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This bank [AIB], which is still trading in the US/Ireland and is still accepting deposits and making loans, appears to have some pretty fishy underpinnings.

 

So begins a an alarming if somewhat baffling blog post by Trading analyst Reggie Middleton posted on Monday night.

In which he claims AIB is falsifying it’s true value through the misuse of one word.

And may be the next bank to be “Cyprus’d”.

Vincent Lebraun explains:

The trouble with this high-level fraud is that it’s so “out-there” that people won’t be able to understand how serious this is.

In the charge document registered with the Irish Company Registration Office, it says that it is in respect of “all present and future liabilities whatsoever” of AIB.

And the charge itself is over “eligible securities”.

However, in AIB’s 2008 annual accounts and the files to the U.S. Securities & Exchange Commission, document 20F (page 223 – 2), it states that the charge was placed in favour of the Central Bank and Financial Services Authority of Ireland over all of AIB’s ‘right, title, interest and benefit present and future in and to certain segregated securities.’

Using the description ‘certain segregated securities’ is completely different to the description all ‘eligible securities.’
This is fraud of the highest order, and it’s so simple (yet so complicated) that they were hoping no-one would notice.

And we don’t have to take this guy’s word for it: he has both documents posted on his site (although he initially posted an Anglo document but has since rectified it and posted the AIB one)…

Anyone?

Are You About To Get Cyprus’d in Ireland? When A Single Word’s Worth Billions Of Euros…(Reggie Middleton, Boombustblog)

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Using over 200,000 bricks and taking 600 hours to construct, this fantastic cityscape by artist Mike Doyle is packed with detail and little flourishes.

He’s set up a kickstarter to help fund future builds offering prints and DIY sets of some of the buildings as rewards.

There’s plenty more close up shots on his Flickr photostream.

thebrotherbrick

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