The Davy scandal

Pelezico

Remember Martha Stewart? She was convicted for insider trading. Monies in question were tiny compared to her wealth.

Those boys got very greedy. It has cost them dearly.

Lad GAGA

Interesting week ahead on this story. The politicians will be out in force when the CBI appears before the Oireachtas on Tuesday, The CBI does not come out too well in all of this, based on what we know to date. Looks like the Davy's guys were giving them the run around and the senior individuals weren't punished by them (it would appear).

walshb

Lad GAGA wrote: »

Interesting week ahead on this story. The politicians will be out in force when the CBI appears before the Oireachtas on Tuesday, The CBI does not come out too well in all of this, based on what we know to date. Looks like the Davy's guys were giving them the run around and the senior individuals weren't punished by them (it would appear).

Yes.

These watchdogs and regulators seem to be never actually watching or regulating

But they’re great after the horse bolts!

Zebra3

Eric Cartman wrote: »

The types of violent and drug crimes committed by the poor are worse for society than white collar crimes.

All crime is bad and should be prosecuted but lets not pretend that fintan doing some dodgy traded is in any way comparable to some scumbag heroin dealer stabbing people over a 50 euro debt

Absolute nonsense.

Bad planning, fueled by the criminal actions of politicians and developers, led to horrendous areas left bereft of facilities, shops and good quality PT.

Our desperate lack of quality PT and safe cycling corridors in vast areas of the city down the years has led to a staggering number of deaths through air pollution directly caused by resulting high level of car usage.

White collar crime that goes unpunished also fuels a "if they can get away with it, so can I" attitude across society.

Tell me how

Eric Cartman wrote: »

The types of violent and drug crimes committed by the poor are worse for society than white collar crimes.

All crime is bad and should be prosecuted but lets not pretend that fintan doing some dodgy traded is in any way comparable to some scumbag heroin dealer stabbing people over a 50 euro debt

What a completely uninformed view. Nearly so far off track, I think it must be intentional.

Wanderer78

Floppybits wrote:

Shocking example of the lack of legislation to tackle this sort of white collar crime.

Shur nothing has actually changed in the financial sector since 08, maybe bailing them out with little or no conditions attached, was a bad idea!

Wanderer78

Eric Cartman wrote:

The types of violent and drug crimes committed by the poor are worse for society than white collar crimes.

Interesting, I'd imagine nobody has been truly harmed by financial sector crashes!

xl500

CB report states 16 individuals in Davy were involved in the scam on a client

Are any of those 16 still in the company

Why only 3 people named

Anyone who was involved in this is not a person to be trusted with clients financial information

TheValeyard

Seems to be a slow burner this.

Fake Scores

Davy himself they should put in jail for ten years.

Floppybits

Wanderer78 wrote: »

Shur nothing has actually changed in the financial sector since 08, maybe bailing them out with little or no conditions attached, was a bad idea!

This for me is a huge issue. When the banks were bailed out it should have come with stricter legislation for the financial sector which should have included jail time. Also give the CB and what ever other institutions more teeth to take on these financial institutions.

You can bet this Davy story is not even scratching the surface of what is going on in these financial institutions.

Wanderer78

Floppybits wrote: »

This for me is a huge issue. When the banks were bailed out it should have come with stricter legislation for the financial sector which should have included jail time. Also give the CB and what ever other institutions more teeth to take on these financial institutions.

You can bet this Davy story is not even scratching the surface of what is going on in these financial institutions.

its absolutely disgraceful what is unfolding here, we re actually in deep trouble with this one, and it will boomerang back around to us all again, the fire sectors(finance, insurance and real estate) in their entirety are now endangering all humans, including the wealthy

BanditLuke

Eric Cartman wrote: »

The types of violent and drug crimes committed by the poor are worse for society than white collar crimes.

All crime is bad and should be prosecuted but lets not pretend that fintan doing some dodgy traded is in any way comparable to some scumbag heroin dealer stabbing people over a 50 euro debt

What a narrow view. Fintan robbing someone with a ball point pen is as bad as Anto robbing someone with a knive. These financial criminals are the scum of the earth imo.

Wanderer78

BanditLuke wrote: »

What a narrow view. Fintan robbing someone with a ball point pen is as bad as Anto robbing someone with a knive. These financial criminals are the scum of the earth imo.

they actually could be far more dangerous than anto, but anto certainly isnt any angel

Mike Murdock

Floppybits wrote: »

This for me is a huge issue. When the banks were bailed out it should have come with stricter legislation for the financial sector which should have included jail time. Also give the CB and what ever other institutions more teeth to take on these financial institutions.

You can bet this Davy story is not even scratching the surface of what is going on in these financial institutions.

The bail-out should have been conditional on the Heads of the Banks resigning on the spot with no bonuses or walk-away cash. Then a 1-2 year period should have been implemented where the rest of the boards/management of the banks would be meticulously assessed by outside experts for suitability for their roles.

They weren't and they were back to their old ways pretty quickly - the Tracker scandal a good example.

Jizique

xl500 wrote: »

CB report states 16 individuals in Davy were involved in the scam on a client

Are any of those 16 still in the company

Why only 3 people named

Anyone who was involved in this is not a person to be trusted with clients financial information

Approx 8 have been named; I suspect a few others have left the firm in recent years

Harry Palmr

NTMA has struck by denying their ability to act as Primary Dealers of government bonds.

and here is the article:
https://www.irishexaminer.com/business/companies/arid-40240163.html

Good start. Now to get Ryanair to stop using them.

Floppybits

Wanderer78 wrote: »

they actually could be far more dangerous than anto, but anto certainly isnt any angel

Anto robbing someone on the street is not going to bankrupt a company where as Sneactha over in Davy's or some other financial institutions could.

completedit

That's sort of what I meant before. There not comparable and doing so achieves nothing. The reason some will make the equivalence is because its perceived that these types won't pay for their malpractice whereas Anto the scummer will be.
Indirectly these can destroy countries and societies and exasperated already existing problems. Accountability is essential and stigmatisation of such practices must act as a deterant for those of high society who justify their actions. Much more needs to be done in terms of vetting and accountability. All the more serious given the rationale the NTMA give.

BTW is this sort of thing connected to Basel Agreement or unrelated? Like I've been wondering how full proof Basel is lately in safeguarding our financial system and have been told that a 2008 will never happen again. Does this scandal tell us anything about the effectiveness of Basel? Or unrelated?

JP Liz V1

Pelezico wrote: »

Remember Martha Stewart? She was convicted for insider trading. Monies in question were tiny compared to her wealth.

Those boys got very greedy. It has cost them dearly.

If I remember correctly Martha was in prison

donaghs

The One Doctor wrote: »

White collar crime in Ireland is ignored unless the media finds out.

It would help if the media could succinctly explain what is supposed to have happened. If you google the stories around this, apart from all the "outrage" etc, most just report it as this: "The Central Bank last week fined Davy €4.13m for breaching market rules in relation to a transaction in November 2014 involving 16 of the broker's own staff."

The not something people can easily get excited about.


But I see the Irish Times did a nice explainer on it today:

"The case involves the sale of bonds in the then defunct Anglo Irish Bank back in 2014. When an investor buys a bond in a company, they’re effectively lending to that company, and are paid interest on this loan.

The broker was approached by a client, Northern Ireland property developer Patrick Kearney, to sell these on his behalf.

But rather than sell them into the market, the firm put together a consortium – the O’Connell Partnership comprising 16 Davy staff members – to acquire the bonds.

In effect, the senior staff at the broker sold the bonds to themselves, and did so without notifying the compliance function in Davy, something which is not allowed in stockbroking under EU rules."
https://www.irishtimes.com/business/financial-services/davy-q-a-who-was-involved-what-happened-and-what-is-the-likely-fallout-1.4504236

Viscount Aggro

Harry Palmr wrote: »

NTMA has struck by denying their ability to act as Primary Dealers of government bonds.

Check out who is head of ntma.
Then do the maths.

Lad GAGA

The CBI has the powers under its existing Fitness & Probity rules to take action against individuals, this has been in place for years. But it appears to me that it is only now that the public and politicians have voiced their outrage that the CBI is looking at those individuals. They have previously barred people from financial services for discretions but did not do that with the Davys guys at the time that the settlement/fine details were announced. All this talk about the CBI can only go after people after it has dealt with the firm is an absolute smokescreen, they are usually dealt with hand in hand. These guys should have had the punishment handed out to them at the time the settlement details were announced, not months later. This is against the backdrop of the investigation going on for years. I think the CBI has serious questions to answer here, either they were bullied by Davys or did not recognise the rightful outrage that this would attract either of which is inexcusable. The book should be thrown at Davys and the individuals involved.

Snickers Man

Mike Murdock wrote: »

They weren't and they were back to their old ways pretty quickly - the Tracker scandal a good example.

The Tracker "scandal" wasn't a scandal. Or if it was, the people treated scandalously were those who NEVER had tracker mortgages.

The J Stands for Jay

Mike Murdock wrote: »

The bail-out should have been conditional on the Heads of the Banks resigning on the spot with no bonuses or walk-away cash. Then a 1-2 year period should have been implemented where the rest of the boards/management of the banks would be meticulously assessed by outside experts for suitability for their roles.

They weren't and they were back to their old ways pretty quickly - the Tracker scandal a good example.

None of this would have affected a stockbroker.

Calahonda52

Snickers Man wrote: »

The Tracker "scandal" wasn't a scandal. Or if it was, the people treated scandalously were those who NEVER had tracker mortgages.

Try tell that to the widows and widowers of folk who committed suicide when their houses were repossessed due to being f-ked over by the banks

Mike Murdock

Snickers Man wrote: »

The Tracker "scandal" wasn't a scandal. Or if it was, the people treated scandalously were those who NEVER had tracker mortgages.

I really hope you'll be so circumspect if a bank or financial services provider screws you over for a goddamn percentage.

Daragh1980

mountai wrote: »

What sickens me is the fact that " The Firm " took the hit , no censure for those individuals concerned . I have always been wary of men in fancy suits .

Judging people by what they wear is juvenile and immature; the sign of a spastic.

SEPT 23 1989

There is something much bigger going on here