What is truth?

Posts tagged ‘Anglo Irish Bank hidden loans controversy’

We must reinvest the State with men and women who speak the truth and act exclusively in the interests of the people

Brian Cowen‘s troubles are deepening by the hour. The consultation process is little more than theatre. His survival is on a thread [“hangs on a thread” or “is on a knife-edge”] as more and more of the facts emerge. The greatest step forward in this process of slow revelation of the truth I will shortly examine [we never find out “the greatest step forward” in the article]. First, however, there is [are?] Mr Cowen’s statements about himself.
He concealed more than he conceded in his lengthy statements to the Dail on Thursday [you mean Wednesday 12th, 2011 during Leaders Questions, no?]. He failed to answer crucial questions [any hints about what “crucial question”]. He concealed details of significant conversations about Anglo Irish Bank held with senior bank staff, board members and other politicians [what “details of significant conversations”?]. He denied exchanges that have been clearly claimed by others [what exchanges?]. He has since continued to prevaricate. This is what mr [Mr] Cowen has been doing, with little respect for the truth, over the last three years in respect of the banks, and notably, Anglo Irish Bank.
‘The Fitzpatrick Tapes’, the book which gives Sean FitzPatrick’s version of events and which led to this week’s confrontation in the Dail by opposition party leaders, had all the appearances of a tailor-made script for the Taoiseach, giving him three events that he could easily answer [just what does that mean, how could he “easily answer” revelations of hitherto undisclosed meetings/conversations] (though nothing was easy about the answers he gave): the St Patrick’s Day phonecall; the game of golf; and the Anglo Irish Bank board dinner [which dinner? the one at Heritage House in April 2008?]. Whatever one may think about the truthfulness or otherwise of the Taoiseach’s account, it cannot be challenged further without forensic investigation and testimony under oath. [really so posing what many might consider common sense questions at the next Leader’s Questions wouldn’t challenge it further?]
Many people in Ireland today would like to see that kind of investigation replacing the shambles in the Dail as Mr Cowen, more or less successfully, indulged in political rhetoric, insults, jibes and managed to put over the claim that, on all occasions summarised above, nothing was said about the crisis facing Anglo Irish Bank [“all occasions” – well this is just plain wrong, the Taoiseach has admitted that the St Patrick’s Day phonecall concerned the Anglo share price and Sean Quinn’s shareholding – surely that was about the “crisis facing Anglo”?]
 last November and before, Mr Cowen’s claim was that he first heard of the problems in Anglo Irish prior to March 2008 [this sentence doesn’t even make sense – does the writer mean that Mr Cowen claimed that he only first heard of problems in Anglo in March 2008?]. He sought to rubbish the story on grounds of the anonymity of the source. t[T]oday, the source is known to be David Drumm, and his words ring as true as they did then, with the added advantage of his name being behind them.
In that November 6 [should the Independent not have a house style for representing dates and if so shouldn’t the style be “November 6th”?] article, I said that Mr Cowen was at an Anglo Irish board dinner in April of that year [2008 presumably?] where the discussion was exclusively about the problems faced by the bank.
I outlined the role played by Sean Quinn, of Quinn Insurance. Quite openly and deliberately, in Mr Cowen’s presence, the discussion [at the dinner in April 2008?] was focused on these financial difficulties. These were seriously aggravated by heavy gambling at the time with “Contracts For Difference”, which ultimately came to represent a quarter of Anglo Irish Bank shares.
On that occasion, according to Mr Drumm, Mr Cowen promised intervention with the National Treasury Management Agency (NTMA) in order to get them to put deposits with Anglo. However, the then head of the NTMA, Michael Somers, has said [yesterday?] that no such request was made [by Brian Cowen, what about by others?]. The NTMA did not intervene [is this true, isn’t it the case that the NTMA did in fact recommence placing deposits with Anglo – Brendan McDonagh at the Cantillon School in September 2010]. There would have been even greater [even greater than what?] impropriety for the Finance Minister — knowing what he knew then of the perilous state Anglo Irish Bank faced — in taking the unprecedented step (which is now denied) of applying [what do you mean by “apply”?] to the NTMA. The full truth on this [aah, so we don’t have the “full truth” – what are we missing? Isn’t all we have at this stage suspicion?] would clarify the hopelessly compromised way in which we do business in this country.
I made clear in that article, based on Mr Drumm’s testimony, that the Financial Regulator, who has been generally, if inaccurately, characterised in the media as having been asleep at the wheel, was in fact in close contact with the bank. His hand was stayed, however, by sustained protection of Mr Quinn. Fianna Fail, including Mr Cowen [this is an amazing revelation, where’s the evidence?], were lobbying for Mr Quinn. The Financial Regulator knew that Mr Quinn was taking money from his insurance company and that this was illegal on two counts [again this is amazing, why has Sean Quinn not been arrested or charged with something which is being stated without qualification to be “illegal”?]. However, Mr Quinn was “untouchable”. Yet what he was doing represented death for Anglo Irish Bank.
The Financial Regulator should have come down heavily with regulatory decisions but failed to do so [what decisions?]. Mr Quinn was allowed to take money from his insurance company and gamble it through the bank. Anglo Irish Bank facilitated the placing of the Quinn stake and then part-funded it [part-funded? it seemed from Paddy McKillen’s testimony at the High Court last October 2010 that Anglo had not only fully- funded the purchase of shares but the funding was on a full non-recourse basis to boot].
To demonstrate how up to their necks the Financial Regulator’s office were before the placing, at one meeting Pat Neary told a member of the bank’s board that Sean Fitzpatrick was talking too openly about the Quinn stake [how credible is this? Sean Fitzpatrick was the chairman of the board and was presumably at the banks’ board meetings. Why did Pat Neary not say this directly to Sean Fitzpatrick’s face? Are there minutes to these board meetings which would evidence this?] . This member was told to tell him to “shut his mouth”. It was alleged that if it got out “there could be run on the system”.
Mr Cowen refused to answer these and other significant points at the time [last November 2010 presumably] on the dubious basis that they were ‘anonymous’. This anonymity was required at the time by my source. However, it is quite ludicrous to suppose that Mr Cowen did not know the source.
Even changing the Government will leave us with a huge burden of reparation. [true but it might change the culture that “bred the carbuncle”]
We must reinvest  the State with men and women who speak the truth and act exclusively in the interests of the people.

full article source: http://wp.me/pNlCf-Wb

Comment :

This is why we have all over the country now new independent movements like our Residents Movement for Political Change .We are convinced that changing the personal in government with more of the same established gombeen politicians will achieve nothing whilst they will all clam to want to change politics the truth is they have a vested interest to keep things as they are because of their collection of entitlements the current system allows them to collect!

You cannot have real change using the same old corrupt political parties the corrupt system has established! You must have new independent community movements that have no connections to the current corrupt political system ad that have at their core values that will route out cronyism and gombeenism. For real change we must put new men and women who speak the truth and act exclusively in the interests of the people and not is the interests of out dated, clapped out political parties that have only looked after their own office holders by placing them in plumb jobs here in Ireland and elsewhere in the world. Every time they come on to the radio to discuss policies the end up blaming each other for the problems of the country .Just listen to them blaming each other for past and present failures that have left the taxpayers paying for their incompetence.

Voting for people from each of these political parties will only keep the twiddle dumb and twiddle Dee political system in place and the same old codgers will feather their own nests with still more perks and pensions .Stop this gravy train from taken off again in the next Dail for God sake!

Max keiser on David Drumm of Anglo Irish Bank

What’s David Drumm former Anglo Irish ” top jock”  up to now in the USA? Why up to his old tricks!

Sean Dunne in Belle Haven

sean dunne

Image: Herald/Library Images

Irish property tycoon Sean Dunne moved his family to Belle Haven, the uber-exclusive Greenwich, Connecticut, neighborhood that is home to Paul Tudor Jones, earlier this year.

And now, Sean Dunne has been dubbed “a pariah” by local paper Greenwich Time, and residents say he should absolutely not be allowed to join the elite Belle Haven Yacht Club, the Journal reports.

For background, developer Dunne is one of several Irish speculators fleeing the country in the wake of what is now a fully-fledged bust (the former Anglo Irish CEO David Drumm has moved to Boston and financier Derek Quinlan decamped to Switzerland).

Ever the Irishman, he also likes to drink.

NYT profile on him begins:

It’s 3 a.m. at Doheny & Nesbitt, a favorite watering hole of Dublin’s political and business elite, and the property tycoon Sean Dunne stoops to retrieve a penny from the pub’s grimy floor.

One would think that Mr. Dunne, Ireland’s best-known building developer, would be in bed at this hour. It’s a weeknight, after all, and he has meetings that begin before first light.

He is on perhaps his fifth pint of Guinness, capping a rollicking night of Champagne cocktails, followed by a wine-soaked dinner — yet his thick brogue is clear of even the faintest slurring.

Elaine Buss, who is a member of the Belle Haven club, obviously read the article. So when she found out Dunne had asked a neighbor to invite him to the Belle Haven club for a commissioning, she was outraged by the possibility.

Buss said she would not support any bid by Mr Dunne or his wife to become members of the club. “We would not write a letter for them. He’s just so out of character with Belle Haven,” said Ms Buss, who added: “Of course we’ve all read about him.”

According to her, someone who jokes, drunkenly (he had about 10 drinks during the course of the interview, apparently), about being “technically insolvent,” has no place in Greenwich.

But unfortunately, he does.

Dunne is renting a $7 million Mediterranean-style mansion in Greenwich while he waits for his new home on Bush Avenue, inside the gated Belle Haven enclave, to be built.

That house is ostensibly what got him into trouble in the first place; he only got a renovation licence for the property but when residents saw that the majority of the old Victorian home had been demolished, they complained to the local council.

Buss, of course, was one of the protestors. Though if Dunne threatened to sue her – as she claims – for speaking up about the property, she does have reason to try and have Dunne thrown out of the nabe.

Ok, so maybe he drinks a lot. And maybe he has a cash-flow issue at the moment, but its not like Greenwich has never harbored businesspeople that have fallen, even temporarily, from grace (Dick Fuld; David Ganek are just two).

For the full story, go to the Journal >

Read more: http://www.businessinsider.com/developer-dunne-a-pariah-in-us-as-house-plan-angers-locals-2010-12#ixzz186iVjmst

Cowen as guilty as Sean Fitzpatrick

  Top Bankers and the Minister of Finance were told of the impending dangers and the outright reckles lending that was been done  by the Banks and their  institutions, the regulator ignored all warnings

Cowen is as guilty as Sean Fitzpatrick

 limerick accountant John Allen tells his story

The NAMA support brigade

FORMER CHIEF executive of Anglo Irish Bank David Drumm should be charged and his extradition sought from the United States, Fine Gael spokesman on communications and energy Leo Varadkar said yesterday.

In an interview with The Irish Times in Kenmare, Deputy Varadkar called on the Government to seek the extradition from the US of David Drumm, the former chief executive of Anglo Irish Bank. He said the activities of some bankers was “as serious as subversion”.

Mr Drumm has filed for bankruptcy in a Boston court. The implications of the move on the efforts of his former employer to retrieve debts of €8.5 million, are unclear.

Taoiseach Brian Cowen and Minister for Health Mary Harney have called for Mr Drumm to return to Ireland to face his responsibilities.

A hearing in the High Court of Anglo’s case against Mr Drumm has been scheduled for October 26th but the effect of the US move on this has yet to be established. It is unclear if Mr Drumm will return to Ireland to meet investigators pursuing inquiries into a number of matters arising from his role in the bank.

Mr Drumm had made settlement proposals to Anglo but they had not been accepted. Minister for Finance Brian Lenihan had a say in the stance taken by the bank. Anglo was seeking a commitment from Mr Drumm that he would co-operate with the various inquiries into the bank.

After resigning from his position in Anglo in 2008, Mr Drumm bought a home in the Cape Cod area of Massachusetts.

He and his wife also had a home in Malahide, Co Dublin


This outrageous that the government haven’t acted sooner after 18 months none of the Golden circle have be brought before the courts for insider trading none of the top directors of the banks have faced charges on acts of fraud indeed most of them are still in their positions and are reaping the rewards of huge salaries and pensions perks paid for by the very customers of these corrupt institutions

The Golden circle is still active and the infested, incestuous boardrooms of Irish corporate life go on with the taste approval of the gombeen men in the Dail.

If Mr.Varadkar wants change he should first start with his own party and weed out the cheerleaders of the NAMA support brigade  

NAMA and Paddy McKillen

SIMON CARSWELL Finance Correspondent

VALUERS FOR the National Asset Management Agency (Nama) cut the valuation given by Anglo Irish Bank to four of Paddy McKillen’s prime US properties by 27 per cent but said that his five-star London hotels were worth 10 per cent more than the bank had assessed.

The properties valued included Anglo’s US head office at 265 Franklin Street in Boston. This was valued by the bank at $131 million (€93 million) compared with a final valuation of $95.6 million set by Nama.

Details of the valuations were provided in filings submitted by Nama in the High Court case taken against the agency by Mr McKillen, a property investor.

The hearing of the case finished yesterday before a three-judge division led by Mr Justice Nicholas Kearns, the president of the High Court. Judgment will be given on November 1st.

Anglo valued the five-star Claridge’s, Berkeley and Connaught hotels in London and properties linked to the Maybourne Hotel Group at £822 million (€934 million); the final valuation agreed by Nama was 10 per cent higher at £905 million.

A final value of £424.9 million was assigned to Claridge’s by Nama for the transfer of Anglo’s loans on the hotels to the agency. The Berkeley was valued at £246.4 million and the Connaught was valued at £183.6 million.

Two other properties associated with the hotels – one in Mayfair and the other in Knightsbridge, London – were valued at £28.8 million and £22.2 million respectively in final valuations set by Nama.

Full story here  http://www.irishtimes.com/newspaper/finance/2010/1015/1224281153988.html

Mean while again SIMON CARSWELL and MARY CAROLAN tells us

FORMER ANGLO Irish Bank chief executive David Drumm has filed for bankruptcy in the United States after the State-owned bank rejected his proposal to settle its legal action in the High Court in Dublin over loans of €8.5 million.

Mr Drumm applied for bankruptcy in a Boston court in Massachusetts near his US home at 3pm Irish time yesterday in advance of the bank’s case starting on October 26th.

Lawyers for Mr Drumm told the commercial division of the High Court in Dublin a short time later that Anglo had last Friday rejected a final settlement offer that he had proposed on September 24th.

He had offered to hand over all assets to Anglo excluding personal effects such as clothes and jewellery, his lawyers said.

Anglo’s counsel told the Dublin court that the US bankruptcy application was “quite an extraordinary turn of events” and that the bank had only just become aware of it.

Lawyers for Mr Drumm said he had “bent over backwards” to reach a settlement of the action. Counsel for Anglo said that it was “a bit rich” for Mr Drumm to seek to take the “high moral ground”.

It is understood that Mr Drumm claims that he proposed handing over assets to Anglo valued at €10.8 million to settle the action.

The 44-year-old former bank chief had offered to put up his €5.4 million pension, under which he is entitled to annual payments of €271,000 from the age of 55.

The assets on offer included half the proceeds – estimated at €1 million – from the sale of a house at Abington in Malahide, Co Dublin, and the transfer of another property in Cape Cod, Massachusetts.

He also offered to hand over €200,000 covering his half-share of a property in Boston which his wife bought from her own funds.

His lawyers had claimed in their September 24th settlement offer that he was “frustrated with the un-commercial stance being adopted by the bank in relation to his proposals”. Following his application, Mr Drumm may retain his €5.4 million pension and could emerge from bankruptcy within a much shorter period than in Ireland. An official appointed by the US court will now liquidate all his assets through forced sales in a move which may result in Anglo recovering a lower amount.

Under the shareholder agreement with the State-owned bank, Minister for Finance Brian Lenihan has control over the bank’s dealings on the loans with former directors.

It is understood that the Minister instructed the bank to take whatever action necessary to secure full repayment of the debts. Anglo’s lawyers claimed in correspondence last July that the Minister was aware of Mr Drumm’s attempts to settle.

It had been anticipated that Mr Drumm would use the hearing of the bank’s action later this month to meet voluntarily with gardaí and other investigators examining the collapse of Anglo, which is costing the State up to €34.3 billion.

Planning such a meeting was now “up in the air” following Mr Drumm’s bankruptcy application, said a well-placed source.

The High Court was told the US court action may or may not disrupt Anglo’s case but this was out of Mr Drumm’s hands, his lawyers said.

It is understood that Mr Drumm has had extensive contact with the Garda Bureau of Fraud Investigation and the Office of the Director of Corporate Enforcement about their investigations and in relation to planning a meeting with them. It is also understood that he has recently made contact with the Government’s commission of investigation, led by former senior Finnish civil servant Peter Nyberg, which is investigating the causes of the banking crisis.

Anglo’s case will be returned before Mr Justice Peter Kelly, who has been managing the case, in the Commercial Court next Tuesday.



comment :

This is unbelievable stuff why are we even giving this guy the time of the day he should be brought back in handcuffs and forced to divulge all he knows about the fraud that went on in this toxic bank. This Pusey footing does not go on to the thousand of decent people that cannot pay their TV licenses and their ESB bills they are brought before the courts for the pittance the owe and yet we have this guy who was at the heart of this corrupt toxic bank that has cost us Billions and possible up to 50,000,000,000:00 billion trying to dictate terms.

We must see prosecutions and jail time been dispensed to all the crooks and no exceptions!

That is why we need a totally new kind of representive in the next Dail people who are not part of the in circle but ordinary people who know which side of the car  there petrol cap is on, people who know that our bills are going up and not going down as advocated by our politicians

People who know what it is like to struggle to pay their mortgages  in other words we need real people living on the same planet we the ordinary people have to live on and not the pampered planet our TD’s have been living on most of their lives

we need to overhall system ,its time for renewal and it can’t come soon enough

A word of warning, the politicians are contemplating ways to cling on to their plum jobs and perks by trying to extend the life of this corrupt and so out of touch government with this notion of a “national government” any such attempt to deprive the public of their democratic right to have a say in their own destiny as laid out in the Irish constitution will bring the public out on to the streets big time .We need a new political mandate to see us through the tough decisions that have to be made but it would be a major mistake to allow the very people and their cronies who caused this disaster to stay in power. Clear them all out and start afresh I say!

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