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Thread: ExAnglo director TomBrowne says chasing him for€45m unfair as Govt destroyed the bank

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    Default ExAnglo director TomBrowne says chasing him for€45m unfair as Govt destroyed the bank

    "From today's Irish Times"

    SIMON CARSWELL Finance Correspondent
    http://www.irishtimes.com/newspaper/...281951672.html
    "STATE-OWNED Anglo Irish Bank is pursuing a former director and one-time head of the bank’s Irish lending division Tom Browne for loans of about €45 million secured on shares in the bank and various property investments.


    He has blamed the nationalisation of Anglo in 2009 for his inability to repay his loans as they were secured on the shares and the bank’s collapse into State ownership rendered them worthless.

    He wrote to associates last February saying that Anglo’s nationalisation destroyed a substantial part of the value of the security backing his loans and that the matter was “destined to end up in the courts” where he would defend himself.
    ...

    Here we go again another believer in non-recourse debts as the State wiped out the value of his Anglo's shares, not his fault.

    Jumped ship with 3.7m in Nov 2007 when the smell of shlte in Anglo was growing by the day, do we have Drumm to thank for this payment, what about his pension value.

    The amount of the lendings to a senior manager, other than Fitzy, are unprecedented, someone signed these off is this the crack to expose how the managers signed off loans to each other.

    AIB do not allow their staff/managers to be involved in investments like this, they would have had to have approval fron on high, the fact they seem to be still employed suggests a cover-up.

    Wouldn't it be a mighty coincidence if the apartments in Yorkshire mentioned were somehow connected to Biffo's equiv investment in student accom in Leeds, anyone remember hoe Biffo financed his deal.
    Last edited by cyberianpan; 25th October 2010 at 04:35 PM. Reason: copyright

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    Politics.ie Member cyberianpan's Avatar
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    Hard to make that one up.... the government ruined his security... by nationalising Anglo....


    cYp
    "Yawn , am I alive yet ?"

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    Politics.ie Member gijoe's Avatar
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    The day I am waiting for is when we hear Anglo directors spilling the beans about politicians making representations on behalf of people looking for mega property loans. I am sure that info is held in reserve up the sleeve in case of criminal charges being brought.

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    Quote Originally Posted by gijoe View Post
    The day I am waiting for is when we hear Anglo directors spilling the beans about politicians making representations on behalf of people looking for mega property loans. I am sure that info is held in reserve up the sleeve in case of criminal charges being brought.
    Don't forget politicians making representations on behalf of themselves looking for mega property loans.
    We have turned the corner.I commend this Budget to the House. Brian Lenihan, 9 December 2009

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    What was the price of Anglo shares immediately before nationalization? Something like 22˘? Revisionism is a remarkably compressed process these days...

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    Politics.ie Member Nipper's Avatar
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    Quote Originally Posted by clytaemnestra View Post
    What was the price of Anglo shares immediately before nationalization? Something like 22˘? Revisionism is a remarkably compressed process these days...

    Last I heard Lenihan was still talking about compensating Anglo Shareholders.

    http://www.independent.ie/business/i...t-2129310.html

    Has there been any mention of this recently?
    Last edited by Nipper; 25th October 2010 at 05:34 PM. Reason: Add link

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    Politics.ie Member droghedasouth's Avatar
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    Quote Originally Posted by stanley View Post
    The amount of the lendings to a senior manager, other than Fitzy, are unprecedented, someone signed these off is this the crack to expose how the managers signed off loans to each other.
    Seanie was previously CEO before he became non-exec Chairman by which time there was no restraint on him. Not only Seanie and his fellow directors started to use the bank as their private bank, the corrupt culture spread down to senior management and probably beyond. You have to remeber just how many people had to know that Seanie was fiddling the books to disguise his own loans. Each and every one of them would have felt entitled to join Seanie as players in the great game.
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    If the Govt had been looking after the best interests of Irish citizens and not the deposits and bad debts of connected individuals, we would not have had to have had any dealings with a delinquent like Brown.

    That job would have fell to those with whom it belonged.

    The liquidator and the bondholders.

    I wonder if the properties and pensions of Drumm, Fitzpatrick and Brown et al, would have felt so protected if they owed their debt to the bondholders and not the Irish taxpayer?

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    Politics.ie Member revolution's Avatar
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    the government ruined the bank,thats funny......
    i say bring back a good auld lynching for bankers and ex-bankers

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    The 10 "Golden Circle" lads were meant to be liable for 25% of the 300m extended, 75% non-recourse, but to date none of them have been brought to heel, probably not even asked, tick tock tick tock.

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