I really am absolutely puzzled by the Irish Times headline:
FitzPatrick is first high-profile Irish casualty of global crisis
How, exactly, is he a casualty of a global crisis?
What have toxic US CDOs got to do with the transfering €87 million in loans with Anglo to another bank before the group’s September 30th year end?
Or indeed, is it coincidental that the same pair of directors at Anglo who have resigned, Fitzpatrick and Lar Bradshaw, are also under “investigation” by the Irish Stock Exchange for insider trading?
Is it also coincidental that they chose to resign at 9pm on the Thursday that the Dail breaks up for Christmas?
Is their relationship to the DDDA also coincidental to their resignation?
I simply do not accept that the Anglo Irish house of cards was brought down by anything other than our bursting property bubble and nonsensical lending.
Blaming the international crisis for Fitzpatrick’s resignation also makes no sense.
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When Anglo Irish Sails Away Does The Galway Tent Buy Sandymount Strand With Your Tax Money?
Anglo Irish Bank made a loan of €288 million enabling a consortium to buy the Glass Bottle Factory for €412 million. This factory is sited on Sandymount Strand and has been liberated from public ownership. The Dublin Developers Digout Autocracy (DDDA) is an ‘investor’ using taxpayer cash; the Developers Autocracy also decides the planning permission, bypassing Bord Pleanala.
Guess who benefited in the form of substantial bonuses, options, revolving doors and other compensation.
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http://galwaytent.blogspot.com/search?q=sails+away
[…] Gavin’s Blog asks some questions about the timing of Fitzpatrick’s announcements, and the various investigations and inquiries. […]