Goldman Sachs Involved In Anglo Irish Bank Bailout Shenanigans

Anglo Irish Bank

Goldman Sachs is working on behalf of the Irish government, advising its National Asset Management Agency on its dealings with bailed out Anglo Irish Bank, according to the Irish Independent.

But there is one part of this deal in which Goldman Sachs may have a slight conflict of interest.

Anglo Irish is planning on buying the Quinn Insurance Group. Quinn owes Anglo Irish Bank €2.7 billion, and Anglo Irish believes the acquisition of Quinn is the best way to recoup that cash.

But, at the same time as advising Anglo Irish on the deal, Goldman Sachs’ bond traders are buying a “small portion” of approximately €50 million in Quinn Group debt for the firm’s clients, according to the Irish Independent.

Goldman has claimed the ‘Chinese walls‘ it has in place prevent any sort of conflict of interest.

But because it is in the interest of Goldman Sachs’ clients for Quinn Group to be sold to Anglo Irish, this seems a little bit like shenanigans to us.

Read the full story at the Irish Independent >

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.