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  1. #1
    SPN SPN is online now

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    NTMA alleges fraud by State Street Bank

    Some very provocative comments from John Corrigan at the PAC today.

    NTMA alleges State Street fraud - The Irish Times - Thu, Nov 22, 2012


    "The National Treasury Management Agency (NTMA) engaged the services of State Street to sell €4.7 billion worth of assets held by the National Pension Reserve Fund (NPRF).

    According to the Comptroller and Auditor General’s report, the agreed fixed rate for hiring State Street’s services was €698,000.

    However, State Street took commission of €2.6 million which was not agreed and a further €600,000 in profits from the disposal of NPRF’s holding in an index firm.

    NTMA chief executive John Corrigan told PAC today that as far as his organisation was concerned State Street had engaged in fraudulent activity and other investment funds had suffered a similar fate.

    State Street is now being investigated by the UK’s Financial Service Authority (FSA) following the discovery that it took unauthorised payments for disposing of €4.7 billion of Irish assets."


    This could get very interesting.
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  2. #2
    bob3367 bob3367 is offline

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    Thanks for that, I wasnt sure what the circumstances of the allegation was.

    Surely there is a paper trail that will either prove or disprove these allegations?
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  3. #3
    beazlebottom beazlebottom is offline

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    Quote Originally Posted by bob3367 View Post
    Thanks for that, I wasnt sure what the circumstances of the allegation was.

    Surely there is a paper trail that will either prove or disprove these allegations?
    Wonderful to see our public reps so concerned at the PAC about the State Street situation. I wonder why they are not so engaged or concerned about bringing to Justice the ba**ards who defrauded the Irish people of E64 billion?? - all of 20000 times the amount involved in the alleged State Street fraud???
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  4. #4
    bob3367 bob3367 is offline

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    Quote Originally Posted by beazlebottom View Post
    Wonderful to see our public reps so concerned at the PAC about the State Street situation. I wonder why they are not so engaged or concerned about bringing to Justice the ba**ards who defrauded the Irish people of E64 billion?? - all of 20000 times the amount involved in the alleged State Street fraud???
    So we should turn a blind eye?
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  5. #5
    Kevin Ryan Kevin Ryan is offline

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    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.
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  6. #6
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    Quote Originally Posted by beazlebottom View Post
    Wonderful to see our public reps so concerned at the PAC about the State Street situation. I wonder why they are not so engaged or concerned about bringing to Justice the ba**ards who defrauded the Irish people of E64 billion?? - all of 20000 times the amount involved in the alleged State Street fraud???
    You should start a thread to discuss that exact issue.

    Let's keep this one on-topic.
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  7. #7
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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.
    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.
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  8. #8
    Ryan Tubbs Ryan Tubbs is offline

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    This seems like a crazy allegation to make in public, before any kind of legal or criminal inquiries have taken place to any degree.
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  9. #9
    statsman statsman is offline
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    Interesting story; I hope they really pursue this. Looks like they fully intend to.
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  10. #10
    FakeViking FakeViking 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.
    And it's made under Parliamentry Privelege. Very strange.
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