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Bank fat cats try to pull a fast one on stock market

Run_to_da_hills

These guys are not as stupid as you think, or are they? in the run-up to the Government's decision to introduce its €400bn bailout package bank Anglo Irish Banks chairman Sean FitzPatrick and fellow director Lar Bradshaw bought heaps of shares at rock bottom value on the speculation that they would jump in value if / when the Government would intervene.

Although they got them on 22nd September word was about that the Government was going to move in on the matter. The smart move has nested these guys an on paper profit of between €326,000 and €79,000 overnight. The Stock exchange is investigating the matter.

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

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is_that_so

I favour slow-roasting on a spit. On top of that we had Irish Nationwide sending emails around the UK advertising how "safe" they are, for which they've had to apologise.

meditraitor

Fair play to them, I would have done the same

Caoimhín

It will be investigated.

But these people will NEVER be called to account, this is Ireland.

thetyreman

Run_to_da_hills wrote: »

These guys are not as stupid as you think, or are they? in the run-up to the Government's decision to introduce its €400bn bailout package bank Anglo Irish Banks chairman Sean FitzPatrick and fellow director Lar Bradshaw bought heaps of shares at rock bottom value on the speculation that they would jump in value if / when the Government would intervene.

Although they got them on 22nd September word was about that the Government was going to move in on the matter. The smart move has nested these guys an on paper profit of between €326,000 and €79,000 overnight. The Stock exchange is investigating the matter.

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

Yea because its gonna be our money they are gambeling with,but if the win we wont see any of the profit.As reckless as the banks have been in the last 5/10 years it wont be a patch on what they will do now seeing as they have the Goverment Guarentee backing them.

Dinter

Run_to_da_hills wrote: »

The smart move has nested these guys an on paper profit of between €326,000 and €79,000 overnight. The Stock exchange is investigating the matter.

Wow, just think of all the bribes and bungs, champagne and Charvet shirts you could afford to donate with that, if you were that way inclined!!

mikemac

Over 400k involved here.

Rob a bank for 400k and you'll serve over 10 years, probably 15 years
These guys will never go to jail.

The American finanical system is a mess at the moment but they take this sort of thing seriously, they even jailed one of the biggest TV stars Martha Stewart for this a few years back

http://en.wikipedia.org/wiki/Martha_Stewart#Stock_trading_case_and_conviction

Stewart was found guilty in March 2004 of conspiracy, obstruction of an agency proceeding, and making false statements to federal investigators and sentenced in July 2004 to serve a five month term in a federal correctional facility and a two year period of supervised release (to include five months of home confinement). [7]

Fratton Fred

When the EU decides this is against European law and they have to back track, hopefully they lose a fortune.

LouOB

The guy paid 1.1million on a bet that the government would intervene
The bet paid off

Nobody would be up in arms if he had lost 1.1mil
Begrudgers begone
If you had that amount of money you would do the same - deal with it

thelordofcheese

Run_to_da_hills wrote: »

WWWWHHHHHHHIIIIINNNNNNNEEEEEEEE

i fixed your post for you.

Fratton Fred

LouOB wrote: »

The guy paid 1.1million on a bet that the government would intervene
The bet paid off

Nobody would be up in arms if he had lost 1.1mil
Begrudgers begone
If you had that amount of money you would do the same - deal with it

I'm not sure about irish stock market rules, but in the UK and the US this would most likely be considered insider dealing which is a criminal offence.

Dragan

LouOB wrote: »

The guy paid 1.1million on a bet that the government would intervene
The bet paid off

Nobody would be up in arms if he had lost 1.1mil
Begrudgers begone
If you had that amount of money you would do the same - deal with it

Depends on exactly how their actions face up to an Ethics and Insider Trading review tbh.

No point in saying it was a good move of his if it was not a move he should have made to begin with.

Curious to find out more.

Roadend

Surely that's a blatant case of insider trading

mikemac

LouOB wrote: »

The guy paid 1.1million on a bet that the government would intervene
The bet paid off

Nobody would be up in arms if he had lost 1.1mil
Begrudgers begone
If you had that amount of money you would do the same - deal with it

It's not as simple as taking a bet.
These guys knew about the government plan before the market did.
Also known as material non-public information.

Damn right, it's illegal!

kayos

Fratton Fred wrote: »

I'm not sure about irish stock market rules, but in the UK and the US this would most likely be considered insider dealing which is a criminal offence.

+1

I worked in the City for a while and the contract was pretty air thight about if your caught insider trading you were in for it. That was years ago but the terms were pretty much you inside trade you go to jail, go directly to jail, do not pass go and rather than collecting 200 pounds you get fined millions. Ok please note the millions was stated in Aussie dollars so it equated to the price of a mars bar

.

TBH if they are caught for this the first thing I think the government should do would be refuse the access to the state guarantee for the bank. The same for Irish nationwide with that email.

LouOB

The proof will be (similar to fyffes) if they had access to the information prior to the market. I had to re-read the paper again, as I thought it stated that the market were made aware of the government. In the article it stated that dialog had be opened up - but no decision was made.
Ultimately it was governments decision - and if they had make a loss the investigation would not be happening.

Dragan

LouOB wrote: »

Ultimately it was governments decision - and if they had make a loss the investigation would not be happening.

Actually i can think of a few times when a loss was the end result but they were done for Insider Trading anyway.

I'll see if i can dig up some info.

Mossy Monk

LouOB wrote: »

The guy paid 1.1million on a bet that the government would intervene
The bet paid off

Nobody would be up in arms if he had lost 1.1mil
Begrudgers begone
If you had that amount of money you would do the same - deal with it

It is against the law or perhaps you condone rapists too.

LouOB

Mossy Monk wrote: »

It is against the law or perhaps you condone rapists too.

what sort of silly statement is that in a debate about banks:(

biko

Goddamn fat cats, first they feck up the economy and then have the audacity to make profit out of the help.
That kinda thinking is what got them/us into this mess at the first place - greedy buggers.

is_that_so

Maybe slightly off-topic but another fast one.

Here's the Nationwide email.

http://www.irishtimes.com/newspaper/breaking/2008/1003/breaking31.htm

SEPT 23 1989

these people are scumbags in expensive suits

Fratton Fred

is_that_so wrote: »

Maybe slightly off-topic but another fast one.

Here's the Nationwide email.

http://www.irishtimes.com/newspaper/breaking/2008/1003/breaking31.htm

and the reason why this whole thing could be considered a breach of EU anti competitive laws. It is easy to see why RBS, HBOS and Rabbobank are pissed off.

Setun

Well any deserved fines administered to the banks will probably fall back on the consumer in one way or another, so we'll all be pissed off either way.

Mossy Monk

LouOB wrote: »

what sort of silly statement is that in a debate about banks:(

Why condone one crime and not another one? A silly statement could also be said about your original one.