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NTMA alleges fraud by State Street Bank


He3

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Thanks for that, I wasnt sure what the circumstances of the allegation was.

Surely there is a paper trail that will either prove or disprove these allegations?
Kerrigan has had no trouble finding one.

Stunning story. Still only part told.
 


Ribeye

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What are ye all complaining about,

They gave the money back didn't they, what's the problem?

Sheesh, ye really are a sensitive lot,

Now, if you'll excuse me, I'm off to rob a bank or two,

:):):)
 
B

birthday

Kerrigan has had no trouble finding one.

Stunning story. Still only part told.
Are these the people who bought the BOI pension company, Lifetime?
Should the Financial Regulator take a little look under the bonnet to check that things are all above board there?
 

He3

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Are these the people who bought the BOI pension company, Lifetime?
Should the Financial Regulator take a little look under the bonnet to check that things are all above board there?
No idea.

On what is out so far, the Guards must play their part. Maybe they need someone to make a complaint. Is that anyone's job? I see no report of the NTMA making a complaint, but maybe I missed it.
 

He3

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What message does a Government send by settling for the return of the millions wrongly taken from the public purse?

Gene Kerrigan said:
If I steal a loaf of bread or nick your wallet I'll face jail or a fine – certainly I'll be dragged into court. If I'm a banker and I "overcharge" you, not to worry – when caught, just pay back the money allegedly defrauded and all's forgiven.

Here's Michael Noonan, responding to the State Street scandal. "I understand that everything that was misappropriated has been repaid, so that there is no loss to the State, that's my priority".
 

Ribeye

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Does anyone know how to crack a safe?
 

Shpake

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Yes, they gave the money back.
(after they had been found out)
 

cyberianpan

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State Street has c 30,000 employees worldwide, that 2 (based in UK and US) would commit fraud is not very reflective. Also they have close to two thousand employees here

cYp
 

Ribeye

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State Street has c 30,000 employees worldwide, that 2 (based in UK and US) would commit fraud is not very reflective. Also they have close to two thousand employees here

cYp
You think this was two rogue employees?

Not a foouuuggggin chance, amigo,

as JB would say:)
 

Ribeye

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The monies have been returned

The two employees named and fired

What more could you ask for ?

cYp
Oh, I dunno, an investigation maybe, a few charges perhaps,

"did you just steal my wallet"?

"yeah, ok, ye got me, here, I'll give it back, no harm done, toodles"

:):):)
 

cyberianpan

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Oh, I dunno, an investigation maybe, a few charges perhaps,

"did you just steal my wallet"?

"yeah, ok, ye got me, here, I'll give it back, no harm done, toodles"

:):):)
Which the NTMA have highlighted need for, and is in the province of the FSA. Been fired under a cloud like that is a pretty strong punishment as it will be a deterrent to future employment

cYp
 

He3

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Which the NTMA have highlighted need for, and is in the province of the FSA. Been fired under a cloud like that is a pretty strong punishment as it will be a deterrent to future employment

cYp
cYp what do you make of the NTMA's failure to detect it?

And of the lack of interest in finding when it was detected within SS?

And stuff like that...


State Street unmasked, gives back money, and no one blinks an eye.

State Street charged €698,000 for selling the shares. A nice little earner. Quietly, someone at State Street siphoned off another €3.2m in unauthorised payments. In short, Mr Corrigan alleges, they took their payment and they stole four-and-a-half times that.

Now, it appears that when you're dealing in billions it's easy to fail to see the odd few million going astray. The NTMA didn't spot the missing millions. Of course, someone in State Street realised what happened and called the cops and reported a multi-million theft from Irish citizens. Right? Well, not exactly. Someone within State Street seems to have acted, but no one called the cops. Not a word was said. Not to the cops. Not to the UK regulators. Not to the NTMA. Not to the Irish Government.

Then, in September 2011, certain unrelated irregularities came to light and the British authorities said tut-tut and began poking around. At which point, State Street said, "Eh, there was also this Irish thing, I suppose we ought to mention that". Or words to that effect. No need to worry, mind you. The two or three senior chaps allegedly involved had already quietly left the bank.

That might have been the end of it. Then, someone in the financial media inquired why these State Street chaps had moved on – and a hint of the story came out. The NTMA saw the media report and asked State Street if everything was alright. At which point State Street let out a long sigh and reimbursed the NTMA for "overcharging".
 

Ribeye

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Which the NTMA have highlighted need for, and is in the province of the FSA. Been fired under a cloud like that is a pretty strong punishment as it will be a deterrent to future employment

cYp
so, let me see if I understand you,

Don't pay your tax and you get slung in jail, but if you steal a couple of million out of the collected taxes, you get a slap on the wrist,

Interesting!
 

cyberianpan

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cYp what do you make of the NTMA's failure to detect it?

And of the lack of interest in finding when it was detected within SS?

And stuff like that...


State Street unmasked, gives back money, and no one blinks an eye.
The facts aren't so clear

Something like a fraud occurred , State St fired 2-3 employees behind it, Ireland got the monies back

Beyond that :

C&AG needs to report on how good the controls were in NTMA
FSA needs to investigate State Street

That's the focus I'd keep...

cYp
 

Ribeye

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The facts aren't so clear

Something like a fraud occurred , State St fired 2-3 employees behind it, Ireland got the monies back

Beyond that :

C&AG needs to report on how good the controls were in NTMA
FSA needs to investigate State Street

That's the focus I'd keep...

cYp
StateStreet have a appointed a new head of compliance to ensure this sort of thing never happens again,

 

Shpake

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Originally Posted by Ribeye
Oh, I dunno, an investigation maybe, a few charges perhaps,
"did you just steal my wallet"?

"yeah, ok, ye got me, here, I'll give it back, no harm done, toodles"

Which the NTMA have highlighted need for, and is in the province of the FSA. Been fired under a cloud like that is a pretty strong punishment as it will be a deterrent to future employment

cYp
Actually, in my world view... a bank's relation with its clients in such matters as this should be something on a higher plane than something merely contractual... something akin to a fiduciary relationship... utmost good faith. Something above your normal professionalism. To have a multiple of the agreed fee disappearing and simply to lose your job... with figures like this?
Not only is this dodge city.... impunity seems to be part of the perks.
"Oh! ups, did that €3,200,000.00 belong to you? OOoooooh! scuse me."
Recall about two years ago some poor bloke was slammed into mountjoy for not paying his dog licence.
 
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