Exclusive: Recording Of Brian Lenihan's Citi Conference Call With Perturbed Investors

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Mon, 10/04/2010 - 13:46 | 624075 FOC 1183
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Ireland, much like Guam, could easily tip over and capsize

Mon, 10/04/2010 - 13:54 | 624090 hedgeless_horseman
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More probable 'cause the bottom is Cork.

Mon, 10/04/2010 - 14:45 | 624185 tmosley
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Well, at least the will leave the Dork on top.

Mon, 10/04/2010 - 15:51 | 624347 Cognitive Dissonance
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BTW where is ZH's The Dork of Cork lately

Mon, 10/04/2010 - 14:01 | 624105 gwar5
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Mon, 10/04/2010 - 14:35 | 624164 outamyeffinway
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Mon, 10/04/2010 - 20:15 | 624734 StychoKiller
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we fail to see how someone who claims there is no local deposit drain (like in Greece) due to "Ireland being an island" and thus making deposit evacuation difficult, is supposed to calm investors and result in tightening spreads.

I envision folks stuffing Euros into their DSL MODEMS, thus putting the lie to this statement!

Mon, 10/04/2010 - 13:47 | 624078 Rusty Shorts
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Permanent Vacation


Mon, 10/04/2010 - 14:12 | 624107 Cognitive Dissonance
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Abbott & Costello's "Who's on First?" Citi style without the laugh track.

I suspect they won't ever again have problems with that damn "mute" button. It's so messy when you let the actual plebs speak.



The treatment of the minister, which comes as Ireland faces a standoff with a group of hedge funds over its rescue plan for Anglo Irish Bank, will increase tensions between the country and the debt markets.

Mr Lenihan had been speaking for less than two minutes on Friday before a mistake by Citigroup meant that the bank's clients were all able to be heard on the line.

Between 200 and 500 investors are understood to have been on the call, and as they realised their lines were not muted many began to heckle Mr Lenihan.

Some traders began making what one banker on the call described as "chimp sounds", while another cried out "dive, dive". A third man said "short Ireland" before adding "why not short Citi too?"

The call with Brian Lenihan and hundreds of investors rapidly descended into farce, forcing Citigroup, which staged the event, to pull the plug.

As the call descended into chaos, with one participant heard to say "this is the worst conference call ever", Citigroup officials shut down the line.


Mon, 10/04/2010 - 14:13 | 624129 carbonmutant
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Everything was okay as long as they were yelling "dive, dive" and "short Ireland" buy when they started saying "Why not short Citi too?" they pulled the plug...

Mon, 10/04/2010 - 14:16 | 624135 Cognitive Dissonance
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I can only imagine what the "chimp sounds" were like.

Google "chimp sounds" and this story in the LA Times is already number one.

Mon, 10/04/2010 - 14:01 | 624108 gwar5
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God loves the Irish. He just forgets about them from time to time.

Mon, 10/04/2010 - 14:29 | 624152 Uncle Remus
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Mon, 10/04/2010 - 14:03 | 624111 TheGreatPonzi
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"Please make sure every caller is on mute" 13:30


Mon, 10/04/2010 - 14:04 | 624113 kathy.chamberli...
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Mon, 10/04/2010 - 14:10 | 624122 carbonmutant
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Ireland's finance minister publicly ridiculed on an investor call intended to calm fear over the country's economic woes.


Mon, 10/04/2010 - 14:11 | 624127 kprich
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I live in Ireland, the official "international" state of denial- Here is how the Irish Times characterizes Lenihan's treatment-



A spokesman for the National Treasury Management Agency, which organised the conference call with the Minister, said technical issues arose at the beginning of the call when a Citigroup executive was introducing the call. "There was an element of silly messing by various participants in the call when they realised that they could be heard," he said. However, the spokesman said that no comments were directed to the Minister or about Ireland during the technical glitch. "To suggest otherwise would be completely misleading," he added.


 Yeah, SILLY MESSING- there is some Irish precision for you!

Mon, 10/04/2010 - 14:25 | 624145 jbc77
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Awesome stuff boys. ZH fucking rocks. A beacon of light in a world full of lies.

Mon, 10/04/2010 - 14:42 | 624175 Plainview
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Deposits won't flee because Ireland is an island?

You have got to be fucking kidding me.

Mon, 10/04/2010 - 14:46 | 624189 traderjoe
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It's like suggesting you understand foreign policy because you can see Russia from Alaska. 

Mon, 10/04/2010 - 14:47 | 624190 hedgeless_horseman
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Ireland is still only part of an island, so maybe only part of the deposits will not flee?

Isn't it about time the Brits gave up on colonialism? 

Mon, 10/04/2010 - 18:39 | 624631 Andrew G
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You don't understand because the article didn't reveal this crucial piece of highly classified info: the Irish government has already ordered all Irish ships, boats and even bathtubs to be scuttled, so the money can't flee from the island. Not that the bathtubs were in use anyway. And no, there's aren't any Irish airplanes if you wondered. It's rumoured that there's an airfield near Dublin but that could be just a plain field with lots of air on it.

BTW, will the asshole who junked you please stand up... be a man(ly asshole), not some spineless pussy.

Mon, 10/04/2010 - 14:45 | 624184 Lord Peter Pipsqueak
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A voice of common sense and reason amoungst all the current insanity,Irish Economist David McWilliams points out the economically suicidal policy of guaranteeing the losses of the Irish banks by the government:



Mon, 10/04/2010 - 15:20 | 624269 M.B. Drapier
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As for the call itself, we fail to see how someone who claims there is no local deposit drain (like in Greece) due to "Ireland being an island" and thus making deposit evacuation difficult, is supposed to calm investors and result in tightening spreads.

OMG. Not only is the Republic of Ireland A) 1-2 hours from Britain by cheap flight, it also B) shares a land border with the UK, and C) there are 236 branches of RBS right inside the country. (So still a dodgy bank, but at least it has a bigger sovereign behind it.) The wonder and mystery of it is that indeed there hasn't been dramatic deposit flight to date.

Mon, 10/04/2010 - 15:40 | 624313 UninterestedObserver
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Because everyone there is already broke?

Mon, 10/04/2010 - 20:19 | 624737 StychoKiller
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Wow!  There's this new-fangled invention called a "Wire-transfer!"  Are these injuts 200+years behind the times or what?

Mon, 10/04/2010 - 15:43 | 624324 davidsmith
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When will Lenihan be found hanging from a bridge?

Mon, 10/04/2010 - 16:13 | 624397 wgpitts
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Mon, 10/04/2010 - 16:32 | 624423 Lord Welligton
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At 0:55


“I’d like to thank Minister Lenihan and John Corrigan Chief Executive of the NTMA for very generously giving themselves (eh) up (eh) making themselves available today.”


Slip of the tongue?

Mon, 10/04/2010 - 16:43 | 624448 Lord Welligton
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At 1:06

“I think throughout the current crisis the commitment of the Irish Government and the NTMA to a policy of transparency and open dialogue with international investors has been truly outstanding .... “

Their commitment to keeping the Irish people in the dark and feeding them shit has also been truly outstanding.

Mon, 10/04/2010 - 17:08 | 624497 Lord Welligton
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@ 7:17

Minister for Finance Brian Lenihan.

“Our other quoted institution Irish Life (he shortens the true name “Irish Life and Permanent”) didn’t ... inaudible ... which continues to be quoted on the stock exchange and is trading in the normal way ... it doesn’t, it didn’t have property exposure....”


Someone needs to tell the Minister that Irish Life and permanent has a balance sheet of €80bn, €35bn of which is residential mortgage loans and €2bn is commercial loans.

That’s close enough to 50% of the balance sheet.

Perhaps the Minister believes that there will be no write downs of residential mortgage loans.




Mon, 10/04/2010 - 17:55 | 624573 bugs_
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THANK YOU TYLER you rule as always.

Mon, 10/04/2010 - 20:21 | 624738 StychoKiller
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Another "Emperor" whips off his jacket to show off his new duds!

Mon, 10/04/2010 - 20:36 | 624753 Buck Johnson
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This is funny as hell, the investors actually called this financial minister of the country out.  I see why they are mad, because Ireland wants to give them a haircut on the money they are owed and they don't like it.  I bet that haircut was more like 50% off.

Mon, 10/04/2010 - 22:50 | 624978 Coldfire
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The real chimp sounds were the words coming out of Lenihan's mouth.

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