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The Word on the Week

Seanie’s Sums

So the figures don’t add up! The ace Banker and “brains” of the Irish financial world ran out of options this week. Just when we thought he would never be caught he declared himself bankrupt. His liabilities exceeded his assets by a cool €96.7 million. Such was his confidence in his abilities during the “good times” that he not only loaned generously the banks money but took a stake in many of these investments himself. How did he do it? One financial source quaintly put it that he had a “piggy bank” within the bank with which he indulged himself. In fact it seems that he had become a “deal junkie” drawing down funding from four other financial institutions in addition to his activities in Anglo-Irish. As one developer put it, you could put a proposition to him in the morning and get an acceptance by the afternoon! Sadly competition drew our other banks into the lending spree as they tried to retain their clients and in an environment of lax supervision and a government which was enjoying the ride, the bubble burst. Now in damage limitation mode Seanie has been able to tap into his very considerable pension and reinvest in joint names of himself and his wife. Indeed his six homes have also joint ownership so he had better be good to Triona as his half share (in both pension and houses) has now gone to his creditors. The Bible puts it simply, But godliness with contentment is great gain. For we brought nothing into the world, and we can take nothing out of it. But if we have food and clothing, we will be content with that. People who want to get rich fall into temptation and a trap and into many foolish and harmful desires that plunge men into ruin and destruction. For the love of money is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many griefs. 1Timothy ch.6 verses 6/10. Sadly there may not be much faith around to wander away from. St Paul sums up the scene in his day by concluding, “There is no fear of God before their eyes”. Romans Ch.3 verse 18. This fear is healthy as it recognises the fact of judgement to come. St Paul goes on to write that we are all debtors and cannot meet the demands of God’s bankruptcy court. The good news of the Gospel is not that I can pay my way but that God has provided a perfect surety in Jesus Christ. This is the news we need to hear whether it is Seanie or you or me! Listen to it again! “All have sinned and fall short of the glory of God, and are justified freely by his grace through the redemption that came by Christ Jesus. God presented him as a sacrifice of atonement, through faith in his blood. He did this….so as to be just and the one who justifies those who have faith in Jesus.” Put your faith in Jesus.