Madoff-style schemes an 'open secret' in Ireland

Madoff-style schemes an ‘open secret’ in Ireland -Neil Callanan → tribune.ie/business/news/art … n-ireland/

Is this not what happened to Uncle Gaybo back in the day.

NAMA is there to ensure that the banks don’t try to call in the loans attached to these syndicates. Is Neil saying that certain specific syndicates have ‘members’ who DID NOT EVEN KNOW they were members ??? Oops :nin

Only about 5 ‘syndicators’ were that big and trusted so they would get rather widepowers of attorney.

Quinlan when himself was resident in Ireland and before they changed their name to something dead yucky was one such operation NOT that they would EVER have done something like that so it must be one of the other four innit. Naturally not even Anglo would have lent such an operation any money…maybe Fingers did ??

I think it’s probably one of the “rail tracks, ching-ching, no questions asked” banks…

And the IMF said they want these banks position on PE schemes ‘sorted’ and put to bed by end 2013.

Looks like “That was a Fake Power of Attorney on file” is being rolled out as a defence mechanism to hinder enforcement on assets and personal guarantees.

It will all end up in the Four Courts

Are they talking about Anglo, Irish Nationwide, AIB, or BOSI? :laughing:

Thats not how I read it at all.

I understand Neils article to be about ‘reputable’ investment businesses.

As evidenced in the article the ‘power of attorney’ was freely given, the implication being that this was an investment fund where control was ‘signed over’ to the executors for day to day management of assets.
Standard practice, really.

Clearly the professional classes have been skinned by one particular fund are are seeking redress.

The idea that these were an ‘open secret’ merely implies that anyone with half-a-fucking-brain could see the promised returns were nonsense.

Without any insight or information, this looks more like a stockbroking or spread-betting outfit.

No I disagree. I think this is about going public in a spat about a bank threatening enforcement.
A POA can’t be both “freely given” and invalid.
The lawyers representing the investors are arguing that the POAs were faked or are copies/undated and are thus invalid.
Journalist can’t see he’s being used in an enforcement spat that’s going public.

What a strange story.

Unnamed (bar one solicitor mentioned) sources are passing on rumours about unknown investment vehicles set up by unspecified persons.

Next week’s story will be:
Rumours in Tescos suggests that corruption among politicians was an “open secret” and they took amounts of money for various favours which is for unspecified reasons illegal.

I’m sure we all know that there is mad stuff like that just waiting to get out, but why all this secrecy?

Very strange.

Very experienced insolvency lawyer based in Cork.

Wrote the book in fact

bankruptcyandinsolvency.blogspot … y-law.html

Are there a syndicate of investors in Cork in deep trouble or is it co-incidental and he is just the go to guy for quotes for the journalist?

The allegation is that a POA given to …EG buy a Banana Plantation in Jamaica…has FURTHER been used to create another syndicate…EG Allegedly to buy Sierra Leone.

Implicitly once these ‘prime’ investors were ‘on board’ the banks were tapped for money somewhere along the line to fund the syndicate.

Someone found out they were members of some ghost syndicate, maybe a banker asked them how their Sierra Leone investment was going ??? But I have no idea which outfit(s) was/were forging these signatures.

No I’m not being used thank you very much. Been after them for quite some time. Now about that Tribune story that Ireland wouldn’t be able to raise money on the bond markets…

But hey you can go read about our news stories from weeks, months and even years ago in the other papers now.

It’s called Irish libel laws. So if someone is within a readily idenitifiable group then they can sue if they believe it is implied that their business or they themselves are crooked. So for example I could write all lawyers are corrupt but I couldn’t write all lawyers working in (insert niche area) are corrupt. If I did then the lawyers in that area who aren’t corrupt can sue. There was a case where an Irish newspaper wrote that two people based in a certain office were corrupt but didn’t name them. The other ten people in that office sued and won. The only two who didn’t sue? The corrupt ones.

The whole banking system is a ponzi scheme.