The Sunday Times (15/02/2009) -
Full story -
The Sunday Times (15/02/2009) -
Full story -
Well Ireland will be officially in the toilet in the international arena as of Monday. The Sunday Times is to reveal that the regulators were aware of, and presumably sanctioned, the Anglo share support purchase of Sean Quinn’s unwanted 10%. A poster on politics.ie says that the Sindo also has the story. All hell is going to break loose tomorrow.
No wonder the regulator took the money and ran.
CDS’s at 500…
Lead story in the Sunday Times. They allege that the Central Bank, Dept of Finance (and by extension the government) knew in advance as well.
timesonline.co.uk/tol/news/w … 734201.ece
F¥€£ me. This is a disaster.
“Ah shure lads we’ll keep it all on the hush hush and it will be grand, Anglo isn’t goin anywhere”
No wonder they gave Neary extra cash, he will need to leave the country.
So the financial regulator, like the Chairman of the Fed., is now a stock-jobber. Big deal. His reputation couldn’t fall any lower, but it is nice to get confirmation of it.
But, there is a bombshell in this story:
Ten individuals putting down 25% - that’s 7.5 mn each. How many people, even quite wealthy people, have 7.5mn that they can pony up? Particularly in today’s markets?
This is the real story.
This is the golden circle.
This is what is being hidden.
This is what the other hand is doing.
As an aside
What is Mr. Hurley still doing in a job?
This is my first post, I am long term lurker here.
In early 2009, in India big outsourcing corporation “Satyam Computer Services Ltd.”, is gone burst. Because of cooking books. The media dubbed as “India’s Enron”. en.wikipedia.org/wiki/Ramalinga_Raju
Another classic of violation insider trading norm and cooking books. In simple terms fraud. All fine honky dory all fine. But Indian gov. acted in lighting pace, once known as “Business Leader & Entrepreneur “ put him in Jail, launched enquiry and appointed board of directors with in “Days”. Even its auditor PWC licence might be revoked to operate business in India once the enquiry is finished and if PWC are culprits.
What really astonishes me is in Irish/Irish media looked India as “The Third World”, here we didn’t have corporate and white caller crime laws at least as “Third world country”, I thought we don’t have only “Family Law” is not written, never thought Dept. Finance don’t know the term “Insider Trading” or “Corporate law”.
What Anglo & ILP did is cooking books, you need not to be Harvard graduate in economics or david mcwillams to under stand this its simple “Cooking Books” and “Inflating Profits”. How the auditors let this happen? What do mean they are resigned? This is reminds a skit from Pat Short, kilnascullay garda, Sean Fitz is scot free probably drinking jameson with his mates some where in a Golf club so does rest of the builders who build more shoe boxes then we need. It is baffling that No body arrested, no body is responsible and no answers? Even Dept. Finance or Justice didn’t seize even their passports? No wonder FT called Ireland is “Wild wild wild west of Ireland”. We are loosing creditability and faith ever second passes by for Irish Financial sector. It is Tsunami…
Looks like Celtic tiger hangover is hitting hard every body’s head, I wonder what kind soak up we need here?
So far, there has been no notion of “inflating profits”. What was done was to inflate deposits, presumably to show a more stable situation for the bank. It is not the same thing as deposits are liabilities, whereas profits are the result of gains from assets.
Can’t say I can argue with the rest of your post though!
Can we ditch this charade of the Financial Regulator investigating loans to directors, loans between banks or whatever else. The FR has turned out to be the dodgiest operator of the lot, the most crooked cop on the force. It’s long past time for calling in the fraud squad.
2 topics merged (only one post added, the first post)
An 8 page summary of the whole miserable debacle here:
Makes one wonder why Neary got a golden parachute instead of handcuffs, who could he possibly blab on?
any room in the Joy?
We might need more than one. If I am reading this and its implications correctly then “we” as in Ireland will be forced to shut these f’ers away for a long time. This could be the begining of the end for FF but they are taking the country down with them. Scumbags
I have used wrong wording “Inflating deposits” thus deceiving share holder and public. Looks like FR regulator didn’t learned any thing AIB fiasco in 1980’s or it has short term memory.
Could all involved be got on insider dealing? I know it’s not your typical form of this. I don’t know details of Irish law on insider dealing but thought it worthwhile throwing it in to the mix.
The regulator, the central bank, the dept of finance, anglo and a private cabal collude to manipulate the share price of a public company … ?
the deal turns sour and the taxpayer ends up on the hook for a few hundred million to cover the “beeznessmen’s” debt ?
and taxpayers are now expected to cover debt arising from a corrupt deal?
politicians, dept finance officials, anglo executives etc must be held personally liable for this.