Dexia – symptom of a wider malaise

To precis IPJ and Ironies Too:

In October 2008 Jean-Luc Dehaene became chairman of Dexia Bank, a Belgian-French bank … in problems due to the financial crisis, he was asked to lead the company through the difficult period. Because he has an extensive political background it is thought that he can cope with the negative perception …

Well … he failed, but is it really a surprise, as [this ex-Belgian PM] has a history of rewarded failure at the highest level – most notably the Dutroux scandal, [receiving during this time] the Vision for Europe Award in 1996.

In 1999 he joined the Board of Directors of Lernout & Hauspie where he was part of … one of the largest corporate scandals in history prior to Enron. In early 1999 the Wall Street Journal, ran allegations in its Heard on the Street column, by Goldman Sachs analyst Robert Smithson, that earnings had been overstated. Further investigation by Wall Street Journal staffer Jesse Eisinger led to the revelation on 8 August 2000 of a major financial scandal involving fictitious transactions in Korea and improper accounting methodologies elsewhere.

Lernout & Hauspie finally went bankrupt on 25 October 2001 after having struggled for a year. Another failure for Jean-Luc Dehaene.

On 20 September 2010, co-founders Jo Lernout and Pol Hauspie, as well as Nico Willaert, former vice chairman, and Gaston Bastiaens, former chief executive officer, were each sentenced to 5 years prison (of which 3 years effective and 2 years probationary) for fraud by the Ghent Court of Appeals. However, due to the endemic problem of overcrowding in Belgian prisons and the policy of not executing sentences of 3 years or less, it is quite unlikely any of them will actually serve any time.

Surprisingly Jean-Luc Dehaene escaped unscathed and the technology ended up with Microsoft.

Months after Lernout & Hauspie went bankrupt he was nominated by Guy Verhofstadt to become Vice Chairman of the Convention on the Future of Europe, the forerunner to the Lisbon Treaty, working with Valéry Giscard d’Estaing, the president of the grouping. That was a monumental failure, so much so that the EU had to make do with bribery and skullduggery to get the same wording into a convoluted Lisbon Treaty to get it ratified.

After the Belgian elections of 2007, Dehaene was appointed as mediator in the process to form a new government. Another notable failure. Apart from his work at Dexia, he is now the chairman of Uefa’s Financial Control Panel. More scandal and failure. The CEO and Chairman of Dexia have admitted that the bank operated as a hedge fund, and yet they are given serial bailouts at the taxpayers’ expense.

Seems that wherever money and power come together in Belgium the chubby fingers of Dehaene are somewhere around, usually ending in rewarded failure.

Now, add to that the Dame Elish Angiolini DBE QC scandal [tomorrow], plus the Missouri River scandal, plus … oh, we could go on forever.  The bottom line is that there are certain people who should never, ever be put in charge of anything [in no particular order]:

1. Global socialists;
2. Parachutees, particularly the female ones who’ve made the headlines recently;
3.  Bankers and similar parasites;
4.  Politicians;
5.  Career bureaucrats;
6.  Left-liberal PCists;
7.  HR [post coming up on HR].

True, other humans make mistakes too – that’s always going to happen by the law of averages – but for real social disintegration, them’s the ones on that list to avoid like the plague.

Let’s see what this man wrecks next.

UPDATES

http://www.zerohedge.com/news/dexia-common-stock-reopens-trading-collapses

http://www.zerohedge.com/news/two-more-european-banks-nationalized-following-dexias-example

2 comments for “Dexia – symptom of a wider malaise

  1. October 12, 2011 at 8:01 am

    Brilliant research with much material which I had not known. Thanks also for the link.

    This man typifies for me, not just a failure by Belgium, but of the whole EU. I have often pondered, particularly after visiting Brussels, on how much the deep sickness of the EU, and nearly all closely associated with it, stems from its base in Brussels, or whether it is the other way around, and that Brussels carries an infection partly caused by the EU.

    More usefully, think of the natures of the people who have continuously been pushing Dehaene to the top, whose base interests he has presumably been effectively promoting. That is why we must expend every effort to ensure that it cannot survive this crisis, or if it does, our nation should have no part in it, never ignore the obvious fact that the leaders of all three of our political parties are similarly EU controlled!

  2. October 12, 2011 at 9:15 am

    That’s IPJ’s and your research of course.

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