Page 2 of 43 FirstFirst 123412 ... LastLast
Results 16 to 30 of 637

Thread: No Anglo Irish Prosecution "for Several Years"

  1. #16
    Join Date
    Mar 2010
    Location
    heart of Europe
    Posts
    22,953

    Default Re: No Anglo Irish Prosecution "for Several Years"

    The truth is coming out slowly, and suggests a blend of lies, incompetence andmore lies

    Senior officials at the Central Bank believed Anglo Irish Bank only needed €3bn in fresh capital just a month before the bank had to be nationalised, according to newly released minutes of government meetings from 2008.

    Minutes of a meeting on December 12, 2008, between David Drumm, Sean FitzPatrick and several senior department officials record that the Central Bank thought €3bn would be sufficient to shore up Anglo and restore its capital levels to the standards demanded by regulators.

    David Drumm, then chief executive, is recorded as saying: "The governor of the Central Bank supported by Tony Grimes suggested that €3bn would be required."
    At this meeting Mr Cardiff pointed out that the Government was committed to not letting "a bank of systemic importance" fail. The minutes make it clear that Anglo and its board did not believe the bank could raise the required capital on its own -- the Government would have to be involved.
    http://www.independent.ie/business/i...l-2255922.html
    Politics is the gentle art of getting votes from the poor and campaign funds from the rich, by promising to protect each from the other. ~Oscar Ameringer

  2. #17
    Join Date
    Feb 2010
    Location
    Rockall
    Posts
    78,438

    Default Re: No Anglo Irish Prosecution "for Several Years"

    I am interested in the fact that Brian Cowen as Minister for Finance passed at least two pieces of legislation that opened the sluice gates for Anglo Irish even further in 2007 - he enabled commercial property to be used as collateral for loans and he removed stamp duty from Contracts for Difference (Quinn transaction, remember?) at a cost to the public revenue of 300 million in tax - this also of course lured more people in to this horribly risky form of investment.

    See Binn Beal's OP, here.
    http://www.politicalworld.org/showthread.php?t=944

    It is interesting that the reason given for removing the tax was "loss of liquidity" for the banks. How much was Cowen aware in 2007 that the Banks had a liquidity problem ? Quite a bit, it seems.
    Last edited by C. Flower; 18-07-2010 at 11:52 PM.

  3. #18
    Join Date
    Feb 2010
    Location
    Rockall
    Posts
    78,438

    Default Re: No Anglo Irish Prosecution "for Several Years"

    http://puckstownlane.wordpress.com/2...he-news-again/

    Thanks again the The Story for this - from a member's blog, Puckstown Lane.

    It spells out some of the issues, also covered by Kathleen Barrington, that make an early completion of the Anglo Irish investigation necessary.

  4. #19
    Join Date
    Feb 2010
    Location
    Rockall
    Posts
    78,438

    Default Re: No Anglo Irish Prosecution "for Several Years"

    Michael Noonan has issued a Press Release querying the delay in the Anglo Irish investigation -

    Calls for Interim Report from Dir. of Corporate Enforcement & clearout of
    banks’ Audit & Credit Committees

    Following the Fine Gael Front Bench meeting today the Party Finance
    Spokesman, Michael Noonan T.D., has challenged the Minister for Justice to
    tell the public when the Garda file on the investigation into Anglo Irish
    Bank is going to be sent to the DPP. He said that the slow pace of
    progress in this investigation was in stark contrast to investigations in
    the United States where almost 50 prosecutions had already been secured in
    the various investigations into financial wrongdoing in the banking sector.
    Not one person has been prosecuted yet in Ireland for their actions in
    helping to wreck our banking system. He expressed concern that the reason
    for the slow pace of progress was down to a recognition of the lack of
    political will within Government for progress to be made.

    Deputy Noonan went on to call for an interim report to be produced by the
    Director of Corporate Enforcement to help restore some public confidence
    into that aspect of the investigations into corporate malpractice at the
    top of the banking sector in Ireland. In particular, he was referring to
    pages 35 & 36 of the Regling Watson report which comment specifically on
    corporate bank governance. The four stand-out areas for investigation were:

    The over-reliance on the property market;
    The reckless lending practices;
    The use of incentive schemes for middle and senior management;
    And basic breaches of corporate governance within banks, including
    ‘the disclosure of loans to directors and the window-dressing of
    balance sheets’.

    Finally, he called on Brian Lenihan to clear out the boards and the audit
    and credit committees of the banks covered by the guarantee scheme. He
    pointed out that 70% (33 out of 47) of the Directors of the covered banks
    in place in 2007 are still in place. These are the same people that share
    responsibility for the decisions taken that led to a collapse in the
    sector.

    “Why are we still waiting for the Garda file on the Anglo investigation to
    be sent to the DPP? Elsewhere there has been swift action to deal with
    criminal wrongdoing but here we are, nearly two years into the crisis that
    has crippled our economy, and there is still no sign of any prosecution
    being brought forward. It is an increasing concern of mine that there
    simply isn’t a political will within this Fianna Fáil administration to see
    these types of issues brought to a head.

    “Following discussions with my Front Bench colleagues today I am calling on
    the Ministers for Justice and Finance to bring some clarity to the foot
    dragging that has led to:

    No prosecutions in respect of the Anglo investigation;
    No sign of a report from the Director of Corporate Enforcement into
    banking malpractice; and,
    No movement on clearing out the boards, audit committees and credit
    committees of the banks that helped create the crisis we are now dealing
    with.

    “It’s time for Brian Cowen and Brian Lenihan to break out of their Hamlet
    phase of procrastination in relation to tackling the root cause of our
    banking and economic crisis. We cannot leave the same insiders in place and
    we cannot leave wrongdoing unpunished. We are two years on from the
    emergence of this crisis, more than long enough for these matters to have
    been dealt with. The real fear is that action hasn’t been taken at
    different levels on this issue because there is a realisation that there
    isn’t a political will to see such action taken. I’m calling on the
    relevant Ministers to address such concerns and bring clarity to the issues
    raised here.”

  5. #20
    Join Date
    Mar 2010
    Posts
    12,044

    Default Re: No Anglo Irish Prosecution "for Several Years"

    Maybe they are going to send files on the Ryan Report, Mahon, the DDDA, Celia Larkin's new hat and Anglo to the DPP all at the same time as part of an efficiency drive.....?

    Its about time Dermo was asked what the holdup is with the Ryan report prosecutions as well- names were covered up in that report so that subsequent prosecutions would remain 'unprejudiced'. Whats the caper Dermo?
    Think National. Act Local. Oh- and superstition is just the dark matter of human history.

  6. #21
    Join Date
    Feb 2010
    Location
    Rockall
    Posts
    78,438

    Default Re: No Anglo Irish Prosecution "for Several Years"

    R.T.E. lead with this on the 5 p.m. news.

    Government has replied that they can't interfere with the independence of the enquiries.
    Surely the ODCE is acting for the Government?

  7. #22
    Kev Bar Guest

    Default Re: No Anglo Irish Prosecution "for Several Years"

    Perhaps we should cut the crap - and drag Cowan in handcuffs first.

  8. #23
    Join Date
    Feb 2010
    Location
    Rockall
    Posts
    78,438

    Default Re: No Anglo Irish Prosecution "for Several Years"

    Why does Noonan ask about the Gardai enquiry ? Surely he knows the answer will be that the Gardai are independent ? Why did he not ask the Gardai about their report.

    This is just a distraction from the ODCE's failure to report and inconsistent estimations of when it's report will be ready.

  9. #24
    Join Date
    Mar 2010
    Posts
    7,492

    Default Re: No Anglo Irish Prosecution "for Several Years"

    Dermot Ahern response to FG press release:-

    Mr Ahern said Mr Noonan knew Ministers for Justice had no role in garda investigations.

    “That is the norm in parliamentary democracies and it is alarming that Fine Gael are now suggesting that we depart from that,” he said.
    http://www.breakingnews.ie/ireland/a...be-467054.html

  10. #25
    Join Date
    Feb 2010
    Location
    Rockall
    Posts
    78,438

    Default Re: No Anglo Irish Prosecution "for Several Years"

    Quote Originally Posted by ang View Post
    Dermot Ahern response to FG press release:-



    http://www.breakingnews.ie/ireland/a...be-467054.html

    So adept at shooting themselves in the feet. And the ODCE enquiry ?

  11. #26
    Join Date
    Mar 2010
    Posts
    7,492

    Default Re: No Anglo Irish Prosecution "for Several Years"

    Exactly CF if FG want to show they are serious about leading this Country they need to start making serious complaints about why the ODCE enquiry is not progressing with any haste.

    They (FG) should be writing to the ODCE every day on behalf of the Irish people asking when the report will be issued.

  12. #27
    Join Date
    Feb 2010
    Posts
    2,866

    Default Re: No Anglo Irish Prosecution "for Several Years"

    Lets not waste the energy and money, we all know there will be no justice in the banks. Just move on and stop paying for them. Jailing them is a pipe dream.
    Mr Lenihan said the guarantee was “the cheapest bailout” compared with bank rescues in other countries, including the UK and the US, where “billions and billions of taxpayers’ money are being poured into financial institutions” - October 24 2008

  13. #28
    Join Date
    Mar 2010
    Posts
    7,492

    Default Re: No Anglo Irish Prosecution "for Several Years"

    How do you persuade the Government to stop paying for the Banks ?

  14. #29
    Join Date
    Feb 2010
    Posts
    2,866

    Default Re: No Anglo Irish Prosecution "for Several Years"

    Quote Originally Posted by ang View Post
    How do you persuade the Government to stop paying for the Banks ?
    Elect a new one that will not pay for them.
    Mr Lenihan said the guarantee was “the cheapest bailout” compared with bank rescues in other countries, including the UK and the US, where “billions and billions of taxpayers’ money are being poured into financial institutions” - October 24 2008

  15. #30
    Join Date
    Mar 2010
    Posts
    7,492

    Default Re: No Anglo Irish Prosecution "for Several Years"

    Xray billions more will be gone while we wait for GE

Page 2 of 43 FirstFirst 123412 ... LastLast

Tags for this Thread

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
Share us
Follow Us