An Fear Rua - Will Noonan sack the two boys?

Mobile Version | Register | Login

Speak Out! - Other Topics

Notices

"Speak Out!" Home | Topic Listing | Post New Topic | Post Reply

Yesterday's HOT topics | Today's HOT topics

| Jump to:

Topic: Will Noonan sack the two boys?
Coddler (523 Posts)	Posted: 18-Jul-2012 10:14	Quote Edit Delete Report Post Post Reply
Coddler (523 Posts)	Pair hired to clean up Irish banks named in US scandal By Donal O'Donovan and Peter Flanagan Wednesday July 18 2012 THE Government faces huge embarrassment today after two key figures appointed to help clean up the Irish financial system were named in an explosive US investigation into global banking giant HSBC. Chairman of state-owned AIB David Hodgkinson, and Michael Noonan's top NAMA adviser Michael Geoghegan, are both named in a 330-page report that follows an investigation into HSBC by a US Senate subcommittee set up in the wake of the 9/11 terrorist attack on New York. HSBC is accused of "playing fast and loose with US banking rules" between 2004 and 2010 by US Senator Carl Levin, a key ally of US President Barack Obama, who chaired the team that published the report. Top NAMA adviser Michael Geoghegan was HSBC's most senior executive for almost the entire period now under investigation. The current AIB chairman was the bank's chief operating officer between 2006 and 2008 and before that ran its Middle East business. Crucially, the damning report makes clear that both Michael Geoghegan and David Hodgkinson were aware of the major issues at the bank during the period under investigation, including HSBC's processing of billions of dollars worth of hidden deals for Iranian banks. Worryingly, the report puts Mr Hodgkinson at the centre of the controversial practice where Iranian deals were obscured during his term as a senior executive at the banks Middle East unit. Dubbed "U-turns", these deals saw HSBC alter documents so that money moved between Iran and the US did not arouse suspicion from authorities. The Senate Committee said that in all HSBC conducted almost 25,000 US dollar transactions with Iran, amounting to $19.4bn. "The vast majority of the Iranian transactions, ranging from 75-90pc over the years, were sent through HBUS (the bank's US operation) and other US dollar accounts without disclosing any connection to Iran," the report states. In an extraordinary revelation, the report says that when internal efforts were made to stop the practice, Mr Hodgkinson contacted Michael Geoghegan, now the top advisor on NAMA, asking for his "intervention and support". The report says Mr Hodgkinson got his way, as the Middle East unit was given a free hand or "dispensation" that meant it was free to continue altering Iranian transactions until the end of 2004. A trawl of emails shows that Mr Geoghegan was told by another executive, John Ranaldi, that the policy amounted to a "fudge" by the bank of the true nature of its dealings, "to avoid the US embargo and seizure". Last night a spokeswoman for AIB said the bank had no concerns over the case. "David Hodgkinson is not a person of interest in this inquiry. There is nothing for the bank to consider." - Donal O'Donovan and Peter Flanagan Irish Independent
Larkin (4,404 Posts)	Posted: 18-Jul-2012 13:09	Quote Edit Delete Report Post Post Reply
Larkin (4,404 Posts)	No. Just like Reilly's refusal to engage in meaningful discussion about an obvious conflict of interest they will ride this one out until the budget takes over everything and all other matters will become old news as people genuinely shhit themselves at what is about to befall them. What I cannot understand is why FG are going up in the polls though. There seems no explanation for it other than the sheeple of the country are willing to take more austerity so that Reilly, Noonan et al get to keep the lives to which they have become accustomed. Not forgetting the developers getting up to €200k for managing failed businesses.
joseywales (76 Posts)	Posted: 18-Jul-2012 13:49	Quote Edit Delete Report Post Post Reply
joseywales (76 Posts)	Reilly has a stake in the property on which the Nursing Home is located, not in the Nursing Home itself. Dont see what the big deal is myself. Generally speaking, as an Irishman abroad, I think that the govt is doing a very solid job in the circumstances.
Coddler (523 Posts)	Posted: 18-Jul-2012 14:35	Quote Edit Delete Report Post Post Reply
Coddler (523 Posts)	They are doing a solid job in implementing ECB policy at the expense of the Irish people. Many more will be following you abroad josey as a result of the policies of this and the previous government.
irishmagic (1,944 Posts)	Posted: 18-Jul-2012 19:13	Quote Edit Delete Report Post Post Reply
irishmagic (1,944 Posts)	Did anybody read the article. They are under susoicion for banking in Iran. Do we give a fiddlers about banking in Iran. We would sell beef to them if we could. It US policy not international policy. Who cares?
Larkin (4,404 Posts)	Posted: 18-Jul-2012 23:49	Quote Edit Delete Report Post Post Reply
Larkin (4,404 Posts)	Originally posted by joseywales: Reilly has a stake in the property on which the Nursing Home is located, not in the Nursing Home itself. Dont see what the big deal is myself. Generally speaking, as an Irishman abroad, I think that the govt is doing a very solid job in the circumstances. A sterling job alright. The country is thriving.
Coddler (523 Posts)	Posted: 19-Jul-2012 10:43	Quote Edit Delete Report Post Post Reply
Coddler (523 Posts)	Originally posted by irishmagic: Did anybody read the article. They are under susoicion for banking in Iran. Do we give a fiddlers about banking in Iran. We would sell beef to them if we could. It US policy not international policy. Who cares? The international banking/financial services business is corrupt to it’s rotten core. Ireland has suffered more than most from these financial parasites as the rogue Irish banks have destroyed the economy. The government has now appointed 2 key figures from this world of international finance, under suspicion of laundering money from Iran, to important positions in Irish banking. This pair are part of the problem not part of the solution. Noonan has appointed a fox to guard the chickens. The chickens should care very much who is guarding the coop.
irishmagic (1,944 Posts)	Posted: 19-Jul-2012 15:02	Quote Edit Delete Report Post Post Reply
irishmagic (1,944 Posts)	Originally posted by Coddler: The international banking/financial services business is corrupt to it’s rotten core. Ireland has suffered more than most from these financial parasites as the rogue Irish banks have destroyed the economy. The government has now appointed 2 key figures from this world of international finance, under suspicion of laundering money from Iran, to important positions in Irish banking. This pair are part of the problem not part of the solution. Noonan has appointed a fox to guard the chickens. The chickens should care very much who is guarding the coop. All rhetoric and soundbites. They got involved with Iran. Is it not the American banking system that started all the trouble so why should we be worried about people who upset the US establishment
Coddler (523 Posts)	Posted: 19-Jul-2012 16:08	Quote Edit Delete Report Post Post Reply
Coddler (523 Posts)	Originally posted by irishmagic: All rhetoric and soundbites. They got involved with Iran. Is it not the American banking system that started all the trouble so why should we be worried about people who upset the US establishment ‘Is it not the American banking system that started all the trouble’ .Exactly, and we are importing 2 of the parasites who helped to collapse much of the U.S financial system and expecting them to oversee the recovery of Irish banking. Can you really not see the problem with this?
glasandbán (2,046 Posts)	Posted: 19-Jul-2012 16:36	Quote Edit Delete Report Post Post Reply
glasandbán (2,046 Posts)	Originally posted by irishmagic: All rhetoric and soundbites. They got involved with Iran. Is it not the American banking system that started all the trouble so why should we be worried about people who upset the US establishment So you want to take guys who are under investigation for malpractice elsewhere and give them the job of reforming the system here? And you don't see any problem with that? Are you for real?
Larkin (4,404 Posts)	Posted: 19-Jul-2012 16:45	Quote Edit Delete Report Post Post Reply
Larkin (4,404 Posts)	I agree with the two lads above. I can't believe that someone would actually say that they are under investigation in another country but are ok to reform the very shenanigans they are under investigation for somewhere else. I am working part-time for a youth organisation and if there was an investigation about me I would be suspended immediately. An inquiry would take place within a week and a decision made as to my position. But then again, I am a mere minnow and these are highfalutin' bankers who are so good at their jobs. Jesus, but you couldn't make up some of the shhit lads come out with on this site at times.
irishmagic (1,944 Posts)	Posted: 19-Jul-2012 18:02	Quote Edit Delete Report Post Post Reply
irishmagic (1,944 Posts)	what malpractice. The sin is to deal with Iran because the yanks say so. The same way that the world was not allowed to buy cuban cigars because the yanks say so in the seventies. By your logic if I smoked a cuban in the seventies, got caught by the yanks and was investigated by them then i was not fit to do work in Ireland. I hate the banks as much as anyone. Ulster bank have helped damage my business in the last few weeks but dont criticise the guys for US stuff.
Dublin_Ultra (362 Posts)	Posted: 19-Jul-2012 18:17	Quote Edit Delete Report Post Post Reply
Dublin_Ultra (362 Posts)	Apart from deals with Iran, HSBC were also very friendly with the Mexican drug cartels and laundered hundreds of millions of dollars for them.
Larkin (4,404 Posts)	Posted: 19-Jul-2012 18:35	Quote Edit Delete Report Post Post Reply
Larkin (4,404 Posts)	Originally posted by irishmagic: what malpractice. The sin is to deal with Iran because the yanks say so. The same way that the world was not allowed to buy cuban cigars because the yanks say so in the seventies. By your logic if I smoked a cuban in the seventies, got caught by the yanks and was investigated by them then i was not fit to do work in Ireland. I hate the banks as much as anyone. Ulster bank have helped damage my business in the last few weeks but dont criticise the guys for US stuff. Crucially, the damning report makes clear that both Michael Geoghegan and David Hodgkinson were aware of the major issues at the bank during the period under investigation, including HSBC's processing of billions of dollars worth of hidden deals for Iranian banks. There you have it. Copied and pasted from the article. Here's another one. A trawl of emails shows that Mr Geoghegan was told by another executive, John Ranaldi, that the policy amounted to a "fudge" by the bank of the true nature of its dealings, "to avoid the US embargo and seizure". It is almost clear that they were economical with the truth in their dealings. Then again, they are in good company with those at the top of the Irish banking system.
Larkin (4,404 Posts)	Posted: 20-Jul-2012 10:49	Quote Edit Delete Report Post Post Reply
Larkin (4,404 Posts)	Excellent article from The Journal.ie as to the state of our banking system and the leeches that run and support it. While we are busy trying to drive people further into the hands of moneylenders, the like of the w/bankers are laughing all the way to the bank. While Clowns like Kenny get €200k for fuddling his way through a press conference and the like of Jan O'Sullivan gets €17k for attending two extra meetings we prepare ourselves for another even more brutal budget and not one crooked politician/w/banker, developer has yet been investigated for a crime they most assuredly have committed.
glasandbán (2,046 Posts)	Posted: 20-Jul-2012 13:11	Quote Edit Delete Report Post Post Reply
glasandbán (2,046 Posts)	Originally posted by irishmagic: what malpractice. The sin is to deal with Iran because the yanks say so. The same way that the world was not allowed to buy cuban cigars because the yanks say so in the seventies. By your logic if I smoked a cuban in the seventies, got caught by the yanks and was investigated by them then i was not fit to do work in Ireland. I hate the banks as much as anyone. Ulster bank have helped damage my business in the last few weeks but dont criticise the guys for US stuff. You've completely missed the point. They ignored and knowingly broke banking regulations in the US. Given that track record of breaking the banking laws, you are ok with them being given top banking jobs here?
irishmagic (1,944 Posts)	Posted: 20-Jul-2012 15:02	Quote Edit Delete Report Post Post Reply
irishmagic (1,944 Posts)	Originally posted by glasandbán: You've completely missed the point. They ignored and knowingly broke banking regulations in the US. Given that track record of breaking the banking laws, you are ok with them being given top banking jobs here? I have not missed the point. If these regulations are the same as any other non nato country in the world then i accept you have a point eg switzerland. If it was illegal in switzerland then they are wankers. If not then they are just bankers This message has been edited - 20-jul-2012 @ 15:03
The Minstrel (646 Posts)	Posted: 20-Jul-2012 15:09	Quote Edit Delete Report Post Post Reply
The Minstrel (646 Posts)	Originally posted by irishmagic: then they are wankers. If not then they are just bankers You've a very discerning eye irishmagic if you can tell the difference.
glasandbán (2,046 Posts)	Posted: 20-Jul-2012 15:19	Quote Edit Delete Report Post Post Reply
glasandbán (2,046 Posts)	Originally posted by irishmagic: I have not missed the point. If these regulations are the same as any other non nato country in the world then i accept you have a point eg switzerland. If it was illegal in switzerland then they are wankers. If not then they are just bankers So, you'd happy for the two boys to break any Irish regulations they like, as long as they don't break any Swiss ones? What?!
Coddler (523 Posts)	Posted: 20-Jul-2012 15:23	Quote Edit Delete Report Post Post Reply
Coddler (523 Posts)	Originally posted by irishmagic: what malpractice. The sin is to deal with Iran because the yanks say so. The same way that the world was not allowed to buy cuban cigars because the yanks say so in the seventies. By your logic if I smoked a cuban in the seventies, got caught by the yanks and was investigated by them then i was not fit to do work in Ireland. I hate the banks as much as anyone. Ulster bank have helped damage my business in the last few weeks but dont criticise the guys for US stuff. Magic, it’s clear that you have major issues with U.S foreign policy and with good reason. Some of their dealings with Latin America, Irag and the Middle East generally have been inexcusable. But don’t let that cloud your judgement of these 2 bozos.

"Speak Out!" Home | Topic Listing | Post New Topic | Post Reply

	There are 10,277 members signed up to anfearrua.com
All times are Dublin, Ireland.	Always here... with the best in GAA discussion and comment!	© An Fear Rua, 2000 - 2026
Bookmark AFR \| Make AFR your home page	About Us \| Privacy Policy \| Terms of Use	[ Top of Page ]