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


Joined
Sep 10, 2008
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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?
 


typical

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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.
 

Akrasia

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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.
 

carlowman

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Oct 15, 2010
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Negotiate with the bond holders...or rather tell them its game over... plain and simple
 

bokonon

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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...
 

Holy Cow

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spotty

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Spotty confidently predicts that the Irish media will need to be dragged kicking and screaming to this story.
 

Holy Cow

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Spotty confidently predicts that the Irish media will need to be dragged kicking and screaming to this story.
It will not get a mention on RTE.
 

jmcc

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Would anyone expect Pravda/RTE to follow up this story? I wonder if this will bring down the FF gombeenarchy government?

Regards...jmcc
 
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Surely when the first claim comes in looking for compo they will have to report it.
 

Mushroom

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Spotty confidently predicts that the Irish media will need to be dragged kicking and screaming to this story.
Unless given access to reliable documents, the media will be hamstrung in what it can report.

But the matter will be raised in the Dáil - badly by Kenny and/or forensically by Gilmore/Rabbite - whereupon Biffo and Bozo will go on the defensive. Bozo will inform the House that he has asked Anglo-Irish (and possibly Elderfield) for a full report into the allegations and ask people not to pre-judge the issue. That'll get the gov't off the hook until its Halloween Mid-term break.

In the meantime, spinners on all sides will be revolving like the big wheel up at the Point.
 

DCon

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May 5, 2009
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Unless given access to reliable documents, the media will be hamstrung in what it can report.

But the matter will be raised in the Dáil - badly by Kenny and/or forensically by Gilmore/Rabbite - whereupon Biffo and Bozo will go on the defensive. Bozo will inform the House that he has asked Anglo-Irish (and possibly Elderfield) for a full report into the allegations and ask people not to pre-judge the issue. That'll get the gov't off the hook until its Halloween Mid-term break.

In the meantime, spinners on all sides will be revolving like the big wheel up at the Point.
BIFFO will set up a task force to look into the possibility of setting up a task force to explore the issue and Harney will do her best to say something that could prevent a fair trial..
 
F

fistikuffs

Moncrief just alluded to this on the show but he didn't mention any specifics. Won't hold my breath for RTEs report
 

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