Willie McAteer former head of risk at Anglo has been arrested and is expected to be charged and brought before Dublin District Court this afternoon.
The Regulator (state employee) v Sean Quinn (bankrupt businessman) + Anglo Irish (state bankrupt ban
Is there a big bond repayment today or what?
Hopefully this is the start of all those little wankers being charged and spending some quality time in mountjoy. Infact maybe they should leave a few of the cells in there without toilets so these fuckers can slop out every morning.
http://www.breakingnews.ie/ireland/former-anglo-irish-bank-director-due-in-court-560323.html
Donât hold your breath Taz⌠As WTB pointed out⌠its purely cosmetic.
[quote=âKinvara, post: 457595â]
Stopped holding my breath long ago. I do think that they went after Quinn as an easy target really and to hopefully make everyone forget about Seanie Fitz and his mates.
I was talking to someone from Fermanagh the other night (I thought only pixies lived in Fermanagh) and they are of the opinion that Quinn has been made a scapegoat in all of this and is being treated very unfairly and I thought it was just this person, then I heard on the radio there at lunch time that this is the general consensus all around where Quinn operated. Will people not cop on, the man took a gamble and lost, then he tried to hide his money so he wouldnât have to pay and he was found out. Yeah he did a lot of good but he still gambled his money and lost, then he thought he was too big for the courts, he deserves everything he gets now. I couldnât get this through to the person I was talking to, all I got out of them he did a lot for us, he is salt of the earth type shit. No wonder the country is fucked up.
Itâs not by accident, taz, nor is it even peopleâs stupidity really. People like Quinn have been relentlessly glorified by the media for the last ten years, with countless articles on their glorious rise to power and their incredible wealth. In a country where every second gobshite fancied himself as a property developer, people like Quinn were held up as their gods. That leaves a lasting impression.
School teachers and nurses? Greedy, grasping bastards living in comfort decent working people can only dream of.
People like Sean Quinn? Risk taking, fast living, job creating entrepreneurs who had a bit of bad luck.
Thatâs just the way a lot of people see it, because thatâs the picture much of the media paints for them every week. Will we ever forget Brendan OâConnorâs ode to guys with balls?
Please post that up again. I do enjoy reading it ever so much.
THE FORMER FINANCE Director at the now defunct Anglo Irish Bank has been charged in connection with alleged financial irregularities today.
Willie McAteer, 52, appeared before the Courts of Criminal Justice in Dublin this afternoon where he was charged with 16 different offences under section 60 of the Companies Act.
McAteer stands accused of allowing the bank to give loans to Patricia Quinn and her five adult children as well as ten clients who became known as the âMaple 10Ⲡfor the purpose of allowing them to buy shares in the bank, RTĂ reports.
The former finance director was arrested this morning on the N7 motorway at Rathcoole, the court heard.
He was granted bail on his own bond of âŹ1,000 and an independent surety of âŹ10,000 that was put up by his wife. He was also ordered to surrender his passport.
The case will return to the court on 8 October.
McAteer is the first person to be charged following a nearly four year investigation by the Garda Bureau of Fraud Investigation and the Office of the Director of Corporate Enforcement.
A second man in his 50s, who RTĂ reports is former head of Angloâs Irish operations Pat Whelan, has also been arrested in connection with the investigation.
He is currently being held at Bridewell Garda Station and is due before the courts later today.
The arrests are the latest development in the investigation being carried out into various aspects of the workings of Anglo, now known as Irish Bank Resolution Corporation, which is now owned by the State.
It is reported that Whelan is also facing similar charges to those levelled against McAteer.
In a statement the Justice Minister Alan Shatter said: âTodayâs arrests result from the investigations undertaken by An Garda SĂochĂĄna and the Office for Corporate Enforcement.
âIt is a matter now for our independent prosecution service under the direction of the Director of Public Prosecutions and our courts.
âIt is important that due process now takes place and that nothing is said which could in any way prejudice the outcome of the criminal prosecutions that have been initiated.â
:lol: The cops love their auld bit of drama.
Ballsy OâConner⌠http://cp12-eu.stablehost.com/~thefreek/board/public/style_emoticons/default/laugh.png
The smart, ballsy guys are buying up property right now (Sunday Independent)
By Brendan OâConnor
Sunday July 29 2007
SO THE sky is falling in again. The Irish stock market is apparently in meltdown, because of the housing market, which is also apparently in meltdown. The level of property horror stories is at an all-time high and everyone is tripping over each other to predict even greater gloom than the next guy.
Tell you what, I think I know what Iâd be doing if I had money, and if I wasnât already massively over-exposed to the property market by virtue of owning a reasonable home. Iâd be buying property. In fact, I might do it anyway. You donât even need money to buy property these days. Imagine if you walked into the bank and said, âListen, guys. I want to gamble a million on the stock market. I have 100 grand myself, will you guys lend me 900 grand at really low rates and Iâll pay you back over 40 years? In fact I wonât even pay off the principal, Iâll just pay off the interest.â Theyâd laugh you out of it. But substitute gambling on the property market for gambling on the stock market and theyâll fall over themselves to give it to you.
So why would I be buying property right now if I could? Well, for starters, property is good value these days. Itâs certainly cheaper than it was six months ago. While the official figures on aggregate surveys are talking about drops of two to three per cent in property prices, anyone who is out there in the jungle will tell you that it is a buyerâs market bigtime.
If youâre smart and you have balls and youâre dealing with the right buyer you can knock 10 per cent or more off the price of a house these days. And that could well be a house that has already been reduced in price by 10 per cent or more in the last six months. Because while the big picture suggests a 3 per cent drop, the big picture is made up of lots of little pictures and you donât knock 3 per cent off the price of your house if you canât sell it. Individual house prices fall in substantial chunks.
John D Rockefeller famously said that the way to make money is to buy when blood is running in the streets. Buying into a boom is kind of a mugâs game, and, as we know, anyone can do it. The really smart and ballsy guys are the guys who are buying when no one else is. The guys who made real money on property in Ireland were the ones who bought property before everyone else, when it was unfashionable. They were in a minority. Most people who bought property bought it recently, in a sellerâs market, for top dollar. Which makes no sense when you think about it. When you think about it, it makes sense to buy property now. Though of course some people say it always makes sense to buy property. There is no such thing as a good or a bad time to buy. Itâs always a good time to buy.
Anyway, there is blood on the streets, or at least an impression of blood on the streets, and itâs time to buy. You can be guaranteed thatâs what the smart guys are doing. Every smart, rich bloke (the two can, in fact, occur in the same guy) Iâve spoken to for the last few years has been, to some extent, hoarding cash, waiting for this. And now theyâre around picking up bargains. Some of them might be waiting a little while more, in the hope that we havenât reached the bottom yet. But lots of them know that the trick is to buy and sell stuff a little bit too soon. Lots of guys have gone broke waiting for the actual top or bottom of the market.
Not only is property better value now than when everyone was barrelling into it a year ago, it also provides better returns. Rents are booming right now. It doesnât take a genius to figure it: right now you can buy property for less and it will yield you more. Thatâs a better deal than six months ago.
Money is also still cheap. OK, interest rates arenât 2 per cent any more, but 5 per cent is still cheap money in anyoneâs books and everyone seems to agree itâs not going to get much dearer.
This is not to say everything is rosy in the garden, but then you know that. The vultures of doom who have been circling for years waiting to be right eventually are having a field day.
It was another week of gloom and doom in the headlines.
After years of willing it, journalists who didnât buy property when they should have think theyâve finally got what they wanted. And they are wallowing in the mire. They also know that bad news is good news and a headline thatâs going to scare the crap out of people is more fun than one that just says things are still OK.
But reading between the headlines, a more balanced picture emerges.
For example, Jim Power of Friends First was credited with giving a gloomy outlook for the economy and housing last week. In fact, Power was relatively upbeat about property. Is a 2 per cent drop in the market overall really going to kill us? Is that not a soft landing? And did Power not predict that prices would start to rise again next year due to less supply, more mortgage-interest relief and stabilising interest rates? If thatâs what we regard as gloom these days, then clearly weâre spoilt.
The Central Bankâs version of gloom last week was to say that growth will fall this year - to 5 per cent. As falling growth goes, 5 per cent ainât bad.
Unemployment is going to grow too - from 4.5 per cent to 4.75 per cent. Itâs hardly the bad old days, is it? Four or 5 per cent unemployment constitutes practically full employment when you take into account frictional, structural and voluntary unemployment - the unemployment that always exists even if there are jobs for everyone.
And, yes, the Iseq is down 6 per cent this year, but balance that off against the 30 per cent it gained last year. The 6 per cent fall doesnât even fully cancel out its gains of last December.
So, you know, maybe the sky is falling in, but maybe you should think twice before you follow the Chicken Lickens of the media into Foxy Loxyâs dark cave.
I believe Liveline today has folks on defending poor Sean Quinn.
They had a reporter from Fermanagh / Cavan on the radio this morning and he was saying that Sean Quinn still enjoys massive support in the area.
If it is found that McAteer and Anglo acted illegally in loaning the money to Quinn et al, would that strenghten the Quinns case that they donât owe the money to Anglo?
I think the Quinns would have a decent case to tell Anglo to fuck off on that loan. Theyâd nearly be able to cover the rest of it then Iâd say with the assets they have?
If they did you could see them turning around and asking for Quinn insurance back :lol: thatâd be some craic
Quinns were taking 30 m a yr in rental income or something from those Russian assets, let alone anything else that should see the cunts locked up. Thatâs a whole pile of childrenâs allowance every yr.
Two points
SQ and the nephew were after having a right falling out I think so his disappearance was probably known by the others and he has left the boys hanging here to fend for themselves.
I believe it is wholly accepted that Mrs Quinn didnât have a clue what she was signing and is but a pawn here, no real belief that she was involved in the shenanigans but will be nice leverage against the big man!
Cannot believe people are still supporting him, and a lot of people I would have considered to have more cop on have commented to me that heâs been hard done by. Has he fuck.
Interesting to see what they do with McAteer. All they are looking for is to âturnâ one senior guy to sell he rest up the river in exchange for immunity Iâm sure. This lad knows where the bodies are buried alright
:lol: there actually was âŹ50 million repayed by boi today
Iâm slightly confused. Why were Anglo lending to members of the Quinn family at this stage? I thought the point of the loans to the golden circle was to buy out Quinnâs position that he had built up through CFDs?
The court case at the moment is centered around the money that Quinn agree they owe.
They have behaved incredibly fraudently to hide their assets. Donât think they have a leg to stand on. Even with the 2.3bn I their defence is weak enough, they werenât buying shares but CFDâs and anything Ive read on it suggests Anglo hadnât a clue how much of a stake Quinn had and tried everything to get him to reduce that stake. Anglo was based on a sham business model but Quinn had a significant part to play in the bankâs collapse too. Definitely an element of payback in this too.
Any of ye read the Teemore GAA club statement on the matter? http://teemore.fermaâŚment-23-07-2012
Quinn Insurance, fucking hell what another sham outfit. Even Neary fined them a record amount in 2008 and the reason why there is a levy on all non life insurance policies in Ireland
The Quinn experience might have focused McAteerâs mind a bit.
He will be doing time anyway I reckon regardless of whether he brings them all down with him or not.
Thatâs a great article KP, thanks for posting. Is the blood running in the streets yet? Jesus your man was viewing six months as long term in property, thatâs an idea of how fucked up peoples heads were.
Thats a v famous article Balbec. Consistently quoted to ridicule that ape OâConnor (former COTY on here I think). Talk about hostage to fortune. Hilarious
Man in his 60âs arrested this morning. Seanie ?