No prosecutions for Anglo 10

oceanclub

http://www.independent.ie/national-news/gardai-will-say-no-law-was-broken-by-anglo-10-2280582.html

GARDAI are to recommend that the "golden circle" of 10 businessmen who were loaned money by Anglo Irish Bank to buy shares in the stricken financial institution should not face charges.

Investigators were unable to find evidence that the 'golden circle' committed a crime in accepting loans from Anglo Irish Bank to buy a 10 per cent stake during a critical financial period, according to an informed source.

The fraud squad will report their findings in a file to be sent to the Director of Public Prosecutions within weeks, at the end of an 18-month investigation. The criminal investigation into executives at Anglo Irish Bank who organised the "loans-for-shares" deal continues, however. The Office for the Director of Corporate Enforcement is still investigating the transaction.

Grand so:



P.

amacca

Disappointing but unsurprising.

Stabshauptmann

Those who lent the money committed the crime, surely?

thebman

Stabshauptmann wrote: »

Those who lent the money committed the crime, surely?

Well it should be a crime to knowingly accept funds from banks to buy their shares.

Being ignorant that something is morally wrong is not really an excuse. We should expect people to know such actions are wrong.

So IMO even if it isn't illegal at the moment, it should be illegal to accept a loan from a bank to buy shares in the bank.

It would seem self-explanatory why you would not want this to be going on.

nesf

thebman wrote: »

Well it should be a crime to knowingly accept funds from banks to buy their shares.

Yeah but if it isn't then Gardaí can't ask for charges to be brought forward. What the Anglo 10 did was despicable but it probably wasn't illegal.

Einhard

thebman wrote: »

Well it should be a crime to knowingly accept funds from banks to buy their shares.

Being ignorant that something is morally wrong is not really an excuse. We should expect people to know such actions are wrong.

So IMO even if it isn't illegal at the moment, it should be illegal to accept a loan from a bank to buy shares in the bank.

It would seem self-explanatory why you would not want this to be going on.

Morally wrong does not necessarily mean legally wrong. And thank God for that.

And perhaps we should legislate against such activity, but if we haven't then it's not illegal, and thus no crime has been committed. Surely people aren't suggesting that we apply laws retrospectively?

kuntboy

Christ, why isn't this illegal? What kind of mickey mouse country is this?

thebman

Einhard wrote: »

Morally wrong does not necessarily mean legally wrong. And thank God for that.

And perhaps we should legislate against such activity , but if we haven't then it's not illegal, and thus no crime has been committed. Surely people aren't suggesting that we apply laws retrospectively?

No but if it isn't illegal then I'm not hearing anybody calling for it which means we get to see this kind of stupidity again.

20Cent

kuntboy wrote: »

Christ, why isn't this illegal? What kind of mickey mouse country is this?

It has to be illegal.
Why would anyone invest in Irish business if cooking the books is legal?

It is also crazy that using CFDs someone can take control of a large part of a business without it being made public.

Stabshauptmann

A) There are laws to govern loans to buy shares in the lender; but they apply to the lender, not the receiver of said funds.

I dont think you actually gain any "control" with CFDs. You are exposed to movements in share prices, but you do not gain any voting rights - hence why there is no need to declare them.