
June 2015 13
company, M & J Wallace, which was put
into receivership after he was unable to
meet bank debts of some €m.
However, he was not made bankrupt
and says he still leases the wine bars and
coffee shop in the Latin Quarter from
the banks which took them from him;
employing people in jobs that pay
well above the industry norm.
Notwithstanding the continuous
years of hostile reporting of his finan-
cial affairs by the Irish Independent,
Wallace insists that he settled his issues
with the Revenue over the under-decla-
ration of VAT which arose because of his
genuine efforts to save his construction
business, and made payments for thir-
teen months until a High Court
judgment for €.m in favour of ACC
effectively brought the company down.
He also insists that the widely held, and
reported, view that he withheld pension
entitlements from some of his employ-
ees, is simply false.
“We paid every penny due of the pen-
sions. I was fined for late payment and
this was due to a row over whether we
owed money for people who had left the
company”.
After watching assets once valued at
€m drop to €m in the property
crash he believes that there is another
scandal about to emerge over the
manner in which huge profits are being
made by certain investors, including US
vulture funds, which are getting in on
the act while others are excluded from
privately-organised sell-offs.
“The IBRC issue is just the tip of the
iceberg when it comes to insider dealing
in the sale of distressed assets”, he
claims.
Across the country, Wallace believes
that over half of the population is strug-
gling to pay their bills at the end of the
month and these are the people search-
ing for a political solution to their
personal and family crises.
“We have never witnessed such num-
bers of people in such a difficult place.
These are whole sectors of society who
are poorly represented. They want soci-
ety run in a fairer manner. Sometimes I
listen to people in the Dáil going on
about things and they are clueless.
There is a serious shortage of people
with experience in the real world
including how to run a business. And if
you think the Dáil is a talking shop what
does that make the Seanad. The great-
est load of b….x”.
Wallace does not do clinics or attend
every second funeral in the constitu-
ency as other politicians do with their
time but he is a frequent speaker in the
Dáil, contributing five or six times a
week since he was elected after topping
the poll, in .
“I could top the poll the next time or I
might not get elected at all. I said when I
was standing for election that I don’t do
parish pump stuff, clinics or funerals. I
said I would be a national politician
because that is what people need. I
might lose votes from some people who
supported me last time but I have stuck
to my word”.
He might lose votes over his stance
on other subjects including abortion
where he supported Daly in her effort to
repeal the Eight Amendment, and over
their invasion of Shannon airport in
search of US weapons. But it is his cam-
paigning against austerity that is likely
to shore his position when the election
comes around over the next eight
months or so.
“Neo-liberalism has never been as
strong. The stupid decision to sell Aer
Lingus which is a profitable company is
an example. It is wrong to suggest that a
small airline cannot be successful. Busi-
ness does not have to be massive to
survive”, he argues.
He believes that Fine Gael will be the
strongest party after the election and
may well have the option of joining with
a few right-wingers from the Shane
Ross or Lucinda Creighton groups of
independents to form a government. He
won’t be among them.
He welcomes the initiative which has
emerged from the RightWater cam-
paign for a policy charter around which
the left, including Sinn Féin, the smaller
parties and left independents, trade
unions and community activists could
unite.
“I would very much welcome if a seri-
ous and substantial agreement around
sensible and credible policies among
like-minded persons on the Left was to
come out of this initiative. I am not
talking about a new party but a set of
policies that the mass of the people who
are struggling can relate to”.
He also believes that people are
crying out for honesty and truth in the
media and was angry but not surprised
by the research of UCD lecturer, Julien
Mercille, which showed that only % of
articles written in the national press on
solutions to the economic crisis were
against austerity.
“What we are missing very badly is
real, serious independent journalism. It
could improve how most things are
done in the public and private sectors if
we had a media that were not so wedded
to the neo-liberal agenda”. •
A scandal
about to
emerge over
the manner in
which huge
profits are
being made
by US vulture
funds, while
others are
excluded from
privately-
organised
sell-offs
“