Sean Fitzpatrick resigns as Anglo chairman

Mikel

ElCrapula wrote: »

I have nothing to do with the banking or the financial world,so no,I dont understand fully what he did nor do I understand fully the fallout.Its for this reason that I take the opinion of expert journalists who have been relaying the story and the HARM caused,not only to Anglo,but to the reputation of the Irish banking sector.
David Labanyi in the Irish Times has reported that Standard and Poors,the international credit rating agency,have warned of the damage done to Anglo's reputation in light of,not only the revelations of the loan,but of the subsequent resignations of Sean FitzPatrick and David Drumm.Standard and Poors said in a statement "We believe it is likely that the revelation and the loss of two significant senior management figures may have a significant impact on Anglo's standing in the marketplace".
In another recent article by John Murray Brown in the Financial Times,an unnamed senior Irish businessman is quoted."This has hurt everyone working in Irish financial services",he says.
I could go on.I have yet to find a commentator who feels the revelations have been beneign.
Confidence in all things financial in this country is at an all time low.I would never suggest this is down to SFP or his bank,but the whole affair hasnt helped and has futher dented that low confidence.Whether people understand it or not,whether its an over-reaction or not,it has caused harm to the image and expectation the public have of banking in this country.
Who knows the impact it will have on our reputation internationally?Didnt the New York Times describe Ireland as"the financial wild west"?
As I said,I do not understand the whole thing fully but Im 100% sure it wont have done us any good.
With little knowledge of the field I have tried,as you asked,to explain the harm done as I understand it and would LOVE if you could disagree and assure me that the Irish banking sector has gone untarnished.

I see, so you have no opinion of your own and you don't know what you're talking about. You're just parrotting sensationalist copy from newspapers.

Points to note here:
'Expert journalists' LOL.
S&P are one of the most discredited, dishonest and corrupt organisations in the financial world.
For them to talk about reputations is a bit rich.

In another recent article by John Murray Brown in the Financial Times,an unnamed senior Irish businessman is quoted."This has hurt everyone working in Irish financial services",he says.

Who is this 'Senior Irish Businessman'?
Why do you assume he's right?

I have yet to find a commentator who feels the revelations have been beneign.

Who said they were benign?
Do you know what a straw man argument is?

I seems to me that most people on this thread don't understand what Fitzpatrick was doing, and they don't understand the significance of it.

Dob74

Mikel wrote: »

Explain what HARM has been caused.
Do you even understand what he did?

HARM, we are nearly at the end of capitalism in this country because of the actions of the likes of Sean Fitz. Who in there right mind would invest in an Irish bank? Its not just the 87 million, its the fact they haven't written down any of there assets. My house would have sold for 400k two years ago now it would probably only get 250k. Am I in denial about this no, I'll have to take it on the chin. The banks on the other hand, have not written down any of there assets. So the investment community has run as far as they can away from them. Hence there dishonesty has lead to a collaspe of there share price. They think they can Bullsh;t everyone and pretend there profits are still over a billion.(and of course pay themselves some nice bonuses on these fake profits)
The 87 mil is alot more serious, he was afraid to declare it for 8 years, so this says alot in itself. Is he about to go awol like Michael Lynn?
Do the authorities have the balls, like they do in the states and throw these guys in jail. I dont think so. Crony Capitalism wins again

ElCrapula

Mikel wrote: »

I see, so you have no opinion of your own and you don't know what you're talking about. You're just parrotting sensationalist copy from newspapers.

Points to note here:
'Expert journalists' LOL.
S&P are one of the most discredited, dishonest and corrupt organisations in the financial world.
For them to talk about reputations is a bit rich.


Who is this 'Senior Irish Businessman'?
Why do you assume he's right?

Who said they were benign?
Do you know what a straw man argument is?

I seems to me that most people on this thread don't understand what Fitzpatrick was doing, and they don't understand the significance of it.

Ok,youve picked the holes,as you see them,in my argument.
Youre half way there.Now all that's left is to offer me some constructive points and explain to me why Im so wrong.You come across as more 'in the know' about this issue and it seems you dont need to rely on media reports to form your view.Please share your insight and show me the error of my ways.

pocketdooz

stepbar wrote: »

Christ there are a lot of angry dumbasses on this thread....

Agree

Typical Irish crap - I hate the man in the big house on the big hill.

pocketdooz

Dob74 wrote: »

HARM, we are nearly at the end of capitalism in this country because of the actions of the likes of Sean Fitz. Who in there right mind would invest in an Irish bank? Its not just the 87 million, its the fact they haven't written down any of there assets. My house would have sold for 400k two years ago now it would probably only get 250k. Am I in denial about this no, I'll have to take it on the chin. The banks on the other hand, have not written down any of there assets. So the investment community has run as far as they can away from them. Hence there dishonesty has lead to a collaspe of there share price. They think they can Bullsh;t everyone and pretend there profits are still over a billion.(and of course pay themselves some nice bonuses on these fake profits)
The 87 mil is alot more serious, he was afraid to declare it for 8 years, so this says alot in itself. Is he about to go awol like Michael Lynn?
Do the authorities have the balls, like they do in the states and throw these guys in jail. I dont think so. Crony Capitalism wins again

their

Time Magazine

Thread has turned to ****. Grow up gents, don't call other people dumbasses and don't be correcting other people's grammar.