Follow @PoliticsIE
 
 
 
Page 1 of 7 12345 ... LastLast
Results 1 to 10 of 64

Thread: Failed bank got all clear in report that cost State 7.4m

  1. #1
    Politics.ie Member
    Join Date
    May 2009
    Location
    heart of Europe
    Posts
    5,897
    Mentioned
    0 Post(s)

    Default Failed bank got all clear in report that cost State 7.4m

    THE Government was lambasted in the Dail yesterday for paying 7.4m to Merrill Lynch for advice that the Anglo Irish was financially sound shortly before the bank was nationalised at great expense.

    The Labour Party flaunted documents released under the Freedom of Information Act during the report and final stages of the NAMA bill.

    The department paid 7.4m to Merrill Lynch to be told Anglo was "fundamentally sound" days before its nationalisation, said Labour's finance spokeswoman Joan Burton.

    Senior officials then wrote to the European Commission to inform them that the bank was sound, but also said that it was a "niche" operator in the Irish market -- whereas the Finance Minister Brian Lenihan had defended its nationalisation on the grounds that it was of "systemic importance". "In a nutshell, this is why we need oversight," Ms Burton said.

    Michael D Higgins TD said it was a disgraceful to describe the Anglo as being of "systemic importance" as it was no more systemic than a dandelion.
    Ms Burton said the key lesson from history was that unless there were high levels of transparency and oversight, "the whole exercise is likely to prove a failure".

    Banks were already "putting the thumbscrews" on small businesses around the country, she said.

    Mr Lenihan replied that Anglo was "a systemic bank at the time of nationalisation" because it was a bank with a balance sheet of 100bn, including 50bn in deposits from 250,000 customers.

    "The idea that the collapse of such an institution by a government would have no implications is utterly and totally fallacious," he said.
    Failed bank got all clear in report that cost State €7.4m - National News, Frontpage - Independent.ie

  2. #2
    Politics.ie Member
    Join Date
    Nov 2007
    Posts
    969
    Mentioned
    0 Post(s)

    Default

    If this does not prove to the nation that they are being screwed, then I don't now what will.

  3. #3
    Politics.ie Member Digout's Avatar
    Join Date
    Oct 2008
    Location
    at the bar, where the sock puppets are
    Posts
    1,396
    Mentioned
    0 Post(s)

    Default

    The EU are going to order the wind up of Anglo within a couple of months.

  4. #4
    Politics.ie Newbie
    Join Date
    Oct 2009
    Posts
    43
    Mentioned
    0 Post(s)

    Default

    And eh any chance of chasing Merril Lynch for a refund under the Sale of Goods & Supply of Services Act. More to the poin €7.4m. A trainee accountant that has done the Auditing paper would have been able to spot that there was huge problems with ethics and window dressing in Anglo. And still not a peep from the Accountancy professional body to reign in their members profiteering from shoddy work.

  5. #5
    Politics.ie Newbie
    Join Date
    Oct 2009
    Posts
    43
    Mentioned
    0 Post(s)

    Default

    And still no mention of protests from the Irish people against their governments policies. Happy to sit with the divide and conquer of the workers. Nothing to let the government know peoples feelings on how they are running the Country apart from wage cuts and taxes.

  6. #6
    Politics.ie Member Digout's Avatar
    Join Date
    Oct 2008
    Location
    at the bar, where the sock puppets are
    Posts
    1,396
    Mentioned
    0 Post(s)

    Default

    Quote Originally Posted by SAHM View Post
    And still not a peep from the Accountancy professional body to reign in their members profiteering from shoddy work.
    Of course not, and guess what? Every one of the big accountancy firms gave the all clear to one of the corrupt Zombee banks we have. And even better, all these big firms are getting massive contracts from SCAMA.

    War is the only solution.

  7. #7
    Politics.ie Member
    Join Date
    May 2009
    Location
    heart of Europe
    Posts
    5,897
    Mentioned
    0 Post(s)

    Default

    Quote Originally Posted by SAHM View Post
    And eh any chance of chasing Merril Lynch for a refund under the Sale of Goods & Supply of Services Act. More to the poin 7.4m. A trainee accountant that has done the Auditing paper would have been able to spot that there was huge problems with ethics and window dressing in Anglo. And still not a peep from the Accountancy professional body to reign in their members profiteering from shoddy work.
    They were probably asked to provide a report that said Anglo was sound.

    They did this...

  8. #8
    Politics.ie Member Digout's Avatar
    Join Date
    Oct 2008
    Location
    at the bar, where the sock puppets are
    Posts
    1,396
    Mentioned
    0 Post(s)

    Default

    Quote Originally Posted by DCon View Post
    They were probably asked to provide a report that said Anglo was sound.

    They did this...
    They were prob given a blank cheque. Whose names were signed on the report?

  9. #9
    Politics.ie Member
    Join Date
    Jan 2005
    Location
    dublin
    Posts
    8,148
    Mentioned
    0 Post(s)

    Default

    Quote Originally Posted by SAHM View Post
    And eh any chance of chasing Merril Lynch for a refund under the Sale of Goods & Supply of Services Act. More to the poin 7.4m. A trainee accountant that has done the Auditing paper would have been able to spot that there was huge problems with ethics and window dressing in Anglo. And still not a peep from the Accountancy professional body to reign in their members profiteering from shoddy work.
    Have Merril Lynch been asked for any explanation about their report? have they been given any other work by the govt since that report was furnished? Was there any clawback provision in the anglo contract to provide for a refund if the report proved to be grossly inaccurate?

  10. #10
    Politics.ie Newbie
    Join Date
    Oct 2009
    Posts
    43
    Mentioned
    0 Post(s)

    Default

    Could Joan Burton call on the ICAI (which she is a member of), ACCA, CPA to investigate Merrill Lynch's role in giving false information to the Irish Government. So we all know exactly how they justified the fee and secondly how they came to the conclusions they came to.

Page 1 of 7 12345 ... LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •