Déjà vu?


#121

But if you use CFD’s (just like Quinn did) no one knows just how much you own. Desmonds recent sell-off of a big chunk of his AIB / BOI interests is instructional. His publicly declared positions was 1 or 2% but when he was building up his positions at the beginning of the year his trading activities accounted for a non-trivial percentage of all transaction on ISEQ at the time.


#122

Obviously I dont know the CFD positions, but to my knowledge the lads bought actual shares. Quinn also began converting CFD positions into actual holdings during Summer 08 apparently.


#123

Wasnt that forced onto him by margin calls?


#124

If I remember correctly, it was a combination of margin calls and new investments.


#125

All these three positions seem contradictory of each other. Why did Juncker agree to it, while Legarde disagreed & Sarkosy agreed?? A lot of this seems to have been done for optics & to help Lisbon 2. The whole article reads like the script of “24” :open_mouth:


#126

That’s an interesting angle in itself, certainly, but I don’t think it’s what JMC was referring to.


#127

Ever figure out who this guy was?
Would like an update.


#128

McWilliams book clears up some of the details of the night. Taking into account the usual BS and dissemblance it seems to have gone something like this. McWilliam planted the seeds of a bank guarantee based on the Swiss not Scandinavian model although others has been kicking the idea about for the previous few months. His proposal did not include bond holders or subordinate debt in the guarantee. More like a super FDIC. On the night in question lots of people were flitting about the corridors in Merrion St. All the usual suspects plus a few ‘surprising’ names including both Magnier and Desmond.

So the seeming contradictory reports at the time and since about who exactly was responsible for what can be explained by McWilliams et al been the originator of the basic idea but Magnier, Desmond et al been responsible for the fatal modification of the guarantee to include bond holders and subordinate debt. McWilliams was trying to save the depositors whereas the others were trying to bail out the insiders.

So far it looks like Magnier, Desmond et al are winning but the game is far from over. There are still a few nasty surprises to come.


#129

independent.ie/national-news … 90370.html

I’m pasting this article in full, I feel it it is a very important article. I would urge people to print out this article and read it several times. I think there are a few clues hidden deep within the article.

Financial hurricane that put the wind in Brian Lenihan’s sails
Finance Minister’s finest hour came when State’s greedy bankers became beggars, writes Daniel McConnell

Sunday October 05 2008

Just thought I would highlight some interesting insights from the article. .


#130

So.


#131

What’d you drag this puppy up for ? You reckon we’ve been playing snakes and ladders and found a snake or something ?


#132

The thread ain’t called “Déjà vu?” for nuttin’ :wink:


#133

Rename it “Jamais vu”!


#134

What I dont square about this is that it is obviously Quinn, but where does this fit with Dermot and JP being with the Dept Finance on the night of the gtee. Everyone hates Quinn, so they obviously had their own agendas.

That said, the scapegoat, Seanie, was really a scapegoat, as everyone around town know about his loans (and the Central Bank had criticised Anglo in relation to corporate governance issues to do with the transfers to IPL) months before he left.


#135

We have to find out who owes money to Anglo. Whose are the loans?

It is about the borrowers, not the banks.


#136

People working in NAMA and the Banks have to start leaking information. The resistance can only start there.


#137

“Fergus Murphy of the EBS” specifically named ahead of omitted bankers from bigger banks. Is that what you’re referring to?

Joe Lennon?
Peter Clinch?


#138

independent.ie/national-news … 82502.html


#139

I don’t think the special advisors are really players, although, as it happens, Joe Lennon was govt press secretary under Ahern. I mean, they are involved insofar as it’s part of their jobs but we should probably ask more questions about the people who were milling around govt buildings when big decisions were being made; people who had no business being there other than to defend their empires. The likes of Desmond and ‘legendary’ philanthropist JP McManus
thepropertypin.com/viewtopic.php?f=54&t=26717

Did we ever complete the Golden Circle? I remember the Sunday Times naming four and then a fifth emerging, but do we know the rest? It seemed to be overtaken by other aspects of the crisis (at least in my mind).

As OW said, it’s time for some of the many people working in NAMA and the banks to anonymously share important information in the public interest. You will not lose your job. And you might just help minimise the depths to which we are about to be plunged by a corrupt cabal.


#140

Given the line of work I am in, I have looked into these names (along with other names) to see if they had anything to be gained from the decision that evening and subsequently. I had at one time access to a fair bit of important information. I found nothing (apart of limited ownership of bank shares).

I actually asked why Mr. Desmond was where he was that evening. I directed this to department officials who were involved that night. The answer (which I believe) was that no one had a clue what was going on and advice was sought from everywhere. Say what you like about desmond but he’s a smart guy and his address book reads like the who’s who of the financial world. Given the standard of knowledge in the DoF, I’m not surprised they were asked their opinion.