ExAnglo director TomBrowne says chasing him for€45m unfair as Govt destroyed the bank

stanley

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"From today's Irish Times"

SIMON CARSWELL Finance Correspondent
http://www.irishtimes.com/newspaper/finance/2010/1025/1224281951672.html
"STATE-OWNED Anglo Irish Bank is pursuing a former director and one-time head of the bank’s Irish lending division Tom Browne for loans of about €45 million secured on shares in the bank and various property investments.


He has blamed the nationalisation of Anglo in 2009 for his inability to repay his loans as they were secured on the shares and the bank’s collapse into State ownership rendered them worthless.

He wrote to associates last February saying that Anglo’s nationalisation destroyed a substantial part of the value of the security backing his loans and that the matter was “destined to end up in the courts” where he would defend himself.
...

Here we go again another believer in non-recourse debts as the State wiped out the value of his Anglo's shares, not his fault.

Jumped ship with 3.7m in Nov 2007 when the smell of shlte in Anglo was growing by the day, do we have Drumm to thank for this payment, what about his pension value.

The amount of the lendings to a senior manager, other than Fitzy, are unprecedented, someone signed these off is this the crack to expose how the managers signed off loans to each other.

AIB do not allow their staff/managers to be involved in investments like this, they would have had to have approval fron on high, the fact they seem to be still employed suggests a cover-up.

Wouldn't it be a mighty coincidence if the apartments in Yorkshire mentioned were somehow connected to Biffo's equiv investment in student accom in Leeds, anyone remember hoe Biffo financed his deal.
 
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cyberianpan

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Hard to make that one up.... the government ruined his security... by nationalising Anglo....


cYp
 

gijoe

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The day I am waiting for is when we hear Anglo directors spilling the beans about politicians making representations on behalf of people looking for mega property loans. I am sure that info is held in reserve up the sleeve in case of criminal charges being brought.
 

DCon

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The day I am waiting for is when we hear Anglo directors spilling the beans about politicians making representations on behalf of people looking for mega property loans. I am sure that info is held in reserve up the sleeve in case of criminal charges being brought.
Don't forget politicians making representations on behalf of themselves looking for mega property loans.
 

clytaemnestra

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What was the price of Anglo shares immediately before nationalization? Something like 22¢? Revisionism is a remarkably compressed process these days...
 

Nipper

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droghedasouth

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The amount of the lendings to a senior manager, other than Fitzy, are unprecedented, someone signed these off is this the crack to expose how the managers signed off loans to each other.
Seanie was previously CEO before he became non-exec Chairman by which time there was no restraint on him. Not only Seanie and his fellow directors started to use the bank as their private bank, the corrupt culture spread down to senior management and probably beyond. You have to remeber just how many people had to know that Seanie was fiddling the books to disguise his own loans. Each and every one of them would have felt entitled to join Seanie as players in the great game.
 

MPB

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If the Govt had been looking after the best interests of Irish citizens and not the deposits and bad debts of connected individuals, we would not have had to have had any dealings with a delinquent like Brown.

That job would have fell to those with whom it belonged.

The liquidator and the bondholders.

I wonder if the properties and pensions of Drumm, Fitzpatrick and Brown et al, would have felt so protected if they owed their debt to the bondholders and not the Irish taxpayer?
 

revolution

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the government ruined the bank,thats funny......
i say bring back a good auld lynching for bankers and ex-bankers
 

stanley

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The 10 "Golden Circle" lads were meant to be liable for 25% of the 300m extended, 75% non-recourse, but to date none of them have been brought to heel, probably not even asked, tick tock tick tock.
 

civilserpant

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it was bankrupt, and massivekly so, theres no value. Aren't shareholders the last creditors to see anything in a collapse?
 

stanley

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Bye Bye €45 million :)

That is the problem with shares. Prices can rise and FALL :) :)



Very true, but this lad invested in property and there could be an outside chance someone completed the paperwork and there is security.

The article mentions 8 other lenders, is he trying to pull the Fitzy stroke to get a quorum of creditors to block the main creditor (Anglo) from appointing their own Examiner.
 

hammer

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More than likely.

Too late though. An extra Anglo solidarity tax in budget 2011 for everyone :(
 

hammer

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We are all to blame :)

The richest man in the UK & Ireland has a provision against his debts of €2,800 million.

Now if I could write off some of my debts I would be doing just fine :)
 

hammer

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Are directors not responsible for the debts of a company if it can be proven that they traded whilst insolvent.

Now I wonder if that could be checked out.

Not on your nellie
 

daithimac

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This guy was head of lending in Ireland.

The head of lending in Ireland for anglo irish bank says that the Irish government destroyed anglo Irish bank.

The head of lending in Ireland for anglo irish bank says that the Irish government destroyed anglo Irish bank by nationalising anglo irish bank.

The head of lending in Ireland for anglo irish bank says that the Irish government destroyed anglo Irish bank by nationalising anglo irish bank due to its massive over exposure to land and development lending in the irish market.

He intends to defend himself.

This should be hilarious!
 

hammer

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These people are bankers. They were greedy.

From most of the media comment you would think that they should have been more responsible.

They didn`t give a f.... as long as the share price was rising, they got well paid and they got bonuses, expenses and free trips to Ryder Cup.

FFS THEY WERE ONLY BANKERS not brain surgeons.

If we all could do what we liked we would have done the same.

When you have no regulation yuo do whatever the fffffff you like.

Could you imagine what would happen if there was no Revenue Commissioners and everyone was self assessed :) :)

Tax revenue would be €10 BILLION :)
 

stanley

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Former Anglo executive Browne ponders action - RT News


How dumb can this guy get, does he think he is a priviliged FF'er or what, if Sean Quinn gets 2.8bn written off for playing games he did not understand what has that got to do with Tom Browne.

Did Tom Browne select or approve the "Maple 10" non-recourse loans of 400m, how many other loans went across his desk, hard not to think he knew all about Seanie's loans and them moving around.

Let Tom Browne have his say and go on the attack, the answers will be good - if we get there.
 

voodoochile

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Former Anglo executive Browne ponders action

The former head of Anglo Irish Bank's Irish lending division, who is being pursued for €50m in unpaid loans by the bank, says he is considering bringing proceedings against senior Anglo officials, the State, the Central Bank and the Financial Regulator.
Tom Browne alleges that the bank's actions led to the nationalisation of the bank, the collapse of its share price and immense loss and damage to him.
You couldn't make it up.............

Former Anglo executive Browne ponders action - RT News
 


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