It’s refreshing to note that while the government was paring between 3 and 10% of the wages of its workers that Mr Lynn can walk around the world for sport oblivious to the possibility of meeting a sanction for his actions. Great wee country.
Surely some coincidence.
The Irish Mail on Sunday has a tell-all interview with Lynn.
Photos of him mooching in an underground car park.
“I never defrauded anyone. What I did was acceptable practice for bankers, lawers, accountants and auctioneers”
“I want to come home even if it means a few months in jail”
“I won’t be made a scapegoat for the excesses of the Celtic Tiger”
Please read the article BEFORE you eat your breakfast.
Sounds like he’s feeding from dumpsters. I doubt it.
Click a couple of time until they enlarge:
Great job - thanks!
Misleadingly headlined. The scare quote:
“I was told “Fuck the small investors, pay back the banks.””
“I felt the establishment was telling me…“Fuck the small investors, pay back the banks.””
…it’s a fairly important distinction, since Michael Lynn’s feelings and perceptions at the time were not neccessarily reflected by reality.
It’s disturbing how often he refers to himself in the third person, especially in the second article. He sees no reason he should go to prison, although he is apparently willing to do 2-3 months. His point being (I think) that fraud was so popular and acceptable in the circles he moved in, that he doesn’t see why he should have to go to prison if no one else will.
Oh, and also, he reckons his property fund “Kendar” would have worked if people hadn’t looked so hard at it. And he blames the banks for getting cold feet. If they had just looked the other way, everything would have been just fine.
One of his lines must worry banksters though:
“I’ve thought of returning to Ireland, to face up to my responsibilities, * and the responsibilities of others *.”
Actually, Lynn makes a fair point here. The Lynn case was headline news in Ireland, for a few days, but I’d wager it was not even mentioned in despatches by the international financial news media. Although the more attentive and savvier international investors in Irish banking shares might have noted the case, and drawn conclusions about the underwriting standards of Irish banks. If they were smart, they could have jumped ship before the rest and sold their Irish bank shares close to the top (even in late '07, Irish bank shares were not down by that much on peak).
The head bankers and their buddies the head regulators have completely and utterly shafted the reputation of Ireland internationally. Lynn is just a small player - as the title says, the Irish Casey Serin. His misdeeds, such as they are, are of no systemic importance, apart from what they suggest regarding poor controls and low underwriting standards in Irish credit institutions.
Sounds like an Austrian Economist to me!
So that explains fianna fail, and half the country.
I believe Michael Lynn was interviewed on RTE Radio yesterday, but I can’t get my hands on a copy of the interview.
Has anyone come across it?
Apparently the interview was with the Mail but Marian Finnucane played some of it as well, see here. There are partial quotes on the site, not sure where they came from.
“I can’t return until I have the investors absolutely secured,” he said. He also indicated he was willing to go to prison for “one month, two months, three months”, though he added that he did not see why he should.
“I wouldn’t see any reason why I would have to go to prison and the one thing I want to make clear is that I am not going to be a scapegoat for others,” he said.
“I am not going to be used as an example of what was recognised as an acceptable form and practice of business by bankers, lawyers, accountants and auctioneers. I am not going to be the poster boy who ends up in prison to my cost alone.”
The Law society has given a response to the interview in yesterday’s Times as well.
I still can’t find the interview itself online though.
a ‘scapegoat’ for bankers? what spin!
he won’t be a scapegoat for them, he’ll be a criminal who robbed a lot of innocent people and goes to jail.
there is a difference
I believe his point is that was standard practice so why should he be the fall guy. Perhaps he could write a very interesting expose.
Another reason why we need plea bargaining in Ireland. Offer him a reduced sentence in return for bringing in a few big fish.
I stand to be corrected here but one of his crimes was signing documents to say that there was no existing mortgage on properties he was applying for mortgages on - what was standard practice was that funds were drawn down without the banks doing checks to ensure that this was the case, it was worked on a “trust” basis between solicitors and banks.
He’s no fall guy - he’s a thief.