By Jimmy Cummins
The real tale of the Hoops and Irish Goalkeeper tracing again his younger years growing to be up on the foot of the Dublin Mountains, via his six winning years with Shamrock Rovers at Milltown after which directly to the notorious govt Stockbroker Inquiry, which nearly made him an outcast and an exile from the land and the folks he enjoyed. For the 1st time, Jimmy releases documentary proof substantiating his claims of impropriety opposed to the Irish executive Stockbrokers Butler & Briscoe, proof "disbarred" and buried by way of the Committee of Inquiry. the following then is the tale of a tender guy who dared to face opposed to corruption, fraud and abuse of strength on the maximum degrees of Irish monetary existence, and in any case paid a really excessive rate.
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If the cheque have been paid it had now not reached Allied Irish Banks Belfast yet had long gone to Mr. O’Driscoll or one other northern associate of the company. No inventory was once exchanged and Mr. Cummins didn't comprehend to whom the cheque were paid. Mr. Cummins agreed with the Chairman that evidently within the conditions no assertion may were despatched to Allied Irish Banks. Mr. Goodbody requested if the transaction would seem on any Allied Irish financial institution bills in Butler and Briscoe’s books, and Mr. Cummins acknowledged that he had no reproduction. Mr. Goodbody requested if it'd be on Richardson’s account and Mr. Cummins acknowledged that purely playing cards were issued, one for the acquisition and one for the sale. The playing cards have been exclusively for inner list reasons. Mr. Goodbody requested if Mr. Cummins didn't imagine the construction of a very likely fictitious checking account access harmful as a result of the risk of the firm’s auditors circularizing consumers, and Mr. Cummins acknowledged that the auditors might don't have any cause to circularise, Mr. Goodbody pointed this used to be basic audit method. Mr. Cummins acknowledged that there could were a 0 stability at 12 months finish, in truth at day’s finish. The Chairman then requested Mr. Cummins for information of the offers and he gave the subsequent info. AIB Belfast transactions. eleventh could 1978. Bought$250,000 6. five% Exchequer inventory 2000/05 @ fifty two. seventy five (From executive at executive sale expense) eleventh may well 1978. Sold$250,000 6. five% Exchequer inventory 2000/05 @ fifty three. 50 (From industry agents that day executive merely received $13,000 @ fifty three. 00) (AIB’s $250,000 bought to marketplace agents @ fifty three. 50) The revenue of $1,875 went to the buyer AIB. really the inventory must have been bought to the govt. at fifty three. 00, yielding a revenue of merely $625 for AIB. The stability of $1,250 must have long past to the govt. Mr. Cummins stated that the one id at the list card was once that the cut price was once for Allied Irish Banks, quantity 2 account, excessive road, Belfast. The Chairman commented that that kind of transaction couldn't be conducted with out the companions figuring out and Mr. Cummins agreed. Mr. Cummins additionally acknowledged that the agents asking the cost of Butler & Briscoe might settle for the fee given as legit even if that was once the case or no longer, with no question. Mr. Agnew requested if Allied Irish Banks were used as a reputation for comfort and Mr. Cummins stated he believed so. He further that Butler & Briscoe’s perform with their institutional and different consumers was once to deal for them at genuine govt costs; Mr. Cummins had by no means obvious any incident of a “firm patron” having the advantage of the marketplace expense, in simple terms companions on many events and this AIB deal. Mr. Agnew instructed that if the offers have been undemanding agreement notes may were despatched to Allied Irish Banks. Mr. Cummins acknowledged that he didn't say that agreement notes had no longer been despatched, but when that they had, the financial institution may were the 1st to have puzzled and requested why fee on each side had now not been charged. Mr. Cummins extra that during this example, not just did AIB get the advantage of “market cost” at the sale, including an additional $1,250 revenue, in addition they weren't charged any fee by means of Butler & Briscoe on both the acquisition or the sale, making it a really designated and valuable deal for AIB Belfast and with none go back in any respect for Butler & Briscoe which defied good judgment.