http://www.rte.ie/news/2010/1216/anglo-business.html
The first file relates to back-to-back transactions involving a sum of €7.2 billion, Anglo Irish Bank and Irish Life & Permanent, which relates to market manipulation and deception.
The second file relates to the so-called Maple 10 and related to the loan of €450m to a secret group of ten investors to assist in the purchase of a 10% shareholding in Anglo Irish Bank originally built up by businessman Sean Quinn.
I'm happy that these are the first two cases as they are the ones that get to the heart of the issue as far as I'm concerned.
Both issues amounted to form of deception by which Anglo was able to fool investors (shareholders, depositors, bondholders and ultimately the state) into providing it the credit to enabling it to further fuel the fire of an out of control property development boom.
I generally don't like to believe we were all innocent bystanders who gained nothing throughout the boom, but in this case there are certainly a small number of very deceptive individuals who clearly multiplied the boom time payback by a significant amount, probably to the extent of bankrupting the country as opposed to us simply having to endure a few years of cutbacks to get the house in order.
I really believe the country needs a conviction and the guys involved in each of these deceptions are clearly the ones who should rightfully be convicted first.
The first file relates to back-to-back transactions involving a sum of €7.2 billion, Anglo Irish Bank and Irish Life & Permanent, which relates to market manipulation and deception.
The second file relates to the so-called Maple 10 and related to the loan of €450m to a secret group of ten investors to assist in the purchase of a 10% shareholding in Anglo Irish Bank originally built up by businessman Sean Quinn.
I'm happy that these are the first two cases as they are the ones that get to the heart of the issue as far as I'm concerned.
Both issues amounted to form of deception by which Anglo was able to fool investors (shareholders, depositors, bondholders and ultimately the state) into providing it the credit to enabling it to further fuel the fire of an out of control property development boom.
I generally don't like to believe we were all innocent bystanders who gained nothing throughout the boom, but in this case there are certainly a small number of very deceptive individuals who clearly multiplied the boom time payback by a significant amount, probably to the extent of bankrupting the country as opposed to us simply having to endure a few years of cutbacks to get the house in order.
I really believe the country needs a conviction and the guys involved in each of these deceptions are clearly the ones who should rightfully be convicted first.
