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Thread: Anglo Irish Bank Golden Circle deal 'Improper and Unlawful' - Judge

  1. #31
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    Default Re: Anglo Irish Bank Golden Circle deal 'Improper and Unlawful' - Judge

    Quote Originally Posted by Captain Con O'Sullivan View Post
    If that bank were loaning clients money to buy its own subordinated bonds and therefore creat an apparent market for such bonds in the minds of other potential investors then that was market abuse under European Market Abuse Directives.

    The only way it could not be described as Market Abuse is if the Central Bank and Regulator were notified specifically of such transactions and gave their official permission. If they did then it shows that the latter two organisations were well aware of Anglo's market manipulation and if they were not notified then those who took part should be facing prosecution under the Market Abuse rules.

    There are no other conclusions available.
    And, of course, if the State was complicit a hefty fine could be charged.

    Nobody will see jail. But the State could pay a hefty fine.
    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. #32
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    Default Re: Anglo Irish Bank Golden Circle deal 'Improper and Unlawful' - Judge

    The way it works is that the local national regulator is charged with a duty to police the European Market Abuse Directives (to which Ireland is fully signed up) and if that fails or is not taken up then the European authorities can pursue a case.

    Of course the Irish authorities are doing their usual thing of keeping their heads down and hoping no-one asks about that aspect even though courts in both the UK and US have mentioned this aspect of the banking and finance affairs in Dublin- to a pronounced silence possibly on the basis that it is one element of Garda Joe and his stubby pencil's four year and counting enquiries in Ireland.

    It'll be interesting this when Garda Joe shoves a little bit of paper under the official state door with a scribble on it saying 'we couldn't find nothin' wrong and I don't want to be policing sheep on Achill Island for the rest of me career, sor' and then a group of people who may have been duped by the false share price in Anglo illegally propped up because of 'surreptitious' demand being created for its bonds may pipe up to the European authorities.

    Then of course the Irish state will do as it usually does- whinge about 'outsiders' like some kind of Jackie Healy-Rae on acid.
    Think National. Act Local. Oh- and superstition is just the dark matter of human history.

  3. #33
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    Default Re: Anglo Irish Bank Golden Circle deal 'Improper and Unlawful' - Judge

    Quote Originally Posted by Captain Con O'Sullivan View Post

    Then of course the Irish state will do as it usually does- whinge about 'outsiders' like some kind of Jackie Healy-Rae on acid.
    Or bin the blame on the dead Finance Minister.

    We can't be upsetting Cowen's retirement, Neary's retirement or Cardiff's long holiday in Luxembourg, so Lenihan would be the best fall guy.
    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

  4. #34
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    Default Re: Anglo Irish Bank Golden Circle deal 'Improper and Unlawful' - Judge

    Absolutely- I'm pretty sure that at some point Fianna Fail's deflectors will turn on the Dead Lenihans as useful patsies as one can't defame the dead so there are no consequences.

    The fact that the Central Bankers and the then Financial Regulator Neary are still alive if living in some rabbit hole hiding from the rest of the nation can then attempt to say that they 'told' Lenihan (not in writing, naturally) will be seen as a way out.

    Unfortunately this won't wash as the European Market Abuse Directive is specific about the circumstances under which a prosecution cannot be made and that would require the Central Bank and Regulator's office being able to show that written records of agreed support transactions were made and kept. I doubt they'll be able to do that because of the 'nod and wink' system in Dublin.

    If the correct records don't exist then the Maple 10 can be prosecuted (and possibly Neary) under EMAD legislation.

    The Gardai are in a bind here because they may find their determination of 'no market abuse' challenged immediately by defrauded shareholders in Anglo if they try to brush the whole thing under the carpet and we'd have an Ansbacher Mark II coverup gradually exposed which might well include senior Garda figures- or if they do say that it appears there is a case of Market Abuse then the Irish Financial Regulator may be forced to move against the Maple 10 and call its former head Patrick Neary into court. Neary would be then one nervous rabbit as there are people who would prefer he had an accident rather than take to a stand in court and he would know that.

    If they don't move on the Maple 10 tranactions then those same defrauded and 'kept in the dark' Anglo shareholders may force a move by the European authorities.
    Think National. Act Local. Oh- and superstition is just the dark matter of human history.

  5. #35
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    Default Re: Anglo Irish Bank Golden Circle deal 'Improper and Unlawful' - Judge

    Morgan Stanley has written to the Maple 10 investors recently asking if they wish to close their share trading accounts. Shares in Anglo are now worthless and are no longer traded so there's no reason to keep these accounts open. The Maple 10 consists of Gerry Gannon, Joe O’Reilly, Séamus Ross, Paddy McKillen, Brian O’Farrell, Patrick Kearney, Gerry Maguire, John McCabe, Gerry Conlan and Seán Reilly.
    Representatives of Morgan Stanley were involved in presentations to the Maple 10 investors in advance of the share transaction in the first half of July 2008.

    A spokesman for Morgan Stanley said it could not comment on clients, citing confidentiality.

    Under regulations, UK brokers must contact clients to keep up-to-date information where accounts have been dormant for some time or where shares in those accounts are deemed to have no value.
    Anglo lent €451 million to 10 customers to take the 10 per cent stake of the bank that had previously been controlled by Co Fermanagh businessman Seán Quinn through his contracts for difference (CFD) investment in the bank.

    The transaction was organised by Anglo to unwind the position of Mr Quinn who had built up an investment via CFDs amounting to 28.41 per cent of the bank’s shares.

    The bank, now called Irish Bank Resolution Corporation, disclosed in court proceedings against a former executive last year that the loans to seven Maple 10 investors were transferred to Nama between May and November 2010.

    The bank said loans to two more of the investors had not been repaid in full, while the 10th investor has repaid his share loan.
    http://www.irishtimes.com/newspaper/...321369314.html

  6. #36
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    Default Re: Anglo Irish Bank Golden Circle deal 'Improper and Unlawful' - Judge

    Representatives of Morgan Stanley were involved in presentations to the Maple 10 investors in advance of the share transaction in the first half of July 2008.
    Am I reading this right ?

  7. #37
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    Default Re: Anglo Irish Bank Golden Circle deal 'Improper and Unlawful' - Judge

    Quote Originally Posted by C. Flower View Post
    Am I reading this right ?
    Looks like it. I have an idea that Morgan Stanley was mentioned in connection with this deal in The Fitzpatrick Tapes but I'll have to check.

  8. #38
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    Default Re: Anglo Irish Bank Golden Circle deal 'Improper and Unlawful' - Judge

    Quote Originally Posted by PaddyJoe View Post
    Looks like it. I have an idea that Morgan Stanley was mentioned in connection with this deal in The Fitzpatrick Tapes but I'll have to check.
    And then brought in to advise on the Bank Guarantee

    *sighs deeply*

  9. #39
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    Default Re: Anglo Irish Bank Golden Circle deal 'Improper and Unlawful' - Judge

    That Anglo case against Northern Ireland property developer, Peter Curistan, is still grinding on. Curious stuff, as is so often the case with anything Anglo related.
    ANGLO Irish Bank, now the Irish Bank Resolution Corporation (IBRC), offered a financial "incentive" to a well-known property developer in Northern Ireland to wind up one of his companies, according to court documents seen by the Sunday Independent.

    The payment was offered in February 2009 to Peter Curistan, one of the key players behind the Odyssey development in Belfast's docks
    The High Court judge, Justice Charleton, asked Anglo why it was necessary to pay Curistan anything to wind up Sheridan Millennium.........."I still can't understand why you would actually pay money, three-quarters of a million pounds, that's nearly €1m, to Mr Curistan for his back pocket. I appreciate it is less than the €3m you would lend to him for the purpose of dealing with his creditors so that Sheridan Millennium would be able to carry on for a time until you could get an orderly takeover. Windups cause loss to creditors."
    http://www.independent.ie/business/i...m-3230103.html

  10. #40
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    Default Re: Anglo Irish Bank Golden Circle deal 'Improper and Unlawful' - Judge

    The Odyssey Pavilion is for sale for something like 10 million sterling. Another massive write for Anglo
    The company which previously ran the pavilion, which opened in 2001, went into administration in 2010.
    At the time its director, well known Belfast developer Peter Curistan, allegedly owed more than £70m to the Irish Bank Resolution Corporation, formerly Anglo Irish Bank.
    Mr Curistan and IBRC then became embroiled in a long-running legal battle.
    http://www.rte.ie/news/2012/0926/bel...-business.html

  11. #41
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    Default Re: Anglo Irish Bank Golden Circle deal 'Improper and Unlawful' - Judge

    That 'rotten corpse' that Enda claims to have buried still smells.

    Belfast property developer Peter Curistan is alleging fraud as part of a renewed legal action against the former Anglo Irish Bank, the Belfast High Court heard today.The businessman, who built the Odyssey entertainment complex in the city, is also suing for breach of duty and negligence over the process to find a buyer for his long-term lease on the venue.
    Mr Curistan has re-ignited his case against the bank, which is now known as the Irish Bank Resolution Corporation, after securing the right to issue proceedings personally.
    Mr Curistan, who has also been awarded an honorary doctorate from Queen’s University, Belfast and served as a Harbour Commissioner in the city, has now re-launched his case against Anglo.Papers lodged in the case focus on claims around how the bank identified one of its clients as a potential purchaser for the leases around in 2008-09.
    It is alleged that the management of the process amounted to a “shadow directorship”.
    Other, better placed potential purchasers were ignored, according to the case against the bank.
    New allegations of fraud are understood to have been advanced following advice from senior counsel.
    In court today a barrister for the defendant questioned whether Mr Curistan can now amend his writ to include such claims.
    Adrian Colmer said: “There’s a very serious new allegation and I would ask for eight weeks to allow us to respond.”
    Mr Justice Weatherup agreed to adjourn the case for a further review in June.
    However, he also directed that any objection to the fraud claim should be formalised before the end of this month.
    Outside court Mr Curistan said he was pleased that his action was now up and running.
    He added: “The allegations being made against Anglo Irish Bank, now IBRC in special liquidation, are extremely serious.
    “They go to the heart of the bank’s behaviour over a considerable period of time, and need to be fully investigated through the legal process which is now underway.”
    http://www.irishtimes.com/business/c...MATikZ.twitter

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