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.