Judge Criticises 'Ernst and Young' As He Sentences Bankers

News from the Celtic League:

That rare event - crooked bankers being jailed - occurred in Ireland last week when Anglo Irish Bank executives John Bowe and Willie McAteer and the former chief executive of Irish Life and Permanent, Denis Casey were sentenced after being found guilty last month of agreeing a scheme to mislead the public about the true health of Anglo

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They were convicted following a jury trial and on Friday (29th July) Judge Martin Nolan in Dublin sentenced Bowe to two years, McAteer to three and a half years and Casey to two years and nine months for their “reprehensible” deeds. You have to ask however does the sentence length fit the crime.

The judge was also scathing in his criticism of accounting firm Ernst and Young expressing incredulity and saying it “beggared belief” the audit firm could have signed off on the bank’s accounts which saw revolving loans between Anglo and ILP fraudulently passed off as deposits and, thus, the bank’s nominal book value.

Judge Nolan said as a global accountancy firm it should have known the true situation at least by the end of October 2008 if it had been doing its job properly.

Pointedly he said he did not know if this failure was blindness or wilful blindness.

Its past time more of these corporate crooks were pursued and jailed not least those in the UK that brought the banking system to its knees.

Link: http://www.theirishworld.com/anglo-irish-bank-executives-j…/

Illustration: Judge Martin Nolan

BERNARD MOFFATT
Public Relations Officer Mannin Branch

Issued by: The Mannin branch of the Celtic League.

TEL: 01624 877918 or 07624 491609

31/07/16

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