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"Insider trading", Is it taken lightly in Ireland?

  • 03-10-2008 8:09pm
    #1
    Run_to_da_hills
    Closed Accounts Posts: 20,009 ✭✭✭✭


    Reading in thee press today about two officials from Anglo Irish Banks that purchased shares pprior to the state going guarantor on the banks. These guys obviously knew the outcome and that the shares were going to rise and so far have made a nice tidy sum for themselves.

    If this was in the United States there would be a serious criminal investigation. What is the outcome in Ireland? Will they just get a light slap in the hand and told not to do it again just like the rest of them that almost let our banking system go down the toilet?


    http://www.independent.ie/national-news/bank-chiefs-facing-share-deals-probe-1488613.html


Comments

  • #2
    damnyanks
    Registered Users, Registered Users 2 Posts: 4,276 ✭✭✭damnyanks


    There are a lot of reasons as to why they would personally purchase their own sales at such a low price.

    A news paper is nothing but entertainment gossip. This topic at least belong in the investments and markets area.


  • #3
    eamonnm79
    Closed Accounts Posts: 459 ✭✭eamonnm79


    damnyanks wrote: »
    There are a lot of reasons as to why they would personally purchase their own sales at such a low price.

    A news paper is nothing but entertainment gossip. This topic at least belong in the investments and markets area.

    Are you related to one of those guys?

    If they had information that they knew would change the price of the stock and they bought it, it is insider trading. There may be lots of reasons they would personally purchase the shares but none of them would be acceptable.
    If they had the Gall to purchase the shares themselves, dont you think it is likely they told others too?


  • #4
    Carrigart Exile
    Closed Accounts Posts: 994 ✭✭✭Carrigart Exile


    eamonnm79 wrote: »
    Are you related to one of those guys?

    If they had information that they knew would change the price of the stock and they bought it, it is insider trading. There may be lots of reasons they would personally purchase the shares but none of them would be acceptable.
    If they had the Gall to purchase the shares themselves, dont you think it is likely they told others too?


    if it can be proven that they acted on information then they should be dismissed. They could however, have been simply trying to show confidence in their employer which the newspaper has chosen to misconstrue.

    Who remember Piers Morgan and his business editor getting caught at that scam. Every week they would publish in the paper a 'share' to watch knowing full well some readers would buy them, so the bold Piers and his colleague would buy shares the week before they ran the story, run it and as soon as the share price started climbing cash in on the trading activity they had created.


  • #5
    Time Magazine
    Registered Users, Registered Users 2 Posts: 8,452 ✭✭✭Time Magazine


    Run_to_da_hills wrote: »
    Reading in thee press today about two officials from Anglo Irish Banks that purchased shares pprior to the state going guarantor on the banks. These guys obviously knew the outcome

    Says who? There were dozens of posts on this forum asking if people should buy shares at such a low price, what makes you so sure they weren't thinking the exact same thing? I even said myself that it was unlikely any bank would fall because it'd be a cold day in hell if FF were to allow that.

    Lots of people sold shares last week. Each and every one of those shares had a buyer.
    eamonnm79 wrote: »
    Are you related to one of those guys?

    Less of that. People are able to come to people's defence without a secret motive.


  • #6
    Run_to_da_hills
    Closed Accounts Posts: 20,009 ✭✭✭✭Run_to_da_hills


    David McWilliams wrote: »
    Says who?.
    There is a press report on the matter and it is currently being investigated by the Irish Stock market.
    David McWilliams wrote: »
    There were dozens of posts on this forum asking if people should buy shares at such a low price, what makes you so sure they weren't thinking the exact same thing? .
    Yes there was dozens of posters asking should they buy shares at this low rate but none of these guys had inside information that the state was going to secure these deposits. This is what this investigation is going to be about. It will be interesting to hear the outcome.


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  • #7
    damnyanks
    Registered Users, Registered Users 2 Posts: 4,276 ✭✭✭damnyanks


    eamonnm79 wrote: »
    Are you related to one of those guys?

    If they had information that they knew would change the price of the stock and they bought it, it is insider trading. There may be lots of reasons they would personally purchase the shares but none of them would be acceptable.
    If they had the Gall to purchase the shares themselves, dont you think it is likely they told others too?

    There are a variety of rules enforced upon employee's when it comes to shares.

    It was either insider trading or it wasnt. You simply jumped to a conclusion. How often do they buy shares?


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