This morning in the High Court in Dublin, two of the founder members of DDI Ben Gilroy and John Squires along with others helping the Freeman family defeated all motions of Bank of Scotland (Ireland) in the long running case of P FREEMAN & ANOR V BANK OF SCOTLAND (IRELAND) LTD & ORS.
Ben and John have been fighting this case in their role with People For Economic Justice, and in Court 16 this morning Mr Justice Gilligan dismissed the motions put by Bank of Scotland, and finally sent the case forward for full trial on the issue of securitisation. The team has been seeking a full trial without success for some time and have been stymied by counter motions by Bank of Scotland. So critical is this case that the Chief Executive Officer of Bank of Scotland had been required to fly from Scotland to be present in Court.
Now for the first time in Ireland the issue of securitisation of mortgages is going to be heard in court. The ramifications of this will affect almost every mortgage in the state, as the vast majority of mortgages have been combined into financial instruments and sold off as securities to other investors. It was this kind of securitisation that inflated the banking system to a state of bankruptcy and caused the financial bubble that sees us now forced into living under austerity.
In a separate case this week another motion brought by Ben against an Irish based bank resulted in the bank settling out of court for a seven figure sum. For legal reasons because of the settlement the case cannot be quoted.
Ben spoke after the case saying that he hoped that those detractors who have been spreading misinformation about how he operates in court, both in the media, printed press and in cyberspace, will be honourable and correct the imbalance they have caused.
Things got a bit quiet here at People For Economic Justice, thanks to the enormous amount of work required in Ben Gilroy’s campaign in the East Meath By-Election. Today however, we would like to introduce you to Mr Tepper. David Tepper is a hedge-fund manager who buys up the debt of companies and countries, particularly when they are in financial difficulties, and then trades them on for profit. The below is an interview Mr. Tepper had about an “incredible month” he had, dealing with the Bank of Ireland, the Irish Government, and by extension, the Irish People.
More after the video.
So there you have it. Having purchased a raft of unsecured subordinated bonds from the Bank of Ireland, Mr Tepper did not think it fair that the Bank of Ireland wanted to reduce the value of those bonds to a fair (read “market driven”) price. Mr Tepper decided that he would threaten to flex his legal muscles and sue the Bank of Ireland, and the Irish Government. This man is one of the Bondholders that our current Government promised to burn upon entry into power. This is one of the men who made billions at the expense of we the people.
One has to recognize that the very worst aspect of this video is the smug grin on Mr Tepper’s face as he gloats over his victory over our push-over Government and our push-over Bank.
At least we have a pretty decent song by Mick Blake to console us, but you would have to hope that something like this might just stir up a bit of anger amongst the currently sleeping Irish public. Please share this video far and wide, via whatever means you can. You can catch a few glimpses of the lavish mansion he treated himself to on the back of our Governments decision during the song.
On February 16th, our own Ben Gilroy decided to take a break from the twenty-four-seven job that is being Leader of Direct Democracy Ireland to enjoy a barbecue with his friends and family. Little did Ben know that a receiver was perhaps intentionally taking advantage of Ben’s small amount of relaxation, in the nearby county of Kildare. A receiver decided that the best way to carry out his impropery signed and therefore invalid court order was to physically wall a farmer and his family into their house.
A motto we love here at People For Economic Justice is “If my brother is in trouble. then so am I”. People for Economic Justice quickly mobilized and arranged for the wall to be removed.
And the of course, no prizes for what happened next.