Regulator 'misled' on Anglo share deal

[toxic avenger]

According to Colm Keena in the IT, sources say the Regulator will state that it was 'misled' about the infamous 'golden circle' share purchase. Apparently, Sean Quinn's family's purchase of a 15% stake was also funded from Anglo's own money:

The regulator has been “astonished to discover that the deal is very different to what was presented [to it] initially”, one source said.
The regulator did not know the investors were being provided with money from Anglo to purchase the shares, or that the collateral was such that the money may now never be recovered.
The €300 million lent to the 10 individuals may constitute a loss to the taxpayer following the nationalisation of Anglo Irish Bank last month.
It has also been learned that a further 15 per cent stake in the bank bought by the Quinn family, was also financed using the bank’s own money. This means that a quarter of the bank’s shares were purchased in private deals last July, using the bank’s own money.
The bank used a London investment bank, Morgan Stanley, to process the deal with the 10 investors. Legal advice on the deal and on its compliance with market abuse rules and company law was sourced by the bank. Legal advice on the deal was forwarded to the regulator by the bank, but the regulator is now forming the view that the deal that occurred was different to the one that was presented to it.
The names of the investors were not disclosed to the regulator as their shareholdings fell below the disclosure threshold levels. They are believed to be major customers of the bank.

Financial Regulator believes it was misled by Anglo - The Irish Times - Fri, Feb 20, 2009

[H.R. Haldeman]

From the Financial Regulator's website today, 20 Feb 2009, in the "What we do" section:

Promoting a Sound Financial System

A fundamental protection for consumers is the solvency and safety of financial institutions. The Financial Regulator has a key responsibility in this area by giving confidence to consumers that their deposits and investments are safe and that their claims can be met. In turn, this contributes to a stable financial system and to the reputation and good standing of the Irish financial sector.

The financial services industry is increasingly global in scale and influence. This poses challenges to both the industry and its regulator. Monitoring global financial and economic developments is an important element of our job.

The focus of work in this area will be on:

* The refinement of a regulatory approach based on risk profile and impact of default;
* Risk assessment, measurement and control techniques in all sectors of the industry;
* Data collection associated with developing better early warning indicators of prudential stress;
* A programme of on-site inspections.

Irish Financial Services Regulatory Authority

You think they might have had the common bloody decency to remove this embarrassing garbage from their website. On every count above they have been a total failure. It would be impossible to have failed any bigger.

Is there really no sanction for the gross, gross incompetence shown by the FR in all this? The former head got a €600k golden handshake and a €140k pension. I accept Mr. Neary had a 40 year career in the civil service and am sure he did some good. But his stewardship of the FR was clearly an utter catastrophe. And no sanction? Nothing? Total fkng bollox. In lieu, the entire board of the FR must go immediately, along with all the top brass at the CB, of which the FR is a division. How can these people's incompetence cost the rest of us billions and there be no comeback? It is impossible to bear the thought of it.

So when I now hear the FR whinging like a baby about being "astonished" they were lied to I can only shake my head. Yuthink? Fkn gobshytes.

As for the liars at Anglo, I am becoming more and more hopeful that there are criminal acts here and that it will be impossible for the law not to pursue this. I want total ruin for most of the top table at Anglo, and jail for several of them. Even a few months would do. For guys like that, any porridge would be utter disgrace and ruin. Absent anything else, a reasonable pound of flesh.

[Utopian Hermit Monk]

Yes, at this stage of the game, it would be shocking to discover that our 'Financial Regulator' had NOT been 'misled' on some count!

[toxic avenger]

From the Financial Regulator's website today, 20 Feb 2009, in the "What we do" section:


Irish Financial Services Regulatory Authority

You think they might have had the common bloody decency to remove this embarrassing garbage from their website. On every count above they have been a total failure. It would be impossible to have failed any bigger.

Is there really no sanction for the gross, gross incompetence shown by the FR in all this? The former head got a €600k golden handshake and a €140k pension. I accept Mr. Neary had a 40 year career in the civil service and am sure he did some good. But his stewardship of the FR was clearly an utter catastrophe. And no sanction? Nothing? Total fkng bollox. In lieu, the entire board of the FR must go immediately, along with all the top brass at the CB, of which the FR is a division. How can these people's incompetence cost the rest of us billions and there be no comeback? It is impossible to bear the thought of it.

So when I now hear the FR whinging like a baby about being "astonished" they were lied to I can only shake my head. Yuthink? Fkn gobshytes.

As for the liars at Anglo, I am becoming more and more hopeful that there are criminal acts here and that it will be impossible for the law not to pursue this. I want total ruin for most of the top table at Anglo, and jail for several of them. Even a few months would do. For guys like that, any porridge would be utter disgrace and ruin. Absent anything else, a reasonable pound of flesh.

I know. Doesn't it entirely smack of 'it's not my fault, he did it, blame him!'? No-one has responsibility for anything any more, it seems...

[BodyofEvidence]

how many people were actually doing their job at the FR?

[Digout]

how many people were actually doing their job at the FR?

Quite a few, they put huge resources into shutting down small insurance brokers and the likes of that.

The big fish are left to do as they please.

[Digout]

I guess this means the legal advise given was def bogey also.

This begs the question, if the regulator was misled, what the fluck are they doing about it? I know that if the wool was pulled over my eyes in such a way I'd be on the warpath. I would be making sure the crooks that conned me would be getting what they deserve. I'd send the proof of the fraud to the coppers and make sure they acted on it.

Of course, this story might not be true, its just another excuse and just another part of the cover-up of the theft of 300 million people from the people of Ireland by FF's toxic circle.

[greengoose]

I guess this means the legal advise given was def bogey also.

This begs the question, if the regulator was misled, what the fluck are they doing about it?

Closing the stable door? Forming a committee to investigate? Seeking legal advice?

[Digout]

Closing the stable door? Forming a committee to investigate? Seeking legal advice?

Seems to have taken them a while to cop on to the fact that they were conned.

Looks like they are kicking the ball back to Anglo, I bet the only guys in Anglo that had anything to do with this are now ex-Anglo and cant answer questions.

A forensic examination of computers ( in both the regulators office and Anglo) by the fraud squad would have uncovered a lot, but, I'd bet anything that the hard disks from the offending computers are prob on the bed of Dublin Bay.

[New_Economic_Agenda]

its not too late for the fraud squad

i want to see television images of computers leaving Anglo headquarters in plastic bags