From the continuing trial in Dublin over Anglo Irish Bank's complicated deals regarding its own shares, the current issue being the astonishing indifference of the head of financial regulation, Patrick Neary, to the Bank's predicament [Irish Times] --
Mr Neary also told the court he could not recall making a phone call in early March [2008] to then chief executive of Anglo David Drumm to discuss how a road show in the Middle East to sell the CFDs had gone. Mr Gageby said the roadshow occurred in the first week in March and Matt Moran, then chief financial officer at Anglo, had given evidence of the call. Mr Neary said he had no recollection of it and was not aware the roadshow had happened. He believed the roadshows took place at the end of March and in April, he said.
The problem was that Anglo had failed to offload the dodgy derivatives (the CFDs) to Gulf investors. Which is revealing. In 2008, Qataris bought into Kaupthing (busted Icelandic bank), Barclays (nearly went bust UK bank) and Credit Suisse (nearly went bust Swiss bank). In addition, Abu Dhabi bought into Citigroup, which turned out to be such a horrible deal they ended up suing them.
But even with all that money sloshing around, the sheikhs smelt a rat with Anglo. It's almost as clear a signal as celebrating when you've outbid the sheikhs on trophy property in London.
Mr Neary also told the court he could not recall making a phone call in early March [2008] to then chief executive of Anglo David Drumm to discuss how a road show in the Middle East to sell the CFDs had gone. Mr Gageby said the roadshow occurred in the first week in March and Matt Moran, then chief financial officer at Anglo, had given evidence of the call. Mr Neary said he had no recollection of it and was not aware the roadshow had happened. He believed the roadshows took place at the end of March and in April, he said.
The problem was that Anglo had failed to offload the dodgy derivatives (the CFDs) to Gulf investors. Which is revealing. In 2008, Qataris bought into Kaupthing (busted Icelandic bank), Barclays (nearly went bust UK bank) and Credit Suisse (nearly went bust Swiss bank). In addition, Abu Dhabi bought into Citigroup, which turned out to be such a horrible deal they ended up suing them.
But even with all that money sloshing around, the sheikhs smelt a rat with Anglo. It's almost as clear a signal as celebrating when you've outbid the sheikhs on trophy property in London.