Former Anglo CEO was
canada goose outlet in usa He said the jury had heard new language and different meanings to common words, like balance canada goose outlet mississauga sheet management or bolstering customer deposits. They had also heard more nebulous terms like sentiment, confidence, comfort, stress and panic. canada goose outlet in usa
canada goose outlet nyc It was canada goose victoria parka outlet “a bit like the film It’s a Wonderful Life” when word goes out that there’s a problem, people panic and it is a “death knell.” canada goose outlet nyc
canada goose jacket outlet The jury had been told what happened was a big con job, Mr Grehan said. Confidence was “absolutely key to banking,” he said, particularly when there was a crisis or uncertainty in the market and confidence could be ruined by rumour or gossip. canada goose jacket outlet
canada goose factory outlet The jury would have to be satisfied beyond reasonable doubt rather than on the balance of probabilities. canada goose factory outlet
“Before you convict you have to be sure that you are right because you can’t come back afterwards and change it,” he said.
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canada goose outlet parka They were not there to decide if the transactions canada goose outlet official were honest, but canada goose factory outlet vancouver rather if there was a dishonest intention on Mr Drumm’s part. canada goose outlet parka
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A conspiracy charge was a canada goose shop uk common law offence, was complex and an “unusual class of a beast”because you did not have to prove anything happened, he said.
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canada goose outlet shop False accounting was set out in legislation and he read the “ingredients” out to illustrate “just how complicated it is.” canada goose outlet canada goose outlet belgium shop
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canada goose outlet new york city One of the “ironies” in the whole matter was that Mr Drumm was saying that rather than trying to defraud any investors or cause any depositors to lose any money, “what he was doing was the opposite” canada goose outlet london to “save canada goose jacket outlet store the bank if he could”, to safeguard the interests of those people. canada goose outlet new canada goose outlet black friday york city
canada goose outlet jackets With the scale of the allegations, there “wasn’t a single person putting their hands up saying ‘I did something because of canada goose jacket outlet toronto this or I was at a loss because of this,” Mr Grehan said. canada goose outlet jackets
canada goose outlet The prosecution had to prove the actions and intention in an offence. In this case, the actions were not in dispute, but the “mental ingredient the intention” was, Mr Grehan said. canada goose outlet
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canada goose outlet store uk In terms of fraud, Mr Grehan told the jury some things they might canada goose outlet store calgary think are morally wrong “are not a fraud.” canada goose outlet store uk
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There was no evidence that any of this happened notwithstanding the “gallows humour of some of the phone calls that you heard.”
goose outlet canada Mr Grehan said the transactions were linked and could not be viewed in isolation. The prosecution had suggested what happened in March was a prototype and what happened in September had been planned in March. goose outlet canada
canada goose outlet sale “That simply cannot canada goose outlet las vegas be so,” he said. canada goose outlet sale
canada goose outlet uk The financial crisis started in 2007 when Ireland was swept up in a “tsunami” that started on the other side of the Atlantic with the “dodgy business” of canada goose outlet ottawa subprime mortgages. The crisis spread, there was a run on Northern Rock in England, “people got the jitters” and there was a loss of confidence. This continued in 2008 canada goose outlet in vancouver with the takeover of Bear Stearns in the US and in response Anglo’s share price fell by 30pc in the so called “St Patrick’s Day Massacre”. canada goose outlet uk
canada goose outlet online Everyone thought after that things would settle down and nobody could possibly canada goose outlet online uk have foreseen how bad things were going to get in September, he continued. Nobody could have predicted that the height of the global crisis would come at the “worst possible time” for Anglo its September 30 reporting date. canada goose outlet online
canada goose outlet canada To say that March was the prototype and there was advance canada goose outlet authentic planning “I would suggest makes no sense,” he said. canada goose outlet canada
canada goose outlet toronto canada goose jacket outlet factory What was done in March to increase customer funding (a 750m transaction) did not seem to have been viewed by the prosecution as a crime and Mr Grehan said “we are dealing with elastic concepts” like materiality. canada goose outlet toronto factory
It was a “question of scale” rather than black and white rules. Balance sheet management existed and people had different views as to how to go about it and how much of it you could do, he said.
What was “glossed over” by the prosecution was all the “eyes that were looking” at what was happening without “anybody raising any kind of red flag.”
canada goose outlet online uk There had been evidence that there was “no commercial rationale” to the transactions and that may be the case if you viewed them individually, but in terms of the relationship between the two banks, there was a clear rationale, Mr Grehan said canada canada goose outlet in toronto goose outlet online uk.