Thursday, February 19, 2009

Not Illegal*

* Note: May actually be illegal.

I love the double talk coming out of Irish government at the moment. On one hand they say there was nothing wrong with the Anglo Irish investment deals which saw 10 business men given €300m in loans by Anglo Irish Bank in order to buy shares in the bank while using the shares themselves as collateral. The deals look bad to the public and do result in the Irish tax payer, who now owns Anglo Irish Bank, being exposed to 300 Million in bad debts but the government was told it was all legal so there is no need to embarrass the "Golden 10" investors in Anglo Irish Bank.

Mr Cowen said the Regulator had accepted assurances from the bank itself that the disposal of an interest held by the family of billionaire business man Sean Quinn was legal.

Yet when pressed to name the Golden 10 the government responds saying they cannot name the 10 business men because it may prejudice future legal prosecutions.

Ms Coughlan said the matter was "one for the Financial Regulator".

"No member of Cabinet wants to deter from due process. The full rigours of the law arising from due process will apply," she said.

So basically the government is saying there is no point naming them because it was legal, but it might not have been legal so the cant name them anyway.

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