How Brian Cowen helped Anglo

Barnacle

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The Daily Mail is front-paging a story today about Cowen knowledge into the woes of Anglo Irish Bank. It claims

Brian Cowen was 'acutely aware' of a threat to Anglo Irish Bank months earlier than he has admitted, a former director has sensationally claimed.

He also alleges that Sean Fitzpatrick was brought into the Taoiseach's inner circle as early as 2007, a full year before the infamous bank bailout. And the disgraced chairman even sat in on 'kitchen cabinet' meetings as Mr Cowen plotted for power. And Mr Cowen 'intervened with the National Treasury Management Agency to get them to deposit with Anglo Irish - but they didn't.

The former Anglo director insisted that, at the time Mr Fitzpatrick joined Mr Cowen's kitchen cabinet in late 2007, the 'writing was on the wall' for the bank. Mr Cowen has always denied knowing that Anglo's position was seriously jeopardised until September 2008.
Eamon Gilmore asked Mr Cowen in September 2008 was he aware that Anglo was facing insolvency. Cowen said 'No, he did not'. The former director who attended the private dinner in April 2008 along with Mr Cowen said

He was acutely aware of our problems. The conversation at that dinner was interesting. The big man has been less than truthful about it'. The conversation had been 'openly' focused on Anglo's financial difficulties.
Regarding the Quinn Share issue it states

The Anglo Irish board first realised that the bank was massively threatened by Quinn's gambling on its share price, on September 11 2007, the insider claims. The board met that very night to assess its own 9/11. And by this stage Mr Fitzpatrick was a confidant of the Taoiseach, our informant insists.
It says that Seanie was overheard at a party openly talking about the risky Quinn Investments and this got back to the boardroom at the Central Bank.

We were told to tell him to shut his mouth. If it got out there could be a run on the system.

However, the former board member alleges that there is 'no question' but that Fianna Fail protected Dean Quinn. "There has never been a question in my mind that Quinn was protected. Quinn is still protected... Corporate gambling. Really, he got away with it"
On Cowen intervention with the NTMA it reads

But possibly the most explosive allegation is that Mr Cowen promised to intervene with the NTMA in order to get the Independent Guardians of the nations’ cash to resume putting deposits with Anglo.
In September 2010, Brendan McDonagh (now CEO of NTMA) said that they stopped placing deposits with Anglo three years ago because
”they didn't understand the business model of Anglo.” When asked whether the decision and reasons were then communicated to the Government, Mr McDonagh said such reporting was a matter for Dr Somers. But Dr Somers has subsequently declared 'I didn't know enough to say anything to anybody, and if I had, they would have said "Would you ever go and mind your own business? This is a very successful institution, what are you on about". It would not have mattered if I had said something to Cowen. What could he have done'
Many of the allegation are also contained in the Indo's article today.

http://www.independent.ie/opinion/analysis/this-government-has-discredited-ireland-2409820.html
 
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pujols

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Does the director have a name?
 

Barnacle

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Does the director have a name?
No names given, which probably means that he will not go on record, which is no surprise, but maybe if he considers himself 'shafted' in the future he might.
 

commonman

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every one has infromation about what went on, but no one will gives names
 

pujols

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Anonymous briefers are a waste of newsprint. My default position is always to assume that anonymous sources are all made up. And I stop reading.
 

Scipio

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Anonymous briefers are a waste of newsprint. My default position is always to assume that anonymous sources are all made up. And I stop reading.
An extraordinarily stupid assumption. By that criteria, Watergate was made up too.
 

LDF

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In today's Irish Independent Bruce Arnold lays out a series of decisions taken by Brian Cowen to help prop up Anglo Irish Bank throughout 2007 and 2008.

Arnold states that:

-Cowen set up a kitchen cabinet in late 2007. The sole purpose of the kitchen cabinet was to advise him on Anglo Irish Bank.

-Anglo's problems were discussed openly at a dinner in April 2008 which Brian Cowen attended.

-Cowen promised to get the NTMA to deposit money with Anglo.

-Sean Quinns use of insurace monies to invest in Anglo was picked up by the company's auditors (PWC Belfast) and was known to be illegal on two counts. However, Cowen and other FF TD's lobbied on behalf of Quinn. The Financial Regulator felt that Quinn was "untouchable".

-Pat Neary told an Anglo Board member to tell Seanie Fitz to "shut up" about the Quinn stake because it could cause a "run on the system".

Brian Cowen must answer the charges made in this article. If there is any truth in this article then Cowen must resign.

This Government has discredited Ireland - Analysis, Opinion - Independent.ie
 

johnnypockets

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every one has infromation about what went on, but no one will gives names
I looooove this country. No snitches here. No rats to upset the establishment. We'll all go down together...except the elite of course but that's ok, they are worth it!
 

roc_

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I think in early 2007, the writing was pretty much on the wall for Anglo.

For example, here are a couple of posts from knowledgeable posters on the 'pin in May 2007:

Our FX reserves • thepropertypin.com

babytooth said:
...Anglo, risky, very exposed to the us at the moment, expcet earnings in 2009 onwards to dip alot. Hard to call...
Our FX reserves • thepropertypin.com

2pack said:
...Very High Risk

IIB and Anglo Irish...
So, if internet posters knew what was going on, I'd say it's pretty likely that those who business it was to know, knew as well.
 

Sync

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/MOD/ Merged 2 stories on Cowen and 2007 meetings /MOD/
 

LDF

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I think we are witnessing the heave against Cowen. Detailed stories appearing in two newspapers on the same day about events almost two years old. Cowen will be gone within a week.
 

pujols

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An extraordinarily stupid assumption. By that criteria, Watergate was made up too.
Yeah, except that I know of no Irish or British journalists on the same plane as Woodward and Bernstein, nor do I believe that double and triple checking of sources before publication is standard in Irish and British papers, as they were in the W-Post or the NYT, both of whose standards have fallen from those lofty days.

From what I can tell, this is based on one anonymous source who may or may not have an axe to grind. Either way, there is no reason for him not to come out and say it openly. He is not alleging any illegal behaviour with his comments, just smearing from behind a curtain.

This smacks of getbackattery to me. Not going to waste time or effort playing into the agenda of an unknown source.
 

goosebump

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An extraordinarily stupid assumption. By that criteria, Watergate was made up too.
The Watergate story was always reported in terms of verifiable facts, namely the trail of money between the burglars and Nixon's electoral campaign fund.

Deep Throat was never cited as a source; he merely pointed Woodward and Bernstein in the right direction.
 

commonman

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I think we are witnessing the heave against Cowen. Detailed stories appearing in two newspapers on the same day about events almost two years old. Cowen will be gone within a week.
there is a ff clan meeting on tuesday night that could be the time
 

jmcc

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If this all checks out, I don't see how Cowen could last until Tuesday.

Regards...jmcc
 

roc_

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The Watergate story was always reported in terms of verifiable facts, namely the trail of money between the burglars and Nixon's electoral campaign fund.

Deep Throat was never cited as a source; he merely pointed Woodward and Bernstein in the right direction.
There was another Deepthroat lurking around Irish message boards in 2008 or thereabouts Déjà vu?
 

smurphette

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This coverage is simply confirmation or verification of what we already knew. The opposition has been banging on about this for 2 years! Cowen was wined and dined by Anglo the day after (or thereabouts) the St. Patrick's Day massacre 2008 - that is, the day the markets realized Anglo was a house of cards and started to pick at the foundations. This was 6 months before that critical night in September 2008 when the decision was made to tie the sovereignty of the Irish state (which, let me remind you is derived from its citizens) to the survival of the banking system.
Cowen claimed this was a social event. If that is true, then he at best is tragically incompetent and at worst actively negligent. If this is not the full truth, and if business issues were discussed and commitments given (albeit loose and based on insufficient information and knowledge of the particular circumstances) then he has at best lied to the citizens of this state and at worst…....
 

Cassandra Syndrome

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Anonymous briefers are a waste of newsprint. My default position is always to assume that anonymous sources are all made up. And I stop reading.
So why do you visit this site and read anonymous posts and post tripe anonymously?
 


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