more banking shenanigans

ei.sdraob

http://www.independent.ie/national-news/gleeson-paid-8364900k-for-shares-weeks-before-crisis-2062800.html

how is this guy still walking around free?

edit: has anyone in this country been jailed for the shenanigans that went on in the banks for that matter

Earth Traveller

So he lost 700,000 yoyos when the share price bombed. How is that insider trading?

Nate--IRL--

Earth Traveller wrote: »

So he lost 700,000 yoyos when the share price bombed. How is that insider trading?

That depends when he sold them doesn't it.



Nate

ei.sdraob

Earth Traveller wrote: »

So he lost 700,000 yoyos when the share price bombed. How is that insider trading?

shortly after buying shares he went cap in hand to the govt for a bank guarantee so the bank doesnt collapse

i be willing to bet them shares weren't bought with his money either

if this is not insider trading (i edited the thread title so) then the whole thing is dodgy as hell (no surprises there) and just plain wrong

---

edit: as i suspected

independent wrote:

Mr Gleeson was part of a partnership that bought property at the corner of Dawson Street and Duke Street, Dublin, in December 2006, for €20m. The property includes the building currently occupied by Carluccio's restaurant.

whats this...

irishtimes wrote:

Carluccio’s subsequently agreed a 20-year lease with the landlords, at an annual rent of €680,000. The building was bought by a group of investors assembled by D2 Private, a property investment business founded by David Arnold and Deirdre Foley in 2004. D2 manages the building on behalf of the investors, who are members of a partnership called the Duke Co-ownership partnership. It is understood Jonathan FitzPatrick, son of the former chairman of Anglo Irish Bank, Seán FitzPatrick, is a member of the partnership. There was no response to a request for a comment yesterday from D2 Private, which banks with Anglo Irish Bank. Jonathan FitzPatrick could not be contacted..

http://www.irishtimes.com/newspaper/finance/2010/0204/1224263733143.html

oh dear of dear, he certainly has connections and friends in low places

Tipp Man

Well for me it just proves how out of touch he actually was with the situation at AIB and the Irish situation as a whole

He obviously thought they were good value at the ~6 Euro mark, it could be a long time before they ever reach that, if ever.

Had he been selling then i would say possible insider trading but purchasing for me just shows pure stupidity and/or sturborness to accept the severity of the crisis

Fat_Fingers

Good god, so Former AIB chairman was so bad at basic economics he managed to throw down the toilet his own money. All good if this was some 5 year old kid learning how to play monopoly but to have this village idiot as head of the AIB… wow.. impressive. If this is chairman I do wonder how good are the rest of the bean counters in the AIB. So they tell us they need high wages to attract “top talent”?!?! Where did they get this charlatan then?

nesf

Why is this something he should be locked up for? If he'd sold a large amount of shares immediately before going cap in hand to the Government it'd be insider trading of the worst kind but buying shares before doing so was only going to lose him money and he wouldn't gain anything out of doing it since the Government intervention could only result in lower share prices.

Nate--IRL--

nesf wrote: »

...... since the Government intervention could only result in lower share prices.

Have a look at the chart above, share price rose after government intervention. But in general you are correct, had he benefited from this it would be insider trading. If he still has those shares he's just a banker who doesn't have a clue about economics.

What's the bets he took out loans from AIB to purchase these shares?

Nate

nesf

Nate--IRL-- wrote: »

Have a look at the chart above, share price rose after government intervention. But in general you are correct, had he benefited from this it would be insider trading.

I'm more getting at the short term-medium term dampening of share prices due to continued State support. Share prices will only properly recover when the bank can convince investors that it no longer needs its hand held by the State.

imitation

Maybe he brought them as a show of good faith ?

I`m always a bit puzzled by insider trading, surely people who are in a position to do it should be restricted in what they can or cannot do (Hard to do guess, maybe with employment contracts ?). How could they reasonably expect to deal in shares without being called out everytime they turn a profit ?

AARRRGH

imitation wrote: »

How could they reasonably expect to deal in shares without being called out everytime they turn a profit ?

They don't buy the shares themselves, they get a friend of a friend to do it. Insider trading is a big problem.

woodseb

imitation wrote: »

Maybe he brought them as a show of good faith ?

I`m always a bit puzzled by insider trading, surely people who are in a position to do it should be restricted in what they can or cannot do (Hard to do guess, maybe with employment contracts ?).

there are strict stock exchange rules on when insiders can deal in shares in terms of pre-clearing trades, not trading before big announcements etc

AARRRGH wrote: »

They don't buy the shares themselves, they get a friend of a friend to do it. Insider trading is a big problem.

such a big problem that you have loads of evidence of it i'm sure?:rolleyes:

AARRRGH

woodseb wrote: »

such a big problem that you have loads of evidence of it i'm sure?:rolleyes:

Anyone with a passing interest in the markets can see large amounts of shares are bought and sold before big news.

woodseb

AARRRGH wrote: »

Anyone with a passing interest in the markets can see large amounts of shares are bought and sold before big news.

i have more than a passing interest in the markets, large amounts of shares are transacted all the time - there is very little evidence that such insider trading is a regular occurance, though i don't deny it happens from time to time