Anglo down again

Anglo closed down about 8.6%, they had been up about 4.5% in the first half of the day. Rumours of a very big project going wallop in Galway. The developers are a consortium of Glaway’s finest, all Anglo clients and so the repercussions for lots of developments is significant as it will have a big repple effect.

That rumour re the Galway firm about to go wallop owing €300million+ has been around for a while.

It’s probably just all those evil short sellers…

Don’t worry when they all have to cover their shorts there’ll be a bounce…

oh…

wait a minute…

uh oh…

No this is different, connected but different. It relates to a development that is part financied (!) by the firm that are supposed to be gone bust owing€300m. It seems that the banks in Galway are shuffling the deck chairs. All the developers are inter-twined so bringing one down is going to add alot of pressure onto the others.

Just because shorting is banned doesnt mean its being enforced and policed. This ban is a nice opportunity for irish brokers to have all the short action to themselves and keep it out of the hands of the international hedge funds.
Just my two cents.

Theory? Suspicion? rumour? or are you saying that’s a fact?

be careful out there!!

Down another 10% this morning

What happened to the 100k deposit protection shoring up bank shares here???

That was just to stop a bank run…

but surely it is not just Anglo if it were a consortium of builders , can you PM me the details on the alleged development ?

Anglo hits all time low €3.90.50.

There’s more to this than the mess in the US, bailout wranglings on Capital Hill, etc. There’sa dam holding back all the bad stuff and it is about to break wide open.

Are we to take it that the ban on short selling has actually only served to lower confidence in banking stocks?

I mean, if you held stock in Anglo Irish and the government banned short selling but maintained that Irish banks were sound; would you feel more, or less confident?

Great point!

I know where it is now.

It is not €300m by any stretch of the imagination because the site works only started recently .

It is €50m at the very most I would say . It would , in fact , not be unfair to say that Anglo may well have saved themselves from a further exposure of €250m on it which should be good news in fact .

And that is if they were the only banker involved , otherwise those figures can all be reduced.

.

Is it public yet?

any sources?

New Low $3.80. Just about to crack…

It is still a very small project ( so far)

Not even offering to buy Irish Nationwide last week as they seemingly let it be rumoured they would do is a more likely cause.

There are cranes moving on that site right now so if you do not mind I will not name it under the circumstances :smiley:

“Anglo Down Again” -
shouldn’t this be a sticky? :smiling_imp:

Unlike the stupefying shambles that was the SEC regulation on short selling, the Irish financial regulator specifically closed off proprietary trading by market makers:

while adding:

Are Irish market makers openly flouting the regulations? And if they are, will anyone catch them? And more to the point, what about British market makers in the City of London? The FSA regulations on short selling make no reference to Irish companies listed on the UK exchanges. So who is policing the boys in the City?

I’ve already moved much of my deposits to the Premium Demand Account since the government announcement. Great news.