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NTMA alleges fraud by State Street Bank


artfoley56

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Joined
Mar 24, 2011
Messages
9,658
Fraud confirmed.

Guilty plea tendered by former executive facing charges over actions that rooked the NTMA, among others.

SS say they 'accept responsibility' but they are out the gap long ago, the NTMA having accepted money to settle.

'A former executive at State Street has agreed to pleaded guilty to being involved in the fraudulent overcharging of customers including the National Pension Reserve Fund (NPRF) as it helped the Irish agency sell off €10 billion of assets during the financial crisis.

Edward Pennings, a former senior managing director with State Street in London, faces up to five years in prison and a fine of $250,000 after agreeing to plead guilty to conspiring to commit wire fraud and securities fraud, according a filing from the US Justice Department to federal court in Boston this week.'

Former State Street manager pleads guilty to overcharging Irish State fund
He gets 5 years in a state penitentiary while our captains of industry walk free
 


He3

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Oct 1, 2008
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17,094
He might, or he might not. And it takes five years to get to this point.

A little reminder from Post #20 in 2012 of how this came to light. It was not spotted by the people we pay so well to mind our money, apparently. Like him or not, Gene Kerrigan has a way with words:

Defrauding banks are enemy of the people

'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".'

He opened his article like this:

'Here's the story of how one of the biggest banks in the world allegedly stole money from you and me. This wasn't a misunderstanding. It wasn't that someone hit the wrong key on a calculator. It's not like some money accidentally fell off a desk and into someone's briefcase.

"We are dealing here with fraud," John Corrigan, head of the National Treasury Management Agency, told an Oireachtas committee last week. He added: "Fraud, for it to be successful, has to have internal collusion."

The story begins in 2010, when the NTMA, which on our behalf manages the accumulated savings of the State, needed to sell off a huge tranche of shares. Why? Well, they needed €10bn to give away. Why? Well, that's been government policy since 2008. Whatever the bankers need, the bankers get.'
 
Last edited:

He3

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Oct 1, 2008
Messages
17,094
there's a group in the ifsc writing gov policy

IFSC lobby group powerful in shaping policy - The Irish Times - Mon, Oct 08, 2012

"The group is chaired by Martin Fraser, the secretary general of Government. The main body and its subcommittees meet in Government Buildings. Civil servants and representatives from State agencies such as the IDA and Enterprise Ireland sit on it. The rest are made up of a who’s who of banking, financial and legal giants: JP Morgan, Citi, State Street, IBF, Barclays, Bank of Ireland, KPMG, Bank of America, Deloitte, AIB, William Fry, Ernst and Young and PWC."


so why again no tackling banking pensions?
Cherishing all the bankers of the Nation equally.
 

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