Trump's Commerce Secretary, Wilbur Ross, Accused of Insider Trading in Ireland

making waves

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In a European Parliament report published this week Trump's Commerce Secretary, Wilbur Ross (a billionaire) was accused of engaging in insider trading in Ireland.

Shortly after the Bank of Ireland was bailed out by the Irish state, the vulture fund run by Ross purchased a large share in BoI at a knockdown price of 10c per share. In 2012 Ross joined the board of BoI. Ross subsequently sold his shareholding making a profit of €500million (the Irish Independent described it as 'the deal of the century). A short time after Ross completed the sale of his shareholding the BoI announced that It had used deceptive accounting practices to hide its losses from shareholders. Ross has been accused of using his position on the board to get insider information on the company's accounting practices and sold his shareholding before the company acknowledged its deceptive accounting practices which caused a collapse in the share prices.

Interestingly - there is been no reporting of this report in the national media in Ireland.

http://www.newsweek.com/wilbur-ross-accused-insider-trading-bank-ireland-745421?amp=1&__twitter_impression=true
 


Betson

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If he was charged in the US he would be worried as conviction could see the rest if his days in jail.

In Ireland he need not worry that he would ever even be served with a summons.
 

mr_anderson

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If he was charged in the US he would be worried as conviction could see the rest if his days in jail.

In Ireland he need not worry that he would ever even be served with a summons.

It would probably come out in court that Noonan sanctioned it.
 

macs magic

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If I remember correctly he was told if he made a loss we'd pick it up. Insider trading makes no odds with a deal like that
 

publicrealm

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Apologies for what is undoubtedly a stupid question - but were there any legal consequences for those (in the bank or the auditors) responsible for the 'deceptive' accountancy practices?
 

owedtojoy

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In a European Parliament report published this week Trump's Commerce Secretary, Wilbur Ross (a billionaire) was accused of engaging in insider trading in Ireland.

Shortly after the Bank of Ireland was bailed out by the Irish state, the vulture fund run by Ross purchased a large share in BoI at a knockdown price of 10c per share. In 2012 Ross joined the board of BoI. Ross subsequently sold his shareholding making a profit of €500million (the Irish Independent described it as 'the deal of the century). A short time after Ross completed the sale of his shareholding the BoI announced that It had used deceptive accounting practices to hide its losses from shareholders. Ross has been accused of using his position on the board to get insider information on the company's accounting practices and sold his shareholding before the company acknowledged its deceptive accounting practices which caused a collapse in the share prices.

Interestingly - there is been no reporting of this report in the national media in Ireland.

Wilbur Ross Accused Of Insider Trading In Commerce Secretary's 'Deal of the Century'
He was in the news also recently when his name was in the Paradise Papers. It came up in connection with his holdings in a company that does business with Russia. Not only Russia, but companies with ties to oligarchs and the Kremlin.

https://www.irishtimes.com/business/paradise-papers-former-bank-of-ireland-investor-wilbur-ross-benefits-from-putin-link-1.3280710

Corrupt f*cker, but what could you expect from a Trump appointment?
 

Hillmanhunter1

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In a European Parliament report published this week Trump's Commerce Secretary, Wilbur Ross (a billionaire) was accused of engaging in insider trading in Ireland.

Shortly after the Bank of Ireland was bailed out by the Irish state, the vulture fund run by Ross purchased a large share in BoI at a knockdown price of 10c per share. In 2012 Ross joined the board of BoI. Ross subsequently sold his shareholding making a profit of €500million (the Irish Independent described it as 'the deal of the century). A short time after Ross completed the sale of his shareholding the BoI announced that It had used deceptive accounting practices to hide its losses from shareholders. Ross has been accused of using his position on the board to get insider information on the company's accounting practices and sold his shareholding before the company acknowledged its deceptive accounting practices which caused a collapse in the share prices.

Interestingly - there is been no reporting of this report in the national media in Ireland.

Wilbur Ross Accused Of Insider Trading In Commerce Secretary's 'Deal of the Century'
There is already a thread on this:
http://www.politics.ie/forum/economy/260970-wilbur-ross-mick-noonan-insider-trading.html

So I'll simply repeat what I said there.

"This report is utter sh!te and adds nothing to the sum total of anybody's knowledge about anything.

It is not a European Parliament report, it is a report commissioned by a dingbat MEP, squandering EU funds.

I gave up after reading Ming's schoolboy level introduction and the fantasy biographies of the two authors.

Pure drivel - the only scandal here is that the European Parliament (and therefore we as taxpayers) funded this folly."
 
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In 2012 Ross joined the board of BoI.
His role on the board was as a NON executive director, not unsurprising given he had along with others bought 35% of teh bank when nobody wanted it.



Ross subsequently sold his shareholding making a profit of €500million (the Irish Independent described it as 'the deal of the century). A short time after Ross completed the sale of his shareholding the BoI announced that It had used deceptive accounting practices to hide its losses from shareholders.
Load of crap.

Board of Directors are provided sanitised information that has gone through 6 or 7 different processes

Wilbur Ross on the Bank of Ireland | Yale School of Management
Perhaps listen to why he invested..................... he understood the fundamentals of teh Irish economy

In taking a 35% stake when nobody else was interested he prevented Irish Government having to fully Nationalise BOI.

Course those abusing him should remember he served under Bill Clinton, funded his wifes Democratic campaign to be Govenor of New York and was a registred Democrat for most of his life.
 

Dame_Enda

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The EU (particularly France) is jealous of US investment in Ireland so I would not necessarily take this report as Gospel.
 

Dearghoul

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There is already a thread on this:
http://www.politics.ie/forum/economy/260970-wilbur-ross-mick-noonan-insider-trading.html

So I'll simply repeat what I said there.

"This report is utter sh!te and adds nothing to the sum total of anybody's knowledge about anything.

It is not a European Parliament report, it is a report commissioned by a dingbat MEP, squandering EU funds.

I gave up after reading Ming's schoolboy level introduction and the fantasy biographies of the two authors.

Pure drivel - the only scandal here is that the European Parliament (and therefore we as taxpayers) funded this folly."
There's really nothing to see here Hillman and we should move on.

Was that the concensus on the other thread?
 

Hillmanhunter1

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There's really nothing to see here Hillman and we should move on.

Was that the concensus on the other thread?
Do you come to p.ie seeking consensus?
 

eoghanacht

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There's really nothing to see here Hillman and we should move on.

Was that the concensus on the other thread?
The consensus on that thread is that hillman is an ill reared w@nker that engages in unnecessary abuse.
 

Analyzer

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If he was charged in the US he would be worried as conviction could see the rest if his days in jail.

In Ireland he need not worry that he would ever even be served with a summons.
In Ireland he can claim defamation against anybody who says anything against him.
 

Analyzer

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If I remember correctly he was told if he made a loss we'd pick it up. Insider trading makes no odds with a deal like that
FG policy - under the euphemism "a grate little country to do business in".
 

Watcher2

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In a European Parliament report published this week Trump's Commerce Secretary, Wilbur Ross (a billionaire) was accused of engaging in insider trading in Ireland.

Shortly after the Bank of Ireland was bailed out by the Irish state, the vulture fund run by Ross purchased a large share in BoI at a knockdown price of 10c per share. In 2012 Ross joined the board of BoI. Ross subsequently sold his shareholding making a profit of €500million (the Irish Independent described it as 'the deal of the century). A short time after Ross completed the sale of his shareholding the BoI announced that It had used deceptive accounting practices to hide its losses from shareholders. Ross has been accused of using his position on the board to get insider information on the company's accounting practices and sold his shareholding before the company acknowledged its deceptive accounting practices which caused a collapse in the share prices.

Interestingly - there is been no reporting of this report in the national media in Ireland.

Wilbur Ross Accused Of Insider Trading In Commerce Secretary's 'Deal of the Century'
There's a certain...ahem....bananas :lol: case of insider where shares were dumped by an insider a couple weeks prior to the release of price sensitive information that drove the share price down. Our courts system finally ruled that they considered the insider did not intend making a profit from the sale of the shares when he sold and was therefore considered not to be guilty of insider trading.

Wilbur will be grand.
 

Watcher2

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His role on the board was as a NON executive director, not unsurprising given he had along with others bought 35% of teh bank when nobody wanted it.





Load of crap.

Board of Directors are provided sanitised information that has gone through 6 or 7 different processes

Wilbur Ross on the Bank of Ireland | Yale School of Management
Perhaps listen to why he invested..................... he understood the fundamentals of teh Irish economy

In taking a 35% stake when nobody else was interested he prevented Irish Government having to fully Nationalise BOI.

Course those abusing him should remember he served under Bill Clinton, funded his wifes Democratic campaign to be Govenor of New York and was a registred Democrat for most of his life.
Complete and utter irrelevancy as regards insider trading allegations.

As for your quip regarding the quality of data and information presented to directors, are you suggesting boards are deceived about the activities, conduct and performance of the companies they direct?
 

Analyzer

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There is already a thread on this:
http://www.politics.ie/forum/economy/260970-wilbur-ross-mick-noonan-insider-trading.html

So I'll simply repeat what I said there.

"This report is utter sh!te and adds nothing to the sum total of anybody's knowledge about anything.

It is not a European Parliament report, it is a report commissioned by a dingbat MEP, squandering EU funds.

I gave up after reading Ming's schoolboy level introduction and the fantasy biographies of the two authors.

Pure drivel - the only scandal here is that the European Parliament (and therefore we as taxpayers) funded this folly."
FG don't want a discussion about this.

Therefore......LETS DISCUSS THE MATTER : )))))))

WELL DONE MING FLANAGAN !!!!
 


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