You know Anglo was London listed, which makes manipulating its share price a criminal offence in the UK. So far, the FSA has allowed the Dublin “authorities” to pursue the case. But if the Quinns succeed in showing that the Irish regulators were complicit, then DOF personnel who were an accessory to this Maple 10 deal would be vulnerable to prosecution if they land at Heathrow.
Pinochet didn’t have a contract that indemnified him against any actions !
This is all part of the big happy comfort blanket of working above a certain level in the PS. It doesn’t matter a shit how big the fuck up is, the State will step in & tell everyone, ‘hands off !’. If they didn’t, who’d take the job & carry out orders knowing full well that they were going to land them in the shit without the get out jail card ?
How would the Germans react if we started arresting some of their cowboys who operated in the IFSC during the ‘light regulation’ years ?
The unwritten rule with banks seems to be, that it’s up to the home country to decide on punishment; but the host country can PNG them to give the home country the hint.
We’ll have to wait to see what comes outin evidence. If these loans were illegal or unenforcable then Anglo/IBRC and the Regulator/Central Bank (and thereby the State) have been aware of it for some time. This would mean that the continud pursuit fo the Quinns is being pursued for political means and that the organs of the state are being used to deprive them of justice and their properrty rights rather than vindicate them. That would be pretty gruesome on the part of the State but it is unlikely anyone would be held accountable.
Is the Liquidator in charge of these loans now or has NAMA acquired them under the assignment of the security for the ELG? If I were responsible for enforcing the loans I would get a fresh second view from people who have not become very involved with, and thereby personally invested in, the pursui of this case.
I cannot get much detail on this online. An Irish Times online article suggests they are suing for €1bn, as does a Sunday Business Post article header but I cannot see inside SBP the article.
PWC being sued for €1bn by the Quinn Insurance Administrators is big news. The next question is did PWC properly limit their liability in their appointment.
Either way, one has to suspect that creating this uncertainty over PWC might boost business for other accountancy firms including Grant Thornton. If the case is actually won by Quinn Insurance then is PWC’s Irish business at risk? If so, will Grant Thornton and other large accountancy firms benefit from their demise?
What? Does he mean he didn’t try to put €500 million beyond the reach of his creditors?
I suspect he means he’ll be exonerated when Anglo are shown to be a bunch of thieving scumbags. But actually, that doesn’t get him off the hook.