Just wonder about the sentencing of the three individuals yesterday

Branz

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As it might be appealed I don't want to stray too far but I see the IT with a headline
Anglo trial: Three ex-bankers jailed over €7bn fraud

I don't see the judge using the word fraud: yes conspiracy to defraud, but not fraud.

Is the IT headline correct?

Reuters
Three senior Irish bankers were jailed on Friday for up to three-and-a-half years for conspiring to defraud investors in the most prominent prosecution arising from the 2008 banking crisis that crippled the country's economy.

FT uses fraud.

Just wondering.
 
Knowing what we now know, should Patrick Neary be tried? What about the Partner in EY who signed off on the audit?

Judge Nolan said the former CEO of Irish Life and Permanent Denis Casey became involved in the transactions after being told by the regulator that the Irish banks needed to “don the green jersey” and that EY's apparent lack of knowledge "beggared belief."

 
Knowing what we now know, should Patrick Neary be tried? What about the Partner in EY who signed off on the audit?

Judge Nolan said the former CEO of Irish Life and Permanent Denis Casey became involved in the transactions after being told by the regulator that the Irish banks needed to “don the green jersey” and that EY's apparent lack of knowledge "beggared belief."

No no this is Ireland so what we do is allow NAMA appoint E&Y as one of its receivers. Neary got a golden handshake of over €600k and a pension of €3k a week for a job he couldn't do. Richie Boucher was head of BOI's Irish Retail Devision during the Celtic tiger which saw their loan book grow to over €7bn, after which the bank went bust. Richie is now the CEO . You couldn't make this stuff up.
 
A very well written piece by Cliff Taylor in the Irish Times

Three bankers jailed – their crime was trying to stave off banking collapse

Trio may feel they have taken one for the team in green jerseys – but a crime is a crime

It's interesting that the headline in the paper version is different. The online headline is a better summary.
"We still do not know what went on at Anglo and Irish Nationwide"

"Saving the bank, back then, may have felt very like saving the country. There was a fear that an Anglo collapse would bring Ireland with it. It was the same mindset that later led to the bank guarantee and to the decision that Anglo would be included in this, rather than starting a process to close it down. Later, the same thought process led to the decision – under severe pressure from the ECB and the EU Commission – not to impose any losses on the senior investors, even in what were by then the two bust Irish banks, Anglo and Irish Nationwide.

But they did believe they were engaged in an enterprise that had either the tacit or explicit support of the Financial Regulator and probably too of the wider “establishment”. As they go to jail they may feel that they have taken one for the team in green jerseys, some of whose other members may spend the weekend thinking that, but for the way justice moved in this case, they too could have been on the way to Mountjoy."
 
Hmn !

These 3 buckos donned no green jersey.
Had any member of their staff tried to in any way bypass Compliance / letter v spirit of law they wouldn,t have got time to clear their desks !

I just don't recognize this green jersey.
 
Dan,
I didn,t say I believed the judge erred, I didn,t read his summation.
The (green jersey) reason, whether used by the convicted or the judge is at best a lame excuse.

I do not particularly care if Mr Judge did not err in Law ?or erred in some other way.
Law and judges are not necessarily compatible with equity.or fairness.
(most times they are fair and equitable)
 
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