Top journalist knows the identity of one of the Golden Circle?

Not sure who ‘jack’ is in this thread, but accroding to him “bloggers are impostor journalists, a form of low-life nestled at the bottom of the media pyramid and living off the droppings from above”… Hmmm… He can’t be reading Gavin who takes Senator Shane Ross (aka the business editor of the Sunday Independent) seriously enough to dig up some of his work from the past, and finds that as a journalist he has legitimate knowledge of at least one member of the Golden Circle… And invites him to jump one way (as a legislator) or the other (a senior journalist)…And it gets worse. At the time when Ross reported the stakes were relatively modest and nothing like the 10 per cent share the banks report mentions now:

A meeting took place in a Dublin hotel recently in which it was decided to buy shares worth up to €500m. Gerry Gannon of Gannon Homes and Sean Quinn are thought to have been targeted to join the consortium. Quinn is already a large shareholder.

Sources close to the group suggest that each member will be asked to put in several million euro. When the fund reaches €500m, it will be leveraged up with borrowings to buy further Anglo shares.

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  • joeCanuck

    Mick,

    Did you mistype? Surely you meant the Golden Horde, not the Golden Circle?

  • Scaramoosh

    This is laughable, and with hindsight makes these guys look like the bunch of eejits that they so clearly were.

    It would seem that they themselves had bought so heaviliy into the Anglo story, that they thought they could support the Bank’s shares against the onslaught of shrewd hedge fund operators, who knew that the bank was f***** becuase its business model was unsustainable. These guys, however, seemingly believed that they knew better and thought that their view of the market and the prospects for their developments/investments, meant that Anglo would pull through. ( a view that logically would also have led them to conclude that Anglo would never be nationalised, and hence, none of the more recent revelations would have come out…wrong on both fronts!).

    (Actually Mick – at 7p, at the time that this piece was written Aglo would have been valued at 5.15bn; which means that the 500m fund would have represented around 10% of the company).

    This piece does the numbers well;

    http://www.tribune.ie/business/news/article/2009/feb/22/anglos-golden-tumble/

    This is a demonstration of nothing more than an insane belief in their own invincibility…a belief that as we all now know, was to backfire spectacularly.

  • I thought Shane Ross had cocked the gun last Thursday, in the Seanad debate.

    Here’s Jimmy Walsh doing the report for the Irish Times:

    Shane Ross (Ind) said there were people “not far away from here” who knew the names of those who had been involved in the support operation for Anglo Irish Bank. It would relieve some of the reasonable public disquiet if these names were disclosed without any prejudice.

    Shane Ross knows not just one, but — note — “the names”. He would not make any wild statement of that nature otherwise.

    Then read carefully the statement by An Tánaiste, Mary Coughlan, last Thursday (and I admit I have not checked against the verbatim report):

    THE MINISTER for Finance had no right to the names of the people involved in the €300 million loan-for-shares deal with Anglo Irish Bank, the Tánaiste insisted.

    Mary Coughlan said the names were not contained in any report to Brian Lenihan, adding that, as a shareholder, he had no right to the information.

    That is a stark, staring Civil-Servicese non-denial. Lenihan knows: he just made sure he did not have the “right to the information”. Lenihan is no clam. And, as Ross says, it’s “people” not “person”. Moreover, Ross (unlike Lenihan) is a share-holder, attending the Anglo AGMs and EGMs, and — doubtless — schmoozing.

    The only questions in my mind are how the likes of Shane Ross can dribble the rest of the ten into public awareness without personally fingering the trigger (and he/they will: that’s Dublin, for heaven’s sake). And when.

    Bang!

    I, for one, am offering my pseudonymity as a source. Be quick, Shane: I’m back in the Armagh wilderness, sans broadband, on Thursday.

  • It was Sammy Mc Nally what done it

    The government could rush through legislation to allow the names into public arena – they can hardly claim it will damage Ireland’s financial image.

    On the broader front public/private sector pay may have to be reduced siginificantly to avoid the bailiffs and I cant see any of the opposition parties doing this. FF might as well grasp the nettle and push through the drastic policies that are required. It wont save them but they will belatedly be able to say they did the right thing.

  • It was Sammy Mc Nally what done it

    Well for fecks sake just read the reason given for not naming the 10 – “It would also be difficult to maintain the confidence of customers in any Irish Bank”

  • Dave

    “It would completely undermine the confidence of customers generally in Anglo Irish Bank and, therefore, confidence in the bank if the Minister, as a shareholder, could obtain access to confidential information about customers.” – Mary Coughlan

    The level of muppetry of this government is astonishing. The Tánaiste is using plausible deniability that is predicated on people assuming that the Irish government, and the sole shareholder and owner of the bank, holds the same rights as Ms Murphy from Artane who buys 200 euros worth of a bank’s shares.

    It is abject nonsense to claim that customers of Anglo Irish Bank would lose confidence if the Irish government “could obtain access to confidential information” about them since the Basel accords impose a KYC requirement on financial institutions to fully ascertain the identities and all relevant information about their customers and to share this information with regulatory authorities, in addition to the Revenue Commissioners having the right of access to all personal details about the holder of any bank account were more than 50 euros in interest is paid.

    It is simply not true to claim that a purchaser of a business is not entitled under a due diligence process to know the identities and transactional details of the customers of a business in order ascertain the quality of their business, their loyalty to the business, their ability to repay, etc.

    What they are solely admitting is that they did no due diligence of the extent of the liabilities that they were exposing the Irish taxpayer to by nationalising this bank because they were acting in the interests of a small wealthy elite and were not acting in the interests of the Irish taxpayer.

    Why asking them to provide a definition of their mere favourite slogan “systemic importance” for example. They won’t provide you with one because they can’t justify nationalising this bank by claiming that it meets the definition of the draft definition provided by the ECB or the citeria provided by other central banks. This non-retail bank is of systemic importance to property developers who fund FF but it is most certainly not of systemic importance to the Irish financial system or to the Irish economy.

  • Dave

    Typo: “[b]Try[/b] asking them to provide a definition of their mere favourite slogan “systemic importance” for example.”

  • Dave

    And by the way, perhaps someone should tell the government that there is over-supply of office and commercial property in Ireland in addition to an overstock of residential properties to the amount of 340,000 vacant houses and apartments. Given that more are becoming vacant each day as immigrant and nationals flee the country, handing back the keys and negative equity to the banks, in addition to the numbers added by repossession as people lose their jobs, etc, you can take it as a certainty that property developers are redundant in Ireland for the next 20 years and are not worth saving from bankruptcy. Unlike the UK who have a shortage of property, and whose fall in values is occurring despite a demand, we have an oversupply. Saving property developers because they are of “systemic importance” to the Irish economy? What a sick joke! Unfortuantely, the people are exactly as syupid as the government treat them.

  • Harry Flashman

    Hey Dave, have you seen the latest from Crazy Ambrose?

    Will poor old Fritz bail us all out?

  • Dave

    Never mind the crazy Ambrose – what about those crazy Germans? I think the sentiments expressed in that article by the German finance minister show that Europhelia should now be officially classified as a mental illness.

    “Mr Steinbruck still insists that German banks are in fine fettle. The rest of us notice their leverage ratio is 52, the highest of any major country in the world. We are assured they have good assets. Let us hope so.” – Ambrose Evans-Pritchard

    He is talking about bailing out other EU states despite his banks being leveraged to the absolute max. To put that in context, Lehman Brothers had a leverage ratio of 29. American banks are overleveraged (a safe ratio is 10:1) but none of the major American banks have leverage ratios above 20. Germany’s largest bank, Deutsche Bank, has liabilities of $2.5 trillion (increased by 31% in since 2006 by buying securities) and a leverage ratio of 50.5. It’s shares have fallen by 75%; it requires a bail-out, and it is losing billions.

    Why is that insane fool talking about borrowing money to bail-out the EU’s banks when his own country’s banks are on the verge of collapse and his economy has contracted at an alarming rate of 8.4%? Because Europhelia compels those afflicted with the terrible disease to act in deranged ways, putting euro-political agendas before the national interest. So, it seems, the Eurozone is “too big too fail” and it is the bankrupt Germans who must come riding to its rescue on a hobbling three-legged donkey which they confuse with a white horse. Will the German people have a say in that? Nope, because they’d quite obviously and quite rightly flush the Eurozone down the proverbial toilet if they were allowed to vote on the issue.

    What I find interesting is that the EU were busy pointing and tut-tuting at the American banks only a few short months ago when they wobbled, seemingly absolutely blind to the disastrous condition of their own insanely overleveraged banks and the level of economic contraction that was about to be felt in their own backward economic zone. At first their strategy was to blame the Americans for causing the problem, but how are the Americans responsible for European banks being the highest leveraged in the world? Yet these are the blind muppets who are to lead us all out of the blind alley they led us into. Now that Ireland has locked itself into this backward economic region of the world, it is in the position where 60% of its export trade is to a zone that is an economic basket case.

  • Smug O’ Toole

    I’ve just received a power point presentation outlining who 4 of the golden jerk-off’s are, from a disgruntled Civil servant. FF, balls deep if this is true. Some of these chaps dealt with a formally disgraced and now deceased FF minister.

  • It was Sammy Mc Nally what done it

    Smug O’ Toole

    seems now convienent that fraud sqaud is on the job – as it will now sub whatis-its-face now – but leaks need to published.

    The main worry now is that FF hands are tied because of self-interest – must be a government of national emergency and quite honeestly I dont give a feck who is in it as long as we are sure they do the right thing.