So its fraud now, and will any of them see jail?? Anglo Fraud

joe316 · 15-10-2010 03:54PM #1

Of course not.

Guido has been given documents coming from inside Anglo Irish Bank’s Treasury Department dating back to 1997 which strongly suggest there was a board level approved conspiracy to over-charge corporate customers. The scale of the fraud was massive and it may have contributed up to 10% of the now nationalised bank’s profits.

The Anglo-Irish Bank’s fraud comes from overstating the DIBOR base rate on which customer’s loans were calculated. DIBOR is the Dublin Interbank Offered Rate calculated and was published daily like LIBOR, it was set in stone and used by all Irish banks as the basis for settlement of trades and financial transactions before they joined the Euro.

Essentially Anglo-Irish lied to customers as to what that the real base rate was by adding between 1/4% to 1/3% to the official underlying rate, then they added the usual banker’s spread that they will have agreed contractually with their corporate customers.

Guido’s source says that inside Anglo-Irish the false rate quoted to borrowers was known internally as “TIBOR” after Tiarnan O’Mahoney, the Director and Chief Operating Officer to whom Des Whyte, the treasury manager who prepared the figures, reported. Sources say that the “TIBOR” version of “DIBOR” was not used with sophisticated money market customers who would have queried the rate.

Guido has done some back of an envelope calculations based on the bank’s 1998 Annual Report. The customer loan book is reported to have been €5.7 billion (IR£4.4 billion). Assuming that only half the clients were over-charged the average of 30 basis points the bank will have made an extra €8.6 million, (IR£6.6 million) on the bottom line. That was some 10% of the bank’s reported profits.

According to a source the fiddle continued throughout the late 90s into the early half of the next decade as Anglo-Irish’s loan book grew on the back of the Celtic tiger. Customers could have been ripped off by as much €100 million.

N.B. Guido has documentation to back up this story – if the Dublin authorities want it…

http://order-order.com/2010/10/15/10-of-anglo-irish-bank%e2%80%99s-profits-came-from-defrauding-customers/

So they were actually robbing people in the traditional way(not the modern, credit default swaps, etc...). This wont get an ounce of mention in the news.

DubArk · 15-10-2010 03:59PM

http://www.rte.ie/news/2010/1015/angloirish.html

The Taoiseach has said it would be helpful if former Anglo Irish Bank Chief Executive David Drumm returned to Ireland.

I'm sure it would! :rolleyes:

We'll heres one that got away!!!

Sykk · 15-10-2010 04:00PM

Nothing surprises me anymore. To be honest I don't give a shít. I'm in a job, I'm 20 years old, I'm not sick of "talking" about how terrible it is.

Yes a bad attitude, but if you're just going to post on forums about it rather than organize a rally or something, don't waste your time here.

I'm sure lots of people feel the same.

TheZohanS · 15-10-2010 04:05PM

They didn't arrest Bertie and they didn't arrest Willie O'Dea. The old boys club members don't get jailed.

cypharius · 15-10-2010 04:37PM

Why don't they just ask the US to extradite him? I'm sure they'd be happy to comply if they explained what he's needed for.

Sticky_Fingers · 15-10-2010 04:47PM

Guido’s source says that inside Anglo-Irish the false rate quoted to borrowers was known internally as “TIBOR” after Tiarnan O’Mahoney, the Director and Chief Operating Officer to whom Des Whyte, the treasury manager who prepared the figures, reported. Sources say that the “TIBOR” version of “DIBOR” was not used with sophisticated money market customers who would have queried the rate.

Remember lads if any of our wacky accounting practices ever go tits up just blame it on Tibor, the guy who doesn't speak English

Celly Smunt · 15-10-2010 04:48PM

Sticky_Fingers wrote: »

Remember lads if any of our wacky accounting practices ever go tits up just blame it on Tibor, the guy who doesn't speak English

Qué?

Sticky_Fingers · 15-10-2010 04:51PM

pmcmahon wrote: »

Qué?

Sigh

Rockn · 15-10-2010 05:23PM

Sticky_Fingers wrote: »

Sigh

https://www.youtube.com/watch?v=xrwiquIaZkk

orourkeda · 15-10-2010 05:25PM

I'll be absolutely amazed if anyone involved sees the inside of a prison cell.

Yakult · 15-10-2010 05:41PM

They'd get **** all time in Jail anyway if this country is anything to go by :rolleyes:

Instead of going after the people who did all of this they will take the easier way out and throw the problems onto the working people of this country.

backwards country ran by old and silly apes. Some fat apes too.

D-Generate · 15-10-2010 06:28PM

It is worth noting that although in the eyes of the public Anglo has done much wrong there had yet to be evidence of illegal activity as much of it could be played off as incompetence. Fraud like this is illegal and I do think a file will be prepared for the DPP as they were knowledgeable and complicit in using a different interest rate.
Also governments love scape goats and if they can send one of them to prison they will be happy out as the public will forget about the many who avoided being locked up. This could be the open and shut case they need.

steddyeddy · 15-10-2010 06:35PM

cypharius wrote: »

Why don't they just ask the US to extradite him? I'm sure they'd be happy to comply if they explained what he's needed for.

They would be more than happy to comply, the us take this a lot more seriously than the irish government do

Grimreaper666 · 15-10-2010 06:42PM

Nobody will ever see jail here, shur that's the whole point of NAMA to bail out the FF cronies and let the Irish taxpayer mop up the whole mess including all the legal an accountancy fees that no doubt will also fall into the hands of yet more FF cronies. I swear it's so bad now you couldn't make it up, this place is rotten to the core.:(

ascanbe · 15-10-2010 06:45PM

Other very obvious instances of fraud in Anglo have already come to light.
For some odd reason though, our government seem not only unwilling to go after these people but hell-bent on doing everything they can to help them.
As long as the prevailing attitude here, that this is the way it has always been so this is the way it will always be, continues to hold sway, then, i suppose, yes; this is the way it will always be.

Grimreaper666 · 15-10-2010 06:57PM

Fat cats will always get away with crime because they can afford legal defense. A couple of years ago I was late with my tax returns and I almost ended up in jail yet the Bertie Ahern is still not tax compliant and wasn't when he was prime minister and seems to be untouchable. There's definitely a them and us thing still going on here and will be for the foreseeable future.

Wicklowrider · 15-10-2010 07:48PM

DubArk wrote: »

http://www.rte.ie/news/2010/1015/angloirish.html

The Taoiseach has said it would be helpful if former Anglo Irish Bank Chief Executive David Drumm returned to Ireland.

I'm sure it would! :rolleyes:

We'll heres one that got away!!!

He needs to be hunted down by some of the lads from the curragh camp - preferably carrying forged israeli passports.....

So its fraud now, and will any of them see jail?? Anglo Fraud

Comments