GLOBAL MARKETS


Live World Indices are powered by Investing.com

Wednesday, August 10, 2016

GOOD NEWS: Ireland Jails 2008 Meltdown Banksters - "Very Serious Crime"




Unlike US, Ireland Just Sent Three Bankers to Jail for Role in 2008 Crisis


The trio's scheme was a "very serious crime," judge says





A Dublin court has sent three former senior banking executives to jail for committing "sham transactions" in an effort to deceive customers and shareholders during the 2008 financial crisis.
"The trio will be among the first senior bankers globally to be jailed for their role in the collapse of a bank during the crisis," as Reuters reports.
Former Anglo Irish Bank executive John Bowe got a two-year sentence, former Irish Life and Permanent chief executive Denis Casey was given a sentence of two years and nine months, and Bowe's colleague and former Anglo executive Willie McAteer got three and a half years.
As the Irish Times explains,
[Their] scheme, described by the judge as a series of "sham transactions," involved Anglo placing massive sums with Irish Life and Permanent and receiving the money back, via a non-banking subsidiary, as customer deposits.
The short-term transactions enabled the bank to disguise a heavy loss in customers' deposits, which would have confirmed the widely held suspicion in the market that Anglo was close to collapse.
The Washington Post further explains that the trio "essentially inflated Anglo Irish Bank's deposit levels by about $8 billion." The Post continues:
That inflation was meant to obfuscate the funding crisis at Anglo Irish Bank, which had invested heavily in a property bubble in Ireland that popped almost as soon as the financial crisis began in the United States. As the crisis spread from the United States to the European Union, of which Ireland is a part, Irish banks were frantically asked to pay back loans and debts to U.S. banks, but they couldn't. That, in turn, led to Ireland asking the European Union for the most expensive bailout in its history.
Judge Martin Nolan called the scheme a "very serious crime," and said the now-defunct bank's auditors "should have known what was occurring if they were doing their job properly" and that their failure to see the wrongdoing was the result of "blindness or wilful blindness."


Anthrax outbreak triggered by climate change kills boy in Arctic Circle

Seventy-two nomadic herders, including 41 children, were hospitalised in far north Russia after the region began experiencing abnormally high temperatures

Indonesian seaweed farmers launch class action over Montara oil spill 

"Our investigations show that the operator of the oil rig has a serious case to answer for cutting corners that endangered lives, the environment and the livelihoods of thousands of seaweed farmers," 

AGL invests in world’s largest battery storage virtual power plant

The project will comprise a centrally controlled network of 1,000 residential and business battery storage systems with a combined total of 7MWh capacity that will both store rooftop solar power and help manage grid stability in the state.

LEARNING LIBRARY