Did JP and the other Irish oligarchs influence the decision on the 2008 blanket Guarantee?

[PaddyJoe]

Fascinating interview with JP this morning on the Ivan Yeats Newstalk show.

http://media.newstalk.ie/listenback/49/monday/1/popup
Interview starts about 4 minutes into Part 4

It sounds a bit like JP was very taken aback to be asked about his tax exile status and his opinions on the EU/IIMF loan. Long pauses and the cogs turning audibly.
However, the real surprise comes when Yeats asks him his opinion about burning the bondholders.

I Its hard for me to comment. I may be one of those....I may have a vested interest

This is ther first time I have heard any Irish business person concede that he may be a bank bondholder.
What makes it even more curious is that at least two newspapers reported in October 2008 that senior sources indicated that JP was involved in advising the Government at the time of the Bank Guarantee.
BTW, in the interview JP makes it clear that the politicians were not to blame: they were acting on 'advice'
Was he one of the people who gave that advice?

[C. Flower]

Fascinating interview with JP this morning on the Ivan Yeats Newstalk show.

http://media.newstalk.ie/listenback/49/monday/1/popup
Interview starts about 4 minutes into Part 4

It sounds a bit like JP was very taken aback to be asked about his tax exile status and his opinions on the EU/IIMF loan. Long pauses and the cogs turning audibly.
However, the real surprise comes when Yeats asks him his opinion about burning the bondholders.

This is ther first time I have heard any Irish business person concede that he may be a bank bondholder.
What makes it even more curious is that at least two newspapers reported in October 2008 that senior sources indicated that JP was involved in advising the Government at the time of the Bank Guarantee.
BTW, in the interview JP makes it clear that the politicians were not to blame: they were acting on 'advice'
Was he one of the people who gave that advice?

Or perhaps he paid for "advice"

[ang]

Mr McManus has also been credited with coming up with the "Bank Guarantee"

I just love the idea that someone like Mr McManus sees fit to advise on how best to spend hard earned tax payers money yet he himself is a tax exile I find it incredible that people who refuse to contribute to their home economy are deemed fit to advise on how those who pay into the economy should see their money spent.

Surely there should be a law against non-contributors advising on how contributors money should be spent.

I think it is time to shine the spotlight on Mr McManus and let us all discover where his wealth came from.

The officials split up into sub-groups to discuss specific issues, and were told by Brian Cowen to present him with a range of options which the Government could choose from. Interestingly, it has emerged that the option chosen could have been the inspiration of an outside figure. Senior government sources have said the suggestion came from JP McManus, while Dermot Desmond's name has also been associated with the plan.

http://www.independent.ie/national-n...s-1490370.html

[DCon]

McManus, Sean Quinn, Treasury Holdings and the rest are all likely Bondholders in our banks.

The real question is which of them borrowed from the banks to buy the Bonds in the first place

[Kid Ryder]

Senior Member of Oireland Inc. in Cute Hoor Fan Dance Shocker!

I might be a bondholder, then again I might not be...

Let's put this gobshyte back into the driver's cabin of a digger - burn 'em all!

[Newsy]

About 4/5 years ago, his daughter got married, locally......jp footed the bill........in the region of 3 million euros.

A neighbour of ours boasted about being at it......

[PaddyJoe]

Remember the dreamy days of the Bertie Bowl in 2002 when JP pledged 62 million to Bertie Ahern's pet project:

TAOISEACH Bertie Ahern will try to convince Tanaiste Mary Harney over the next 24 hours to accept a compromise plan to allow for the building of the national stadium.

It is believed to centre on increased financial commitment to the controversial project from the private sector.

The Taoiseach is banking on more business interests getting involved in the project, following the lead of millionaire businessman and sports enthusiast JP McManus who has €62.7m waiting in a Swiss bank account towards the stadium project.

But the PDs have renewed their opposition to the stadium because of the difficult financial situation now facing the Government as it heads into the Estimates campaign leading to the December 4 Budget.

It now seems inevitable that the project will be delayed but that, if it is built in the next few years, it will be at Abbotstown.

Speculation has arisen about possible sites closer to the city centre such as the Irish Glass Bottle plant at Ringsend or a section of the Phoenix Park.

http://www.independent.ie/national-n...wl-292226.html
I wonder if JP still has that 60 million burning a hole in his pocket? It would come in damm handy in the present circumstances.

[Nipper]

Now can we ask Paul Mc Naughton if JP or any of the usual suspects were clients of his in Duetsche Bank?

[Captain Con O'Sullivan]

Can't be. Lennie gave us to believe it was a load of little old ladies and their budgie seed money.

[wickedfairy]

from 2004 eh, how can you be at tax exile and have a house here, how does that work? Really will have to beef up on the loopholes.

http://www.independent.ie/national-n...es-483407.html

"The result will be a house befitting one of Europe's richest men who is a legend on the racecourses of Ireland and Britain, and now one of the world's major currency dealers."

The luck of the Irish; William Cash reports on who's who in the Paddy pack

http://www.thefreelibrary.com/The+lu.....-a0113701826

[Captain Con O'Sullivan]

Same as in many UK countries you can have a house in Ireland and live there for up to 183 days of the year or 280 days over a two year period you can be registered as 'non-domiciled in Ireland' for tax purposes.

I strongly suspect many if not most of Ireland's 'wealth creators' are doing exactly that while declaring their main residence to be in a tax haven.

It allows them to evade Irish income tax rates. In the 1980's many executives at companies based in Ireland were getting paid via Florida to companies they set up precisely for that reason.

Tax evasion among the 'elite' in Ireland has always been fairly widespread except they all like to imply they pay taxes in Ireland when asked for a quote.

[wickedfairy]

thank you for that clarification Captain C.

[bokonon]

I wonder what Eamon Gilmore and David McWilliams heard:

Take, for example, Abramovich owning a huge amount of INBS debt. How did he get his hands on it? Who sold it to him? Would it be too much to conclude that whoever — whichever broker — sold the debt to him, also sold it to some other mega-rich clients elsewhere?

That would stand to reason. If so, could it be that the mega-rich who are closer to home find themselves in the same position as Abramovich?

Could it be that the only people benefiting from the Government’s blind rush to impale the small guy with the debts of Fingleton et al are our own “high net worth” individuals? Could they be pulling the strings?

http://www.davidmcwilliams.ie/2010/1...comment-page-3

I believe that the Taoiseach and the Government made that decision in September 2008, not in the best economic interest of the nation but in the best personal interests of those vested interests who, I believe, the Government was trying to protect on that occasion.

http://www.irishtimes.com/newspaper/...reaking29.html

I think this should be raised again in the Dail.

[Captain Con O'Sullivan]

Now we're getting to the meat of that guarantee ... but then again didn't Gormless let it out of the bag the other day that the guarantee had been agreed a week before the actual night of the guarantee?

And we hear how Merrill Lynch and Goldman Sachs were advising the Govt ... with Peter Sutherland presumably informing Lennie beforehand that he and his company had an interest in the outcome ...

and then we have JP McManus the global currency speculator who owns a large house in Ireland but is resident for tax purposes elsewhere. He was there too whispering at Lennie.

I wonder would any journalist care to ask JP McManus or Peter Sutherland what steps they took to ensure they could not afterwards be accused of a conflict of interest?

If McManus was there and advising did it not occur to anyone there that the lads I mentioned might well have a position in Irish sovereign debt?

[C. Flower]

Mr McManus has also been credited with coming up with the "Bank Guarantee"

I just love the idea that someone like Mr McManus sees fit to advise on how best to spend hard earned tax payers money yet he himself is a tax exile I find it incredible that people who refuse to contribute to their home economy are deemed fit to advise on how those who pay into the economy should see their money spent.

Surely there should be a law against non-contributors advising on how contributors money should be spent.

I think it is time to shine the spotlight on Mr McManus and let us all discover where his wealth came from.


http://www.independent.ie/national-n...s-1490370.html

We have been homing in on him.
Quote:
Originally Posted by Apjp
Jp Mcmanus is a tax avoider and he lives in switzerland five days a week and comes home to his mansion in limerick at weekends. Pays no taxes here. Limerick people will tell you hes santa. Most of them do it legally-thats the sick thing.

He pays taxes in the Canton of Geneva. He is legally resident in Switzerland. He owns property in Limerick which he has a right to enjoy. But his main residence and the place where his tax liability falls is in Geneva. This is regulated by a double taxation treaty between the Republic of Ireland and Switzerland.

He is doing nothing wrong and nothing illegal. You might not like it but that's your problem.