FitzPatrick bears brunt of fury (Sunday Business Post)

FitzPatrick’s new acronym is SPF apparently. P for … Ponzi.

The shareholders demanded to know how FitzPatrick had been able to get away with it and, to everybody’s surprise, O’Connor volunteered some new information about an ‘SPF’, which the financial media initially feared might be yet another acronym for some special purpose off-balance-sheet vehicle.

It emerged the SPF referred to in O’Connor’s slides was none other than Sean P FitzPatrick himself, who had concealed part of his own liabilities off his bank’s balance sheet. The slides showed that SPF had €84 million in loans outstanding at the end of September last, a little less than what the media had previously been told, due to an error by the bank.

The slides also revealed that SPF had only disclosed loans of €7 million in 2007 when, in fact, he had €129 million in loans with the bank at the time. SPF had concealed his true position at the end of 2007 by refinancing €122 million with another bank, separately known to have been Irish Nationwide.

Behold the sacrificial lamb!

He is the no sacrificial lamb he has fatten himself and its time he was Slaughtered. If this was in the US he would be prosecuted for hiding information from shareholders, not to mind the fact that he personally gained from it. That wont happen here, he’ll just have to deal with a little grief.

What is it with this country? White collar crime is endemic and the criminals at the top know they can get away with just about anything while us plebs simply have to take it.

When foreign investors look at the Irish finacial system they see incompetence, croneyism and corruption. No wonder the banking here is bandjaxed and if not rectified will ultimatley collapse and soon.

lets not be deflected by Seanie alone…

True but equally it would be wrong to focus too much on E&Y, Neary, Hurley, etc and forget who is really to blame here, imo.

All carefully planned so as to deflect form the the rest of the gang. Neary was not the real intended patsy it was Sean Fitz.

Their is nor honour among theives.

There are a lot of “sheeple” metaphors in this thread.

Yes, we must not get deflected by Fitzpatrick, but “leaving him be” is not the answer either.

We need to start dealing with the loans we have unwittingly extended to an elite of property developers and speculators. Our children’s future is at stake. Every last cent must be recovered and every measure possible must be taken in the process. Including personal financial ruin.

Cleaning out Fitzpatrick would be a good place to start in demonstrating that the will is there to deal with this problem.

I think we have only a matter of days.weeks before a major incident.
All the signals in the media is that know know. Positions I would guess are being assumed very quickly while we all gawk at the poor child’er on the the late. Unless anyone knows otherwise, we’ll be the last to know.

Makes me think of the film The Untouchables - if only we could get a small team of investigators to methodically root out one after another of our corrupt officials.

You Are In A Rut , You Got to Get Out of It

SPF = a problem
But not the only or larger one. We need to keep the big picture in mind.

Agreed but it’s rare to see somebody involved in white collar crime actually take the rap in the country so when it happens, I’m inclined to be skeptical as to the motivations.

Ken Murphy DG of the law SOciety and Ivana Batcheck on the repeat of the Newstalk show on at 10.00am BOTH said that they believe that very serious criminal law questions arise Batcheck says as a criminal lawyer she feels the law HAS been broken.Veradker is also on this panel

Dear suckers of ireland,
hope youse are all enjoying the storm in Ireland, both the metereological and metaphorical high winds and driving rain.
Im currently enjoying my holidays in South Afirca, 5 star quality hotels are really just that…5 star. Working on my tan and
mulling over what I will do with myself. Im torn between having another large cocktail or jumping into the pool as its pretty hot here at the moment.
anyways take care of my bank for me…
all the best

Don’t choke on the cocktail stick, authority folks en-route to pick you up, start packing SPF. How’s your sky-diving these days, who packed it :angry:

for irish nationwide seanies loans were far more significant - think it is a top 30 debt. So their auditors must have known that these loans were coming in and out and must have suspected what was going on. INBS auditors for past 8 years …KPMG.

Much less blame attaching to KPMG here - AFAIK, SFP was availing of the fact that Anglo and INBS had differing year ends. As far as KPMG were concerned it would be two simple compensating transactions occurring within the course of a financial year so no actual distortion of figures or fooling of INBS members.

Having said that, KPMG could have referred it to the bould Neary but it would appear that Neary would have the intelligence or balls to progress the matter.

Surely the other directors must take some of the blame as well or will they be allowed to disappear onto the other boards that they sit on !!!