Golden Circle Named

Pride Fighter

For all you AH people

http://www.timesonline.co.uk/tol/news/world/ireland/article5781014.ece

4 of the 10 of the Golden circle have been named.

Named: four of Anglo’s ‘golden circle’
Gerry Gannon, Joe O’Reilly, Seamus Ross and Jerry Conlan are four of the businessmen who secretly bought 10% of Anglo Irish Bank with the bank’s own cash
Gerry Gannon

Gerry Gannon
Image :1 of 3
Tom Lyons

The businessmen who bought 10% of Anglo Irish Bank last summer, using funds supplied by the bank, include the co-owner of the K Club and the builder behind the Dundrum Shopping Centre. The “golden circle” also includes the country’s biggest housebuilder and the founder of a private hospital group.

Four of the 10-strong group of investors assembled by David Drumm, Anglo Irish’s former chief executive, are: Gerry Gannon, Joe O’Reilly, Seamus Ross and Jerry Conlan. Either they or some of their companies now owe several billion to Anglo. All four declined to comment last week.

Gannon co-owns the K Club, which hosted the 2006 Ryder Cup, with Michael Smurfit. He is the founder of Gannon Homes and owns a large amount of land in north and south Dublin.

O’Reilly is best known for developing the €1 billion Dundrum Shopping Centre. His company, Castlethorn, plans to build a €1.2 billion new town in Adamstown, west Dublin. He also plans a mixed-use development on O’Connell Street in Dublin.

Longford-born Ross runs Menolly Homes, the country’s biggest housebuilder. He owns Dunboyne Castle in Co Meath and recently ended a dispute over profits made on the development of houses in the K Club. He lost millions when the International Securities Trading Corporation (ISTC), a finance company set up by Tiernan O’Mahony, a former Anglo executive, came close to collapsing.

Conlan is the least well-known of the four. He sold 400 acres of land he co-owned in Naas, Co Kildare, known as Millennium Park, for €340m. He used much of the proceeds to found the Mount Carmel Medical Group which owns a maternity hospital in Rathfarnham, south Dublin. Mount Carmel has been appointed by the Health Service Executive to build private hospitals on the grounds of public hospitals as part of the co-location strategy.

The Sunday Times has been able to ascertain that the following businessmen, some of whom have had dealings with Anglo, are not among the 10 investors: Sean Mulryan, Patrick Doherty, Sean Dunne, Derek Quinlan, Denis O’Brien, JP McManus, John Magnier, Noel Smyth, Michael Whelan, Jim Mansfield, Richard Barrett, Johnny Ronan and Fintan Drury.

Patrick Kearney, a founder of PBN Property in Belfast, did not return repeated calls made last week. He was variously “in a meeting”, “in another meeting” and then “flying to Gibraltar”. Kearney is Anglo’s largest client in Northern Ireland and a close friend of Drumm. His business partner, Neil Adair, established Anglo’s Belfast branch.

John McCabe, the founder of McCabe Builders, also refused to comment last week. He was said to be “out of the office”, then “not at home” and finally The Sunday Times was told “he will call you back if he wants to”.

McCabe is an important Anglo client who lives on a stud farm in Meath formerly owned by Charles Haughey, the late taoiseach.

Last week Ulick McEvaddy, a well-known business figure, described the “Anglo 10” as “heroes” who were prepared to put themselves at risk to support the bank.

One banking source said: “Sure, they were patriotic, but if your bank asks you for a favour [in these market conditions] you do it.”

In total, Anglo Irish Bank lent €451m to a group it has described as “10 long-standing clients”, to buy 10% of the bank. The shares are believed to have been acquired through nominee companies.

The transaction was agreed to prevent the stake acquired through contracts for difference (CFDs) by businessman Sean Quinn coming to the market last summer. It was feared that this would result in a sharp fall in Anglo’s share price.

Three-quarters of the loans were secured against the shares themselves, with the remaining 25% secured on the participants’ “personal assets”.

The bank admits it is likely to have to write off €300m of the money it loaned the 10 investors. Because Anglo has since been nationalised, this loss now passes to the Irish taxpayer.

The Financial Regulator has “categorically” denied knowing the terms of the deal or the identity of the investors beforehand.

It said it knew “steps” to unwind the Quinn shareholding were being put in place, but has not explained why it did not seek further information on the final structure of the deal.

The emergence of four of the 10 names will put further pressure on the government to disclose the others.

Brian Cowen, the taoiseach, said last week that his advice from the attorney general was that he could not disclose the names.

Donal O’Connor, the Anglo chairman, said last week it “would be wrong for the bank to refer to any transactions or dealings with any specific customer of the bank”.

Eamon Gilmore, the Labour party leader, yesterday called on the government to appoint a High Court inspector to investigate various activities at Anglo.

towel401

great. can we shoot them all now pls? and loot all their stuffs

MagicMarker

Golden Circle Jerk more like.

SoWatchaWant

I love scapegoats.

Riamfada

Ah I thought you meant my kind of "golden circle"





/leaves thread

galwayrush

We may eventually get 10 names, but some names could merely be fronts for others. Perhaps only a name from a consortium of many.;)

li@mo

Thats a Golden square. I want a full circle. Bring out the other 6

Amalgam

Who is the 5th Anglo Cylon?!

dresden8

towel401 wrote: »

great. can we shoot them all now pls? and loot all their stuffs

Surely you mean recover the money from their estates?

galwayrush

Conlan is the least well-known of the four. He sold 400 acres of land he co-owned in Naas, Co Kildare, known as Millennium Park, for €340m. He used much of the proceeds to found the Mount Carmel Medical Group which owns a maternity hospital in Rathfarnham, south Dublin. Mount Carmel has been appointed by the Health Service Executive to build private hospitals on the grounds of public hospitals as part of the co-location strategy.

ahh, Mary Hearney gave this guy free land in a few of our major hospitals around the country to build his private hospitals.:rolleyes: :mad:

towel401

dresden8 wrote: »

Surely you mean recover the money from their estates?

no i was thinking something a bit more barbaric than that. i want to be able to see the guy's stuff being torn out of his house by a raging crowd

none of this ****e where some agency pretends to recover the money but really he ends up wealthier than before.

I WANT TO SEE BLOOD!!! LOTS OF IT!!!!111eleventyone

galwayrush

dresden8 wrote: »

Surely you mean recover the money from their estates?

Should happen, but of course it won't.:mad: Didn't the Anglo irish bank state that they won't be looking to recover the golden circle's unpaid money.:rolleyes:
of course they would follow you and i for a few grand through the courts.:rolleyes:

Princess Consuela Bananahammock

towel401 wrote: »

no i was thinking something a bit more barbaric than that. i want to be able to see the guy's stuff being torn out of his house by a raging crowd

none of this ****e where some agency pretends to recover the money but really he ends up wealthier than before.

I WANT TO SEE BLOOD!!! LOTS OF IT!!!!111eleventyone

Would settle for them all being broke :-)

li@mo

The boys a heroes anyway.......isnt that right Ulick?

tommmy1979

towel401 wrote: »

great. can we shoot them all now pls?

Yea, i'd love to see that.... up against a wall in the middle of a field, one bullet , bang bang!!!

Seriously though.. have you thought of a location ?

galwayrush

tommmy1979 wrote: »

Yea, i'd love to see that.... up against a wall in the middle of a field, one bullet , bang bang!!!

Seriously though.. have you thought of a location ?

Yeah, up their arses.:D

old boy

hopefully this will be the end of f.failure.

Mmcd

I woudnt like to be them tomorrow!

tech77

li@mo wrote: »

Thats a Golden square. I want a full circle. Bring out the other 6

You want the golden decagon.

Guy:Incognito

Joe O’Reilly and Jerry Conlan

Who'da thunk there was so much money to be made by murdering your wife and being accused of bombing a pub.

thebman

Mmcd wrote: »

I woudnt like to be them tomorrow!

Knowing this country they will be paid a couple of mill each for the trauma of being named!


At the taxpayers expense of course.

connundrum

I can't see anyone throwing eggs at Dundrum Town Centre tomorrow morning tbh.

Consider these boys unprosecutable.

Oh and I wonder how The Times was the first with the news? Irish publications too afraid to step into the ring?

Amalgam

Can someone give me the name or a link to the article, of the person that called the ten 'investors' heroes lately?

I just want to annoy myself by reading it again.

sdevine89

thebman wrote: »

Knowing this country they will be paid a couple of mill each for the trauma of being named!


At the taxpayers expense of course.

What these men have done has not been proved to be illegal the procedure if follwed correctly is legal

therefore naming them like this is wrong and they will be entitled to and will most likely rightly seek compensation

Guy:Incognito

connundrum wrote: »

Consider these boys unprosecutable.

Is that not because no actual laws were broken here?

Kold

Bullets? This is prime guillotine territory.

galwayrush

Stekelly wrote: »

Is that not because no actual laws were broken here?

Not paying back a loan back is often considered a crime, esp when a bank brings a person to court. Inside information is often considered a crime.
I'm sure there's many more laws broken, unless of course there people are above the law.:rolleyes:

Guy:Incognito

galwayrush wrote: »

Not paying back a loan back is often considered a crime, esp when a bank brings a person to court. Inside information is often considered a crime.
I'm sure there's many more laws broken, unless of course there people are above the law.:rolleyes:

They havnt not paid anythign back yet.
If the bank choose not to pursue a debt, who is going to offer the money anywya? If it was me oweign hundreds of millions and the bank dont look for it back, im not goign to volunteer it.

sdevine89

galwayrush wrote: »

Not paying back a loan back is often considered a crime, esp when a bank brings a person to court. Inside information is often considered a crime.
I'm sure there's many more laws broken, unless of course there people are above the law.:rolleyes:

there are different types of bank loans these loans never had to be repaid this was the offer given to these gentlemen which they accepted therefore there was never an onus on them to pay them back

i presume in the light of your comment you don't understand the way in which Sean Quinn built up his stake which Anglo can not be at fault for not noticing as he used CFD's

galwayrush

Stekelly wrote: »

They havnt not paid anythign back yet.
If the bank choose not to pursue a debt, who is going to offer the money anywya? If it was me oweign hundreds of millions and the bank dont look for it back, im not goign to volunteer it.

The bank has already said they won't be pursue 75 million of it . it's the least amount that the shares have lost in value , that figure may be a high as 300 million, now if i owed the bank 1 k, i'm sure they would be looking to get it back.

Amalgam

Amalgam wrote: »

Can someone give me the name or a link to the article, of the person that called the ten 'investors' heroes lately?

I just want to annoy myself by reading it again.

To answer my own question..

Good grief, how much out of kilter can you be with current popular opinion?

McEvaddy defends Anglo Irish investor 'heroes'.

http://www.irishtimes.com/newspaper/breaking/2009/0220/breaking43.htm

Last Updated: Friday, February 20, 2009, 13:13
McEvaddy defends Anglo Irish investor 'heroes'

Businessman Ulick McEvaddy has described the so-called golden circle of 10 investors in Anglo Irish Bank as “heroes” who were supporting an economy that is “at war”.

The 10 individuals borrowed €451 million from Anglo Irish Bank to buy 10 per cent of the bank's shares. Some €83 million has been paid back, the bank's annual report for 2008 shows.

The transaction has created huge political controversy for the Government, which is under pressure to name the investors.

Green Party leader and Minister for the Environment John Gormley said yesterday their names should be made public if it is legally possible, while Fine Gael leader Enda Kenny last night said the public was entitled to know “who they are bailing out in Anglo”.

Despite the controversy over the group of investors, Mr McEvaddy defended them strongly today.

“I think they’re heroes to have supported the bank in its hour of need,” he told RTÉ Radio. “We’re in an economic war and if we don’t have a good, solid, stable banking system, we’re going to be in serious trouble.”

Mr McEvaddy said he would have invested in Anglo himself if he had been approached to be part of the group. “I’d have joined the circle,” he said. “And I’d have felt that it was the right thing to do to support a very valuable banking institution.”

He described the controversy surrounding the investors as a “misplaced uproar” and denied that it has undermined the Irish banking system. “We must do all we can to bring liquidity to the market and get the economy moving again.”

Asked if the names of the 10 people should be revealed, Mr McEvaddy said: “I think they should put their hands up and say ‘yes, we’re here’. They have nothing to hide in my view. They supported the bank in its hour of need.”

Princess Consuela Bananahammock

Ulick wrote:

“We’re in an economic war and if we don’t have a good, solid, stable banking system, we’re going to be in serious trouble.”

Eh, "If"...?

suspectdevice

sure they are only scratching the surface.

this is like the crust on the biggest septic tank ever

jenzz

Stekelly wrote: »

Joe O’Reilly and Jerry Conlan

Who'da thunk there was so much money to be made by murdering your wife and being accused of bombing a pub.

A serious lol here on that score - I hear I now as a taxpayer owe 300m . Sure thats grand add that to the esb bill & the food bill & the petrol bill im currently fretting about !!!!!!!!!!!!!!!!!!!!

Am I alone here or is this a serious case of WTF ????

chasm

jenzz wrote: »

A serious lol here on that score - I hear I now as a taxpayer owe 300m . Sure thats grand add that to the esb bill & the food bill & the petrol bill im currently fretting about !!!!!!!!!!!!!!!!!!!!

Am I alone here or is this a serious case of WTF ????

lol. Just as well i got my credit union loan before we bailled the bank out- i must have a crap credit rating now:p

Senna

These people were offered to buy (bet on) shares and if the gamble paid off they made money and if it didn't they did not have to pay the bank back, these people are taking up far too much news time, the Bank, regulator, dept or Finance and Cowan should tell the truth on what they knew and when they knew it. not who the fcuk are 10 people that were offered money for nothing.
Its scapegoats and the Irish public are lapping it up.

These 10 people are not the problem!!

Tech3

So is everyone happy we own a little bit of anglo Irish bank.

That anglo irish chairman fitzpatrick should be jailed for fraud, its ok now to lend a bit of money here there and everywhere for my family and friends. Maybe we should bring back in the death sentance

chasm

Senna wrote: »

These people were offered to buy (bet on) shares and if the gamble paid off they made money and if it didn't they did not have to pay the bank back, these people are taking up far too much news time, the Bank, regulator, dept or Finance and Cowan should tell the truth on what they knew and when they knew it. not who the fcuk are 10 people that were offered money for nothing.
Its scapegoats and the Irish public are lapping it up.

These 10 people are not the problem!!

You have a point there, Unfortunately i'm not as well educated on financial matters as i probably should be, but there are a few things that are bugging me:
1. A bank lends money to 10 people to buy shares in that bank- That just doesnt seem right to me.

2. 75% of the loan was secured on the shares . I cannot believe banks would secure loans on shares( even more so when its your own bank and you would have a certain amount of inside knowledge ie it was heading up the swanney!)

3. If the Govt own a certain percentage of the bank, how can the bank just write off the debt "if" they dont pay it back? I mean the Govt act (supposedly) on our behalf, so doesnt that mean we all own Anglo? because if it does i sure as hell want that money paid back-

4. Lastly what has the Financial Regulator been doing because they dont seem to be regulating eff all from what i can see

Senna

chasm wrote: »

You have a point there, Unfortunately i'm not as well educated on financial matters as i probably should be, but there are a few things that are bugging me:
1. A bank lends money to 10 people to buy shares in that bank- That just doesnt seem right to me.

2. 75% of the loan was secured on the shares . I cannot believe banks would secure loans on shares( even more so when its your own bank and you would have a certain amount of inside knowledge ie it was heading up the swanney!)

3. If the Govt own a certain percentage of the bank, how can the bank just write off the debt "if" they dont pay it back? I mean the Govt act (supposedly) on our behalf, so doesnt that mean we all own Anglo? because if it does i sure as hell want that money paid back-

4. Lastly what has the Financial Regulator been doing because they dont seem to be regulating eff all from what i can see

Exactly, who cares who the 10 people are, there are much better questions to be answered. Hang the people responsible for letting this happen and letting a state guarantee go ahead with this on the books (among others) then pursue the money.

WillieDH

Lads and ladies, will you stop fooling yourselves.

No one in Ireland is going to jail for this stuff.

Beef Tribunals
Planning Tribunals

Have we not learned our lessons, the laws are put together in the main by Fianna Fail

To protect their elite buddies.

If this was america several of our banking elite would be sharing a cell with bubba playing mommies and poppies as we speak.

But oh no, in Ireland you go to jail for not paying your TV licence not engaging in fraud, bribing politicans etc.

But we keep voting the bastards into power, so who have we to blame.

Its time for revolution in this country, shame our military haven't the balls to sieze power in the better interests of the people.

They could sieze power, on an interim basis, recruit some honest business people to right the wrongs, run the country as a business for 10 years and then restore democracy, with FF / FG / PDs / Greens / Labour outlawed as illegal organisations.

thebigcheese22

To prosecute these people we need first and foremost to get FF out of power. They will never do anything coz they're best of buds with this shower of fraudsters :mad:

And regarding prejudicing them by revealing their name, surely 4 being named means that all must be named now?

Guy:Incognito

thebigcheese22 wrote: »

To prosecute these people we need first and foremost to get FF out of power.

Prosecute them for what?

dfbemt

tommmy1979 wrote: »

Yea, i'd love to see that.... up against a wall in the middle of a field, one bullet , bang bang!!!

Eh, bang bang is 2 bullets !!

You must work for Anglo, that's a 100% mark up !!

Worztron

Maple 10 aka Golden Circle

http://businessetc.thejournal.ie/maple-10-anglo-shares-bank-golden-circle-531198-Jul2012/

:mad:

humanji

There's no reason to dig up a 4 year old thread to post a link to a 1 year old article. Either start a new thread or added it to one of the more recent threads.