Seanie Fitz - To be released without charges @ 1pm UPDATE: Sent for Trial 28/02/13

[Digout]

According to Garda sources, he will be a free man @ 1pm.

On the same day we find out that Anglo to transfer €36bn of loans to NAMA, up from €28bn last September.

http://www.irishtimes.com/newspaper/finance/2010/0319/1224266597449.html

http://www.youtube.com/watch?v=k2IwOemnjbI

[ZANU-FF]

Who is the chief puppeteer that orchestrated this charade?

Who leaned on Fachtna ?

[People Korps]

It will ahave to go to the DPP but Miriem Lord in the IT intones similer

[johnfás]

It would be incredibly unlikely in a situation such as this that charges would be brought at this stage. A far more likely outcome is a file being sent to the DPP while the investigation remains ongoing. Important to remember that during alot of this period (ie 2005 onwards) Fitzpatrick was the chairman, rather than chief executive of the bank. While all directors owe a duty to ensure correct books of accounts are maintained, the burden of that falls predominantly on executive directors, as a chairman Fitzpatrick was a non executive director at this stage.

What does this mean? It means that if prosecutions are going to happen, the focus legally will likely be predominantly on other members of the Anglo Board. The (former) Chief Executive of Anglo now lives in the USA so there is alot left to run on this story.

[greengoose]

Lads, lads! That was a foregone conclusion. A staged stunt to justify a years "investigation", no more, no less!

The only blood will be the ban garda who squealed on Sargent the Noble.

Looks like she's been released without charge as well. The file has gone to the DPP. As has Seanie's. johnfas can you explain...?

[Digout]

The key to all this is, who was giving the orders? who told the regulator to give a blind eye to all the messing? Who would Anglo, IL+P, INBS and the regulator all take orders from?

[Cassandra Syndrome]

The key to all this is, who was giving the orders? who told the regulator to give a blind eye to all the messing? Who would Anglo, IL+P, INBS and the regulator all take orders from?

Its Neofeudalism Digout. They make the laws, they get away with murder. Even if he was charged today, he can claim that the media prejudiced him all day yesterday. When somebody is arrested the name is never mentioned until they are charged.

http://www.declarepeace.org.uk/captain/murder_inc/site/pics/feudal.jpg

[Xray]

Vincent Browne last nite seemed cynical that the timing had more to do with the bad news we are about to get in the next couple of weeks on the banks than anything else.

I would echo that.

[Digout]

Lets be very clear about all of this. It was well known in business circles that Anglo was a basket case. This was known before anything became public. I heard most of the stories at a meeting months before they became public. Yet, somehow FF and the regulator were all saying that everything was ok. So, this means FF were not hearing the stories, or the more plausible answer is, FF knew well what was going on, as they were up to their necks in it.

Remember, page 1 of the FF handbook, deny, deny and deny.

[Xray]

Look, I clearly remember the morning I heard the banks losses had been covered during the nite. It took me about 60 seconds to work out that all of the massive speculative private debt had passed into the public domain. That the country was screwed and the fate of the scumbags was now cleverly tied to that of the rest of us.

I have no financial training or experience so surely they all knew the consequences of doing this in the department of finance?

If you ever want to know if we are about to be shafted by the banks again soon, watch the share prices. They are rising now quite dramatically so I would get ready for a roasting in the next few weeks. Everything else is spin.

[Digout]

Vincent Browne last nite seemed cynical that the timing had more to do with the bad news we are about to get in the next couple of weeks on the banks than anything else.

I would echo that.

Spot on, its all a circus.

[Xray]

Spot on, its all a circus.

A boring one. The leadership of this society, be it spiritual, political or business is way past the point where anything symbolic will do.

[ZANU-FF]

A boring one. The leadership of this society, be it spiritual, political or business is way past the point where anything symbolic will do.

What are you motivated to do about it X-Ray?

[Xray]

What are you motivated to do about it X-Ray?

I am motivated to tell you about it and express the truth as I see it. Sad as it is, that is more that most will do.

I think unlike you I feel there is a way out of this for civil society without throwing the baby out with the bath water. But the baby needs to go out the window, and we all need to understand baby has pooed in the bath.

I await the election, angry, but in control.

[Xray]

Lovely dog in the pic Digout, is it a german pointer?

[Digout]

Lovely dog in the pic Digout, is it a german pointer?

http://en.wikipedia.org/wiki/Rhodesian_Ridgeback

Decent animals.

[Digout]

Seanie has just been released without charge.

[toxic avenger]

To be fair, there was never going to be a charge today anyway. In a case like this, even if they plan to throw the book at him, he'd be released without charge with a file prepared for the DPP.

Apart from that, I'd be similarly pessimistic about this going the distance (particularly if he uses statements like Joan Burton's testerday as evidence of prejudice). And I'm doubly pessimistic about others like Fingleton, or the people who enabled these chancers, ever being collared. Too much knowledge about too many buried bodies...

[johnfás]

Fitzpatrick wasn't even the main player in Anglo legally from 2005 onwards. If they're going to seriously nail anybody it is likely to be Drum, who now lives in the USA, as I understand it. As a consequence it would be necessary to seek his extradition if he were to face any charges. It is unlikely that this would happen until a complete case is formed against any directors of Anglo Irish Bank. As I said, there is plenty left to run in the saga.

[Digout]

To be fair, there was never going to be a charge today anyway. In a case like this, even if they plan to throw the book at him, he'd be released without charge with a file prepared for the DPP.

Apart from that, I'd be similarly pessimistic about this going the distance (particularly if he uses statements like Joan Burton's testerday as evidence of prejudice). And I'm doubly pessimistic about others like Fingleton, or the people who enabled these chancers, ever being collared. Too much knowledge about too many buried bodies...

I'd like to know who was giving Seanie his orders.

[People Korps]

He is out http://www.irishtimes.com/newspaper/breaking/2010/0319/breaking1.html

[Digout]

As I said, there is plenty left to run in the saga.

They have had 15 months to investigate this. They are certainly taking their time.

[johnfás]

They have had 15 months to investigate this. They are certainly taking their time.

The Enron scandal broke in 2001, it took until 2004 for Ken Lay to be indicted and until 2006 until conviction. He died before he ever was convicted but that is irrelevant. That was in the USA which has far better resourced investigative agencies into corporate crime. These are complex exercises and take time.

Does that mean that you will ever see a conviction and that it is not possible that the whole thing is a vast conspiracy? Of course these things are possible. However, the simple fact that this process is taking time demonstrates nothing, it is, rather, inevitable.

[Digout]

The Enron scandal broke in 2001, it took until 2004 for Ken Lay to be indicted and until 2006 until conviction. He died before he ever was convicted but that is irrelevant. That was in the USA which has far better resourced investigative agencies into corporate crime. These are complex exercises and take time.

Does that mean that you will ever see a conviction and that it is not possible that the whole thing is a vast conspiracy? Of course these things are possible. However, the simple fact that this process is taking time demonstrates nothing, it is, rather, inevitable.

Where there is a will there is a way. What is being investigated here is not complex and there is ( prob was ) an audit trail.

We all know well why this is taking so long.

[C. Flower]

According to Garda sources, he will be a free man @ 1pm.

On the same day we find out that Anglo to transfer €36bn of loans to NAMA, up from €28bn last September.

http://www.irishtimes.com/newspaper/finance/2010/0319/1224266597449.html

http://www.youtube.com/watch?v=k2IwOemnjbI

Thanks Digout. I'll take that over to the NAMA thread.

This certainly has all the appearance of a stunt. A lot of sense on this thread.

I would like to know whose loans we are bailing out.

36 billion is nearly twice as much as the proposed EU bailout of the entire Greek economy.

This is simply not sustainable.

[Digout]

36 billion is nearly twice as much as the proposed EU bailout of the entire Greek economy.

This is simply not sustainable.

Thats just Anglo, wait till they add in BOI and AIB, and then the recapitalisation amounts.

The arrest of Seanie was a PR stunt. The cops are a tool of FF. This is a banana republic.

[Digout]

A few billion here, a few billion there, what the hell.

[DCon]

Seanie sent for trial


FORMER Anglo chairman and chief executive Sean FitzPatrick has been sent for trial on charges of failing to disclose at least €139m worth of loans to the bank's auditors.

The charges against him have been brought under Section 197 of the Companies Act 1990, and allege he failed to disclose to auditors Ernst & Young the true value of loans given to him or people connected to him, by Irish Nationwide Building Society.

Mr FitzPatrick (64) is charged with 12 offences. He stands accused that as an officer of the bank, he knowingly or recklessly made false, misleading or deceptive statements to Anglo's auditors from 2002 to 2007.


http://www.independent.ie/irish-news/courts/sean-fitzpatrick-sent-for-trial-accused-of-concealing-139m-worth-of-loans-29103258.html#sthash.E5A4xoEk.dpuf

[Baron von Biffo]

According to RTE news the judge noted that 'This is not a legal aid case'. If Fitzpatrick is bankrupt how can he afford to pay for an expensive legal defence?

[DCon]

According to RTE news the judge noted that 'This is not a legal aid case'. If Fitzpatrick is bankrupt how can he afford to pay for an expensive legal defence?

Is his wife not loaded? In asset terms if not cash.

Richer or poorer and all that..

[Spectabilis]

I have no idea if management at Anglo had management insurance, but there are policies available to corporations which cover management errors, misstatements, actual or alleged wrongful doings and legal costs for defence or official investigation

http://www.aig.ie/ie-Management-Liability_1029_223008.html

[C. Flower]

I have no idea if management at Anglo had management insurance, but there are policies available to corporations which cover management errors, misstatements, actual or alleged wrongful doings and legal costs for defence or official investigation

http://www.aig.ie/ie-Management-Liability_1029_223008.html

I would have liked to seen the face of the person opening the envelope with the claim it it for "€60 billion for ****** up the entire Irish financial system"

[Baron von Biffo]

Is his wife not loaded? In asset terms if not cash.

Richer or poorer and all that..

If she is paying his fees then the Revenue should be keeping an eye on it to ensure that any gift tax issues are properly dealt with.

[disability student]

If she is paying his fees then the Revenue should be keeping an eye on it to ensure that any gift tax issues are properly dealt with.

Any gift between between husband and wife are tax exempt:D

Dream on Baron.

[PaddyJoe]

There's a thread here with some pretty staggering details on how Fitzpatrick and family looted Anglo.
http://www.politicalworld.org/showthread.php?t=2726

[Stanley 2]

There's a thread here with some pretty staggering details on how Fitzpatrick and family looted Anglo.
http://www.politicalworld.org/showthread.php?t=2726

Great thread, clearly shows Seanie's mates looked after him and these payments made sure he got the best.

"FitzPatrick also ensured that his top legal and financial team were paid, advancing €250,000 to O’Grady and Co. Solicitors on March 12 and €35,000 to his financial adviser, Bernard Somers, the following day".

[DCon]

Seanie was at the (not inexpensive) Brian O'Driscoll testimonial dinner in London last night

[DCon]

Seanie was at the (not inexpensive) Brian O'Driscoll testimonial dinner in London last night

O'Brien too, and Mr Goldman


http://cache.daylife.com/imageserve/040H5m30tWeDb/x342.jpg

http://cache.daylife.com/imageserve/0gWg29dc4i9q0/x342.jpg