well... let's hope the rest of the world is watching.

Anonymous said...

wonderfull news Mr gm little seanie has been reunited with his family a great day for oirland justice has prevailed,its so shocking and terrifying that the garda have become so lawless, next it will be church leaders and political leaders what ever next iam so distressed i will never ever ever visit oirland again,well just maybe if the price of a pint gets down to around 3usd or less, meantime iam off to akbars sheebeen for a few straightup paddies,do watch what you step on gm a few trolls and dingbats about

The Gombeen Man said...

Yes, for a second I thought that things might be changing in good old Oirland. I'd have nothing to blog about then ;-)

Anna said...

...thank Heaven for Wikipedia, the Truth in the News:
Posting on 18/3/10
"On 18 March 2010, Gardai arrested Sean Fitzpatrick at his residence in Greystones, Co Wicklow. After a ten-minute gunfight, which saw Fitzpatrick clamber to the roof of his family home, shouting," Made it Ma, top of the world!", Garda investigators enticed him down by announcing that ' a three-ball needs a fourth on the first tee at Druid's Glen'.
'Gardai threatening to " Go Corrib", finally convinced Fitzpatrick to co-operate. Fitzpatrick was led away to a safe house in the K Club for intense interrogation.".........
Seems Seanie's page was edited 18 times between 10.30 am and 1.30 pm.

The Gombeen Man said...

That's great, Anna. Can't always believe what you read on the Web, eh?

Phil1stine said...

Has anyone else seen the Anglo web advertising on sites like They're promising guaranteed returns of 3.5%....I hope somebody warns the English before they sink their money in that whole!