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Anglo Irish Bank- Drumm’s safe haven in the US could be under threat
FORMER Anglo Irish Bank CEO David Drumm‘s safe haven in the United States could be under threat.
This comes amid a call on Finance Minister Michael Noonan to seek the assistance of powerful US stock market watchdog, the Securities and Exchange Commission (SEC), to probe the bank’s activities in the period leading up to the 2008 crash. Anglo Irish Bank sought to raise $10bn in fresh funding off the back of a medium-term bond offering in July 2008.
While the bond itself was not made available for purchase by US citizens, it was offered to qualified institutional investors through an investment prospectus filed with the Washington DC-based SEC on July 17, 2008.
In the course of the prospectus, Anglo Irish Bank provided potential investors in the bond with financial information drawn from both its 2007 annual report and unaudited figures for the period leading up to March 31, 2008.
In a note accompanying the numbers, the bank stated specifically that the information contained in its prospectus was “in accordance with the facts” and did “not omit anything likely to affect the import of such information”.
That declaration and the figures provided by the bank are now open to question in light of damning revelations about the bank’s activities contained in the notorious Anglo tapes published by the Irish Independent and Sunday Independent in recent weeks.
Fianna Fail finance spokesman Michael McGrath last night called on Mr Noonan to ask the SEC to investigate the bank’s activities.
“Looking at it in the light of all the information that has come into the public domain, questions do need to be asked about the quality of the information Anglo provided in the investment prospectus it produced in the summer of 2008 as it tried to shore up its position. It is immaterial whether or not the bank actually managed to raise the funding,” Mr McGrath told the Sunday Independent.
And as we now know from last week’s revelations in the Irish Independent, by November 2007, two of the bank’s most senior officers were already talking about finding an international analyst to try to put a positive spin on Anglo’s rapidly declining finances.
Mr McGrath added: “Given that Anglo Irish Bank filed the prospectus for its $10bn bond in the United States in July 2008, I would ask the Finance Minister Michael Noonan to make contact with the SEC to explore the possibility of an investigation now being initiated in the US. If Mr Drumm cannot be compelled to return here, perhaps he can be called to account in his new home. Such an investigation could be facilitated by our own Office of the Director of Corporate Enforcement (ODCE) given the powers it has under the companies acts to work in co-operation with overseas regulatory authorities. The SEC also enjoys this power.”
via Drumm’s safe haven in the US could be under threat – Independent.ie.
Anglo Irish Bank- Drumm didn’t want any ‘b*ll*xology’ from Central Bank ‘clowns’
Anglo: Central bank boss Honohan says people ‘energised’ by tapes
Irish Independent
Ganley shown minutes from Anglo Irish meeting on ‘overcharging’. Businessman Declan Ganley was shown minutes from a meeting at Anglo Irish Bank that raise serious questions about how interest was applied to loans.
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Tapes show Anglo executives discussed run on deposits
Irish Times
Discussing how they might encourage the Central Bank to provide “fallback” funds Mr Drumm is heard to say it may be time for Anglo Irish to have a “conversation with our friends on Dame Street [the Central Bank],” due to the volume cash withdrawals.
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David Drumm: ‘I’ll no longer be made a scapegoat for banking crisis’Irish Independent
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‘I’m beat, I am totally beat at this stage’ – ‘Oh, join the gang, ha, ha, ha!’Irish Independent |
Drumm didn’t want any ‘b*ll*xology’ from Central Bank ‘clowns’
David Drumm attacked the ‘drip, drip, drip’ release of the tapes
RTE.ie
Former Anglo Irish Bank chief executive David Drumm has said he will no longer allow himself to be a scapegoat for the banking crisis. Mr Drumm issued his statement to RTÉ news, as the transcripts of more recordings he had with another former Anglo …
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‘The market is drunk!’
Irish Independent
S&P, the bank credit rating agency, has just issued a new note warning investors to be wary ofAnglo Irish Bank. David Drumm, the bank’s chief executive, calls up John Bowe, head of treasury, to discuss what it all means for Anglo. The conversation …
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Anglo: New tapes reveal meekness of State’s watchdogs
Irish Independent
I just was not asked about tapes, says Dukes. THE former chairman of Anglo Irish Bank did not reveal the existence of the Anglo Tapes to major inquiries into the collapse of the banking system because he was “not asked about” them.
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Ganley shown minutes from Anglo Irish meeting on ‘overcharging’
Irish Independent
Businessman Declan Ganley was shown minutes from a meeting at Anglo Irish Bank that raise serious questions about how interest was applied to loans. Also in this section. Super-rich duped in €30m US land scheme · Beer could be the answer to all our …
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Anglo Irish Bank
Sunday Independent to reveal more Anglo tapes
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Seán Quinn used British Virgin Islands company to invest in Russian developmentIrish TimesThe offshore company was used several years before Quinn was accused by the former Anglo Irish Bank of using a British Virgin Islands company to put multimillion of euros in assets beyond the reach of the bank. Lawyers for Anglo Irish, now known as … See all stories on this topic »
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Opinion: Anglo tapes leave job-hunting former staff reelingBut one group of victims now stand doubly victimised – former employees of the old Anglo Irish Bank, who are still on the staff of IBRC. Professionals who had nothing to do with the high-risk approach at the top. People who, quite literally never did … See all stories on this topic » |
Anglo Irish Bank
Dukes says he was briefed on Anglo tapes by lawyers
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I aim to be objective but if you don’t like what I’m saying, just switch offIrish Examiner Bank’s former chief in UK living in dream lakeside home |
Anglo Irish Bank – Updates
Coming Soon to a Cinema Near you Bankula
Starring
David Drumm
The Undisputed Master of Horror Banking
Honohan – Anglo Tapes could lead to criminal prosecutionsIrish Independent
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US firm of disgraced former Anglo boss shut by authorities
THE US firm set up by disgraced former Anglo Irish Bank boss David Drumm has been dissolved after he failed to file any company records over the last two years. read full article
Ireland President Michael D Higgins slams those involved with the Anglo Irish …IrishCentral
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Noonan: Sanctions against anyone who fails to cooperate with banking inquiryIrish Independent
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Family defend Lenihan after Drumm attack on Anglo TapesIrish Independent |
Anglo tapes: Department of Finance records may provide answers to disturbing …Irish Times
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Matt Cooper attacked by Drumm for Haughey comparisonIrish Independent |
Fionnan Sheahan: Apologies are all well and good – but Drumm must face the …Irish Independent |
Time for Drumm to return and face questions after ‘sorry’
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‘Lenihan acted in Ireland’s interests unlike Taoiseach’Herald.ie |
We’ll help gardai with probe, says Bank governor
THE Central Bank is examining whether Anglo Irish Bank “deliberately misrepresented” its position when it sought taxpayer support in 2008, according to the Governor Patrick Ho read full article
Ministers fear inquiry will prejudice future trials
CABINET ministers are worried about an Oireachtas banking inquiry, or witnesses before it, jeopardising any cases against former Anglo Irish Bank officials.read full article
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Anglo Irish Bank- Update From Home and Away
Anglo tapes: Department of Finance records may provide answers to disturbing questions
Background: The secret paper trail may come to light as political pressure builds read full article
Irish politicians ultimately to blame for Irish property crash and burn
IrishCentral
The BBC among others gave prominent coverage to Drumm’s apology for the nasty language on the now infamous tapes and also focused on his call for a new inquiry into what happened when Ireland gave complete guarantees to Irish banks at the height of …
Irish banking tapes strengthen Merkel’s hand
MarketWatch
The leaked recordings, made shortly after the Irish authorities agreed on a blanket guarantee for sixIrish banks in September 2008 amounting to 250% of Irish gross domestic product, were published last week by the Irish independent newspaper. Reuters.
Allied Irish Banks seen as reckless as Anglo calls reveal
Financial Times
“They [Bank of Ireland] think that Allied have played fast and loose with lending money to every cowboy in town – apart from ourselves also lending money to every cowboy in town,” John Bowe, Anglo Irish’s former head of capital markets, told David …
Anglo Irish Bank’s ex-CEO David Drumm Apologises for ‘Inappropriate …IBTimes.co.uk Micheál Martin: ‘There is no mystery about what happened on the night of the bank guarantee’The Fianna Fáil leader has defended the actions of his predecessors in an interview this morning. read full article |
Anglo recordings may lead to a less polite banking inquiryIrish Times |
Day one: Clip 1 – The Central Bank MeetingIrish Independent
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Report: Former Anglo Irish head regrets tone in bank rescue callsEurope Online Magazine |
Lisa McInerney: We tolerate cute hoors, we end up with Anglo tape types
Our capacity for putting up with ‘charismatic’ cowboys is no longer a bad national joke – it’s our national downfall. read full article
Drumm breaks silence in US to say ‘sorry’
Fianna Fáil told: “Come clean on Anglo Tapes” – Local
‘AIB and Anglo lending to every cowboy in town’
Drumm says bank guarantee not sought
Anglo Irish Bank – Latest
Some Headlines
Kenny bows down before his masters
LAST week, Enda Kenny effectively quit as Taoiseach. When the Anglo recordings surfaced and the giggles of gobshite Irish bankers reverberated across Europe, his duty as Taoiseach was c read full article
Anglo executives discussed pressurising Lenihan
Senior executives from Anglo Irish Bank discussed putting pressure on the then Minister for Finance Brian Lenihan in December 2008 in the latest recordings to emerge from the Anglo tapes, which are published in tomorrow’s Sunday Independent.read full article
Anglo Irish Bank faces claim of €1bn ‘overcharging’
Irish Independent
At least one case has been rejected by the Irish courts under the IBRC Liquidation Act that requires lawsuits to be approved by the High Court. An appeal to the Supreme Court is being considered. The liquidation means that the IBRC liquidator can take …
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Further revelations from bank tapes
Fresh revelations in the Anglo-tapes scandal about Brian Cowen‘s administration shows his party was willing to save the failing bank at any cost, his political opponents claimed. read full article
Fomer Anglo Irish Bank chief David Drumm apologizes, says inquiry needed on bank guarantee
Fomer Anglo Irish Bank chief David Drumm apologizes, says inquiry needed on bank guaranteeread full article
Drumm said he would ‘probably punch’ Brian Lenihan on Anglo Tapes
It has emerged that the former CEO of Anglo Irish Bank David Drumm said he would read full article
Drumm: They seem to be disproportionately angry at us
David Drumm believed that the Fianna Fáil-led Government’s external advisors Merrill Lynch were ‘disproportionately angry’ with Anglo Irish Bank. read full article
Anglo Tapes: Anatomy of the bank that broke Ireland
The Anglo Tapes have delivered a riveting insight into the bowels of Anglo Irish Bank during the financial crisis that toppled the State. read full article
Drumm claimed Merrill wanted Anglo nationalised immediately
FG says decision to ignore advice is evidence of cosy relationship between FF, developers and Anglo read full article
German finance minister slams Irish bankers as ‘aloof super humans’
BERLIN (Reuters) – German Finance Minister Wolfgang Schaeuble slammed Irish bankers caught on tape joking about a bailout, calling them “aloof super humans” worthy of contempt… read full article
‘Avarice and utter contempt’ in latest Anglo recordings
Senior executives from Anglo Irish Bank discussed putting pressure on the then Minister for Finance Brian Lenihan in December 2008 in the latest recordings to emerge from the Anglo tapes. read full article
Anglo Irish Banks -Most Recent Updates from home and Abroad
Banks treated Irish people with contempt, says O’Malley
Irish Times
“The contempt shown by Anglo Irish Bank for the Irish people and for their welfare and their public institutions was probably not very different from the attitude taken up by some of the other banks. We just do not have first-hand aural evidence of the …
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Merkel calls Anglo Irish Bank chatter damaging to democracy |
Deutsche Welle In Ireland, transcripts of telephone conversations between employees from 2008 at Anglo Irish Bankhave caused a massive outrage. In the tapes, the workers make fun of the government’s decision to guarantee bank liabilities at the height of the … See all stories on this topic » |
Anglo Irish tapes are only the tip of the iceberg when it comes to other banksIrishCentral |
Money trail
David Drumm carried out a number of personal financial moves that coincided with Anglo’s demise, writes investigative correspondent Conor Ryan read full article
The Anglo Tapes, The Guarantee And Ireland’s Economic Crisis
Probably the biggest economic story in Europe this week has been the release of recorded phone calls from 2008 between executives of the now-notorious Anglo Irish Bank. Anglo was a recklessly… read full article
Irish PM shocked by ‘vulgar’ Anglo Irish Bank tapes
New Straits Times
BRUSSELS : Irish Prime Minister Enda Kenny said Friday he was thunderstruck by leaked tapes at the centre of a scandal at the bailed-out Anglo Irish Bank which he said has tarnished Ireland’s reputation. But Kenny said after an EU summit in Brussels …
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Mocking Germans Adds Irish Insult to Banking Injury
Bloomberg
Irish politicians say jibes at Germans by some of the country’s former bankers undermine their case for securing help to cut the 64 billion-euro ($83 billion) bill for saving the financial system. John Bowe, a former executive at the now defunct Anglo …
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Anglo Irish Bank scandal ‘damages democracy’, Angela Merkel says
The Guardian
Angela Merkel has expressed “contempt” for the disgraced Anglo Irish Bank executives caught on tape mocking Germany’s involvement in the institution’s €30bn (£25.7bn) bailout. The German chancellor delivered a strong condemnation of the revelations, …
Businessweek
BRUSSELS (AP) — German Chancellor Angela Merkel on Friday blasted newly disclosed comments by former directors of Ireland’s most notorious bank, who mocked foreign depositors and conspired to conceal the true scale of their losses while winning a …
The Guardian
Speaking at the EU summit in Brussels, Enda Kenny, the Irish prime minister, gives his response to recordings of Anglo Irish Bank staff joking about a bailout deal and mocking Germany. His comments follow an accusation from the German chancellor …
Anglo Irish Bank- Latest updates from Home and Abroad
Irish central bank probes tapes
South China Morning Post
“Any suggestion that the taxpayer was lured into bailing out Anglo Irish Bank under a false impression about the state of the bank’s financial condition is deeply disturbing and has to be fully investigated by the authorities,” said its finance …
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Absence of women fuelled Gordon Gekko ‘greed is good’ culture – Independent.ie
THERE is something missing from the Anglo Tapes in all their tawdry, almost satirical glory. That missing something is women. read full article
Bank’s shame taints Ireland in media all over the world
THE Anglo Tapes scandal continued to snowball around the world, with former manager John Bowe’s recital of ‘Deutschland Uber Alles’ and former chief executive David Drumm’s comments tha read full article
How bankers planned policy of deception
THE latest Anglo Tapes were recorded on September 19, 2008. read full article
Kenny meets Merkel for talks as her party colleagues rage
ENDA Kenny spoke with Angela Merkel yesterday – but the mounting fury in Germany over the revelations in the Anglo Tapes was not discussed. read full article
The Anglo Tapes has made the front page of this German tabloid
And another German newspaper says that Anglo bankers and others should be put in sack and beaten. read full article
Irish central bank probes whether tapes show rule-breakingGlobe and Mail
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Anglo Irish Bank German comments are ‘unbearable,’ Angela Merkel allyIrish Independent |
Drumm: ‘Another day, another billion’
In the hours leading up to the bank guarantee in September 2008, the CEO of Anglo, David Drumm, joked about the haemorrhage of cash from the bank.read full article
Fresh questions over Drumm’s public statements on bank’s finances
FRESH questions have been raised about public declarations by then chief executive David Drumm that Anglo Irish Bank was solvent and profitable in late 2008, after the Irish Independent read full article
Anglo Irish Bank’s John Bowe and Peter Fitzgerald Defend Secret Phone Call …
IBTimes.co.uk
The Anglo Irish Bank bosses, who were secretly taped on the phone, have categorically denied that they deliberately misled the government and regulators about the financial health of the group, prior to the huge bailout that brought Ireland’s economy …
Yahoo!7 News
Public outrage is growing in Ireland after a newspaper published transcripts of taped telephone conversations between executives of the now-defunct Anglo Irish Bank, wrecked when a property bubble burst in 2008 after years of reckless lending. Rescuing …
Financial Times
Dublin aims to set up a public inquiry into the banking crash in the autumn in response to deep public anger caused by the broadcast of taped phone calls suggesting Anglo Irish Bank deliberately misled the previous government into supporting the lender …
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The Independent
Outlook Yesterday provided yet more evidence of the depths to which the banking industry sank during the lead-up to and during the crisis. The fact that it came from across the Irish Sea doesn’t make it any less relevant. Senior executives at Anglo …
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The Independent
It was not just generous Irish taxpayers being mocked by the bailout-hungry executives at AngloIrish Bank. New recordings leaked yesterday showed them laughing at the German government as it pumped billions of euros in to shore up the stricken bank.
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The Guardian
The behaviour of the Anglo Irish executives has turned them into national hate figures in the Republic and now, it appears, also in the country which has supplied most of Europe’s money to prop up not only the Irish banking system but also the entire …
See all stories on this topic »
Anglo Irish Bank News Round up from Home and Abroad
Burton calls on Cowen to reveal what happened on night of bank guarantee
Former Taoiseach Brian Cowen is under deepening pressure to come clean over the bank guarantee scheme. read full article
Anglo Irish Bank tapes: executives mock Germans amid bailoutThe Guardian |
Anglotapes: If they saw the enormity of it up front, they might decide they have a choice.
Following the release of tapes of Anglo staff discussing how they present their case for support, in the lead up to the bank guarantee, there are more revelations in todays Irish Independent (which has been breaking the story). You can listen to the tapes via the Indo’s website (at the links above), but here are… read full article
Irish ‘rage’ after bank manipulated multi-billion bailout
EUobserver.com
BRUSSELS – Irish leader Enda Kenny has said he understands “the rage and the anger” of Irishpeople on Monday (24 June) following a leak of taped conversations by two Anglo-Irish bank bosses which indicate the Irish government was conned into …
Top Irish Bankers Hoodwinked Government Over Bailout, Secret Recordings Show
Business Insider
A top banker with the financial institution that almost bankrupted Ireland boasted that he had picked the figure of €7bn (£5.9bn) they told the Irish government was needed to rescue the Anglo Irish Bank “out of his arse.” Taped phone calls between two …
Irish Times
David Drumm, former chief executive of Anglo Irish Bank, tells a senior manager at the bank in the latest tape revelations: “We won’t do anything blatant, but . . . we have to get the money in . . . get the f***in’ money in, get it in.” Photograph …
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Irish Open guide SkySports The Colin Montgomerie-designed course is 10 years old, has little in the way of water hazards but an abundance of deep bunkers. Despite being inland – around 10 miles west of Dublin city centre – it offers a distinct links feel. And with putting … |
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Anglo Irish scandal complicates Dublin’s debt negotiations Financial Times Senior executives at Anglo Irish Bank had laughed off concerns expressed by Irish regulators and EU governments that they were abusing the bank guarantee issued by Dublin at the height of the financial crisis by using it to lure bank deposits from the … |
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Irish outrage grows over ‘arrogant’ failed bank Reuters UK Pedestrians walk past the Anglo Irish Bank head offices, in Belfast March 25, 2010. Credit: Reuters/Cathal McNaughton. By Sam Cage and Conor Humphries. DUBLIN | Tue Jun 25, 2013 4:19pm BST. DUBLIN (Reuters) – Ireland’s deputy prime minister laid in … |
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Anglo Irish Bank- News roundup
They gambled all our futures but it was just fun and games for bankers – Independent.ie
‘Fun and games, yeah.” The future of the country is being gambled and it’s all just fun and games for the executives in Anglo Irish Bank. read full article
Tapes that reveal what really led to national collapse
Fitzgerald asked Bowe how they had arrived at the €7bn figure for the Central Bank. He replied: ‘As Drummer (CEO David Drumm) would say, picked it out of my arse’ read full article
The recording: Key quotes
* Look, c’mere . . . What’s goin’ on?’ read full article
Q&A: What’s in recordings – and why they’re so significant
Q The tapes are fascinating, but at the end of the day, isn’t it just two colleagues having a light-hearted conversation? Why should we care? read full article
Inside Anglo: Listen to the full recordings
Listen to the conversations between Peter Fitzgerald and John Bowe of Anglo Irish Bank. read full article
Two Anglo executives deny misleading Central Bank
The Central Bank was told by Anglo Irish Bank in 2008 that €7 billion in funding was needed to stabilise it – but a senior Anglo executive said to a colleague the true cost would be higher. read full article