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Possible Implication of Patrick Neary in the IL&P Anglo Transfer


orourkeda

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Front page of Todays sunday times reports that Denis Casey the former chief executive of the IL&P has made statements to the fraud squad which implicate the former financial regulator in the issue of the transfer of €7.4 billion euro between IL&P and Anglo Irish Bank.

http://www.politicshome.com/uk/story/9924/
 
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dalywise

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Wake up people. Neary was a patsy. Had he ever tried to enforce proper regulation. McCreevy, Cowen and Ahern would have been down on top of him like a ton of bricks. Look how they treated the ODCE when Appleby wanted extra staff.
 

orourkeda

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Wake up people. Neary was a patsy. Had he ever tried to enforce proper regulation. McCreevy, Cowen and Ahern would have been down on top of him like a ton of bricks. Look how they treated the ODCE when Appleby wanted extra staff.
This issue will undoubtedly open up a whole can of worms. Possible market manipulation charges among a host of others.

Neary was given a €202,000 pay off, €428,000 Lump Sum and a €142,670 annual pension.
 

Outlander

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This issue will undoubtedly open up a whole can of worms. Possible market manipulation charges among a host of others.

Neary was given a €202,000 pay off, €428,000 Lump Sum and a €142,670 annual pension.
Wait till the NYSE figures out that they were sold a pup.
 

slippy wicket

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Front page of Todays sunday times reports that Denis Casey the former chief executive of the IL&P has made statements to the fraud squad which implicate the former financial regulator in the issue of the transfer of €7.4 billion euro between IL&P and Anglo Irish Bank.

PoliticsHome | Bank boss turns whistleblower | Storytracker
At the time this all came out, it was common knowledge in IL&P Corporate Finance that Neary knew everything that was going on and hung Denis Casey out to dry.
 

Hillmanhunter1

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Wake up people. Neary was a patsy. Had he ever tried to enforce proper regulation. McCreevy, Cowen and Ahern would have been down on top of him like a ton of bricks. Look how they treated the ODCE when Appleby wanted extra staff.
+1
 

Hillmanhunter1

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At the time this all came out, it was common knowledge in IL&P Corporate Finance that Neary knew everything that was going on and hung Denis Casey out to dry.
IL&P does not have, and never had, a Corporate Finance division.
 

slippy wicket

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IL&P does not have, and never had, a Corporate Finance division.
apologies, should have said finance section of corporate business, but the inner workings of these large companies is a bit of a mystery to me. only passing on what was told to me by family.
 

Hillmanhunter1

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apologies, should have said finance section of corporate business, but the inner workings of these large companies is a bit of a mystery to me. only passing on what was told to me by family.
Perhaps this is relevant. It's a quote from IL&'s press release of13 Feb 2009:
"The Board accepted with sadness the resignation of Group Finance Director, Peter Fitzpatrick, who was the longest serving Director. The Board wishes to acknowledge that throughout his career with the Group, Mr. Fitzpatrick had always acted with the utmost integrity and professionalism. Furthermore the Board acknowledged that in respect of this matter, the only motivation was to provide support for the broader financial services sector in accordance with his understanding of the expressed wish of the Financial Regulator and the Central Bank."
 

conservative green

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Most of the commentary on this transfer issue misses the point.

The issue is not the transfer itself - interbank transfers are common and routine, the only unusual part was the large size - the issue is the way IL&P rerouted the funds via its pensions subsidiary, to allow Anglo Irish Bank to declare the monies as a customer deposit.

Crucially, any case against any IL&P official must demonstrate that the official was fully aware of how Anglo planned on declaring the funds in its accounts and hence knowingly facilitated Anglo's fraud on the market.

As for any case being taken against Neary, I would not hold your breath.
 

anewbeginning

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Wake up people. Neary was a patsy. Had he ever tried to enforce proper regulation. McCreevy, Cowen and Ahern would have been down on top of him like a ton of bricks. Look how they treated the ODCE when Appleby wanted extra staff.
Finally someone puts 2 and 2 together, although you probably figured this out earlier.

The Regulator was always a tool of FF, of Cowen and Ahern. Anyone who believes the regulator acted independently is incredibly naive.

The last few years in Anglo saw an incredible stitch up of the taxpayer. And there won't be a proper investigation either into the role of Ahern and Cowen.

No single politician has cost the Irish taxpayer more money than Brian Cowen. We are talking tens of billions here, at minimum 50 billion his incompetence has cost the state.

Without question the most inept politician in Ireland in the last 50 years. And he's running the f*cking country! We are doomed as a nation as long as he is Taoiseach, and under his stewardship things will always go from bad to worse.
 

conservative green

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Finally someone puts 2 and 2 together, although you probably figured this out earlier.

The Regulator was always a tool of FF, of Cowen and Ahern. Anyone who believes the regulator acted independently is incredibly naive.

The last few years in Anglo saw an incredible stitch up of the taxpayer. And there won't be a proper investigation either into the role of Ahern and Cowen.

No single politician has cost the Irish taxpayer more money than Brian Cowen. We are talking tens of billions here, at minimum 50 billion his incompetence has cost the state.

Without question the most inept politician in Ireland in the last 50 years. And he's running the f*cking country! We are doomed as a nation as long as he is Taoiseach, and under his stewardship things will always go from bad to worse.
Why are you letting McCreevy off the hook? Surely you realise it was he that originally set up the light touch regulation regime.
 

anewbeginning

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I'm not letting anyone off the hook, but a lot of the shenanigans happened when you had the terrible duo Ahern and Cowen running the show. Between them they bankrupted the country. And McCreevey is not our current leader.
 

conservative green

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I'm not letting anyone off the hook, but a lot of the shenanigans happened when you had the terrible duo Ahern and Cowen running the show. Between them they bankrupted the country.
See, this is the problem with most Irish peoples' analysis of the financial crisis. They just don't seem capable of the necessary nuance to understand that is a bit more complicated than how you describe, so they pin it on one or two hate figures. For most, it's Fitzpatrick, for others it's Ahern and Cowen. "But what about Neary, he's really the one to blame", someone else pipes up.

Look....shiny thing over there...
 

anewbeginning

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If this happened in the United States, a lot of the main protagonists would already be serving time.

But this is Ireland and nothing will happen.

Corruption in high places is alive and well in establishment Ireland.

All they need now is a Fine Gael leader who is an establishment insider in order to continue the corruption and cover ups.
 

charley

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Creepy little man telling barefaced lies
[ame=http://www.youtube.com/watch?v=UuHRulXfzGA]YouTube - Neary on Primetime[/ame]
 

pujols

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See, this is the problem with most Irish peoples' analysis of the financial crisis. They just don't seem capable of the necessary nuance to understand that is a bit more complicated than how you describe, so they pin it on one or two hate figures. For most, it's Fitzpatrick, for others it's Ahern and Cowen. "But what about Neary, he's really the one to blame", someone else pipes up.

Look....shiny thing over there...
+1
 

Karnak

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Neary was the conspicuous roast tomato in the Irish financial fry-up of various Fianna Fail meats. The clogged-artery of credit woes we are now experiencing is not helped by his ineffectuality, but neither is it a significant main factor.

Politically speaking, the concept of oversight runs entirely contrary to gombeenism - the central tenet of Irish democratic representation.
 

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