QuoteA friend of the family sold his farm in Galway to a developer for 6.5 million 2 years ago. He bought the same farm back from the bank for 1 million a few months ago.
Until hes been on Joooooe Duffy its an mythOriginally Posted by Macy
"With all this economic misery and people losing all that money, sex is the farthest thing from their mind. It's time for congress to rejuvenate the sexual appetite of America. The only way they can do this is by supporting the adult industry and doing it quickly."
A friend of the family sold his farm in Galway to a developer for 6.5 million 2 years ago. He bought the same farm back from the bank for 1 million a few months ago.
<applause>
Irish Times
Confirming many views about Estate Agents no doubt. Strange that is just an obligation & not illegal. Interesting that there were 2,100 mortgage intermediaries in Ireland. Easy solution might be to ban estate agents offering mortgages.An investigation by the Financial Regulator into allegations of a potential conflict of interest between mortgage brokers and estate agents found an unspecified number of companies were unaware of their obligations.
The inquiry began last July following allegations that some mortgage brokers may have shared information on clients' purchasing power with estate agents seeking to sell them a property.
The practice may have resulted in inflated prices being paid for properties.
Some estate agency firms also sell mortgages while some larger firms operate their own broking business or offer mortgages through an affiliate company.
Publishing its findings today the regulator said it had investigated 91 of the 2,100 mortgage intermediaries in the market to examine how they handled potential conflicts of interest when also providing property services.
If there is one good thing about the recession it's seeing these wretched individuals suffer, I hope to see recruitment consultants burn in hell too.. Employers with sense would see it as a complete waste of money to go about recruiting staff through a very pricey intermediary when it would be cheaper and in the currently climate easier in to do it directly...
Irish Times
Financial Regulator jumps before he is pushed? Minister saved from actually making a decision?Chief Executive of the Irish Financial Services Regulatory Authority, Patrick Neary, is to step down, it has emerged.
The Financial Regulator announced his decision this evening to retire, effective from January 31st. He will step down as a member of the Irish Financial Services Regulatory Authority's board, and also as a member of the board of the Central Bank and Financial Services Authority of Ireland.
Mr Neary has come under pressure in recent weeks after it was claimed that staff at the regulator's office first learned in January 2008 that the chairman of Anglo Irish Bank Seán FitzPatrick had been transferring loans of up to €87 million off the bank's book to conceal them from shareholders.
This evening, Mr Neary said he had not known of the issue before December 10th.
"I had deferred a decision about my retirement until the Report of the Committee of the Authority examining the internal communication of matters relating to loans to Directors of Anglo Irish Bank Corporation was concluded," Mr Neary said in a statement.
"So far as I am concerned, I was not advised of any such matters in early 2008 and there has been no oral, written or email escalation of these issues to me or to the Authority over the period until the matter was raised with me by the Minister on December 10th, 2008."
I have a small, a very small bit of sympathy for Neary. The Anglo thing was obviously the final straw but If the Board of Anglo and their Auditors couldn't find the 87m worth of loan arrangements, how was he supposed?
Nobody was calling for his resignation last year or any other year (except Shane Ross maybe) when although obviously in trouble at least employment was still holding up and therefor the public opinion is more emotion than anything else.
He is the Financial regulator so taxation policy not part of his remit.
I am sure got paid a good salary & will have nice pension. He failed in his job & if he did not have the powers to do it he should have asked for more.
I think your second point is a valid one and not just relevant to the Financial Regulator (generally people want more protection in bad times, if there's money to be made they are generally more laissez faire, completely hypocritical of course!).
But in my mind anyway (as someone who deals regularly with various regulators here and abroad) he's not going because of the Anglo loan, he's fallen on his sword (by the tried and tested "early retirement" option" because of the wider failure to identify and deal with systemic risks in our financial system that everyone from the OECD to the Economist magazine had pointed out going back years but the Financial Regulator effectively ignored.
That said, my understanding in relation to both Sean Quinn' hand in the cookie jar and Fitzpatricks loan FinReg knew for a period of months and didn't do anything. Thats the final nail in the coffin.
Heard a piece on Morning Ireland that the loans totalled more than 87m! Unbelievable. Some commentator suggested that Fin Reg was simply leaving it to the bankers etc becuase in his naivity he assumed surely the banks will be looking after their balance sheet and not be taking undue risks with the lending. Pete, I take it back, they were sitting on their hands but I am one of the uninformed average joe I mentioned earlier, that is, the ones who will pay for this in the Short, Medium and looks like long run.
The problem with Fitzpatrick wasn't one of default risk, 87m wouldn't be anywhere near the top exposures (although I assume as it was a property loan it may not be in the best shape), the big problem is conflicts of interest and disclosure requirements.
Doesn't make it anymore right though.
I was reading about the Dail Committee yesterday & seems the Fin Reg was getting a hammering from the politicos. While I am sure some of it was an effort to blame them for the entire property mess it seems they also basically said someone in the Fin reg was lying.
Best excuse about the loans was that they were too busy with the financial crash but of course they also said knew about the loans in 2007 so it does not add up.
Slightly off topic but I saw headline yesterday about case against the chemist for the blood transfusion service collapsing which reminded me that there is no accountability in this country. Politicians are the worst especially FF but I can't remember the last time someone resigned or was fired for incompetence. I don't include the Anglo board members as they should have been first/arrested.
Unemployment has been rising for the past couple of years, it didn't start last summer, it has merely increased in speed.
Well it has finally happened as Anglo Irish have been nationalised.
Seems to be the correct decision but why did they not do this last month? The government really are making it up as they go along & if it was possible leads to even less convince they can make the correct decision.
Owners of capital will stimulate working class to buy more and more of expensive goods, houses and technology, pushing them to take more and more expensive credits, until their debt becomes unbearable.
The unpaid debt will lead to bankruptcy of banks, which will have to be nationalized, and State will have to take the road which will eventually lead to communism.
— Karl Marx, 1867
According to Lenihan on Morning Ireland, this is "decisive action"
Or As the T Shirt I just ordered says, along side a painting of Marx - "I warned you this would happen".
Last edited by Macy; 16/01/2009 at 9:26 AM.
If you attack me with stupidity, I'll be forced to defend myself with sarcasm.
They procrastinated until the very last minute, as they had to do it before todays EGM.
Then they bluffed that the banks funding position had become weaker which forced their hand.
I don't really believe that, nothing has changed in the last few weeks.
[QUOTE=Stuttgart88;1087441]Owners of capital will stimulate working class to buy more and more of expensive goods, houses and technology, pushing them to take more and more expensive credits, until their debt becomes unbearable.
The unpaid debt will lead to bankruptcy of banks, which will have to be nationalized, and State will have to take the road which will eventually lead to communism.
— Karl Marx, 1867[/QUOTE
Ah sure that was easy to say, the dogs on the street could see that))
In Trap we trust
Seems the big problem is that even when they gave the banks bailout loans no one believes that will be the end of it. The banks also cannot be trusted as they told use a few months ago they did not need any cash. The Financial Regulator has also been discredited. Ultimately seems there is no one in power that is trustworthy.
I read that the state now guarantees something like 2billion in preferential shares/loans because of the Nationalisation? Seems bizarre that shareholders would be compensated at all. Would they have a case against the state for lapses in regulation?
I've just heard that the Marx quote is a fake anyway.
Posting Permissions
Bookmarks