Anglo investigation "well into next year before it's finished"

MsAnneThrope

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Anglo probe team warns sift of bank 'cannot be rushed'

SENIOR gardaí and the Office of the Director of Corporate Enforcement have insisted that investigations into financial irregularities at Anglo Irish Bank "cannot be rushed" and could take a further 12 months before they are completed.
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An investigation by the Garda National Bureau of Fraud Investigation into Anglo's affairs was launched six months ago when officers raided the bank's head office in Dublin.

A senior garda source said, "The investigation is extremely complex... For us to do it professionally will take considerable time and effort. It will be well into next year before it's finished. We would be doing a terrible injustice to the people of Ireland if this was not thorough."
That last sentence has made me very suspicious. Very twee. I believe it's an attempt to placate us. Why is it taking so long? Is it connected in any way to waiting for NAMA to be set up do you think? When you compare it to the speed Madoff was investigated, charged and sentenced in the U.S. it really makes you wonder.

Meanwhile Seanie is living it up as though nothing has happened, and Drumm has bought not one but two luxury houses in Cape Cod in the U.S. for $7.2 million, having put his Malahide house on the market for €2.79 million. I don't think he has any intention of coming back here. That won't stop him (and ex-finance director Willie 'Fair play to ya' McAteer) pursuing their 2006 bonuses that are now overdue though, and compensation. In a statement last January, Finance Minister Brian Lenihan acknowledged that Anglo directors who lost their positions would "retain their right to pursue compensation for loss of office"

Is this whole investigation nothing more than a pointless exercise to pretend that something is being done, and nothing will come out of it?
 
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jpc

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Anglo probe team warns sift of bank 'cannot be rushed'



That last sentence has made me very suspicious. Very twee. I believe it's an attempt to placate us. Why is it taking so long? Is it connected in any way to waiting for NAMA to be set up do you think? When you compare it to the speed Madoff was investigated, charged and sentenced in the U.S. it really makes you wonder.

Meanwhile Seanie is living it up as though nothing has happened, and Drumm has bought not one but two luxury houses in Cape Cod in the U.S. for $7.2 million, having put his Malahide house on the market for €2.79 million. He obviously doesn't have any intention of coming back here. That won't stop him (and ex-finance director Willie 'Fair play to ya' McAteer) pursuing their 2006 bonuses that are now due though, and compensation. In a statement last January, Finance Minister Brian Lenihan acknowledged that Anglo directors who lost their positions would "retain their right to pursue compensation for loss of office"
Is this whole investigation nothing more than a smokescreen in this great little country of ours?
That bit is very galling.
 

Aindriu

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That bit is very galling.
Indeed. My guess is that their lawyers are drafting the compo claims as we write.

Yet again the ones at the top are being protected by Fianna FAIL :mad:
 

MsAnneThrope

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I also wonder if some of the people saying they're annoyed or concerned or whatever about the delay in the investigation are just playing mind games...
 

MsAnneThrope

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Spin, spin and more spin...

Note the use of quotation marks on each page:

On Neil Blaney's FF website, Feb 24th, 2009:

Anglo Irish Bank investigation progressing - Blaney

"I was happy to hear that Gardai have begun a number of searches at the offices of Anglo Irish in Dublin. I understand that the Garda Commissioner has assigned a number of officers from the Bureau of Fraud Investigation to assist other Gardaí who are working with the Director of Corporate Enforcement.”

“It is vital that every necessary resource is provided to ensure that the investigation is speedy and effective. It is vital for public confidence, particularly as the taxpayer now owns the Anglo-Irish Bank.”

“I look forward to the investigation by the ODCE being completed as quickly as possible,’ concluded Deputy Blaney.
Now, by extreme coincidence, Thomas Byrne TD had this to say about it on his FF website, also on Feb 24th, 2009:

Byrne welcomes Gardai investigation of Anglo Irish

“I was happy to hear that Gardai have begun a number of searches at the offices of Anglo Irish in Dublin. I understand that the Garda Commissioner has assigned a number of officers from the Bureau of Fraud Investigation to assist other gardaí who are working with the Director of Corporate Enforcement.”

“We felt it was very important every necessary resource was provided to ensure that any investigation was speedy and effective. It is vital for public confidence particularly as the taxpayer now owns the Anglo-Irish Bank.”

I look forward to the investigation by the ODCE being completed as quickly as possible,’ concluded Deputy Byrne.
Maybe they just have similar writing styles? :) But then, what's this? From Margaret Conlon's personal website a day later, on February 25th, 2009:

ANGLO IRISH BANK INVESTIGATION PROGRESSING – CONLON

"I was happy to hear that Gardai have begun a number of searches at the offices of Anglo Irish in Dublin. I understand that the Garda Commissioner has assigned a number of officers from the Bureau of Fraud Investigation to assist other Gardaí who are working with the Director of Corporate Enforcement.”

“It is vital that every necessary resource is provided to ensure that the investigation is speedy and effective. It is vital for public confidence, particularly as the taxpayer now owns the Anglo-Irish Bank.”

“I look forward to the investigation by the ODCE being completed as quickly as possible,' concluded Deputy Conlon.
Summary: Here's a bit of auld bumph about Anglo lads. Shtick it up on yer interweb facegroup or goggle or bobo or whatever ya call it, and make it look like ye wrote it yerselves. The plebs will think we're serious about investigating Anglo.
 
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MsAnneThrope

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Ex-Anglo chief Drumm back in the property finance game...

Irish Independent: Ex-Anglo Irish chief sells one of two US homes for €1.75m

FORMER Anglo Irish Bank boss David Drumm has reached an agreement to sell one of his two homes in Massachusetts for around $2.5m (€1.75m).

The Cape Cod property was acquired by Mr Drumm and his wife in September 2008 for almost $2.6m, just as the Irish banking system faced complete collapse [...]

The Drumms also own a house at Stage Neck Road in Chatham, for which they paid $4.6m in March 2008.

Soon after he resigned from Anglo Irish Bank, Mr Drumm established a company in Massachusetts called Harborlight Capital Partners.

Its business objectives are described as being to provide advisory and management services in the real estate finance sector.
Old dogs, new tricks etc...
 

Captain Con O'Sullivan

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Fine. He has a 2.7million pound house in Malahide? Would he like to exchange his pursuit of a bonus to which he is not entitled(on the basis that the bank were fraudulently reporting overstated valuations) for NOT finding his 2.7million euro house floating around in bits off the coast?

Because if FF and the Guards screw this up either wilfully or come out with some lame excuse to let him off the hook it is my honest opinion that he should be beachcombing to find bits of his former Malahide mansion.

Its about time that these people realised it isn't only the FF polluted legal system in Ireland they have to worry about.
 

Louth Planner

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Didn't Alan Dukes (Government appointed Director on Anglo) query why the investigation was taking so long? He said that Appleby noted he had prima facea evidence in February to warrant an fraud investigation into Anglo. So if he had some kind of evidence in February, what is taking him so long?

Just the same old rubbish in Ireland I guess - cronyism, old boys club etc etc It is all very sickening.
 

anewbeginning

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While our political parties continue to be based on funding, secret or open, from rich businesses and individuals, people like Fitzpatrick will never see the inside of a jail cell.

This is Ireland...rich people don't go to jail.
 

Verhofstadt

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Note the use of quotation marks on each page:

On Neil Blaney's FF website, Feb 24th, 2009:



Now, by extreme coincidence, Thomas Byrne TD had this to say about it on his FF website, also on Feb 24th, 2009:



Maybe they just have similar writing styles? :) But then, what's this? From Margaret Conlon's personal website a day later, on February 25th, 2009:



Summary: Here's a bit of auld bumph about Anglo lads. Shtick it up on yer interweb facegroup or goggle or bobo or whatever ya call it, and make it look like ye wrote it yerselves. The plebs will think we're serious about investigating Anglo.
..And yet the Irish electorate continue to fall hook, line and sinker for this codology... it's just.. aghhhhhhh.. I can't even articulate my frustration.

I'm off home to home to take it out on the dog.
 

Digout

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The Guards are waiting to all the assets are transfered to offshore.
 

droghedasouth

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If the keystones, to quote our distinguished friend stanley's favourite phrase, couldn't issue a warrant to have a nobody like Michael Lynn arrested when the Hungarian police had him in custody, you hardly believe that the Lions of the Celtic Tiger (lovely mixed metaphor) will ever end up in court in this jurisdiction.

I just hope there is something for which the UK or the US authorities can get them for.

Remember Patrcik Gallagher and Merchant Banking.
 

Oddjob111

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Meh, they can take ten years for all the difference it'll make, nobody will be charged, nobody will be jailed, nobody will be held accountable.
 

Utopian Hermit Monk

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September 8th 2009

Call for statement on banking investigations

CORK South Central TD and Vice Chairperson of the Oireachtas Finance Committee Michael McGrath has called on the Director of Corporate Enforcement to make a statement on the progress of the various investigations his office is carrying out into certain banking practices and to give a timeline for their completion.

The Fianna Fáil TD said, “I recognise that the issues being investigated are complex and it is essential that the Director’s investigation is absolutely professional and thorough. However, I believe it is reasonable at this point, in the public interest, to ask the Director for a statement setting out the current position with regard to the investigations and to provide a timeline the completion of his work.

...


“Last February, detectives attached to the Office of the Director of Corporate Enforcement carried out a detailed search at Anglo’s headquarters. It is now seven months on and I believe we deserve to know what progress has been made to date. We must remember that the practices which were followed at Anglo Irish Bank contributed to the State having to nationalise the bank in January of this year. Since then, the State has had to inject €4 billion of taxpayer’s money to keep the bank afloat.

He added, “Those responsible for bringing the Anglo Irish Bank to its knees must be held to account before the law for their actions. The sooner this happens the better. Serious questions also remain for other institutions complicit in some of the above transactions.

“I am calling on the Director of Corporate Enforcement, Mr. Paul Appleby, to make a statement on the progress made on the investigations to date and to provide a clear timeline for the completion of his work,” stated Deputy McGrath.”



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Eamonn76

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The delay in this investigation is a scandal. Nama by contrast must be in place asap. Here is a new Nama safeguard for the Greens - no monies to any bank until they have been thoroughly and independently investigated. Anglo should be reduced to a skeleton staff and should not lend - especially to property developers - until this investigation is completed.
 

Utopian Hermit Monk

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[ame="http://www.youtube.com/watch?v=_jCGgzvvtyc"]YouTube - David Garrick - Dear Mrs Applebee 1966[/ame]


Dear Mrs. Appleb(ee)y,

Is your husband on a go-slow? :shock:




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Harmonica

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What does the Director of Corporate Enforcement do when not investigating Anglo Irish? Is that office busy on a normal day?

What is the progress on the Garda investigation? Is that separate? I am guessing no criminla investigations will progress until the DoCE is finished?
 

cyberianpan

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We also need new law / legal practice to help deal with white collar crime

One area where such law needn't be retrospective is around Jury selection

Currently juries are at best average - at worst many of the competent escape them

White collar worlds are not easy to understand, and white collar criminals often engage in very complex & devious practices ...

I'd suggest that such trials ... frankly need a much smarter jury than average to ensure conviction

cYp
 

Utopian Hermit Monk

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We're still waiting, Mr. Appleby!



Lack of accountability is the real scandal in Anglo Irish fiasco
By Ivan Yates

POLITICAL and other spin doctors know how to manage a crisis. The critical factor is to hang on. They believe virtually all news media cycles are "nine-day wonders".

This means that if you keep your head down and survive the whirlwind, the rat pack will move on to another story, once they have no fresh angles....

By comparison with Sean Fitzpatrick, Lar Bradshaw and David Drumm — O’Donoghue and Molloy were juvenile offenders.

It is almost a year since the implosion of Anglo Irish. The time frame of the media cycle allows the public to forget....



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Niceguyeddie

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- The ODCE has a very heavy workload. Consider that whenever a company collapses, it should really investigate whether the directors concerned are guilty of reckless trading. Now consider how many companies have collapsed in the last two years. Add the fact that the ODCE was rather modestly staffed at the best of times for the work it has to do, and you have a perfect example of people doing Trojan work to get through a massive backlog.

- Part of me is glad that the investigation of Anglo is taking time. What went on is very complex in terms of establishing fraud or criminal negligence (we all know the actual reasons behind the collapse itself are painfully simple). I'd rather the investigation be done right in two years than in a half-assed way within three months.
 


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