This can't be legal!

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Mich the Tester replied

22 August 2011, 12:30
Shocking but not surprising.
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AtW replied

22 August 2011, 11:18
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.
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Churchill replied

22 August 2011, 11:09
Originally posted by alreadypacked View Post

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.
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DimPrawn replied

22 August 2011, 11:06
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alreadypacked started a topic This can't be legal!

22 August 2011, 11:05
This can't be legal!

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
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