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Tuesday March 24, 2009 18:20
by Michael Gallagher
libertypics at yahoo dot ie
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Jump To Comment: 1 2Mr McErlean also told the Dail Committee that the Financial Regulator had tried to get him to drop his allegations of overcharging at his bank. He said he told the Regulator about AIB share transactions that he believed were illegal and was sacked thereafter.
He said Goodbody Stockbrokers were a wholly owned subsidiary of AIB, trading in AIB shares. In order to get around that technical difficulty Goodbodys put a proposal to the audit committe of AIB to engage with friendly 'arms length' clients who would make AIB trades. This 'appeared' to be legal and the proposal was appoved by the AIB Audit Committee.
Mr McErlean said that when that scheme was audited it was found to be illegal and he gave an example:
For instance, what had been presented as the investment arm of the Furstenberg brewing family was indeed a 'man of straw' whose name happened to be Furstenberg but who had no connection whatsover with the Furstenberg brewing family and no wealth of his own. This man was linked to a chain of companies which went through various offshore jurisdictions like Vanuatu and the Caribbean island of Nevis. Nevis at the time being on the Money Laundering Blacklist which meant no bank was allowed to deal with it. This means that at the time AIB and Goodbodys were acting illegally and they knew it.
For a period of time every AIB share which was bought by a member of the public or someone like 'Herr Furstenberg', transacted by Goodbody Stockbrokers, was routed through companies in obscure and shady places like Nevis. Why would you do this unless you have something to hide?
Mr McErlean said he met with Mr Patrick Neary who was the Deputy Financial Regulator at the time. Mr Neary was the person who dealt directly with the Capital Markets end of business while Dr Liam O'Reilly oversaw the entire operation.
We all know that Patrick Neary slithered off into the shadows when his actions and inactions on behalf of the Irish People were discovered but what about Dr Liam O’Reilly who was the chief executive of Ireland's Financial Regulator at the time of this carry on?
Dr O’Reilly became a board member of Irish Life & Permanent in early September 2008, just in time to oversee the €7.9 billion in 'exceptional support' to Anglo Irish Bank. This transaction is now under investigation by the Financial Regulator, the Director of Corporate Enforcement and the Garda Fraud Squad.
Dr O'Reilly became the first Chairman of the Chartered Accountants Regulatory Board in 2007. It is the Chartered Accountants Regulatory Board that has undertaken to investigate the issue of dirctors loans at Anglo Irish Bank.
Dr O'Reilly is also a director of Merrill Lynch International Bank based at the IFSC and as we know the Financial Regulator is also investigating a possible 'rogue trader' at Merrill Lynch.
Patrick Neary, former Financial Regulator
Dr Liam O'Reilly, former Financial Regulator
Big Shot of CitiBank ,gainfully employed in the financial world of many mysteries for the best part of 50 year's is reported to have said something like this..
We are in a ''Synchronised Recession'' , Now theres an honest man for ye ........
On the other side of life we have the 'poor mouth brigade ' , 'fully paid up member' of Libbys ( fruit case's ) struttin her stuff, whilst the elder lemon part of
Love Life has been dragged screaming into the Bedroom by the above , not only that BUT ,the F.P.U.M.insists that she cant possibly be expected to
Survive on the $43 million that elder lemon gives to hold her together ,per annum , and she would want ,perhaps, please Your Honour another rise in the
forthcoming future , which basically means NOW , To the reported tune of $100 million , per annum . but that is going on in the ''States'' at this very moment.
Mother of Jesus ,what have those women got ??? If you see her around tell her i said HI ....