Legal actions, dodgy dealings and resignations

2005 ends on a note of high irony. AIB, the most corrupt bank in Ireland, is taking a 500 million dollar action against Bank of America and Citibank resulting from the 691 million dollar trading fraud at its former US subsidiary, Allfirst, in 2002.

Among other things, AIB is complaining of “unjust enrichment’. This, from a bank that has itself, raked in millions from a whole series of “unjust enrichment’ scams.

The Fyffes insider trading case has shone a light on some very dodgy activities in the murky world of the Irish financial sector. For example, it seems that Mr. Tom Healy, CEO of the Irish Stock Exchange was passing information to a Mr. Flavin, a man who the ISE had reported to the Director of Public Prosecutions as a suspect in insider trading.

The first reaction, as always, is denial.

‘I would be happy to see the whole issue go away”

, Mr. Healy is quoted as saying when things started to get a bit hot for him.
We are at the second phase now – Silence. ISE is refusing to make any comment on the matter.

All those involved will be hoping that by January, the whole thing will be forgotten about, and they are probably right. But, sooner rather than later, we will hear about the ISE again – why?

Because there are an awful lot of very greedy/ruthless people out there and the ISE is just one of the many so-called Irish regulatory bodies that are incapable of doing their jobs effectively.

I see poor old Antonio Fazio; governor of Bank of Italy has finally resigned. And what great crime did this man commit? He allegedly favoured an Italian bank in a takeover bid and may have dabbled in some insider trading.

In Ireland he would have been promoted and be first in line for entrepreneur of the year.