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  1. #11
    Amnesiac Amnesiac is offline
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    Quote Originally Posted by Ryan Tubbs View Post
    This seems like a crazy allegation to make in public, before any kind of legal or criminal inquiries have taken place to any degree.
    Are the NTMA trying to attract good press? They could easily keep their head down and wait for this to be settled.
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  2. #12
    SPN SPN is offline

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    Quote Originally Posted by FakeViking View Post
    And it's made under Parliamentry Privelege. Very strange.
    Witnesses don't have parliamentary privilege.
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  3. #13
    SPN SPN is offline

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    Quote Originally Posted by Ryan Tubbs View Post
    This seems like a crazy allegation to make in public, before any kind of legal or criminal inquiries have taken place to any degree.
    The enquiries are complete and the facts are known.

    The curious thing is his use of the word "fraud".

    He did that for a reason.

    JC is a very experienced and effective Civil Servant. He would not have said that by accident.
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  4. #14
    leftsoc leftsoc is offline
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    Quote Originally Posted by Kevin Ryan View Post
    State Street has been very quick to mutter something about departed staff not working to the standards expected, and yet still denying the company is liable for fraud.

    That's an awkward spot to occupy, especially when the FSA starts asking questions.
    It seems hard to see how departed staff could have personally benefitted, except through bonuses and then management would have to know what was done , in order to reward it.

    This apparently was reported by C&AG months ago, why was it not all over the newspapers, TV and radio? Why did it have to be highlighted in Dail priviledge setting?

    It seems there is no free speech where rich people might be upset. The libel laws need to be addressed . I am certian the bubble and crash could not have happened had we the same free speech as other democracies.
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  5. #15
    leftsoc leftsoc is offline
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    Quote Originally Posted by SPN View Post
    Then add in this little gem from JC's statement: "other investment funds had suffered a similar fate."

    He would not have said this unless he was on very solid ground.
    Max Keiser seems more on the money as the days go by, when he alleges that London (and by extension,Dublin) is the centre of world fraud.
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  6. #16
    Hewson Hewson is offline
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    Another financial institution found to have a bad smell.

    I'm reading a book at the moment called 'Vulture's Picnic' and I'd recommend anybody interested in the incestuous relationship between Big Oil and the world's Financial 'Industry' (my quote marks) to get a copy.

    The world's banks and hedge funds are, to quote the famous Rolling Stone magazine description, one giant vampire squid. Hedge Funds and banks produce nothing, add no value to the net worth of an economy. They're basically parasites living off the productive economy, shuffling money from A to B and creaming off an in-betweener's profit. To add to their list of funny-money products like CFDs and synthetic derivatives, (that have no real susbtance, and add no more value to the productive economy, than a bet on a bet on a bet on the outcome of some poor producer's efforts) they've now taken to branching out into Litigation Funding. This is where finance is provided to an individual or Company to pursue a claim against another Company, usually where large-value assets are at stake.

    This one came to my attention recently as I have shares in an exploration Company which is being sued for 30% of its assets by another business with not a shred of credibility, assets or tax returns to show. The trial is ongoing and the numerous backers are now coming to light, with the suspicion that they have engineered the current trial to manipulate the share price of the Company against which they are funding the litigation.

    The whole financial sector is one gigantic parasite. Every Euro of profit is a Euro of loss for someone else, nothing is actually created and no net wealth generated.

    There is no Financial 'Industry'. Just a self-perpetuating system of world-wide abuse of the sweat, hard work and ingenuity of others by blood-suckers who contribute nothing to the betterment of the world and humanity. We've seen a small example of it here in Ireland but in global terms our boys were minnows.

    Until agreed, world-wide regulation ties a noose around the necks of these parasites we will continue to hobble from one financial disaster to another over the generations. The rules need to be tightened up, some financial products outlawed and banks and hedge funds reined in and their murky habits laid bare.
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  7. #17
    zakalwe1 zakalwe1 is offline
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    Another financial institution found to have a bad smell.
    Hedge Funds and banks produce nothing, add no value to the net worth of an economy. They're basically parasites living off the productive economy, shuffling money from A to B and creaming off an in-betweener's profit.
    Incorrect. banks act as a medium of exchange of goods and services via the instrument of "money".
    to the depositer, they provide a safe haven for cash (ignore irish banks and think rabobank for example).
    to the borrower, they provide credit to tide people/businesses over during fluctuations of their cash cycle.
    banks whole reason d'etre is to take risk, that the cash they take in and lend out, will not be repaid. thats why all borrowers pay a little bit extra (interest), to cover the risk.

    To add to their list of funny-money products like CFDs and synthetic derivatives, (that have no real susbtance, and add no more value to the productive economy, than a bet on a bet on a bet on the outcome of some poor producer's efforts) they've now taken to branching out into Litigation Funding. This is where finance is provided to an individual or Company to pursue a claim against another Company, usually where large-value assets are at stake.
    i see a little knowledge is a dangerous thing. derivatives (synthetic or otherwise) have their place and use. if you can't explain what they do, then don't buy them.
    i have absolutely no knowledge of litigation funding, other than run of the mill lending to finance court cases, which are not unprecedented.

    This one came to my attention recently as I have shares in an exploration Company which is being sued for 30% of its assets by another business with not a shred of credibility, assets or tax returns to show. The trial is ongoing and the numerous backers are now coming to light, with the suspicion that they have engineered the current trial to manipulate the share price of the Company against which they are funding the litigation.
    manipulating share price is illegal but i presume its shareholders of this or a rival which are behind the courtcase. how are hedgefunds and banks to blame?

    The whole financial sector is one gigantic parasite. Every Euro of profit is a Euro of loss for someone else, nothing is actually created and no net wealth generated.
    thats factually incorrect. how do you know that?

    There is no Financial 'Industry'. Just a self-perpetuating system of world-wide abuse of the sweat, hard work and ingenuity of others by blood-suckers who contribute nothing to the betterment of the world and humanity. We've seen a small example of it here in Ireland but in global terms our boys were minnows.
    some financial people are good....take warren buffet and george bailey and your good self (a self confessed investor in the markets - in an earth raping exploration company to boot!!!)

    Until agreed, world-wide regulation ties a noose around the necks of these parasites we will continue to hobble from one financial disaster to another over the generations. The rules need to be tightened up, some financial products outlawed and banks and hedge funds reined in and their murky habits laid bare.
    without the hyperbole, i'm pretty much in agreement.
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  8. #18
    cogar cogar is offline
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    Full privilege is afforded to witnesses in committee
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  9. #19
    SPN SPN is offline

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    Quote Originally Posted by cogar View Post
    Full privilege is afforded to witnesses in committee
    In committee maybe.

    In public sessions the Chair ALWAYS warns witnesses that they do not have privilege.
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  10. #20
    He3 He3 is offline

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    This is astonishing stuff.

    State Street unmasked, gives back money, and no one blinks an eye.

    State Street charged €698,000 for selling the shares. A nice little earner. Quietly, someone at State Street siphoned off another €3.2m in unauthorised payments. In short, Mr Corrigan alleges, they took their payment and they stole four-and-a-half times that.

    Now, it appears that when you're dealing in billions it's easy to fail to see the odd few million going astray. The NTMA didn't spot the missing millions. Of course, someone in State Street realised what happened and called the cops and reported a multi-million theft from Irish citizens. Right? Well, not exactly. Someone within State Street seems to have acted, but no one called the cops. Not a word was said. Not to the cops. Not to the UK regulators. Not to the NTMA. Not to the Irish Government.

    Then, in September 2011, certain unrelated irregularities came to light and the British authorities said tut-tut and began poking around. At which point, State Street said, "Eh, there was also this Irish thing, I suppose we ought to mention that". Or words to that effect. No need to worry, mind you. The two or three senior chaps allegedly involved had already quietly left the bank.

    That might have been the end of it. Then, someone in the financial media inquired why these State Street chaps had moved on – and a hint of the story came out. The NTMA saw the media report and asked State Street if everything was alright. At which point State Street let out a long sigh and reimbursed the NTMA for "overcharging".
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