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5.0 out of 5 stars DELUDED MR NICE GUY
'The Fitzpatrick Tapes' by Tom Lyons and Brian Carey give a welcomed but gobsmackingly error-strewn and at times exceedingly worrying picture of the events leading to the catastrophic collapse at vast cost to the Irish Taxpayers, of The Anglo Irish Bank. Center stage and in the full glare of the spotlights is the former chief executive and chairman, Sean Fitzpatrick, a...
Published 13 months ago by DOPPLEGANGER

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4 of 9 people found the following review helpful
1.0 out of 5 stars Self righteous rhetoric
I'm not sure why anyone would want to buy this book. I'm even less sure why is being placed in the non-fiction business section and not the criminal section where it belongs. Over a number of interviews the authors met and obtained Seanie's view of the moral and fiscal catastrophe that was Anglo-Irish Bank. From reading the book, it is cleared that the main protagonist...
Published on 30 Jan 2011 by Ed Foye


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5.0 out of 5 stars DELUDED MR NICE GUY, 21 Aug 2013
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DOPPLEGANGER (TEDDY B) - See all my reviews
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'The Fitzpatrick Tapes' by Tom Lyons and Brian Carey give a welcomed but gobsmackingly error-strewn and at times exceedingly worrying picture of the events leading to the catastrophic collapse at vast cost to the Irish Taxpayers, of The Anglo Irish Bank. Center stage and in the full glare of the spotlights is the former chief executive and chairman, Sean Fitzpatrick, a most gregarious, larger than life individual whose character, charisma and drive dominated the direction, style, quantity and quality of Anglo's main purpose in life viz. lending money. In Anglo's case it was oodles, and oodles of it at ever increasing dollops year on year, and by 'imaginative' reserving and accounting interpretation gave the illusion of a highly successful company and in its wake came an escalation in shares value, and everybody exclaimed "Good old Sean Fitzpatrick, the man's a financial maestro!"

Alas, Sean was neither a well disciplined banker nor, as he liked to be thought of, a successful investor and entrepreneur in his own right. He just happened to encourage his bank to recklessly, and without the proper and normal checks, constraints, collateral and documentation, to advance ever increasing loans to Developers, many of whom he was 'chummy' with, for property schemes at a time when the market place was vastly and worryingly over-saturated with such activity. A example of the over-supply in the housing market, is that for the 3 years to the end of 2008, just under 220,000 were built in Ireland, contrasting with a demand based on population statistics of about 30,000 units per year.The penny did not drop with Anglo, nor indeed with many others including the Banking Regulators, Politicians, Auditors etc that this was guaranteed to drive property prices into a downward spiral, and thus bring about a glut of bad debts within a loan portfolio marred with a high percentage of property loans.

And whilst this 'tsunami' of property lending was being undertaken by Anglo, Mr Fitzpatrick sought to demonstrate his own skill as a shrewd business man, by embarking on a series of highly speculative property and investment deals in his own right, using not only Anglo's offices and staff from which to manage his personal affairs, but, by borrowing in excess of Euro 110, million, from his bank for the purpose. Regrettably, the worldwide market conditions for which he blames the fate of Anglo, was also blamed for his quite extensive investment losses. Surprisingly, lack of sound personal judgement, poor management and investment skills do not seem to figure, in his reckoning for this costly taxpayer and personal debacle. Anglo had to be nationalised with shareholder value wiped out, and Sean Fitzpatrick has filed for bankruptcy.

Yet, I cannot feel the usual 'it-serves-him-right' emotions, as one does with others who cause financial disservice to the masses, because what comes through in The Fitzpatrick Tapes, is a highly personable bloke, who treasured his family, large circle of friends, and genuinely thought that his way was the right way, however misplaced, naive, and commercially foolish that it may be. He was refreshingly different to other financial and political miscreants in the woeful tale of the decapitation of the Celtic Tiger.
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2 of 4 people found the following review helpful
5.0 out of 5 stars THE FITZ TAPES, 13 Feb 2011
Exccellent book and showed how a whole country can get carried away.
fitzpatrick tried to distance himself from all the problems via this book. but he got away with working a corupt system which no one was checking/regulating. excellent read though.
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4 of 9 people found the following review helpful
1.0 out of 5 stars Self righteous rhetoric, 30 Jan 2011
I'm not sure why anyone would want to buy this book. I'm even less sure why is being placed in the non-fiction business section and not the criminal section where it belongs. Over a number of interviews the authors met and obtained Seanie's view of the moral and fiscal catastrophe that was Anglo-Irish Bank. From reading the book, it is cleared that the main protagonist sees himself as a wronged man- an innocent victim of a bigger mess- perhaps in some sense he's correct. There were lots of villains and anti-hero's in the tale of woe that was the Celtic Tiger, and Anglo was but one of a number of dysfunctional private as well as public entities that has seemingly forever destroyed and sullied the name of Ireland.

The real truth will no doubt emerge from the quagmire one day in the far distant future. Historians of the future will find little relevant source material in this book that isn't even an apologia but a self-justification. For the reader strong enough to persist through this book copious amounts of antacids and sugar are required- for this book will leave you feeling bitter as well as dyspeptic.
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