David Drumm guilty...why not Pat Neary, ex Financial Regulator ?

cyberianpan

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Disillusioned democrat

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I have to admit I'm surprised....delighted, but surprised.

Drumm's crime was that he broke ranks and ran - many of the others just circled the wagons and brazened it out and were rewarded with acquittals and mistrials.
 

Orbit v2

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Couldn't happen to a nicer guy (Drumm).

But, unfortunately, being a time serving incompetent is not a crime. So, nothing will ever be done about other fella'
 

cyberianpan

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Personally I am not hugely convinced that this was a crime, as it really only appertained to liquidity, rather than solvency

It was as a result of the Financial Regulator encouraging "green jersey" liquidity, rather than say ELA


Cyp
 

Disillusioned democrat

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Personally I am not hugely convinced that this was a crime, as it really only appertained to liquidity, rather than solvency

It was as a result of the Financial Regulator encouraging "green jersey" liquidity, rather than say ELA


Cyp
It was a massive crime - misleading investors.

Oddly Fitzpatrick's own little contribution - bed-and-breakfasting his own sizeable loan from the bank to hide his lack of independence and objectivity as Chairman - was not, seemingly.
 

cyberianpan

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It was a massive crime - misleading investors.

Oddly Fitzpatrick's own little contribution - bed-and-breakfasting his own sizeable loan from the bank to hide his lack of independence and objectivity as Chairman - was not, seemingly.
What is your response to my liquidity/solvency distinction ?

Cyp
 

Telstar 62

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Don't forget the teflon auditors....

The Big 4 never seem to have to explain anything....:roll:
 

mr_anderson

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Personally I am not hugely convinced that this was a crime, as it really only appertained to liquidity, rather than solvency

It was as a result of the Financial Regulator encouraging "green jersey" liquidity, rather than say ELA

Cyp
Couldn't disagree more.
It was fairly obvious what the intent of the transactions were.
 

Pizza Man

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Don't forget the teflon auditors....

The Big 4 never seem to have to explain anything....:roll:
Ever hear of Arthur Andersen? Or of Enron?
 

yosef shompeter

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Personally I am not hugely convinced that this was a crime, as it really only appertained to liquidity, rather than solvency

It was as a result of the Financial Regulator encouraging "green jersey" liquidity, rather than say ELA


Cyp
A small point, Cyberian: Once the ************************ hits the fan and debtors can't repay because the debtors' debtors can't pay and neither can the debtor's debtor's debtors. In a situation like this like when Bear Sterns and Lehmans went belly up (and others) then the nice letters on the debit side of the balance sheet are not worth the steam off your liquidity.
 

artfoley56

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Ever hear of Arthur Andersen? Or of Enron?
they fncked over the yanks. if it happened here it would be a different story. there's not much difference between the anglo top brass and Enron's smartest guys in the room.
 

cyberianpan

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A small point, Cyberian: Once the ************************ hits the fan and debtors can't repay because the debtors' debtors can't pay and neither can the debtor's debtor's debtors. In a situation like this like when Bear Sterns and Lehmans went belly up (and others) then the nice letters on the debit side of the balance sheet are not worth the steam off your liquidity.
Well ...those situations you refer to were insolvency

And indeed as such Anglo was grossly insolvent, but that was not widely accepted at the time

This particular issue for Anglo was liquidity, and thus they would have been eligible for ELA

The Financial Regulator/CB were scared shítless of doing ELA

CyP
 

fifilawe

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Mr Drumm is in today's parlance "collateral damage" he is one who has not ties to the "élite crowd/dynasties" who run all the big cartels be they Banks, Auditing Firms(Arthur Andersen just rebranded itself as Accenture ) chemical producers, pharmaceuticals, oil, high tech hardware and software companies ............He is just a little fish swimming amongst sharks
 

dizillusioned

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It always amazes me. Drumm and some minnows get fried but the boss gets off...amazing country to do business in.
 

HarshBuzz

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Hopefully he gets a 'proper' sentence. I won't be holding my breath though.
 

Buchaill Dana

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Personally I am not hugely convinced that this was a crime, as it really only appertained to liquidity, rather than solvency

It was as a result of the Financial Regulator encouraging "green jersey" liquidity, rather than say ELA


Cyp
Nonsense. He is guilty as charged.

Nor sure why Neary is in the same basket. Inept, yes. Personally benefited? Nope.
 

WTTR

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Mr Drumm is in today's parlance "collateral damage" he is one who has not ties to the "élite crowd/dynasties" who run all the big cartels be they Banks, Auditing Firms(Arthur Andersen just rebranded itself as Accenture ) chemical producers, pharmaceuticals, oil, high tech hardware and software companies ............He is just a little fish swimming amongst sharks
He did not endear himself to Merkel, when the infamous tapes were released in 2013.

She was shocked at his attitude to German investors.

so, the pressure must have been on the government to make an example of him.

Off course, these investors got off scot-free when

we bailed out the bondholders.

The irony of his frustrations, as revealed in the tapes from Nov 2007-08

is that he thought that after increasing lending by close to 30% in 2007,

He suggested to Bowe that Angle should desist from lending.

This was six months after I called for a Bank Enquiry


 


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