I guess if by ‘luck’ you mean bad, then the old saying applies here.
You have to hand it to Sugarman. He has a knack for giving the authorities heartburn. I wrote an update about his case at the time of the Village Magazine piece which filled in a couple of interesting details.
This time he happened to mention as an example of the total lack of financial regulatory oversight in Ireland during the bubble years the Belgian Bank KBC. As Sugarman said, just this month KBC Belgium had to give KBC Ireland another €100 million in order to bail it out. To illustrate how KBC had got itself into the state where it is still being bailed out by the Belgian tax payer via its parent company, he told how he himself had been given a mortgage by KBC in Ireland. As he said in the interview,
“When I looked at the forms I had to fill in for KBC Ireland, it was a joke. I could have said I was Mickey Mouse and I work in La la land and I would still have a million euro to buy a house with maybe was woth 200 000 euro. Did anybody ask questions. No. The bank is growing. Where’s the problem.”
Where indeed? What he didn’t say in the interview is that the bank did not actually bother to value the property he was buying before it gave him the mortgage. It looked at the house next door and guessed.
Oh isn’t that nice?
There’s much more, including plenty about the use of Ireland as a “dumping ground” for all sorts of game-playing. But the best part isn’t in the article at all — it’s that Reuters apparently spiked a story he was working on after legal threats were made.
There’s nothing new about trying to bury the facts (and the debate that reaches those facts) when it comes to the banksters. Indeed, that’s been the story of the last five years. Here in the United States enlisting the State AGs in the process and effectively bribing them to look the other way instead of prosecuting myriad felonies has been the bankster stock in trade — after all, admitting to over 100,000 perjured affidavits would normally (for you or I) lead to a very nasty prison sentence.
Never mind the corruption in land titles and the likely (really, more like nearly-certain!) case that many people have been foreclosed upon when in fact the note is still open somewhere, someone has it, and the institution that foreclosed not only doesn’t have it now but never did and can’t acquire it due to REMIC regulations and either their or someone else’s previous malfeasance.
That is the most-likely reason, incidentally, for all these paperwork “mistakes” — the required steps simply weren’t done during the previous (and mandatory) time periods, and once that was discovered there was no lawful way to correct it. Rather than hold the banks’ feet to the fire and make them eat their mistakes, including the legal and financial consequences of that which couldn’t have been an accident, given the scale, we instead sit back and let them steal people’s houses.
In this case it appears an entire nation was stolen.
But heh, it’s all ok in the name of “financial stability” — right?
One wonders whether the Irish remember their history and what they have, in the past, chosen to do rather than sit quietly and be abused.
As Golem said:
If it were just the banks who we had to fight for truth and justice life would be easy. But we are fighting our own political class and our media as well.
We are not all in this together. They are all in it together, against us. We are on our own.