Execs still owe €22m . "Good Man Willie" Owes €8m

Irish Times Story Today

irishtimes.com/newspaper/fro … 11025.html

The execs ( they still work there )

and as for the legendary “Good Man Willie”

Lets hope no Macau Casinos are involved Willie!

One thing that intrigues me regarding “Good Man Willie” is why he resigned later than the other directors?

independent.ie/business/iris … 95116.html

He stayed in situ a good few weeks after Drumm and Fitzpatrick and most of the non-execs had resigned.

My first reaction when I saw the story in the IT is “what bigger story are they trying to bury?”

Just like the Golden Circle story was used to cover the trail of the much bigger story of the real big boys who got Anglo covered by the bank guarantee and then nationalized.

The really interesting number was the detailed breakdown of Anglos 70B in loans first published last week. (Page 65. Anglo Informtion Pack)

finance.gov.ie/documents/speeches2009/sfbl034suppfinaldoc.pdf

So not only was the percentage of property development loans understated by 50% in the public accounts but there is the very interesting catagory “personal” loans. It seems that 5% of Anglos loans were ‘personal’ loans. Thats around 4 billion euro. Thats a lot of ‘personal’ loans for a non-retail bank.

So who was that money loaned to and what collateral was pledged in return?

I suspect the answers are the usual suspects and none at all?

He got the shortest straw for the shredder :nin

Somebody had to carefully remove those files with collateral and guarantees before the government nationalised them and locked the cupboard. Could Willie have volunteered for that important job ???

Fair play to ya Willie…

Here is a song about Willie

“You are my angel Come from way above To bring me love”

https://www.youtube.com/watch?v=jZsHNkAJBDU

Maybe that is where much of the phantom developer equity comes from.

First, the bank starts to admit that a certain fraction of its loans are receiving active management, it increases its bad loan provision but by an unrealistically low amount, and its share price collapses.

In the second scene, evidence of malfeasance starts to appear, as senior bankers are found to have had difficulties in distinguishing the bank’s assets from their own, and to have been acting as poachers as well as gamekeepers in their dealings with developers.

It is to be hoped that any Irish bankers in this situation have heeded the cardinal rule of Irish finance and kept their more imaginative dealings within the jurisdiction. As Patrick Gallagher discovered, the British judicial system takes a less indulgent view of lapses of fiduciary responsibility than does our own, and seems to harbour a particular antipathy towards charming Irish rogues.

In the final stage, as the bank slides over the brink of collapse, senior managers loot its assets. Looting a bank involves nothing so unsubtle or easily traceable as driving away with carloads of cash.

Instead, each bank has a filing cabinet with personal guarantees written by borrowers and deeds to property pledged as collateral (large property deals involve surprisingly little paperwork); and these documents have a tendency to find their way into the briefcases of departing executives who can later negotiate their return to their original owners.

:open_mouth: :open_mouth:

So a few confidential crumbs about the evil bankers are thrown out while the affairs of the banks clients are going to be wrapped in confidentiality enshrined in NAMA. :angry:

Interesting to see what will happen. These people know shit, so probably fuck all.

Some goodies in the Supplemental document published last week. Mostly rehashes of information in the public accounts but some gems buried in the noise.

On Page 69, it seems Anglo has 1.2 billion of non performing ‘other’ lending. How much of this is from the personal loans (5% of total, more than 3 billion). Not many other places it could have come from.

Edit: Removed paragraph of speculation about depositor numbers and who they were because I misread the table and got the number wrong by 3 orders of magnitude. Oh well. Win some, lose some…

“Fair play to ye JMC” Yes, indeed, the murk is starting to clear, can you post pdf or website of this…

So this guy owes Anglo 8m. I presume he borrowed the money to buy shares in Anglo?
So the chances are he cannot pay back the money. How long does it take for him to be declared bankrupt?
Do you think he has put his name down on the social housing lists?

Its this one.

finance.gov.ie/documents/speeches2009/sfbl034suppfinaldoc.pdf

Most of the information in the individual bank information packs is out of their public accounts but in the case of Anglo there are some breakdowns into more detailed information that was missing from the public accounts. Like actually breaking down by sector what the 70% of Anglos loans that were covered by a single catch-all category in the public accounts. Plus the detailed breakdowns do not match the numbers in the public accounts published last year. The percentage of property loans was understated by 50% last year, etc.etc.

+1, great description

no wonder ICTU will strike if the tax payer is picking up the tab for porsches and personal loans to directors. Anglo makes me sick.

XX

That isn’t why ICTU will strike. ICTU will strike because they have no concept of market realities, because they cleave to an “I’m alright Jack” mentality and because they couldn’t give a f*** about the private sector.

hope you don’t mind me paraphrasing

the national anthem should be changed to the super furry animals song “man don’t give a fuck”

by the way thats a quote from an article by Morgan Kelly in December… that man is a legend, i thought FF had him bound up in a car boot somewherew nothing from him in months then he appears for ACC against Caroll, Ireland is fucked up people listened to the rat in the anorak instead of him…