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
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
@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.
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
@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
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.
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?
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
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.
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
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!
@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.
@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.