Anglo-What else is to come out

Status
Not open for further replies.
P

papervalue

Registered User
Messages
716
Seem on news this evening about the large deposit before year end and withdrawn after year end. This is absolutely amazaing in current climate.

I think it is now time to send in a team to look at bank over next 60 days and publish a immediate report of what went on their.

What has come out from anglo from accounts point of view is purely shocking, unacceptable, unethical.

I just cant seem any excuse for what happened.

What else is to come out?

Are they drip feeding all the bad news. We had director loans, large deposits etc what next.
 
papervalue said:
Seem on news this evening about the large deposit before year end and withdrawn after year end. This is absolutely amazaing in current climate.
Click to expand...

Sounds more like Enron with each new revelation. They are calling it [broken link removed] now. Some would call it 'cooking the books' others would call it 'fraud', I would be more amazed if anyone spent time in jail for it.
 
Seems perfectly reasonable to me so long as no laws were broken.
Click to expand...
Yes but who make up these 'laws'? Pretty much arbitrary.

Maybe the strikes will develop into riots.
 
It's abit like what people did when they applied for an Australian Visa -got a loan of money to stick in their bank a/c to show they had funds. Well I think it's far more serious than that. We are the laughing stock of Europe and on Prime Time the Sunday Times columist said we are in a Depression -be afraid be very afraid!
 
callybags said:
Seems perfectly reasonable to me so long as no laws were broken.
Click to expand...
No, it's not perfectly reasonable. I would have expected better of IL&P. They knowingly conspired with senior management in Anglo to give a false impression of the balance sheet of the bank at its year end. Shame on them. Do the people who did this meet the "fit and proper" criteria? Not in my books.
 
Gillian Bowler on morning ireland having a go at the presenters tone of voice and boasting how the top peoples salaries were justified as they were a fine upstanding bank! It appears this dig out happened after the government guarantee,it's about time Lenihan realised that he is being led a merry dance.
 
horatio1 said:
It appears this dig out happened after the government guarantee,it's about time Lenihan realised that he is being led a merry dance.
Click to expand...
Agreed. Anglo should have been let die a natural death. After these last months, there is still no reasonable explanation for why it was covered in the guarantee. Someone really needs to look and see who the people are that would have been hurt by Anglo collapsing and see what link (if any) there is between them and the government/regulator. The whole thing stinks!
 
callybags said:
Seems perfectly reasonable to me so long as no laws were broken.
Click to expand...

This is a Bit of a daft comment here. It has taken how many months before this little bit if truth came out. God only knows when the rest will hit the Public Domain. As well as that IL & P are responsible for hundreds of thousands of pensions and Investments. They should have spoken out long before now to explain their happenings.

Instead the entire Banking system has become a joke for which the respect by the World Financial markets that has been achieved over the past 10 years has literally dissipated.

I have said it before and now again, these Bank Directors should be arrested and charged for placing the entire corporate structure in Ireland as questionable. They should all be barred from acting in Corporate Director roles for life. Imagine earning a six figure sum for placing the country into the Manure heap. And yes Gillian Bowler was on Morning Ireland acting as if she and her colleagues were doing this petty job as a favour. Time to go, Ladies and Gentlemen before as other have put it Civil Unrest takes centrestage and literally runs these folk out of the country.
 
Apologies if this is an obvious question - but what is being implied here?
Is it that IL & P deposited a large sum of money into Anglo Irish Bank to make its end of year records look better prior to the state bail out?
If this is the case surely this was intentional defrauding of the government.
 
Maybe not defrauding but certainly the providing of inaccurate and false information. And believe me there is more to come out yet !! We have gone from been a Proactive indigenous country to a real BANANA republic. And thanks to the squeaky clean Banks.
 

That is indeed the implication. I am sick to my stomach even thinking about it.
 
The issue here to me is the intent behind the actions of IL&P and whether or not it was done at the beheast of the Anglo board.

If this was a normal banking transaction (and the banks do hold funds deposited with each other) and IL&P got a decent return on their investement then it may simply have been a no risk BAU transaction by IL&P, given that the deposit was backed by the government.

However, if it was done at the request of Anglo management, if they knew it was a short term funding then that could be a different story. As a result of this €7billion deposit Anglo were able to say to the markets and investors that their deposits had actually gone up for the year(which because of this, they had). If people and funds subsequently invested in Anglo, were they not potentially misled by Anglo and what would the consequences of that be. Were they to sue, are Anglo, and therefore the Govt(and us as taxpayers) now liable?

The other issue to me is the lack of transparancy in relation to Anglo, it makes you wonder if this is the tip of the iceberg.?
 
Just out of interest, if IL&P did not deposit that sum of money would be have been the possible outcomes for Anglo? Would the government have decided it was in such a bad way, it would be better to be wound up?
 
Status
Not open for further replies.
Menu
Log in
Register