Financial Regulator believes it was misled by Anglo

In other words we are dropping this lest we embarrass our political masters, we don’t want to loose this cushy number.

This is an arms length by Fianna Fáil standards , it is fumbling inside your pocket as it looks you in the eye .

From the above article:

The bank which bought itself?

I was wondering when this would come out and am shocked thatt it has not received more attention

Or the bank which raised money aggressively on international capital markets assisted by bogus financial reporting and loaned these funds to third parties to buy its own shares?

Sean Quinn was really taken for a ride. My god, he must be puking up in the sink.

From another IT article (Deception by Anglo may be at heart of State’s ignorance):
irishtimes.com/newspaper/fin … 89376.html

Re: Quinn, I remember reading a New Yorker article called “The Perfect Mark” from a few years back about how a Massachusetts psychotherapist fell for a Nigerian e-mail scam.

It contained a sentence that reverberates with every twist and turn of this sorry saga:

“Every swindle is driven by a desire for easy money; it’s the one thing the swindler and the swindled have in common”.

If Quinn is puking in the sink, it’s only because he became the mark he wanted someone else to be.

Article here: newyorker.com/archive/2006/0 … 515fa_fact

Is there anyone who didn’t deceive the Financial Regulator? What a bunch of muppets…

It’s slightly mind-bending:

Anglo lends money to Quinn to buy Anglo Shares.

Firms buy CFDs for Quinn.
Short sellers gets shares from said firms.

Short Sellers hammer Anglo because Quinn is holding CFDs.

Shares in Anglo collapse the more Quinn buys.

Quinn needs a dig-out. Anglo needs to be nationalised.

There you go - it was all the fault of those short-sellers!

“You deceived me!”

“You let yourself be deceived! But in your heart you always knew what had to happen here”

Lenihan’s Ball
Canny Hoore (sorry)
In the town of Anglo, one Brian Lenihan battered away till he hadn’t a share.
His father died, made him a man again, left him a bank and ten circles around.
Myself, to be sure, got invitations for the savvys and shakers I might ask.
Having been asked, friends and relations danced like bees around a Galway tent.
There was lashings of drink wine for the ladies, votes to be had for a CFD
Fitzpatricks and Quinns and all the Mulryans, courting the girls and dancing away.
While songs went round as plenty as euros,
The harps that are sounded through Tara’s old hall,
Mary Coughlan and the rat catcher’s daughter singing away at Lenihan’s ball.

CHORUS

    Six long months I spent in Dublin, six long months doing nothing at all,
    Six long months I spent in Dublin, learning to dance for Lenihan's ball.
    She stepped out, I stepped in again. I stepped out and she stepped in again.
    She stepped out, I stepped in again, learning to dance for Lenihan's ball.

  
They were doing all kinds of nonsensical dances all around in a whirligig.
Harney and I soon banished their nonsense,
Out on the floor for a reel and a jig.
How the girls all got mad at me for they thought the ceilings would fall.
I spent six months in Ahern’s Academy learning to dance for Lenihan's ball.
Well the savvys were merry and the shakers all hearty
Dancing around in their couples and groups.
An accident happened; Joe Higgins,
He put his boot through Miss Bowler’s hoops.
She fell down in a faint and cried, 'Holy murder!'
Called her board and gathered them all.
Casey swore he'd go no further till he got revenge at Lenihan's ball.
    
CHORUS
    
Boys oh boys 'tis then there was ructions. I got a belt from Cowan and co.
I replied to the introduction, kicked up a terrible hullabaloo.
Neary the piper was near gettin' smothered.
They leapt on his pipes, bellows, chanter and all.
Savvys and shakers all got entangled and that put an end to Lenihan's ball.

So if the regulator was ‘misled’ and the government allegedly didn’t know anything about all these shenanigans before they stepped in, why does the taxpayer have to foot the bill? The government should revoke the nationalisation and let all these fuckers go hang.

I think those massive loans taken out by Anglo directors will never be repaid, so effectively what we had was a bankrupt bank being run by bankrupt directors.

Shoudlnt the title be

The Current Financial Regulator believes he was misled by the Previous Financial Regulator and Anglo

The Legislation states that the Guarantee scheme is irrevockable and 6 months notice must be given to the relevant bank to terminate the guarantee, why though can the Government not change the Legislation with some emergency bill, no doubt someones going to tell me this is impossible.

It’s not that it can’t be done, it’s more that it would end up making every further statement of the government totally unreliable (as if :unamused: ). This would be very bad for the cost of Irish sovereign debt, never mind government promises used to secure FDI.

could it be shoe’d in pre- GE?

ie, in the name of natonal intrest (as if) could FF go to the opposition and pull the plug?

Then we have to get a shiny new government to do it.