SWAP life for debt

Remember remember the 1st November, MiFID & COBS and the fraudulent plot, I know of no reason why SME treason, should ever be forgot

[stephen middleton @stevemiddi1]

If I never had another conversation in my life again with lawyers instructed to “support clients” taking on the banks & their minions it would be too soon.

I believe we should push for a regulation defined by days of the week.

e.g. if you’ve argued black is black on a Monday you can’t argue that black is white on any other Monday.

Let’s build a simple system that makes lawyers consistently give honest opinions & tell the truth by days of the week or simple markers like

GREEN = the Truth.
AMBER = I thought I was telling the truth but f***ed up
RED = I was always incompetent/lying until you caught me out.

At that point those dimwits like me would understand how facts, evidence & criminality by “officers of the court” become judgments.

It’s not a lot to ask.

Please could the SRA & BAR Standards set days on which lawyers have to be honest & advise their clients honestly…?

It would save financial fraud victims years of deception, the courts years of impossible claims & the legal system having to completely falsely promote/ defraud the public that Justice exists in law firms & courts in the UK.

Unless you are protected by the City.

@BankConfidenti1 @MLorrM @TransparencyTF @BomberMorgan @CarshaltonArt @mickmor16921994 @bleating_lamb @efgbricklayer

[[mine] Art Gallery @CarshaltonArt]

@ArturNadol7566 Great idea 💡 @ArturNadol7566 @stevemiddi1

But I bet you there will be a lot of “see you next Tuesday/Thursday’s” that don’t turn up for work…

@efgbricklayer @bleating_lamb @mickmor16921994

[Artur Nadolny @ArturNadol7566]

Great idea. Let's set aside Tuesdays and Thursdays for lawyers to tell the truth. The other days remain as usual.

[stephen middleton @stevemiddi1]

Whilst I cannot name the whistle-blower.

The concerns I raised related to a high level banking whistle-blower on a very serious matter.

WBUK's attempt to take over their case on a paid/reward basis when the WB was vulnerable and we were working pro bono, was I thought disgraceful.

A US whistle-blower firm engaged, provided some basic fees & were so impressed with our work they asked us to advise the barrister over the lawyers.

I'm happy to confirm all of this formally because WBUK's behaviour attempted to undermine all of the hard work we had done for their own financial benefits was I thought appalling.
@BankConfidenti1

[Paul Clark @paulpygmy02]

@Independent Interesting how BDO became our administrators after the RBS GRG / IRHP collapse, then later resigned citing a “possible conflict of interest” because staff had been seconded to RBS Bank.

Looking back, many SME owners are entitled to ask serious questions.

[[mine] Art Gallery @CarshaltonArt]

Also worth noting that AI will truthfully answer questions about derivative ‘accounting’ that @TheFCA refuse to

@appgonifandffs @TransparencyTF @premnsikka @johnmcdonnellMP @stevemiddi1 @BankConfidenti1 @ianhtyler @bleating_lamb @mickmor16921994 @efgbricklayer @NigelCairn55406

[Lorraine Morris @MLorrM]

7/7

🔹The crisis was a gross failure of independence, groupthink, professional culture and institutional courage.

🔹That is the irony.

🔹The question is not whether AI will replace accountants.

The real question is this:

‼️Whether AI might eventually expose the kinds of

🔹opaque financial engineering
🔹institutional deference and
🔹selective blindness

that humans - despite all the rhetoric about judgement and ethics - too often failed to challenge‼️

Having learned about the devastating fallout to our citizens, SMEs and homeloan borrowers since 2008 - I for one - I am glad that I did not fail to challenge this.

I remind you that non-expert male politicians & judges can bury the truth & avail of promotions. Even those running the very bank accounting audits that were built on shifting sand.

@CharteredAccIrl 
@ACCA_UK
@CPA_Ireland
@CIMA
@IAASA_IRL
@centralbank_ie
@TheFRC
@PwC
@Deloitte
@EYnews
@KPMG
@DeptFinanceIRL
@ArturNadol7566
@CarshaltonArt
@BankConfidenti1 @premnsikka @johnmcdonnellMP @WinkSabee @andyverity @jameshurley @MikeKellyPA @ianhtyler @TransparencyTF @BlowersIreland @kenoflynnTD @OCallaghanCian

[Lorraine Morris @MLorrM]

@EUCssrMcGrath @JMcGuinnessTD @Cormacbutler 6/7

None of this means every accountant failed, nor that professional expertise has no value.

But it certainly means that the accounting profession should approach claims about uniquely human judgement with considerably more humility given the historical record

[Lorraine Morris @MLorrM]

5/7

The uncomfortable truth is that the crisis did not happen solely because “bankers hoodwinked us all” as revealed in a May 2019 Finance Committee with @EUCssrMcGrath & @JMcGuinnessTD @Cormacbutler all present.

‼️Note - a senior professional woman meanwhile has a fabricated report written about her when expressing similar concerns acting as an expert during the Banking Inquiry?
Author is on the Court of Appeal bench‼️ @Wftproof @kshaughnessy2 @SamanthaLaDuc @AlliMiddleton1 @stevemiddi1

🔹A deception of that scale could not persist without the acquiescence — whether active, passive or institutional — of layers of professional gatekeepers whose role was specifically to protect the public interest.

🔹That includes auditors.

🔹That includes accountants.

🔹That includes advisers.

🔹And that includes regulators who often appeared more concerned with preserving confidence than interrogating reality as @CormacLucey reported when discussing the bizarre decision of the Joint Committee or the “experts” to prevent Frank Browne (former stability head of regulator) from giving oral testimony.

[Lorraine Morris @MLorrM]

4/7

🔹What makes today’s statements from the accounting establishment particularly striking is that the defence of the profession rests almost entirely on the idea that humans provide judgement superior to systems.

🔹But where exactly was this judgement when reserve positions, loan books and capital strength were being represented in ways that proved disastrously detached from economic reality?

🔹Where was the vaunted independence?

🔹Where was the scepticism?

🔹Where was the professional courage to confront management narratives during the property bubble?

[Lorraine Morris @MLorrM]

3/7

We later learned of widespread concerns around hidden impairments and off- balance-sheet exposures on an enormous scale, circular transactions, and accounting treatments that “flattered solvency” while the foundations were collapsing underneath.

🔹The public was repeatedly told the banks were sound.

🔹The audited accounts said so.

🔹The regulators signed off.

🔹The professional classes reassured everyone.

🔹And then Ireland imploded

[Lorraine Morris @MLorrM]

2/7

Those words would carry more weight had the profession itself not presided over one of the greatest collapses of trust in modern Irish economic history.

Before the financial crisis, Irish banks published accounts that presented institutions as profitable and well-capitalised while catastrophic losses were being concealed, deferred, reclassified or buried in ways ordinary citizens could never realistically understand.

[Lorraine Morris @MLorrM]

1/7 🧵
There is a deep irony in professional accounting bodies now reassuring the public that AI will not replace accountants because the profession is built on “trust”, “judgement”, “governance” and “ethical oversight”. https://t.co/DUAXm5FKnI

[stephen middleton @stevemiddi1]

That will be the same “trust”, “governance” & “expertise” John Griffiths Jones firm KPMG showed when missing the £1b black hole in the HBOS accounts.

Or the same integrity he showed as Chair of the @TheFCA he failed to investigate that.

Or the same showed when @TheFCA wrote to @efgbricklayer then MP @RTHondavehanson & lied to him about the £150k “Hidden Credit Line” put on his company’s credit file, that destroyed his business by @NatWestGroup

He wasn’t even a customer of RBSIF…

That is why the Crown rewarded him with Deputy Lieutenant post because of such “ethical oversight”.

Whilst victims of the fraud from that £1b theft from HBOS Reading, sit & rot with no compensation 20 years later.
@BankConfidenti1 @MLorrM @BomberMorgan @ArturNadol7566 @TransparencyTF @appgonifandffs @premnsikka @johnmcdonnellMP @CarshaltonArt @mickmor16921994 @nw_nicholas @EthicalDavid @jgriffiths @james_glanville

[Paul Davey 🚜🌾🐑🚛🏴󠁧󠁢󠁥󠁮󠁧󠁿🏉 @bleating_lamb]

“The Great British Summer of Savings…” 🫠

God save us from these people!

[Sussex Blue @mickmor16921994]

Yes… funny that! Seems some did nicely out of it all .. especially the expert Avashit at Vedanta . Not forefront of course as you say a delightful pair who turned over their own family member. Seem to have had a very nice payout for a business worth fa!

[SWAP life for debt @RememberSWAPs]

@stevemiddi1 @mickmor16921994 @TheFCA @hmtreasury @bankofengland The FCA are bare-faced liars / criminals.

A derivative’s ‘margin requirements’ are a real-time obligation & liability the customer has to satisfy up front & over time by providing CASH or COLLATERAL to the bank.

Instead, bank’s used a HIDDEN CREDIT LINE to commit fraud & theft.

[Mike Breen @MikeBre14267200]

@Bloatee1 @ArturNadol7566 @TheFCA Absolutely 💯 percent.

[Nisho 🚜 @nish_nisho]

@ArturNadol7566 @TheFCA @BBCBreaking @BBCNews @BBCWorld @SkyNews @SkyNewsBreak
@UKLabour

[upforthefight @upforthefight1]

@ArturNadol7566 @sheilaoliver16 @TheFCA Defaulting businesses is a deliberate ploy to stop small and medium sized businesses from trading as it wants 👇 state run businesses. That's also why we're are seeing betting shops, pubs and restaurants go under thru intentional businesses costs increases.