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Thread: Has The IFSC Attracted Dubious Activities ?

  1. #31
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    Default Re: Has The IFSC Attracted Dubious Activities ?

    I have no doubt of that WhyDon'tWe... I remember the junk bond mess in the late 80's on Wall Street and some other scandals since. The walls between international banking in some areas and large amounts of unexplained cash are ridiculously thin.

    I suspect the insane derivative market for falsely valued junk/sub-prime mortgages and so on is just the same as what happened with junk bonds back in the 80's. Remarkably similar events in some ways- regulators looking the other way, a hyper inflated market and large sums of money whizzing around. Perfect ground for money laundering.

    The other thing about Austrian banks in particular is that they seemed to be involved in eastern European debt on a fairly large scale.
    Think National. Act Local. Oh- and superstition is just the dark matter of human history.

  2. #32
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    Default Re: Has The IFSC Attracted Dubious Activities ?

    Nice little story here on derivatives :-

    Police said the assets seized, including 15 million euros at Merrill Lynch International in Dublin, were the alleged illicit profit banks made from selling unfavourable swap contracts.
    http://uk.mobile.reuters.com/article...0101221?ca=rdt

  3. #33
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    Default Re: Has The IFSC Attracted Dubious Activities ?

    Ta ang ... 'aggravated fraud' is a charge that could be levied right across the European banks' derivative trading departments.

    Its a great description of what the banks have actually been doing. Strange that the Italian police seem to be the only ones pulling raids, confiscating assets and arresting senior people who in Ireland would be regarded by Sergeant Murphy and his stubby pencil as 'untouchable'.

    Merry Yule Senator Nicola Girolamo and former Vodafone (Omnitel) executive Silvio Scaglia and I hope you both enjoy christmas dinner in that cell the Italians have sorted for you.
    Think National. Act Local. Oh- and superstition is just the dark matter of human history.

  4. #34
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    Default Maidir Le: Has The IFSC Attracted Dubious Activities ?

    I see BNY Mellon is to set up HQ in Dublin.


    financial services firm is setting up a new company headquartered in Dublin, which, it says, has the potential to deliver 50 new jobs in the next two years.

    BNY Mellon already employs more than 1,800 people in Dublin, Cork, Wexford and Navan.

    The new company, called BNY Mellon Clearing International, will clear futures and derivatives trades on behalf of the bank's clients in Europe, the Middle East and Africa.

    The new jobs will be in the areas of finance, risk management, technology, operations, sales, compliance and legal.

    Hadn't heard of them before but a quick root around throws up plenty of trouble and quite a few lawsuits pending.

    Workplace stress in London



    Mismanagement of investments and false reporting of trades in the States http://www.ft.com/intl/cms/s/0/2bc2e...#axzz1PLIxr8uC

    Pension and currency irregularity

    In hot water along with Deutsche Bank

    Even on the wrong side of the Knights of Columbus

    I know its par for the course with this lot but now that they've found their natural home they could be one to watch.

  5. #35
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    Default Re: Has The IFSC Attracted Dubious Activities ?

    I notice all the big international banks put their backroom operations in Ireland- suspect it has a lot to do with qualifying the banks internationally for the 'Irish sandwich' tax arrangement.

    Ireland is effectively a haven in the same way that Austria, Luxembourg and Liechtenstein and Switzerland are. The only difference being that we have the same low regulation but don't have the constitutional confidentiality that allows investors to hide behind nominee accounts legally.

    Thats why its only the backroom operations in Ireland. The banks aren't going to run 'interesting' wealth management funds through the Irish system- just the backroom element so they qualify for the tax sandwich but don't risk 'interesting' accounts coming to light.
    Think National. Act Local. Oh- and superstition is just the dark matter of human history.

  6. #36
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    Default Maidir Le: Has The IFSC Attracted Dubious Activities ?

    Back in the good ol days.


    http://www.corporatereputations.ie/news_item.php?id=51


    Dublin, February, 2008: Executive Vice President of the Bank of New York Mellon, Brian Ruane, is adamant that the Irish financial service sector has a bright future and should seek a niche with global sovereign wealth funds and alliances with major global financial service centres. Ruane was speaking at the announcement of a seminar which will focus on the challenges and opportunities for Ireland’s financial services sector. ‘IFSC 2.0 – The Next Phase’ is being run by UCD’s Smurfit and Quinn Business Schools and will explore if the IFSC can continue to evolve and remain competitive in a more globally challenging market place. The event takes place on Wednesday, March 5th, at the Institute of Bankers in the IFSC.

    Ruane believes that the IFSC has an excellent reputation internationally and said, “Ireland has done a great job since the early nineties with UCITs and then hedge funds. The next pool is sovereign wealth funds, the large investment funds owned by governments from Singapore to Kuwait.“ However, he cautions that the IFSC should be seeking out a larger role than just servicing and should concentrate on seeking out alliances with other global financial service centres.

    Senior Vice President of Merrill Lynch, John Sievwright, will be keynote speaker at the seminar and will be discussing his perspectives on the global financial markets at present and the implications of those events for Ireland. He will be joined by a panel of Irish and international leaders from government, academia and banking who will explore future opportunities for financial services in Ireland. Speakers include:
    Patrick Neary, Chief Executive, Financial Regulator Barry O’Leary, Chief Executive, IDA Sean Fitzpatrick, Chairman, Anglo Irish Bank Prof Kjell Nyborg, Norwegian School of Economics and Business Administration Dermot McCarthy, Secretary General Dept of the Taoiseach

  7. #37
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    Default Re: Has The IFSC Attracted Dubious Activities ?

    China Investment Corporation (CIC) is one of the biggest sovereign wealth funds in the world and one of the most powerful.

    They are essentially wealth management funds owned and operated by managers on behalf of governments. In the Middle East that means the ruling families' wealth from oil which is inseperable from government income as they are effectively oligarchies.

    CIC is the whopper of the world market though.

    Here's a good link on Sovereign Wealth Funds http://www.swfinstitute.org/

    Here's a world ranking of the SWFs by assets (in billions). This is is slightly out of date as it still has Ireland ranked with a wealth rating of $33billion which is long gone.

    http://www.swfinstitute.org/fund-rankings/
    Think National. Act Local. Oh- and superstition is just the dark matter of human history.

  8. #38
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    Default Re: Has The IFSC Attracted Dubious Activities ?

    Well I could almost hear the disbelieving silence as I alleged in various threads that the western banking system was laundering money for criminal gangs including the Italian and Russian mafia- here's an interesting little snippet from a Russian expert on narcotic fund flows at a conference- he shocked the Washington audience by alleging that large sums of dirty money has been injected into the western banking system.

    'The Russian anti-drug chief reported that in his Chicago meeting with his American counterparts, they had discussed the financial side of the international drug trade. He said that less than one-half of 1 percent of drug money, however, is seized: the rest of it streams into the financial bubble. While Ivanov named Wachovia and Bank of America for their already publicized involvement in drug money laundering, he said that the problem is not individual banks, but the entire system. The anti-dope fight must expand from on-the-ground drug production and trafficking, into international finance, the Russian official insisted.

    Victor Ivanov's concluding point was this: "Drastic transformation of the international financial system will be obviously required to liquidate global drug trafficking." He said that initial steps had been taken with the G20's passage of a resolution on monitoring financial flows. "To a certain extent," Ivanov continued, "we are observing a revival of the logic of the Glass-Steagall Act adopted in the USA in 1933, at the height of the Great Depression, which separated deposit and investment functions of banks. However hard restrictions to prevent criminal money attraction are required yet more. In other words, liquidation of the financial bubble alone will not be enough. The key way to liquidate global drug trafficking is to reformat the existing economy and to shift to an economy that excludes criminal money and provides reproduction of net liquid assets, i.e., to an economy of development, where decisions are based on development projects and special-purpose credits."

    http://www.larouchepac.com/node/20382

    Bloody knew it- you could see glimpses of money flows out via Croatia and Albania and into the havens of Austria, Luxembourg and Switzerland and my feeling was that private wealth funds operating out of nominee accounts in those jurisdictions contained dirty money and lots of it. I am certain in my own mind but cannot find evidence to say that bank bonds were being used as one set of transactions along with arcane derivative transactions via havens such as the IFSC. The money flows east to west across Europe indicate to me that private wealth funds behind nominee accounts and connected to western bank brand names of note have been used to launder massive amounts of criminal funding.

    I saw one clear indication of a lot of eastern European cash in one notable Irish bank's accounts which was heavily involved in IFSC transactions.
    Think National. Act Local. Oh- and superstition is just the dark matter of human history.

  9. #39
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    Default Maidir Le: Has The IFSC Attracted Dubious Activities ?

    I hate to say it, but at least they were dealing with a real product paid for with real money. The dope that introduced the high into the financial system was surely the insane creation of fictional money through leveraging off bank deposits to buy property and then slicing, over-valuing and dicing dodgy property collateral and leveraging again off that ?

  10. #40
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    Default Maidir Le: Has The IFSC Attracted Dubious Activities ?

    I heard it said that John Bruton is no longer the "ambassador" of the IFSC, and that he's out there looking for employment, like so many others of us.
    Would you be able to confirm ?

  11. #41
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    Default Re: Has The IFSC Attracted Dubious Activities ?

    Looks like the EU could be moving towards a common regulatory standard. The article mentions Luxembourg, but I am sure Dublin would be a point of interest too

    Ucits – Undertakings for Collective Investment in Transferable Securities – are at the heart of European authorities’ efforts to create a single market in financial products.

    Created in 1985, they allow for mutual fund products to be sold across borders and now hold net assets for €5.6tn – more than two-thirds of investment funds in the EU. If a Ucits fund is authorised in one EU jurisdiction it can be sold in all other member states without need for further authorisation.
    “The Madoff case demonstrated the fundamental difference between strict liability and negligence standards,” the draft proposal states. “French investors in Luxembourg funds – Luxembourg applies a negligence standard, France a strict liability standard – are faced with a liability standard less protective than the one they would encounter in France.”
    http://www.ft.com/cms/s/0/3d477af8-7...#axzz1qADgZBb2
    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

  12. #42
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    Default Re: Has The IFSC Attracted Dubious Activities ?

    Eh- UCITs are just about the perfect cover for money laundering.
    Think National. Act Local. Oh- and superstition is just the dark matter of human history.

  13. #43
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    Default Re: Has The IFSC Attracted Dubious Activities ?

    Saint Bruton says that even those impure thoughts — like the ones you get just after checking the balance of your overdraft, in which you imagine a number of high profile bankers starting a life sentence of hard labour in some far-flung gulag — are corroding the country.

    According to the Sermon at Mullingar, modern Ireland would be a much more pleasant place if we all simply continued to turn the other cheek and quietly got on with the business of repaying Anglo’s debts for the next 20 years without grumbling so much.

    Of course, we’ve all turned so many cheeks at this stage that one assumes the former Fine Gael leader is in fact asking us to drop our collective pants, and have our arses mercilessly whipped for eternity, in order to demonstrate our magnanimous capacity to forgive.

    "Our reason is a gift from God and we must use it to examine our own lives, our faith and our failings . . . if we did that more often, we would not need so many regulations and regulators," he mused.

    So, the public face of the financial services sector in Ireland thinks we should replace regulation of the industry that has, thus far, cost us €100bn, in payments to banks and NAMA, with religious reflection? What’s next? Politicians telling us that we should return to the good old days when blank cheques were their preferred method of payment and one had more chance of being hit by lightning than getting a receipt for a political donation?


    http://www.irishexaminer.com/opinion...on-190082.html

  14. #44
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    Default Re: Has The IFSC Attracted Dubious Activities ?

    Irish politicians have a lot in common with priests. They keep reminding you to have faith while making sure the personal wine cellar is well stocked.

    They are as professions about as honest as each other. Both the result almost invariably of good educations and both of them making money out of those less well educated than themselves.

    It is no wonder a chancer like Bruton would be welcome to skip the fence and do some sermonising. Consider it a corporate away day.
    Think National. Act Local. Oh- and superstition is just the dark matter of human history.

  15. #45
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    Default Re: Has The IFSC Attracted Dubious Activities ?

    Quote Originally Posted by ang View Post
    Nice little story here on derivatives :-



    http://uk.mobile.reuters.com/article...0101221?ca=rdt
    Ah. That would be the Merrill Lynch who advised on the Banks Guarantee at a time when the Company was legally defunct ?

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