Local view for "http://purl.org/linkedpolitics/eu/plenary/2016-03-09-Speech-3-714-000"
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"en.20160309.38.3-714-000"2
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"Mr President, like so much else that passes through this House, this is us blathering on in righteous tones about an issue while, at the same time, the reality of what is actually happening on the same issue is the total opposite.
Over eight years ago, Jonathan Sugarman resigned from the plum job of Risk Manager that he then held with UniCredit Bank Ireland. In his own words: ‘I did that in order not to incriminate myself.’ Jonathan’s job entailed checking and signing off on the liquidity of the bank at the end of each day’s trading. What he says he found, day after day, was that the bank was short of that figure, not just by a few percentage points but by up to 40 times the accepted margin. As per the law, he told the bank and told the regulator.
The bank told him to shut up. The regulator ignored him. The Central Bank, when it eventually got around to an investigation of sorts, told him they could guarantee neither his anonymity nor his immunity. Things are so bad he was not even called to give evidence at the recent banking inquiry.
We can talk all we want in here, but I await the day we actually do something about it, when it is those who have had the whistle blown on them who have something to fear, rather than those who blow that whistle."@en1
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