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Thread: Thank God David Drumm got the top job in Anglo-Update- Tiarnan O'Mahoney on trial

  1. #16
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    Default Re: Thank God David Drumm got the top job in Anglo!

    There are a load of things that strike me about the whole Tiarnan story that bear thinking about:
    *Drumm seems to have been a surprise appointment to the Anglo top job in 2005. Reading the link above and some of the background that has come out from The Fitzpatrick Tapes it looks like Tiarnan was a shoo in for the CEO job but was nobbled at the last minute and got a huge pay off.
    According to the recently published book, The FitzPatrick Tapes, Mr O’Mahony was the candidate favoured as the new chief executive by Whitehead Mann, a British executive recruitment firm that was hired to assess those who might succeed Mr FitzPatrick.
    The book states that the recruiter concluded that Mr O’Mahony had “all the drive, determination, intellectual horsepower and rigour to take the organisation forward”.
    But a four-man selection panel, chosen by the board of Anglo, plumped instead for Mr Drumm.
    Drumm I think is quoted as saying that he didn't pursue the Anglo top job and felt that Sean Fitzpatrick was interfering with his executive role a lot of the time. I realise that everything these people say has to be taken with a large dose of salt but it would not be unreasonable to think that Seanie would have preferred to have a relatively young and inexperienced successor rather than a senior guy who had been with the bank for 20 years. I wonder who was on that selection cmtee. in 2005?

    *Some of you will remember that the Guido Fawkes blog back in October 2010 mentioned a TIBOR, as distinct from a LIBOR or a DIBOR and alleged that some Anglo corporate customers were being fraudulently overcharged on loans in the late 90's and early part of the new century. I haven't seen any update on this.
    http://order-order.com/2010/10/15/10...ing-customers/

  2. #17
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    Default Re: Thank God David Drumm got the top job in Anglo!

    One group of creditors - bank lenders and trade creditors, who had the voting power to decide on the company's future - agreed on Tuesday to a rescue plan in which they will write off €388.5 million so the firm can continue as a going concern.
    This write off - if Anglo was the main lender to O'Mahony's company, and if Fitzpatrick was part of it, is extraordinary.

    The credit crisis has left Irish lender ISTC with estimated liabilities of €871 million last year, writes Simon Carswell, Finance Correspondent

    ONE LAWYER said the balance sheet looked like that of a small shop until you noticed that the three zeros at the top of the page indicated the losses involved were hundreds of millions, not hundreds of thousands.
    ...
    Last edited by C. Flower; 29-01-2012 at 02:05 PM.

  3. #18
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    Default Re: Thank God David Drumm got the top job in Anglo!

    All this Libor stuff has reminded me of Tiarnan and his 'Tibor'
    The Anglo-Irish Bank’s fraud comes from overstating the DIBOR base rate on which customer’s loans were calculated. DIBOR is the Dublin Interbank Offered Rate, calculated and published daily like LIBOR, it was set in stone and used by all Irish banks as the basis for settlement of trades and financial transactions before they joined the Euro.

    Essentially Anglo-Irish lied to customers as to what that the real base rate was by adding between 1/4% to 1/3% to the official underlying rate, then they added the usual banker’s spread that they will have agreed contractually with their corporate customers.

    Guido’s source says that inside Anglo-Irish the false rate quoted to borrowers was known internally as “TIBOR” after Tiarnan O’Mahoney, the Director and Chief Operating Officer to whom Des Whyte, the treasury manager who prepared the figures, reported. Sources say that the “TIBOR” version of “DIBOR” was not used with sophisticated money market customers who would have queried the rate.
    http://order-order.com/2010/10/15/10...ing-customers/

  4. #19
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    Default Re: Thank God David Drumm got the top job in Anglo!

    Quote Originally Posted by PaddyJoe View Post
    All this Libor stuff has reminded me of Tiarnan and his 'Tibor'

    http://order-order.com/2010/10/15/10...ing-customers/
    That little racket seems to have cost us 67 million Euro...

    http://www.herald.ie/news/now-we-get...o-3182393.html

  5. #20
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    Default Re: Thank God David Drumm got the top job in Anglo!

    Tiarnan launches a new venture.
    Mr O’Mahoney, Anglo’s former chief operating officer, and another colleague from the bank, Bryan McSharry, are heading up a newly-opened Irish branch of Moneycorp, the multinational foreign exchange giant.

    Mr McSharry said yesterday the business would offer a full range of foreign exchange services to businesses here and hoped to carve out a €10 billion slice of the overall market, which is worth about €175 billion annually, over the next four years
    He said the withdrawal of both Anglo and Bank of Scotland from the Republic’s market, had left a “significant gap” in foreign exchange, as both provided this service to corporate customers.
    http://www.irishtimes.com/newspaper/...329839595.html

  6. #21
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    Default Re: Thank God David Drumm got the top job in Anglo!

    Maybe the Tiernan w-anchor would have destroyed Anglo with less overall losses than the Drumm w-anchor. We might be, in a weird way, better off. Relatively speaking.

    Whatever, whoever was going to take over from the Seanie w-anchor was going to be a mega - w-anchor anyway. That is all there was in Anglo.

  7. #22
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    Default Re: Thank God David Drumm got the top job in Anglo!

    Interesting to recall that O'Mahoney was running the Pensions Board in 2007 when the UK courts ruled that the government was obliged to top up pensions when they fell short after an insolvency.
    Did nobody in the Irish pensions industry notice the decision or did they just ignore it and hope it would go away in the time honoured Irish way?

  8. #23
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    Default Re: Thank God David Drumm got the top job in Anglo!

    Quote Originally Posted by PaddyJoe View Post
    All this Libor stuff has reminded me of Tiarnan and his 'Tibor'

    http://order-order.com/2010/10/15/10...ing-customers/
    The Anglo-Irish Bank’s fraud comes from overstating the DIBOR base rate on which customer’s loans were calculated. DIBOR is the Dublin Interbank Offered Rate, calculated and published daily like LIBOR, it was set in stone and used by all Irish banks as the basis for settlement of trades and financial transactions before they joined the Euro.

    Essentially Anglo-Irish lied to customers as to what that the real base rate was by adding between 1/4% to 1/3% to the official underlying rate, then they added the usual banker’s spread that they will have agreed contractually with their corporate customers.

    Guido’s source says that inside Anglo-Irish the false rate quoted to borrowers was known internally as “TIBOR” after Tiarnan O’Mahoney, the Director and Chief Operating Officer to whom Des Whyte, the treasury manager who prepared the figures, reported. Sources say that the “TIBOR” version of “DIBOR” was not used with sophisticated money market customers who would have queried the rate.
    The ST has a story today which says that an Irish Florida based developer is suing IRBC, NAMA, Tiarnan O'Mahoney and Mike Anysley for 11 million in damages for systematic and deliberate overcharging on loans between 1990 and 2006.
    A firm which has investigated Anglo's interest rates claims that there was up to 1 billion in systematic overcharging by Anglo from the 1990s.

  9. #24
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    Default Re: Thank God David Drumm got the top job in Anglo!

    Anglo's action against Tiarnan was quietly settled today. That will suit a lot of people right now.
    High Court proceedings brought by the former Anglo Irish Bank arising out of a severance payment made to former Anglo Irish Bank executive Tiarnan O'Mahoney have been settled.The action related to a payment believed to be worth several million euro made by Anglo to Mr O'Mahoney, the bank's former Chief Operating Officer, following his departure from Anglo in early 2005.
    It is claimed that as part of an agreement between the parties, Mr O'Mahoney received a significant seven figure sum as part of a termination payment from the bank.
    In addition a seven figure sum was paid into the bank's pension scheme for his benefit.
    In its action the bank sought the return of the money claiming that the severance agreement entered into with Mr O'Mahoney was invalid because it had not been approved by the bank's shareholders.
    Mr O'Mahoney opposed the banks' action. In a counterclaim he sought an order for specific performance of the terms of the severance agreement
    The action was due to be heard by Ms Justice Mary Laffoy, and had it run was expected to last for several days.Yesterday morning the judge was told that following lengthy discussions between the parties, the sides had come to an agreement.
    However no details of the settlement were revealed in open court.
    Paul Sreenan SC for the bank said the matter could be adjourned generally with liberty to re-enter
    http://www.rte.ie/news/2013/0724/464...mahoney-court/

  10. #25
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    Default Re: Thank God David Drumm got the top job in Anglo!

    You'd kinda have to think the last two posts above are related. Imagine Tiernan on the stand testifying against the lads suing Anglo while Anglo is still pursuing him to give back some of his golden handshake and pension?
    Doesn't bear thinking about.

  11. #26
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    Default Re: Thank God David Drumm got the top job in Anglo-Update: Anglo action against Tiarnan O'Mahoney settled quietly

    Tiarnan in court today...
    A former senior executive at Anglo Irish Bank is due to be charged this afternoon in connection with the criminal investigating at the failed bank.The suspect, who is in his fifties, has not been before the courts in relation this case.
    It is understood that the suspect left the bank a number of years prior to its collapse.
    More to follow
    http://www.irishtimes.com/news/crime...apse-1.1594910

  12. #27
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    Default Re: Thank God David Drumm got the top job in Anglo-Update: Anglo action against Tiarnan O'Mahoney settled quietly

    Hmm...
    Tiernan O'Mahoney of Glen Pines, Old Longhill Road, Enniskerry is accused of concealing a bank account, obstructing a revenue official and producing an incorrect document.The offences are alleged to have occurred between March and November 2003 when Mr O'Mahoney was an officer of Anglo Irish Bank.
    The court was told the Director of Public Prosecutions has directed trial on indictment and the 54-year-old was remanded on bail until February of next year.
    The Court heard Mr O'Mahoney made no reply to the charges.
    The court was also told the case had no factual connection with that of three other former senior Anglo executives whose trial is due to begin in January.
    Judge Patricia McNamara made an order that nothing should be said or reported that could prejudice that pending trial or affect the rights of the accused.
    Mr O’Mahony is the former head of treasury at Anglo Irish Bank.
    http://www.rte.ie/news/2013/1114/486694-omahony/

  13. #28
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    Default Re: Thank God David Drumm got the top job in Anglo-Update: Anglo action against Tiarnan O'Mahoney settled quietly

    Another Anglo old timer facing charges identical to Tiarnan's. Bernard Daly was head of compliance and Company Secretary from 2003 until he retired on 2nd February 2007 and was succeeded by Natasha Mercer.
    Bernard Daly, 65, from Collins Avenue West in Dublin was arrested today and brought to Dublin District Court this afternoon.He is accused of concealing an account, obstructing the Revenue Commissioners and producing incorrect documentation between March and November 2003.
    Detective Garda Daniel McGinty of the Garda Bureau of Fraud Investigation told the court that he arrested Mr Daly on foot of four warrants by appointment at 1pm.
    He said that Mr Daly replied not guilty to each of the four charges.
    Solicitor Tom Browne said the Director of Public Prosecutions had directed Mr Daly face trial on indictment before the higher Circuit Criminal Court.
    He sought an adjournment of 12 weeks to the same date as his co-accused, former head of Treasury at Anglo Tiarnan O'Mahoney, for service of the book of evidence.
    Mr Daly was remanded on bail to appear in court again next February.
    http://www.rte.ie/news/2013/1119/487701-bernard-daly/

  14. #29
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    Default Re: Thank God David Drumm got the top job in Anglo-Update: Anglo action against Tiarnan O'Mahoney settled quietly

    Quote Originally Posted by PaddyJoe View Post
    Another Anglo old timer facing charges identical to Tiarnan's. Bernard Daly was head of compliance and Company Secretary from 2003 until he retired on 2nd February 2007 and was succeeded by Natasha Mercer.

    http://www.rte.ie/news/2013/1119/487701-bernard-daly/
    It is really hard to make out what is going on here. There has been no effective action about some pretty clear cut alleged offenses in this bank. Is it that usual for tax dodging to be a Garda matter from day one ?

    Surely could not be the Gardai throwing shapes to convey a "busy" impression ?
    “ We cannot withdraw our cards from the game. Were we as silent and mute as stones, our very passivity would be an act. ”
    — Jean-Paul Sartre

  15. #30
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    Default Re: Thank God David Drumm got the top job in Anglo-Update: Anglo action against Tiarnan O'Mahoney settled quietly

    Quote Originally Posted by C. Flower View Post
    It is really hard to make out what is going on here. There has been no effective action about some pretty clear cut alleged offenses in this bank. Is it that usual for tax dodging to be a Garda matter from day one ?

    Surely could not be the Gardai throwing shapes to convey a "busy" impression ?
    It's curious, isn't it. However I wouldn't suggest for a moment that there's any connection to the cases taken recently in the US against Anglo/IRBC relating to the banks creative use of interest rates some years back which was colloquially know as 'TIBOR'.
    As we know the Gardai and the DPP are completely independent of government.

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