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Thread: 10% of Anglo Irish Bank’s Profits Came from Defrauding Customers - Guido Fawkes

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    Default 10% of Anglo Irish Bank’s Profits Came from Defrauding Customers - Guido Fawkes

    Just came up on Twitter and Guido`s website.

    Guido has been given documents coming from inside Anglo Irish Bank’s Treasury Department dating back to 1997 which strongly suggest there was a board level approved conspiracy to over-charge corporate customers.

    The scale of the fraud was massive and it may have contributed up to 10% of the now nationalised bank’s profits.

    The Anglo-Irish Bank’s fraud comes from overstating the DIBOR base rate on which customer’s loans were calculated. DIBOR is the Dublin Interbank Offered Rate calculated and was published daily like LIBOR, it was set in stone and used by all Irish banks as the basis for settlement of trades and financial transactions before they joined the Euro.

    Essentially Anglo-Irish lied to customers as to what that the real base rate was by adding between 1/4% to 1/3% to the official underlying rate, then they added the usual banker’s spread that they will have agreed contractually with their corporate customers.
    10% of Anglo Irish Bank


    Any Chance of any bankers being Jailed?

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    With practises like this, why do they need to be bailed out?

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    Could this possibly to lead to Anglo losing their banking license?

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    Possibly that's why the stuff was leaked, there is supposed to be some big investigation going on and this counteracts any attempt to sweep inconvenient facts under the carpet.

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    Quote Originally Posted by Bi ciuin View Post
    Any Chance of any bankers being Jailed?
    And why should we change our culture of not jailing bankers just because it Anglo??
    Dear Lord Baby Jesus, I want to thank you for Pink Floyd

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    it's far more likely to lead to us, the tax payer, being sued by some of Anglo's former customers for fraud.

    Developers suing the state for getting ripped off by the bank that funded their rip off developments during the building bubble. The irony will of course not be reported.
    Actual morality is doing what is right regardless of what you're told. Religious morality is doing what you're told, regardless of if it's right.

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    Will we have to refund the overcharging now?

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    Negotiate with the bond holders...or rather tell them its game over... plain and simple

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    This was what Declan Ganley was on about the other day. So the leaker went to Guido and Declan Ganley. Hopefully there will be more...

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    Quote Originally Posted by libertarian-right View Post
    Could this possibly to lead to Anglo losing their banking license?
    Yeah right.

    Alan Dukes is doing a great job.

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