Workers Party Press Release Dec 2008 on Anglo Irish Bank

national | miscellaneous | press release Friday December 19, 2008 14:23 by Malachy Steenson - Workers Party

ANGLO IRISH DIRECTORS SHOULD BE ARRESTED

"The most recent revelations relating to the activities of Sean Fizpatrick, the Chairman of Anglo Irish Bank, show yet again how corrupt the financial and political establishment is in this country” according to Malachy Steenson, Dublin Central representative of the Workers’ Party and their candidate in the North Inner City in the forthcoming local elections.

The Workers’ Party
Dublin Central
24 Mountjoy Square, Dublin 1. www.workerspartyireland.net

NEWS RELEASE

Friday, 19 December 2008

"ANGLO IRISH DIRECTORS SHOULD BE ARRESTED AND FINANCIAL REGULATOR SACKED" SAYS WORKERS' PARTY REPRESENTATIVE

"The most recent revelations relating to the activities of Sean Fizpatrick, the Chairman of Anglo Irish Bank, show yet again how corrupt the financial and political establishment is in this country” according to Malachy Steenson, Dublin Central representative of the Workers’ Party and their candidate in the North Inner City in the forthcoming local elections.

Speaking to local party members and supporters early today he said: "The resignation of Sean Fitzpatrick and Lar Bradshaw following the discovery by the Financial Regulator of loans of €87 million being hidden in the audited accounts shows that bank directors think they are above the law. In October we called for a full enquiry into share trades by Fitzpatrick & Bradshaw, where shares in Anglo were purchased prior to the announcement of the government guarantee and sold immediately afterwards with massive profits to Fitzpatrick & Bradshaw. Whilst the Stock Exchange began an enquiry, the findings have not yet been released. As usual the political establishment ignored our call”.

Mr Steenson went on to say: “We demand the Bank Directors are held accountable and that Fitzpatrick and Bradshaw are treated the same way as a working class person caught shoplifting a loaf of bread in a supermarket - they should be immediately arrested and questioned in relation to insider trading and fraud. It is clear that the banking elite and the political elite are one and the same. It is also ironic that Bradshaw was Chairman of the Docklands Development authority from 1997 – 2007, a board set up to revitalise one of the most neglected areas in the country. It can now clearly be seen for whose benefit that purported re-vitalisation occurred, whilst at the same time Fitzpatrick is on the Board of Aer Lingus”.

"Further as it is now revealed that the hiding of personal loans has been going on for over for eight years and has only now been discovered we demand the immediate sacking of the Board of the Irish Financial Services Regulatory Authority along with those in charge in both the Banking Supervision and Markets Supervision sections".

Adding “of course the common factor in all these matters is that they are supporters and funders of Fianna Fail”

"In his autobiography Patrick Butterly, owner of the Stardust when commenting on how things would work out after the fire which resulted in 48 deaths, said “ Sure we’re all Fianna Fail, it will be all right”. Never a truer word was said" concluded Steenson