This can't be legal!

[alreadypacked]

Irish business man owes the bank a lot of money, so the bank lends him more money so he can buy their shares. Things go wrong. . .

Sean Quinn’s disastrous €3 billion punt on Anglo Irish Bank shares

A detailed analysis of the transactions also shows how the Anglo Irish Bank share price was temporarily bolstered in the market for a period every time Quinn made a big purchase of stock, funded by the bank itself.

Quinn documents reveal half a billion punt on Anglo shares in just one day | The Post

[DimPrawn]

[Churchill]

Irish business man owes the bank a lot of money, so the bank lends him more money so he can buy their shares. Things go wrong. . .






Quinn documents reveal half a billion punt on Anglo shares in just one day | The Post

The Celtic Tiger Pyramid Scam, most of Craggy Island was at it.

[AtW]

It makes sense really: bank could probably loan same money to property developer OR they could loan it to someone who'd effectively buy back shares.

This thread should have been called BOOMED.

Or Bombed.

[Mich the Tester]

Shocking but not surprising.