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Thread: Has The IFSC Attracted Dubious Activities ?

  1. #16
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    Default Re: Has The IFSC Attracted Dubious Activities ?

    Will do David ... its something that I want to take a look at as I've been boning up on German banks and Italian banks and the bailouts there and there is a horrible symmetry to it all. I need to do a bit more research on Austrian banks and that singular regulatory regime they have where every bank going seems to want to have an Austrian subsidiary and I believe it is because of the possibility of running 'nominee' accounts.

    Suffice to say at the moment and I'll PM you further in a day or two as we're entering dangerous legal territory that all the bailed out banks in Europe I've seen so far across four countries have had an Austrian connection. More anon.


    Quote Originally Posted by David Malone View Post
    Captain Con O'Sullivan,

    Please see edits to previous post.

    And would you be averse to dropping me a private email to let me konw which banks you are thinking of in Austria. I would like to compare your hunches with mine. I undertand if you would rather keep it to yourself but I thought I'd ask.
    Think National. Act Local. Oh- and superstition is just the dark matter of human history.

  2. #17
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    Default Re: Has The IFSC Attracted Dubious Activities ?

    One last public comment here on that ... Austria as far as I can see is something of a crossroad for banking in the old eastern bloc, south from Italy and it appears to be a very busy centre concerning banks who like to use places like the Caymans and the IFSC for derivative transactions ... high value swaps and CDO's and so on.

    I remember the days when the Quinn Group used to have investments in Austria and I wonder also why the last days of the Ancien Regime at Anglo included a sale of a profitable subsidiary there...

    A sort of financial and banking lebensraum seemed to be the order of the day there ... worth watching though when one considers the recent encroachment of US and global authorities generally into secretive banking locations such as the Caymans, Switzerland and Austria.

    A worrying development for the banking consiglieris of Europe I'm sure you'll agree...
    Think National. Act Local. Oh- and superstition is just the dark matter of human history.

  3. #18
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    Default Re: Has The IFSC Attracted Dubious Activities ?

    Cap'n...thank you for your work again; and quite correct to be cautious. Correct advice regarding naming names and specifics also...and as others have said...it would be naive to think that 'Big Muppet' isn't watching...so to speak! Makes you wonder about even 'private' e-mails'? I'm no expert...what security do we really have here?

  4. #19
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    Default Re: Has The IFSC Attracted Dubious Activities ?

    Quote Originally Posted by whydontwe View Post
    Makes you wonder about even 'private' e-mails'?
    Think writing a postcard.
    Thus all which you call Sin, Destruction—in brief, Evil—that is my true element.

  5. #20
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    Default Re: Has The IFSC Attracted Dubious Activities ?

    None other than the integrity of the host and I have no concerns on that score with this forum.

    I find myself again choosing my words carefully though as I am not so certain about one or two other forums on the same racecourse ... heard a flash of concern some months back about private PMs being seen on another forum and that forum I'm thinking of has an owner not content with modding their own forum but I have seen them doing a sterling job on behalf of the establishment when registered as a guest on another forum again which I found rather perplexing.

    Easy to be paranoid though and to be honest I don't say anything here I wouldn't say to an Irish politician to their face.

    Being harrassed by Irish authorities and particularly the current mob would be a mark of honour as far as I am concerned and if it weren't for the hosts here having to be careful not to give the establishment arses of Ireland an excuse to close down such forums I'd be a lot more blunt.

    As it happens I occasionally, when furious, go a bit far but that's just frustration and bumping up against the lack of a principle of free speech in Irish law.

    The curious thing about the other forum I mentioned is that as far as I know their servers are based in the United States and therefore protected by the Free Speech amendment to the US constitution but I still see mods there acting as if there was no such protection from Irish lawyers which I find odd.

    I know Guido Fawkes in the UK operates out of London and Ireland but has his site hosted abroad in a site which protects him from UK and Irish lawyers seeking to shut him and his contributors up so a puzzle all around ... I remain suspicious of this other Irish forum that it may not be the 'hold to account' site that it advertises itself to be.

    Wouldn't be the first time 'opposition' turned out to be connected to the establishment and its a trick as old as the hills but these are just my personal thoughts, opinions and suspicions.
    Think National. Act Local. Oh- and superstition is just the dark matter of human history.

  6. #21
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    Default Re: Has The IFSC Attracted Dubious Activities ?

    Thanks Cap'n....re free speech in Irish Law etc; it's my opinion that if free speech here was a 'given'...then so many lawyers and solicitors here would be 'out of a job'...like so many in the conveyancing 'trade'. Is it co-incidental that so many politicians are connected with the legal profession....am I too cynical?

  7. #22
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    Default Re: Has The IFSC Attracted Dubious Activities ?

    Not at all WhyDon'tWe... I don't think it is possible to be too cynical regarding certain professions in politics in Ireland.

    Its not exaggeration to say (and I have gone some way towards showing this on one or two threads) that Irish politics contains people trained to speak and debate in public but is remarkably short of people who have proven ability as public administrators.

    I'm reminded in some ways of the change in UK politics after the First and more so perhaps the Second War... the House of Commons during the Victorian and Edwardian era did contain people who were proven leaders and administrators of large businesses.

    In a strange way they didn't have as much interest in corruption as they were already wealthy- but sought success as politicians and national leaders. Perhaps for a mixture of reasons including ego but at least they had a set of skills and in fairness thousands turned up at public meetings to hear them speak passionately and skilfully.

    In the UK the days of Gladstone, Disraeli, Lloyd George and then the greatest poobah of them all Winston Churchill may have gone and some may say they were a reflection of the class system. But no-one can deny that they were in no way corrupt personally like the expense fiddlers and lawyers on the make of today.
    Think National. Act Local. Oh- and superstition is just the dark matter of human history.

  8. #23
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    Default Re: Has The IFSC Attracted Dubious Activities ?

    Yes...thanks Cap'n...agree. What get's under my skin is that the majority of politicians (in both houses here) have so much independent wealth/business going on...it beggars belief that they can keep a straight face...when supplying a 'hair-shirt' for the idiot electorate while they have a warehouse-full of 'charvets' for themselves and their connected pals...know what I mean?

  9. #24
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    Default Re: Has The IFSC Attracted Dubious Activities ?

    Well I can point you to an example of the psychology among Irish politicians. Ivor The Receipt Engine Callely was a sales rep for a pharmaceutical company before he slimed into the Dail and was chucked back out for being too repulsive even for Irish electoral politics and had to be appointed by Ahern to the Senate to keep his mouth closed. Even Ahern disliked him by all accounts and that should tell you something.

    So on the Oireachtas site his biog lists his profession as 'sales rep'. When he signed the mortgage papers on his six properties he described himself as a 'businessman'.

    Not a sales rep. Not a 'public representative'. A 'businessman'. And that gives a revealing insight into the way Ivor regarded his political career.
    Think National. Act Local. Oh- and superstition is just the dark matter of human history.

  10. #25
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    Default Re: Has The IFSC Attracted Dubious Activities ?

    The IFSC now houses financial institutions, together with a law firms and accountancy and taxation advisors who support them......There are currently more than 430 financial operations allowed to trade within the IFSC. According to the official website it is home to more than half of the worlds 50 financial institutions.

    http://www.absoluteastronomy.com/top...ervices_Centre

    That is SOME hive of activity......all mutually beneficial.

  11. #26
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    Default Re: Has The IFSC Attracted Dubious Activities ?

    Both the associate and Mr Desmond approached Charles Haughey, then in opposition, who made it the centrepiece of his economic manifesto when he came back into power.
    Any idea who this mysterious "associate" is?
    Thus all which you call Sin, Destruction—in brief, Evil—that is my true element.

  12. #27
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    Default Re: Has The IFSC Attracted Dubious Activities ?

    How do Total Mayhem ... where did you pick that quote up from? Looking back up the thread I'm struggling to see where you've quoted from...?

    sorry if I'm being blind ...
    Think National. Act Local. Oh- and superstition is just the dark matter of human history.

  13. #28
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    Default Re: Has The IFSC Attracted Dubious Activities ?

    Quote Originally Posted by Captain Con O'Sullivan View Post
    where did you pick that quote up from?
    Ooops, my bad:

    Wiki: IFSC
    Thus all which you call Sin, Destruction—in brief, Evil—that is my true element.

  14. #29
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    Default Re: Has The IFSC Attracted Dubious Activities ?

    Ah- no worries. Incidentally I've been continuing to snuffle around the international situation involving German, Italian, Austrian and Irish bank bailouts due to large holes appearing in bank balance sheets.

    The more I look at the various bailouts the more I notice that 'banking havens' are involved and at the moment it looks to me like the G20 group of countries has been trying to tackle various banking secrecy acts in tandem with the American response to 9/11 terrorist funding detection efforts.

    It appears that a number of countries were due to appear on a G20 Group blacklist of 'havens' in spring 2009 and Austria for one was among them with Liechtenstein and Switzerland.

    As far as I can tell these were the countries that the Americans are not able to track transactions through via an interesting computer program which can access the SWIFT network among banks outside the havens.

    As it happens Switzerland, Liechtenstein and Austria did not subsequently appear on the G20 group blacklist as they seemed to signal some agreement for access by security agencies.

    The kernel of all this of course goes back to 9/11 and funding for the terrorists involved being funnelled through havens by a middle eastern bank from Bahrain.

    All very fine and Bourne Trilogy.

    But what interests me is the fact that Austria keeps cropping up in connection with the bailouts of banks in Ireland, Germany, Italy at least.

    Austria is of interest to Irish watchers of the bailout here of course because (a) Austria is one of the few places in Europe which has a constitutional ban on declaring banking transactions to authorities and can therefore offer nominee accounts to Lennie's little old ladies (heh, Lennie, you are a card) to channel their billions into bank bonds such as the ones that interest us at Anglo-Irish.

    Also if anyone remembers the Anglo Irish threads where Anglo sold off the profitable subsidiary they held in that country (Anglo-Irish Bank Austria AG) in September 2008 almost as a last act of the old regime there before Fitzpatrick's golf and suntan began to noticeably improve and his meeting schedule began to involve lawyers rather than other bankers.

    While wide-area searching via google I came across mention of an investigation by Italian authorities into possible money laundering at three Austrian banks between 2005 and 2007 including Anglo-Irish Bank Austria AG. http://www.austriantimes.at/news/Bus...ring_operation'

    It appears that the mafia connection comes from a scam operated by two Italian telecom companies, one of which was run by Silvio Scaglia, former CEO of Omnitel (now known as Vodafone) and an Italian conservative Senator called Nicola di Girolamo who is asenior member of Silvio Berlusconi's party in the Italian parliament.

    The police investigation uncovered a network of 56 people, some of whom worked for a subisdiary of Telecom Italia who were effectively running false invoicing scams and connected sums of money through the Austrian banks. It turns out that Di Girolamo was connected with the Calabrian mafia's Isola Capo Rizzuto Arena family.http://www.austriantimes.at/news/Bus...ring_operation'

    http://www.adnkronos.com/AKI/English...d=3.1.45677733

    What interests me is the possibility of criminal money being laundered through Austria and I suspect the G20's examination of tax havens is not so much a tracking of tax dodgers in home countries but much more to do with the tracking of money laundering and possible terrorist funding.

    Question; how do Irish regulatory authorities in the IFSC in Dublin know they are or aren't seeing the proceeds of organised crime being used to buy something 'legitimate' via a nominee company in Austria? How do authorities prevent the mafia for example from buying bonds in Irish banks and laundering money that way?
    Last edited by Captain Con O'Sullivan; 23-11-2010 at 08:30 PM.
    Think National. Act Local. Oh- and superstition is just the dark matter of human history.

  15. #30
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    Default Re: Has The IFSC Attracted Dubious Activities ?

    Cap'n....was it las night ...on Scannal (?)...the programme reminded us of the AIB and the Insurance Corporation of Ireland fiasco? The day before that bail-out...at least one of them...bought thousands of shares...and then sold 'em and made a bundle!!! And that's a quarter of a century ago! There were other 'scams' at the time that evade my memory specifics-wise....but if any one thinks that the crowd that has bailed out the banks now is any less devious and self-serving....they want their heads examined!!
    IFSC, BANKS and the rest of the self-serving despots can go and ask my 'proverbials' !! NO BAIL-OUTS...RETURN TO GENUINE PHYSICAL/FINANCIAL SOVEREIGNTY...COMPLETE REFORM OF LAWS/JUDICIARY/POLITICS/HEALTH....nothing else will suffice...otherwise.....see ya back here in 10 years...so to speak!!!

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