A FORMER Barclays banker who is among the new shareholders in the National Asset Management Agency’s ownership company was involved in a scheme to remove toxic assets from Barclay’s books that a top UK regulator described as “pushing the envelope too far”.
Nama yesterday said Irish Life had sold its 17 per cent stake in the special purpose vehicle that owns the loans agency to London company Walbrook Capital. One of the firms’s three founders is Australian lawyer Michael Keeley, who worked for the structured credit division of UK bank Barclays.
Mr Keeley, as a member of a 45-strong structured credit team at Barclays, was involved in a scheme designed by the bank to move $12.3 billion (€9.4 billion) of toxic credit market assets off the balance sheet of the bank in 2009.
The executives were asked to manage the run-down of the assets through a New York hedge fund called C12 Capital Management in a scheme the bank called Protium.
The scheme was later reversed by Barclays after UK regulators raised concerns with the bank.
Andrew Bailey, the highest-ranking UK bank supervisor, attended a board meeting of Barclays in February and queried the buccaneering culture at the bank.
The Protium scheme was described by the regulator as “pushing the envelope too far”. Details of the intervention emerged in the controversy over Barclays’ role in the rate-rigging Libor scandal which led to the departure of chief executive Bob Diamond.
A spokesman for Walbrook and Mr Keeley declined to comment on Protium, while a Nama spokesman also had no comment.
A source close to Walbrook said Mr Keeley was part of the Barclays team asked to manage the Protium assets but this was led by the bank rather than the team itself.
Walbrook was set up in 2011 by Geoff Broomhead and Simon Haworth who worked with Mr Keeley at Barclays Capital. They left Barclays in 2009 to manage Protium but ties with C12 and Walbrook have since been severed.
The sale of Irish Life’s 17 per cent stake in National Asset Management Agency Investment Limited keeps loans of €74 billion at the country’s “bad bank” off the balance sheet of the Government.
The vehicle was structured to give private investors a 51 per cent stake in Nama’s ownership to satisfy EU accounting rules that the agency’s liabilities were sitting off the State’s books.
Irish Life was an original 17 per cent shareholder in the Nama vehicle with the fund management units of Bank of Ireland and AIB.
The Government’s takeover of Irish Life as part of the bailout of Permanent TSB threatened to bring ownership of Nama’s SPV into majority State control given that the Government had 49 per cent of the Nama vehicle.
Walbrook’s acquisition of the stake for an undisclosed sum, understood to be less than the €17 million Irish Life originally paid, puts Nama’s SPV back into majority private hands.
Mr Keeley, a senior partner in Walbrook, said the decision to invest in Nama “followed a careful assessment of the outlook for the Irish economy and in particular its property sector, which we believe is now close to stabilisation.”
Walbrook said that it invests in long-term credit, property and renewable energy assets.
Can you trust International Banking?
Judge for yourself
Just a quick look at recent developments
Standard Chartered accused of exposing the US to terrorists, drug dealers, and weapon dealers by hiding $250 billion of transactions with the Iranian government.
Deutsche Bank admits Libor involvement.
Germany’s biggest bank faces regulatory action after admitting complicity in rate-fixing scandal along with Barclays.
HSBC ‘allowed drug cartels to launder money’
Early July –details of Barclay’s bank/ *Libor’s scandal started to emerge (rate fixing)
The governing bank of England was also aware of this illegal manipulation.
In Canada – participants in the Libor scandel include the Canadian branches of the Royal Bank of Scotland, HSBC, Deutsche Bank, JP Morgan Bank, and Citibank, as well as ICAP (Intercapital), an interdealer broker.
USA- In the USA regulators were focusing on Bank of America Corp., Citigroup Inc. and UBS AG in their probe of Libor’s rate manipulation.
Goldman Sachs has not yet faced the music for cooking the books of Greece.
This manipulation allowed the Greeks to falsely comply with the requirements for Euro zone admission.
Will they ever be sanctioned and if not why?
What you will understand from the above is all the major banks are involved in illegal rate fixing.
Rate fixing means, you Johnny Citizen gets cheated out of money and the bankers get fat bonus payments
* the London inter-bank offered rate
The Fraudulent Traveller
This rather silly senator appears to be hell-bent on setting a senate record for difficulties with the law. Let us have a look at her track- record. She took her plumber take her to court rather than pay him what he was owed. Had planning permission for a two-story garage refused? She went ahead and built it regardless of the law. Officials recommended demolition of the building due to blatant flaunting of the planning process. However, a “higher” up “official” granted her retention. I wonder if this could be maybe a close by senior say like in Mayo. In early July, this woman received a fine for not having road tax on her Merc c180. She stated that this was an oversight on her part. In Late July fined €100 for not having a train ticket. The very same senator receives €2,424 a month in travel and accommodation expenses. One might say a nice little earner when you do not pay your road tax or train fares. Jesus’ lads but you cannot beat the old gravy train. Some neck on this woman but then again, rules and regulations only apply to the serfs. It might be interesting to check out her overnight accommodation expenses to see how they stack up. Between oversights, lack of foresight and poor visual vision one wonders how this woman can even find her way to the senate let alone claim expenses.
To compound all this nonsense Fine Gael issued this gobbledygook as a damage limitation exercise.
Senator Healy Eames boarded the 6.50am train to Dublin in a rush, at Athenry station yesterday morning (Thursday). She did so on the understanding that she would be able to purchase a ticket on board, as she had previously done on recent occasions. An officer approached her from the revenue protection unit on board who asked her for ID. She produced her Seanad ID card. She offered to buy a ticket as normal. He told her she could not buy a ticket from him and fined her €100.
It appears the true heirs to the Feeling small party are well and truly on board the gravy train.
Daddy says Skippy won’t be going back” to face the prospect of jail in the Republic. Daddy says he has no chance of getting “fair play or justice” because of the corrupt way the authorities have handled the Quinn case. Daddy says Young Skippy is under a lot of pressure, and he deserves our sympathy. If daddy Quinn has evidence of “the corrupt way the authorities handled the case,” then perhaps he might share the information with the Gardai. Let us all remind Daddy Quinn that the entire nation witnessed dear little Skippy on video lying through his teeth. Let’s jog the memory of the old Quinn a little further and say “Sir” you son was given every chance to comply with the law but failed to do so. He skipped court and did a runner. The sheer arrogance and smug self-righteousness by the Quinn family of their wrongdoing defies belief. Hopefully at the end of the day they will all end in Jail. —————————————————————————————————————————-
Are you Ready to be a Bonded Serf?
What the major political parties will not tell you is there is no way forward from the current economic crisis except a doomsday scenario. Are they preparing for it? Yes is the answer. The current system is to be replaced by the new political credo of “Economic serfdom” which means welcome to P.I.G.S. party feudalism. The middle classes and working classes will shortly cease to exist. What this means is that 95% of the population will become bonded serfs to the privileged. Future generations will be born into economic slavery to serve the Elites. They will be controlled by the enforcers of the vested interests until released by death from exhaustion having procreated to keep the supply system going. The Royalty of Banks, the Royalty of Global Business, and the Royalty of Unelected Leaders are now your governors such is your destiny.
The billion barrel oil find off the Cork coast
Hurray, hurrah we are rich once again. Twenty-five per cent of the corporate profit is our cut, however; there are two points to note. They can write off exploration costs against tax. The twenty-five per cent can increase to forty depending on the profitability of the field. This is a red herring, as the number crunchers will ensure this never happens. I guaranteed we will get **** yet once again. It looks like we are destined to remain Kings of the Sardine industry. Now that chap Chavez begins to look rather interesting. Just how did he do it, perhaps time for a government junket to Venezuela?
Mario Draghi the man who pulls the fiscal strings in Europe. Does he represent the people of Europe? Not on your life, he has one interest and that is to take care of his friends in Banking. Consider the following.
2. Worked for Goldman Sucks
3. Former Governor of the Bank of Italy
4. Worked for Italian Treasury
5. Worked for the Bank of International Settlements
6. Worked for the World Bank
Does this look like the CV of a trustworthy man? Be assured he will not work in your interest but he knows how to stir it up. Yes the very same man who insisted we pay penal interest rates for the bailout.
€6000.00 per head per month to the Quinn family
children while people on the Dole starve
The High Court has approved the payment of monthly living expenses €30,000 to the five adult children of bankrupt executive Sean Quinn and three spouses. Well now, you know if your low income nobody gives a toss about you. No social welfare means test for the boys as you can see the elite look after the elk.
WANTED Peter Darragh Quinn If you know the whereabouts of this man please inform the Gardai. Do not approach this man as he is carrying a large amount of lethal coinage
Sean Quinn: Well-known figures who rallied to support
bankrupt tycoon run for cover
PROMINENT figures from GAA and television yesterday ducked for cover when asked to comment on their involvement in a rally supporting fallen tycoon Sean Quinn.
They included Tyrone manager Mickey Harte, left, and former Meath star Colm O’Rourke, right, in the middle is that insufferable clown father Brian D’arsey. These three were among those who marched in Ballyconnell, Co Cavan in support of the Quinn’s. One wonders if the these three attention seekers ever gave a thought to the poor tax payer
Former Bank Chairman arrested on Fraud Charges
Sean Fitzpatrick made “no comment” when he was charged with 16 counts contrary to Section 60 of the Companies Act. The charges allege that before it became nationalized, he permitted the bank to “give unlawful financial assistance” to 16 named individuals for the purpose of or in connection with a purchase by the same people of shares in the then Anglo Irish Bank Corporation Plc. It is claimed the alleged unlawful financial help to buy shares was given between July 10 and July 17, 2008 to 15 people. These include the so-called “Maple Ten” group of Irish Investors and several members of Sean Quinn’s family – and from July 17 until July 30, of the same year, to Patricia Quinn, the wife of now bankrupt quarry tycoon Sean. Among the names on the charges is Sean Quinn Junior, jailed last week by the High Court for contempt of court for hiding €500m of property assets from Anglo, now called the IBRC. Also included in the names of people who allegedly got financial assistance to buy shares in the bank are: Colette Marie Quinn, Aoife Quinn, Ciara Quinn, Brenda Quinn, property developer Patrick McKillen, Seamus Ross, Brian O’Farrell, John McCabe, Gerard Maguire, Patrick Kearney, Gerard Gannon, Gerard Conlon, Sean Reilly and Joseph O’Reilly.
Still At Large
The Bankers Story
The capital of Rotten Island Bud Nil was an ancient and revered city. However, in keeping with the wealth and affluence of the times the city councillors renamed the city “Wonderland.” Somewhere between Never Neverland (North side”) and the inner sanctum of Wonderland there is a sector called” Forever Wonderland’.” This neighbourhood is the financial heart of the nation. In this district, lived a wealthy young banker. His notable attributes were a craving for attention, a bad memory, and a chequered career. He treasured the radiance of other inducements and was a frequent visitor to Feckerland the area of dance, revelry, alcohol, and Chateaubriand. Parochially, friends and acquaintances, knew him as “Disney” Fitzfiddle. Men did travel across the length and breadth of the land to win the friendship of “Disney.” He loved a good story from waiting recipients of fiscal credits, borrowers, whose habitual wrongdoing he totally ignored. In his own words, he stated, I was big. Some came and said “Disney” can you lend me 10 million quid, and I’d say. Sure, no problem at all, we can do it without recourse to Peter and Paul for you know I am a man who can lend without rancour. Let us go for a ride in the Bentley and lunch at the “Incidentally” and later tarry awhile in Dick Gentlys (a well-known brothel). Alas, the good days, now I am but the evil pantomime villain, who only borrowed a handy hundred million. Look at who elevated me, aren’t we all cronies of the Dons of the Feeling Smallers. Why did you know? I even had the occasional game of golf, with the nation’s esteemed Boss, the great incompetent Mr. Buttocks, the pillar of lies and good-byes. Agreed, I may have moved a few loans around a bit, temporarily mislaid them, perhaps duped an auditor or two. Had an odd incriminating letter gone missing here and there? Aha, but my God, me self and “The Little Drummer Boy” good times we had. Now they say I am bankrupt with only three million quid to live on. Understand lads; for me, the attraction was the crack of the fiscal flimflam. Never mind we can bank on ‘Sinister House’ to direct the department of “Fiscal Make Believe” to clear up this Disney quicksand No, no regrets, sure was the problem not global, in all sincerity nothing to do with me.
In the next issue of “Misebogland” the truth behind the
– Finally some information concerning Misebogland is the leading newspaper on the Island of Rotten Island. For those of you who are unaware Rotten Island is a mirror image of the Island of Ireland that happens to exists in a parallel universe. However, as you become familiar with the Misebogland, you will note and observe that there are subtle differences due to mutations that have occurred over the course of time. For example, the Irish Language has disappeared. The current Prime Minister Dame Enda is an outrageous transsexual.