The world goes on. Money is made and spent. This is life and long may it continue! Not everything that I say should be taken as Gospel. Just pass on the wisdom of what you are learning to others. A wiser society is a good society.

Interesting example of leaks in a jurisdiction, Victoria, where the police are renowned as the most corrupt in Australia. Terror trials are also show pieces. While good relations between police and newspapers are not necessary for democracy, etc

Investment manager found dead ……

I wouldn’t worry too much about it, they’re too illiquid to be able to make any serious money from insider trading. If people are going to act on inside knowledge they will be doing it in the dublin/london market. The ADR’s are covered by the short selling ban afaik.

Does anyone on this blog have access to this kind of information tonight (i.e. who is buying and selling AIB and BoI on the NYSE after the various announcements this afternoon when our stock market has closed)??

Please help. I suspect there’s something in this.

p.s. can you sell banks short on the NYSE these days?

It appears that directors on Irish boards of directors know nothing, see nothing, hear nothing, feel nothing, smell nothing, sense nothing, are accountable for nothing, do nothing, get paid for doing nothing, and when time to move to A. N. Other board, get a fat bonus for nothing. Corporate Governance Irish Style.

“interestingly, life ins. not included according to rte.”

We’ve been drip feed information all along the garden path.

RTE are reading from a script.

Can’t go freighting the horses don’t you know.

Equitable Life !!!

Insurance Corporation of Ireland !!!

Opps.

The Minister did know.

Now how can anybody take Grianna Fail’s management of the crisis seriously.

Is that why they’re trying to do everything in one go?

How much of the €9bn into Anglo will be swallowed up by the Quinn position?

“Jesus wept and felt abandoned”

We’re not talking land and development here. NAMA can’t help.

Hardly surprising. What can you say when your company has just been put into administration.

Don’t want to be too flippant here but do the directors of any quoted company in Ireland “know what’s going on”?

Oh dear.

What about the derivatives positions held by Quinn.

I don’t think this was in the script.

How do you spell Armageddon.

I suppose Timing is Everything ….

High Court appoints administrators to Quinn Insurance companies
The High Court has this morning appointed provisional administrators to Quinn Insurance, owner of Quinn Direct and Quinn Healthcare, on an application by the Financial Regulator.

Mr Justice John Cooke installed Paul McCann and Michael McAteer of Dublin accountancy firm Grant Thornton to the company in the High Court this morning after the Financial Regulator expressed grave concerns about the finances of the company and how it was being managed. This in effect means that the State through the Central Bank, through the Financial Regulator, has taken control of the country’s largest insurance company.

http://www.irishtimes.com/newspaper/breaking/2010/0330/breaking32.html

“Justified and Ancient, Ancient and a-justified,
Rocking to the rhythm in their ice cream van
with the plan and the key to enter into Mu Mu
Vibes from the tribes of the Jams”

Grianna Fail been listening to too much KFL and decided to burn €100bn then.

Happy days.

Thanks for the link. Will have a look.

Bear in mind, that the NPRF’s cash is borrowed money or cash that could be used to reduce the national debt. So, its not free money, costs about 4.5% p.a.

Just a bit of history….

Historians John Paul McCarthy and Tomás O’Riordan have written that in the early year of the State’s existence that contacts between the  Irish Banks Standing Committee and the Department of Finance were abrasive.

At a meeting in 1923, members of the committee questioned the ability of Bandon native and Cambridge graduate Joseph Brennan (then 36), Department Secretary and his Assistant Secretary, James J. McElligott (then 30), a native of Tralee, wondering “if the two young gentlemen who waited on them spoke with authority.”

The banks initially hesitated underwriting government loans without a British Treasury guarantee, a politically insensitive demand they later stopped insisting upon.

The Free State Government had however managed to raise the first national loan of £10 million without much assistance from the banks.

An analysis of the trading may reveal some “hidden” accounts. Follow the money!

But the precise timing matters little in a world where everyone but Ireland has true broadband…….

I’m sure this is not an accident (the timing of the announcements)> It is to someone’s benefit. Who?

http://www.calculatedriskblog.com/2010/03/ireland-to-report-bank-writedowns.html

Welcome to the new world order. Deflation of big ticket items, lack of capital and rising prices. Economies that without the FIRE section, will be 1980 in size. 1980. If we are lucky. It can get worse than that. But I do not wish to depress you. Make lifestyle plans according to what you really think will be happeneing over the next twenty to thirty years. Japan is still deflating, twenty years on. Critics may say Japan is different. But they are wrong. They were merely the first casualty of the banking weapon. Most of the biggest companies in the world used to be banks. Imagine a world where there is no lending at all. No new credit. All existing credit is “renewed” because otherwise, capital is impaired. Existing companies have to compete with start ups, funded by profits, while the existing companies have to pay interest. At normal interest rates, which are twice the current level. This is our world, once the Basle accords apply with more conservative reserve requirements. Decades of that.

Lifestyle choices?

7am releases would have been before the European and US exchanges were open and as they are not quoted in Asia would have been the logical time.

Not so in Ireland. No, sure you couldn’t be getting up that early. Says it all really.

“Banks will need up to €22bn for losses and new capital rules”