Braised Beef Shanks

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1 cup oil, for frying

3 tablespoons olive oil

1 cup flour

4 each beef shanks, about 6 ounces each

Salt and black pepper

2 cups medium diced onions

1 cup medium diced celery

1 cup medium diced carrots

2 tablespoons chopped garlic

3 bay leaves

2 tablespoons chopped fresh thyme

1 cup red wine

2 quarts veal or dark stock

1/4 cup parsley

4 large parsnips, top skin removed and peeled into thin strips