That is very well put.
But Anglo was descending with or without SQ. Anglo could have tried to sort their business and SQ's actions probably gave them breathing room to do so. They choose not to.
Ah he did; his CFD transaction would have drastically changed the angle and velocity of the decent.
Having read the IT I have a nauseating feeling.
The Anglo two are portrayed by the judge as victims led astray by a wicked regulator in their selfless attempts to save their beloved bank from the ravages of a greedy man. This judge has no doubts who are the bad guys and who are the good guys.
"The men were not motivated by avarice or greed or the pursuit of profit but by a genuine though misguided attempt to save the bank". Mistaken heroes on a noble cause. Presumably by contrast the regulator was a wicked schemer out to line his own pockets.
Neary was a public servant on maybe 300K p.a. charged with an enormous responsibility which proved way above his pay grade. But I have no doubts that he was doing his best as a public servant.
Our heroes were masters of the universe who paid themselves millions and who lent themselves tens of millions of other people's money. We know from the Anglo tapes how much contempt the regulator was held in by the masters of the universe. One has no doubt that the judge was right that they were only motivated to save the bank. Anyone who had tens of millions at stake in shares, salaries, bonuses and pensions would share that motivation. What then does the learned judge think was motivating our wicked regulator?
Let's get this straight. Anglo brought this country to its financial knees. We can look for all the scapegoats we like, but this was not Neary's doing, it was not Quinn's doing. This was first and foremost the doings of the masters of the universe running Anglo.
The case should never have been taken. It was a mere technicality. It should have been seen that it would badly backfire. Seanie is a hero who can do no wrong. His fellow executives were led astray by a venal regulator when they tried to bail out a greedy man, all in a good cause, with a commendable disregard for their own self interests. In England the judge would be recommending them for honours.
Maybe, again on something of a technicality, that is a correct judgement. But to lavish commendations on the Anglo two for not acting out of "avarice, greed or desire for profit" but in the noble cause of saving the bank is outrageous. Perhaps something else in the evidence suggested that these two were the exception and so, to avoid possible libel, I will give them the benefit of the doubt; they stood out as beacons of virtue, albeit misguided, from their colleagues. But in the general scheme of things everyone else recognises that the culture that led to the Anglo orgy and the subsequent revelation through the Tapes of the immorality at the core of that organisation clearly identifies Anglo for what it was - an obscene testimony to human "avarice, greed and search for profit" at it absolute worse.Duke,
The judge said that it was wrong for one arm of the state to send men to prison on the basis of advice given by a different arm of the state.
Neary wasn’t thrust into a role that was “way above his pay grade”. He took a job that was way beyond his ability.
Anglo made our problems worse but the idea that they brought the country to its knees, as if everything would have been rosy if only they hadn’t been around, just doesn’t stand up to even the most basic scrutiny.
I agree.Unfortunately the entire mess just shows what muppets were involved in banking at that time.
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