6th February 2011
Nikhil Kumar, wrote an interesting article in the Independent (UK) paper during the week – ‘banker gets record three-year jail term for insider dealing’. In the past, we in Ireland have had problems with Insider Trading breaches, but the fact is the Irish Stock Exchange is really only a sub-station to the UK FTSE and preparing the case is more difficult for us to establish and prove. However, the law in the UK is carving a path for us in Ireland and hopefully the likes of Anglo Irish Bank and Irish Nationwide personnel will be ‘burnt’ for their breaches of the law i.e. once our Regulators, Fraud Squad, CAB and DPP can put together sufficient evidence.
Reported 3rd February 2011: ‘A former City banker, his wife and a friend have been sentenced in a £2.15 m insider trading scheme uncovered by the FSA’. Now here is a scenario that hopefully will prepare the way to seek out the pathways of money patterns through the global financial system. This is one of a number of successes by the Financial Services Authority in the UK. Similarities exist, I would suggest, to some cases pending or even with the DPP and other regulatory forces in Ireland presently.
The three people, in the case cited, pleaded guilty to 8 counts of insider trading in a number of listed shares between the years 2000-2008. Interestingly, the ‘insider dealing’ only came to the fore after Mr. Sa’aid made suspicious share purchases in advance of the Highway Insurance takeover in 2008. Investigation yielded details of his trading records and the FSA noticed other suspicious trades connected to as many as 21 deal announcements. In fact, the FSA trawled through large amounts of data, including a floppy disk found in Mr. Littlewood’s garden shed which showed how the profits of the deal were divided…
Coincidence or whatever, investigators spotted that Mr. Littlewood, a Shore Capital banker on the Highway deal, used to work at the German firm. The inquiry progressed: ‘The FSA took a closer look at movements of money between Mr. Sa’aid and an individual names Siew Yoon Lew (Mrs Littlewood). This link proved crucial and yielded to the unravelling of patterns that established insider trading.
We need to take heart that ultimately corporate crime by bankers and others, maybe even Auditors, will appear before the courts and some redress and compensation will be granted. What is interesting about this case viz a viz Mr. Drumm is that Mr. Sa’aid was extradited from the Comoros Islands in March 2010, he pleaded guilty to the charge, was sentenced to two years in prison AND ORDERED TO PAY £640,000 IN CONFISCATION. Do we in Ireland have in place this legislation?
‘Watch out for the fellow who talks about putting things in order!
Putting things in order always means getting other people under your control’
Denis Diderot (1713-84) French Philosopher.
14th February 2011
‘Delay NEGOTIATE, Default’ route surely
A thought perhaps and then maybe some questions.Yesterday, the Sunday Times has a brief article about the ‘Hunt’ for Mubarak’s millions. I thought this is quick, he is just deposed or so we are led to believe. But money markets act fast and in the UK the Senior Fraud Squad (yes the same SFO that operated in the North of Ireland) and which is similar in operation to our Criminal Assets Bureau, have acted.
The SFO or so the report goes has launched its hunt for millions of pounds of cash and assets ‘believed to have been secretly stashed in Britain by Hosni-Mubarak, the deposed Egyptian president, and his family.’ Meantime, last Friday, Switzerland became the first country to freeze assets ….. those that they believe belong to Mubarak and his regime. Sovereignty no longer applies to this dictator and his assets are up for grab…and hopefully return in some format to the people of Egypt.
The next surprise is the amount of his family fortune is estimated at £1.5 billion or 1.8 billion euros. It is held to be in British and Swiss Bank accounts and tied up in property in Britain, New York and Los Angeles.
Where are the CAB in Ireland re. solicitors like Lynn, bankers like Drumm, and developers, and also negligent politicians? Yes too many to name and their tracking network so difficult to find as to where the money actually is invested? How is it that a country like Egypt has a leader for 30 years and his ‘takings’ are only 1.8 billion euros when Ireland appears to be in debt for over 100 billion euros. The accounting is proving bizarre to say the least. It makes one think of pawn brokers, ‘Jewish debt collectors’ in the hard times of the early State and the penal rates of interests that applied to people who were so impoverished that they were forced to pay the money lender huge interest on money lent.
Yes: Enda Kenny. Well done for not side stepping any more than necessary and meeting Angela Merkel. We need more transparency. Noughts are appearing without justification. It is similar to taking out a car loan in the 1980’s for say three years at a fixed interest rate. Then you get a job promotion and you have a bonus and you go to pay off for your car. You go to the bank and you are told no….you are signed in and you pay right up to the last payment….no negotiation allowed. This can be changed by people power.
The Sunday Times again: another consideration worth thinking about.
‘Anglo is on brink of the Quinn deal’. The question is that investment bankers are in the business of creating opportunities for investors willing to take risks and invest funds and particularly insurance companies.
It announces a joint venture between Anglo Irish Bank and Liberty Mutual (the large American insurer)….This is a significant move and surely a positive one for both Quinn and Anglo and by consequences re. values its debt downwards?
Margaret Mead (1901-1978) US antropologist,
‘Never doubt that a small group of thoughtful committed citizens can change the world. Indeed it’s the only thing that ever has’
17th February, 2011
Pessimism will not persude the IMF-EU: Ireland and Tourism motivation is key
16th February, 2011
Yes. Cities are so very important. Georgian Dublin is being foresaken and we need to revitalise it urgently. The politicians are canvassing, the time is now to petition them. They talk about retro-fitting but what about re-generating inner city lifestyles. As regards the ghost estates in far away places… demolition is possibly the best route and provide alternative accommodation for those who have been caught in ‘negative equity’…
The article (Citizen journalism site) below adds another dimension: Nation Branding and Tourism Motivation about Income Sources for the Island of Ireland You may be skeptical about nation branding in the context of branding and globalisation but at least the Germans appear to be focused on the importance of Tourism which sadly we appear to have lost sight of in Ireland. Okay the terminology nation branding is cold but the idea of structuring an identity as a people, a nation, a country is surely sensible at this point in time when we are now labelled a 'bankrupt state' and what this conjures up is the picture of nothing other than a despotic nation and a pretty useless people. Thankfully we are not yet so and there are jewels in our crown which if people focus on, identify them, value them, endorse them - there is hope for the Irish nation to buy themselves out of this hideous economic and financial crisis that reckless banks and certain personnel have caused. Already in the UK there are signs of improvement. The Bankers are seeking and receiving their bonuses again which means they must be identifying markets that will yield profits and in turn dividends. We must realise that we are linked to the hip of capitalism and our banking is part of the globalised conundrum. Back to our balance sheet: What can we do? Well, let us leave aside branding the term Tourism or relying on the word 'culture'. What about re-inventing the concept of communities and in our cities re-creating communities and working on more interconnectedness using the computer as a tool that helps us partially communicate with people, but importantly that it does not replace people power and communication. An idea: Take areas like Rathmines, Ranelagh, Baggot Street. A Local freebie paper refer to Ranelagh Village and this has the feeling of same. Rathmines which once was known as a village is now just open ended without any sense of history. Then you have Baggot Street, it too has lost its sense of identity. To create a community we ought to focus on an area as an experiement and see how we can create a new community using all the potential therein: We now approach 2016 and let us not forget that much of Irish history started over the centuries in Dublin 4. The time has come to exploit this while people still live in the area and have first hand experience....we need to tap this before it is confined to boxes in archives. Genealogy and tourism has great potential. The Americans, the English, the Scottish, ...so many people have connections and so much is possible now to revive, review and maybe even learn I would suggest Baggot Street as a model. I would start by referring to it as Baggot Street Upper Village and would then add in all the strands that relate to it from the canal via Mespil Road, to the hospital that once was a place of renown to the Irish Architectural Foundation and what it wants to do to revive Georgian Dublin.
Reply to Opus D: Ireland Inc – what assets have we to work with going forward?
Community reactivation locally and countrywide on the Island of Ireland
‘Stretching to new limits ‘One’s mind, once stretched by a new idea, never regains its original dimensions’ Oliver Wendell Holmes (1809-1894) US writer. We need dimensions……
Rent Allowance – Keep Town’s Tidy works
Reply to Opus D. We all have a vested interest in finding a source of income for Ireland Inc
No. I have not got a vested interest. I am just a right brainer hoping against a stark reality that we don’t have to experience a depression that makes our small country the servant yet again. We have only just removed ourselves from the shackles of serfdom and are once again on the brink of savage IMF-EU group corrective pratices.
Private landlords nominated as social housing suppliers