Gone In 120 Seconds

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Former Anglo Irish Banks directors arriving at the Central Criminal Court this morning for sentencing. In April, Patrick Whelan, top,  and Willie McAteer, above, were found guilty of illegally loaning €450million to the so-called Maple Ten investors for the purchase of Anglo Irish Bank shares

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Previously: ‘Who Created And Tolerated Light-Touch Regulation?’

“I Imagine There Will Be An Appeal”

Tom Lyons

15 thoughts on “Gone In 120 Seconds

  1. Turt Hell

    Am I being simple or is the judge placing a large emphasis for the blame on poor “policing”, so giving the protagonists a relatively light sentence?

    Can that be used as an excuse for saturday night drunken disorderlies?

    “I’m sorry your honour but what was I to do? There were no police about.”

    1. Mulch

      I think its more on poor guidance from the regulator.
      Essentially, they checked with the gardai if it was ok first. They said it was grand but it turned out the gardai were wrong. But since they had bothered to check before, it would be “unduly harsh” according to the trial judge, to send them to prison when the advice they had gotten from the people who should know better said they were all good.

      1. Norbet Cooper

        Then Neary should be in the dock for encouraging others to break the law. Everyone involved knew the money was being transferred to prop up Anglo’s share price by stopping Quinn dumping his 25% share on the stock market hence unravelling the Anglo precious position. This was all, and they knew it, illegal stock market manipulation, inside trading, false accounting and company fraud under the The Criminal Justice (Theft and Fraud Offenses) Act, 2001,

        1. Mulch

          Yeah this is definitely an issue. If Neary, as Regulator, had told them that what they were doing was illegal, would they have done it anyway? There is no way to prove this, so effectively by Neary telling them they were within the confines of the law, they can claim they believed they were acting within the law. Without the intent to commit the offence knowing the offence was an offence, real jail time was almost definitely going to be off the cards.

          In terms of going after Neary, you would have to show that his mistake resulted from something other than his own incompetence. He is either a fool or knew full well. Its proving one over the other that would be very difficult.

    1. Mulch

      No problem, probably a bit oversimplified, but that’s what i was able to garner from it.
      I’m far more interested in seeing if they get Drumm extradited back over here and get some answers out of him. These two and Fitzpatrick remind me of Mom’s three stupid sons in Futurama compared to Drumm (Mom) himself.

  2. Kolmo

    These smug anti-social pricks have cost Irish society Billions. Billions of euro stolen from us while cuts are being made to whatever services make a country civilised. 2nd. tier pricks are the regulators who where either complicit or wholly retarded in ‘regulating’ the criminality.

    I despair at the lack of a guillotine sometimes.

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