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We haven’t heard the last of this
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Leaders’ Questions in the Dail. Here’s the record. Brian Cowen claimed that he doesn’t know the identity of the Anglo Ten. It seems odd that not even gossip at the DNSE (Doheny and Nesbitt School of Economics) as to their identity would have reached his ears. Another strange revelation: the Financial Regulator got legal advice on Anglo-Irish in July that its arrangement to offload the Quinn shares to the Anglo Ten was legitimate. Who did they get their legal advice from? Anglo! And why did Anglo need the share support operation? Because dastardly hedge funds were speculating against the Bank, as if there might be some dodgy things going on with its balance sheet or something. Where on earth did they get that idea?
Goggin also set to go within the next three weeks rather than in the summer Cowen revealed last night. They still haven’t reached the quota of blood letting that lets them get back on message it seems
The naming of the ten will bring the government down…pure and simple.
Then the sooner it comes out the better.
Everything has changed for the people and the country but nothing has changed for the government and their friends. About bringing the government down? I am looking forward to a blue moon and white blackbirds.
Is this going to be like a Battlestar Galactica thing where we have to guess their identities?
The resigned INBS chairman is a buddy of Dermot Desmond’s. Meet the new Golden Circle. Same as the old one.
Why on earth didn’t the Irish government ban short selling as did the UK govt?
Damnit, Dan! I was so tempted to make that joke!
@Lorna: Because that would’ve been shortsighted and idiotic, even for the shortsighted idiots we allow run this country. A ban on short selling is tantamount to admitting straight out that you’re completely screwed. In fact, banning short selling is little more tan an admission that the market system doesn’t work! Exactly why shouldn’t people be able to dump their shares when they see things going south?
Which brings me to this: http://www.independent.ie/business/irish/ban-on-short-selling-spurs-iseq-to-record-oneday-gain-1478902.html Everybody, read down a few paragraphs. Oh, how the worm not only turned, but did backflips for the crowd!
I’d better clarify. What I meant when I said ‘short selling’ was dumping overvalued shares with the hope of buying an equivalent or greater number of shares closer (or preferably below) its actual price. It’s as legitimate as a long wait, and only works if the market behaves like irrational lemmings, which it so often does. If anything, short selling is one of the few natural regulatory influence the stock market has; if people have started short selling you, you were screwed a long time ago.
If anything the fundamental problem is that people put way to much, if you’ll excuse the unintentional pun, stock in the stock market, which is really little more than a popularity contest informed but not directed by the companies whose stocks trade in it.
Keith, the Telfon Ten seems to be the most alliterate version for now, though I quite like the talk of the Golden Shower.
I can just see that we’ll have a drip drip of names until we’re left with just five and then the media will go nuts on the Final Five references.
Keith Gaughan –
Of course you should be able to dump shares you own if you think they are going to go down but surely that’s not the same as borrowing huge amounts of shares from other people and selling them, which will in itself trigger a price drop, with the aim of buying them back at a much lower price and returning them to the original owner, having made a nice sum on the deal if all goes to plan. It seems to me that hedge funds and speculators can manipulate the market by sheer volume. However, I do admit I am out of my depth. I had over £80k in Anglo Shares last year, now worth nothing, and wasn’t close enough to the Irish property scene and the shennanigans surrounding it and the banks to realise what was going on. A lesson I won’t forget and am too old to recover from.
Lorna