Banks/Govt Used Same Solicitor for Advice

[Outlander]

Solicitors advising Minister acted for bank consortium - The Irish Times - Wed, Feb 18, 2009

THE FIRM of solicitors advising the Government on its banking policy has acted for the Mallabraca consortium, which expressed interest in buying into the Bank of Ireland.
Arthur Cox solicitors also act as solicitors for the Bank of Ireland, one of the banks whose deposits have been guaranteed by the State and who are the subject of the Government’s proposed multi-billion recapitalisation package.
A spokesman for Minister for Finance Brian Lenihan said Mr Lenihan had been assured that where potential conflicts arise they are dealt with through “Chinese wall” structures.

Anyone who thinks the Chinese Wall referred to has anything to do with the Great Wall of China must be a member of the FF party.

[cyberianpan]

Chinese walls is a pretty standard term in business

Aurthur Cox is a large law firm with hundreds of employees

It having clients with conflicts is nothing new

They are actually pretty reputable and if anything might be thought to lean FG

cYp

[Ah Well]

Solicitors advising Minister acted for bank consortium - The Irish Times - Wed, Feb 18, 2009



Anyone who thinks the Chinese Wall referred to has anything to do with the Great Wall of China must be a member of the FF party.

This is nothing new... Chinese Walls have been used in a legal sense here for many years.

It's not all that long ago where the same Solicitor firm would act for a Builder selling houses in an Estate and Purchasers ... and it wouldn't have to be an institution like Arthur Cox either... perhaps a small firm where one Solicitor acted for the Builder and another for Purchasers ... and presumably charging both fees .... the Law Society has stated this is not at all advisable and for some considerable time too

[He3]

This bit about the Chinese Walls in Docklands is interesting. Has any more been said today on this story?

Mr Lenihan said that in Ireland it was not unusual that one of the larger financial or legal advisers had to deal with potential conflicts of interest. “I have been assured by my external advisers on the bank guarantee scheme that where potential conflicts arise they are dealt with through the application of well-established ‘Chinese wall’ structures which are overseen by their compliance departments,” he said.

“These ‘Chinese walls’ operate as information barriers which ensure that any advice given to the Government is confidential and is provided by a team which is segregated from and independent of their work for other clients.”

[Libero]

Chinese walls is a pretty standard term in business

Aurthur Cox is a large law firm with hundreds of employees

It having clients with conflicts is nothing new

They are actually pretty reputable and if anything might be thought to lean FG

cYp

Arthur Cox is a big firm alright. But how many of its partners have experience on technical banking law matters?

I thought we had all been shaken out of naive beliefs in Chinese Walls around the time of all the scandal on Wall Street when supposedly independent investment analysts had their research effectively dictated or vetted by investment banking colleagues.

Likewise, commercial law firms are, well, commercial law firms. The temptation to walk around Chinese Walls must be significant and easy to conceal.

A smarter government would use another firm.

[cyberianpan]

Arthur Cox is a big firm alright. But how many of its partners have experience on technical banking law matters?

I thought we had all been shaken out of naive beliefs in Chinese Walls around the time of all the scandal on Wall Street when supposedly independent investment analysts had their research effectively dictated or vetted by investment banking colleagues.

Likewise, commercial law firms are, well, commercial law firms. The temptation to walk around Chinese Walls must be significant and easy to conceal.

A smarter government would use another firm.

Any good law firm will have clients that conflict

That I see Cox's have 45 partners with technical banking experience:

Asset Management and Investment Funds: 4
Banking ; 13
Capital Markets : 6
Derivatives: 3
Financial Regulatory : 4
Insurance and Reinsurance :5
Listing Services : 3
Pensions : 2
Project Finance : 5



cYp

[powderfinger]

This bit about the Chinese Walls in Docklands is interesting. Has any more been said today on this story?

Mr Lenihan said that in Ireland it was not unusual that one of the larger financial or legal advisers had to deal with potential conflicts of interest. “I have been assured by my external advisers on the bank guarantee scheme that where potential conflicts arise they are dealt with through the application of well-established ‘Chinese wall’ structures which are overseen by their compliance departments,” he said.

“These ‘Chinese walls’ operate as information barriers which ensure that any advice given to the Government is confidential and is provided by a team which is segregated from and independent of their work for other clients.”

Walls made in China down the Docks?Gotta love those business terms H3.Sure only a few years ago they were climbing "wall's of liquidity" in the Banks.Give it a little longer and Brian eile could be riding the wall of death in the Dail.

[He3]

Future generations of archaeologists will gaze at their foundations and wonder ...

[rhonda15]

money - banking - building - business - politics - all incestuous - no regulation - what else is new?

[Dare to Dream]

money - banking - building - business - politics - all incestuous - no regulation - what else is new?

I've not seen rain for four days.......

but that could be for another thread!