Is there an argument for favouring foreign candidates for the top regulatory positions (including ODCE) for a decade or two until we Irish get the hang of what’s required?
Why stop there? I’d be in favour of banning most Irish TDs.
The regulator was appointed to suit the light touch regulation/ efficient markets mantra of the PD/FF government of the day. Id much sooner see the decision taken out of the hands of any government or at least be overseen by the ECB. They are unlikly to appoint someone dodgy given the current mess.
Fuck the Indo and its spin. Of course they fucking knew. Who doesn’t know that.
But the question is not that Anglo were aware of the depths of the trouble. The question is were the government and the comfortable assholes in the Dail aware of it.
When they came to discuss the twin strategy of the Guarantee and Nama in the dail a year later, what was their actual and real understanding of the situation?
Because it certainly wasn’t just Anglo knew what was going on. The dogs on the pin knew it (do a search); the journalists writing for the WSJ and FT knew it; the markets knew it; and many many more.
Did they really think they were dealing with a temporary liquidity problem or did they just perpetuate that assumption to allow them to throw a (loaded) dice one more desperate time so that their own investments and the investments of the Galway tent gang and ‘great and good’ of Irish society might be given one last chance to come good.
Fuck the Indo. Lying cunts indistinguishable from the tribal-socio-economic establishment grouping that tacitly orchestrated the systemic gombeen rentier speculative paradigm that we are expected to slave away to pay for for years and years.
^ there is nothing new in these tapes, and they are being lauded to the hilt by the media in general. therefore , a rat I do smell…
They’re just trying to sell newspapers. No need for a conspiracy.
Selling is part of it but it is likely part of an agenda to get the banking inquiry off the ground and win public support for the extradition proceedings next year of David Drumm. Note all major newspapers in this country are compromised by their company debts and write downs by state owned banks and the interests of their controlling shareholders, it is quite normal for them to push the agendas decided by the government spin doctors who very often originate in the same media.
^ excellent point!
Anglo Tapes: The key days - -> independent.ie/business/iris … 16998.html
How come the Maple 10 don’t figure in these tapes so far…?
This is incredible. And they’ve been making out like bandits at the taxpayers cost ever since.
I think ‘risk management’ undertaken by these institutions themselves is an entirely wrong approach to take, full stop.
Risk management by its very essence inevitably tends to direct activities towards riskier and riskier areas. But the ‘risk’ involved is effectively managed, supposedly.
But think of every financial institution doing this independently, under competitive free market conditions. - The winner is the one who is the ‘best’ risk manager.
A really good risk manager (in any discipline) comes down to his or her deep experience of the environment they are operating in - they are able to intuit the risk spectrum and its character and where ‘surprises’ might come from. The process stuff that comes after that is only process.
Let’s assume (probably correctly) that the best risk managers in these terms in the environment we are talking of were the managers of the hedge funds looking to short markets.
Now, what was a risk manager in an institution expected to do - spot the risk before the hedge fund? - Likely it is spotted in and around the same time (or the fact of someone else spotting it informs the other market participants) and you have a self perpetuating prophecy - the rout is on etc.
The concept of risk management as it is currently practiced has little place in financial markets and speculation. Rather, what is being talked about should be handled by regulation - pre-agreed limits are agreed on for critical financial metrics and ratios across markets, and when these are exceeded, a designed feedback mechanism kicks in to reduce the ratio or metric back to within the agreed limits.
Finance boss refuses to comment on revelations arising from Anglo Tapes - Roisin Burke -> independent.ie/business/iris … 36060.html
Anglo tapes: Department of Finance records may provide answers to disturbing questions - Arthur Beesley -> irishtimes.com/news/anglo-ta … -1.1449611
Minister’s top official digs in heels over papers - -> independent.ie/irish-news/mi … 10727.html
European Commission: No consequences for Ireland over Anglo tapes - -> breakingnews.ie/ireland/euro … 03745.html
New Anglo Tapes: ‘We’ve f**king let the world down’ - -> independent.ie/business/worl … 80091.html
‘Quinn is a cancer growing on the bank’ - -> independent.ie/business/worl … 80106.html
‘He (The Minister) made a balls of it . . . he killed us’ - -> independent.ie/business/worl … 80103.html
So a Lowry tape is leaked revealing a dodgy 6-figure sum, and a Revenue criminal investigation is launched.
These tapes are leaked revealing - what, pushing a 9-figure sum at this stage? - and nothing.