Financial Terrorism In Ireland

Jean Claude Trichet (of Lux Leaks fame and ex ECB chief) and the late Brian Lenihan’s (Irish Finance Minister) stories are diverging over Irish banking bailout, the biggest act of financial terrorism in Irish history to date. We have had other financial terrorist attacks of various hues in recent history. The PMPA, ICI and Quinn Insurance companies that had to be bailed out as well as the Allied Irish Bank and Beef scandals.

Lenihans go to war over Trichet ‘slur’

In the eighties, PMPA and ICI hit the rocks. ICI was a wholly owned subsidiary of AIB. It collapsed in 1985 with losses of over £200 million. When it was discovered in November 1984 that ICI was operating below the statutory reserve ratio, a request for further capital was made to AIB — ICI had returned a profit of £80 million the previous year. AIB themselves have been implicated in other dodgy shenanigans over the years.

Beef baron, Larry Goodman, has been doing ‘well’ on post crash deals. Ordinary farmers are angry at the Goodman Group who allegedly influence beef factories to discourage those same ordinary farmers from competing fairly in beef production. Having access to National animal data bases factories keep changing the goalposts for animal age at slaughter to attain prime prices. Somehow Larry always knows when to sell for circa 10-20% more than his competitors. Miraculous predictive powers no doubt?

“The fact of the matter is this: the Irish taxpayers are still and will be still paying for the bondholders that were not burned for years to come. Those are facts. The late Brian Lenihan had no reason to make up this story and tell it to me. I have no reason whatsoever to make it up myself had Brian not said it to me himself,” Mr MacSharry said. Green Party leader, Eamon Ryan yesterday confirmed that Mr Lenihan had also relayed this version of events to him, expressing “surprise” at Mr Trichet’s comments last Thursday at an event in Dublin. In today’s Sunday Independent, leading economist Colm McCarthy asks if Mr Trichet was telling the truth why Mr MacSharry, who had written a positive but also critical account of these events, would “gratuitously” invent the tale about the telephone calls. He concludes that Mr Trichet.”‘

Research

Lenihans go to war over Trichet ‘slur’ – Bank Inquiry to examine records of calls from ECB chief

Colm McCarthy: Public will pay price of Quinn saga Consumers face a new insurance levy for the next 20 years,

Two sizeable insurance companies collapsed in the Ireland of the Eighties, PMPA and ICI, resulting in an onerous annual levy on insurance premiums for the general public which has only recently seen the losses paid off.

THE former PMPA motor insurance company – saved from total collapse by State intervention – is to finally exit administration after some 30 years.

AIB

Scandal of agriculture officials and their relaxed way with the errant beef barons

Beef Tribunal

Presentation by IFA President Eddie Downey, to the Joint Oireachtas Committee on Agriculture, Food & the Marine on the Crisis Affecting Bull Beef Producers

Larry Goodman

Larry Goodman in perfect place for post-crash deals

Sean Quinn debt deal is threatened by Siteserv sale row