– Misplaced Trust –
Nation by nation, drip by drip, the repetition of bribery, corruption, fraud and bank funded manipulation through institutions such as Political Parties, Foundations, Endowments, Development Funds, Institutional Investors, and others continues to wake citizens from their illusory beliefs.
I was saddened to read that the Hungarian Prime Minister Office was to move into the lavishly refurbished Sándor Palace …
Mayday! Mayday! Mayday!
The threads that connects today’s crises are the fraudulent state of the legal & monetary system.
Major scandals and crimes are commonly politicized, effectively grants immunity to the elite.
The elite criminals are in charge.
Governments with their money masters and cronies have instituted a system of organized crime internationally.
The worldwide crisis continues… ~Ron
Hungarian central bank Governor Gyorgy Matolcsy is facing increased scrutiny and calls for his resignation over spending at the monetary authority’s network of foundations after a court decision prevented them from keeping the information secret. –Bloomberg
Central Bank of Hungary
Foundations funded by the Central Bank of Hungary (MNB) last week lost their right to keep details of their spending secret. It turned [out] that public money had been poured into book publishers, researchers and a media company owned by relative of the bank governor György Matolcsy, a long-time ally of the Hungarian PM. But the only casualties of the story so far have been journalists.
The Central Bank of Hungary has started six foundations since 2010. Their stated aim was to promote educational programmes. More detailed questions about their exact purpose were deflected on the grounds that the money was handled by a private foundation instead of a national body.
That was until last week, when the Hungarian Constitutional Court struck down a law that would have restricted financial scrutiny of the foundations, forcing them to publish hundreds of contracts. They didn’t publish everything but they were forced to reveal contracts over 5 million forints (16 000 EUR). The redacted documents reveal the purpose of the spending but still not those benefitting.
How much did they spend?
The foundations altogether have spent around 260 billion HUF public fund which equals approximately 840 million EUR derived from profits booked partly on the re-valuation of foreigh-currency reserves.
Where did the money go?
The monetary authority had been already criticised for splashing out on real estate, artwork and security- investments it insisted are justified because they earn money for the nation.
According to the latest contracts other funds went towards a news website, history books and research trips to east Africa.
Who paid the price?
Only one recipient has so far revealed its links to the central bank cash. New Wave Media, publisher of website vs.hu said it received more that 500 million forints (1,6 million EUR) for multimedia reports. The company’s owner is the cousin of the Governor of the Hungarian National Bank.
Though the website’s objectivity has never been questioned and its reporting is considered impartial, the editor in chief resigned along with at least 10 other journalists who said they hadn’t been aware of the financial arrangement.
András Kósa, one of those who quit, told Euronews: “It was obvious that after this story Vs.hu cannot be a professionaly correct place to work at anymore so there was nothing else to do than resign.”
But that wasn’t the end of the fallout. A number of journalists who decided to follow up the news by asking the government about the issue found themselves banned from parliament, under the pretext that they had tried to pose their questions in an off-limits area.
Klára Kovács, a video journalist for Nol.hu news site told Euronews that she and six other journalists had been punished for pursuing the story.
“I am a journalist, and not only in parts of a building where politicians permit me be a journalist. I am asking what average citizens would like to but have no access…, otherwise I could give back my press card”, she said, adding that the prime minister had refused to answer her questions…
And See, Hungarian prosecutors undermine justice: