{"id":1022,"date":"2010-01-04T20:57:40","date_gmt":"2010-01-04T20:57:40","guid":{"rendered":"http:\/\/ofah.webhostingireland.ie\/blog\/1022\/"},"modified":"2010-09-17T15:26:21","modified_gmt":"2010-09-17T14:26:21","slug":"friends-in-the-right-places-part-6","status":"publish","type":"post","link":"https:\/\/www.ofah.net\/blog\/friends-in-the-right-places-part-6\/","title":{"rendered":"Friends in the right places part 6"},"content":{"rendered":"
\n\r\n<\/amp-auto-ads>\n<\/div>\n

Friends in the right places part 6<\/h2>\n

Friends in the right places\u00a0by Jimmy Connerly\u00a0(Part 2 from MR X)<\/a><\/p>\n

Scene\u00a0Six- INT – TROTTERS FLAT – LATER THAT EVENING<\/h6>\n
\n
\n
\"alanAlan is at the table looking through the folders. There are lots of Financial Times newspapers. Del and Mike are also at the table. Cassandra and Rodney are sitting on the sofa, reading.<\/div>\n
Alan:\u00a0\u00a0\u00a0\u00a0\u00a0 This is an ingenious bit of research Mike, you must have a talent!<\/div>\n
Mike:\u00a0\u00a0\u00a0\u00a0\u00a0 Not really, I just spotted an ad in the Yellow Pages.<\/div>\n
Alan:\u00a0\u00a0\u00a0\u00a0\u00a0 I don’t follow you.<\/div>\n
Mike:\u00a0\u00a0\u00a0\u00a0\u00a0 Private Detective. I hired him when The Blacks were getting a bit heavy.<\/div>\n
Alan:\u00a0\u00a0\u00a0\u00a0\u00a0 Well, whatever you paid him, it’s money well spent, this is red-hot information.<\/div>\n
Del:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 What’s it all about then?<\/div>\n
Alan:\u00a0\u00a0\u00a0\u00a0\u00a0 Well, with the exception of the brewery, everything that Roy Stater bought into…<\/div>\n
Mike:\u00a0\u00a0\u00a0\u00a0\u00a0 …Or took over.<\/div>\n
Alan:\u00a0\u00a0\u00a0\u00a0\u00a0 Valid point. Everything he took over was in the Insurance line.<\/div>\n
Del:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Insurance?<\/div>\n
Alan:\u00a0\u00a0\u00a0\u00a0\u00a0 Yes Del, insurance. Life Insurance, Car Insurance, Fire, House, Contents. All sorts of insurance, you name it, he’s bought into it.<\/div>\n
Mike:\u00a0\u00a0\u00a0\u00a0\u00a0 Well there’s no law against that is there?<\/div>\n
Alan:\u00a0\u00a0\u00a0\u00a0\u00a0 Ordinarily no. But I’ve checked all of the companies against these back-dated FT’s of Dels.<\/div>\n
Del:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 I told you these old papers would all come in useful one day didn’t I Rodney.<\/div>\n
Rodney: Yeah, you said you might be getting a budgie and they’d come in handy for lining the cage didn’t you Del.<\/div>\n
Del:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 No, I was thinking of investing again Rodney, after we got all that money from the watch.<\/div>\n
Rodney: Yeah and look where that got us.<\/div>\n
Del:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 That wasn’t these investments….<\/div>\n
Alan:\u00a0\u00a0\u00a0\u00a0\u00a0 Ahem! Getting back to the matter in hand!<\/div>\n
Del:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Sorry Alan.<\/div>\n
Alan:\u00a0\u00a0\u00a0\u00a0\u00a0 Every single one of the Insurance companies Slater bought into was in serious financial<\/div>\n
difficulties.<\/div>\n
Mike:\u00a0\u00a0\u00a0\u00a0\u00a0 And?<\/div>\n
Alan:\u00a0\u00a0\u00a0\u00a0\u00a0 It’s a classic Ponzi Scheme.<\/div>\n
Del:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Too right it’s a poncey scheme, fancy buying up a load of failing companies!<\/div>\n
Alan:\u00a0\u00a0\u00a0\u00a0\u00a0 No, it doesn’t work like that Del.<\/div>\n
Mike:\u00a0\u00a0\u00a0\u00a0\u00a0 Well how does it work then?<\/div>\n
Alan:\u00a0\u00a0\u00a0\u00a0\u00a0 Slater appears to have created his own trust, and with it has acquired Insurance companies that were in financial trouble so could be purchased at very low prices.<\/div>\n
Mike:\u00a0\u00a0\u00a0\u00a0\u00a0 Doesn’t really explain why he’d want to buy companies in financial trouble.<\/div>\n
Del:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Yeah, say they go bust!<\/div>\n
Alan:\u00a0\u00a0\u00a0\u00a0\u00a0 Insurance regulators and watchdogs keep a careful eye on Insurance companies. All companies, whether in trouble or not, are forced to keep very large reserves, in case they have to pay out to policy-holders. Usually these reserves are invested in government bonds and securities but my guess is that Slater’s used the moneys to help him build his own empire.<\/div>\n
Del:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 How comes he ain’t been spotted.<\/div>\n
Alan:\u00a0\u00a0\u00a0\u00a0\u00a0 The trick is to deceive the companies into believing the money is being soundly invested.<\/div>\n
Del:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 And?<\/div>\n
Alan:\u00a0\u00a0\u00a0\u00a0\u00a0 Say Slater is using the reserve money from say, five companies. Each have five million in reserves and each expects a profit. Slater will pocket much of it for himself but will also keep a remainder in reserve. Say Twenty Million.<\/div>\n
Rodney: And five million for himself!<\/div>\n
Mike:\u00a0\u00a0\u00a0\u00a0\u00a0 And if one of the investors asks for his money back?<\/div>\n
Alan:\u00a0\u00a0\u00a0\u00a0\u00a0 Slater pays them back from the reserve. Plus a small profit which would be expected.<\/div>\n
Del:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 What a great scheme!<\/div>\n
Alan:\u00a0\u00a0\u00a0\u00a0\u00a0 It is. So long as all the investors don’t all ask for their money back at the same time the scheme goes completely undetected.<\/div>\n
Del:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Can you can tell that’s what Slater has done?<\/div>\n
Alan:\u00a0\u00a0\u00a0\u00a0\u00a0 Can’t prove it Del but there’d be enough of a case for watchdogs to do a full investigation.<\/div>\n
Mike:\u00a0\u00a0\u00a0\u00a0\u00a0 We’ll tip them off then.<\/div>\n
Alan:\u00a0\u00a0\u00a0\u00a0\u00a0 Might not be that simple.<\/div>\n
Rodney: Why not Alan?<\/div>\n
Alan::\u00a0\u00a0\u00a0\u00a0 Mike cobbled all this together two years ago, Slater might have appropriated a lot more companies since then, for which we have no details.<\/div>\n
Mike:\u00a0\u00a0\u00a0\u00a0\u00a0 Yeah, and the detective weren’t cheap.<\/div>\n
Alan:\u00a0\u00a0\u00a0\u00a0\u00a0 Also, it’s very possible that oversees investments are involved. They would come under separate jurisdiction depending on the country and should watchdogs find something suspicious in Slater’s dealings in this country there’s nothing stopping Slater making a payment from abroad to cover any shortcomings.<\/div>\n
Del:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Well I reckon we’ve got enough to do him. He likes deals does he? Let’s see if he likes my deal. You leave this to me now Alan, I’ll handle this from here.<\/div>\n<\/div>\n
Go to part 7<\/a><\/div>\n<\/div>\n\n
<\/div>","protected":false},"excerpt":{"rendered":"\"\"<\/a>

Friends in the right places part 6 Friends in the right places\u00a0by Jimmy Connerly\u00a0(Part 2 from MR X) Scene\u00a0Six- INT – TROTTERS FLAT – LATER THAT EVENING Alan is at the table looking through the folders. There are lots of Financial Times newspapers. Del and Mike are also at the table. Cassandra and Rodney are […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[51],"tags":[],"class_list":["post-1022","post","type-post","status-publish","format-standard","hentry","category-scripts"],"yoast_head":"\nFriends in the right places part 6<\/title>\n<meta name=\"description\" content=\"Friends in the right places part 6 Friends in the right places\u00a0by Jimmy Connerly\u00a0(Part 2 from MR X) Scene\u00a0Six- INT - TROTTERS FLAT - LATER THAT EVENING\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ofah.net\/blog\/friends-in-the-right-places-part-6\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Friends in the right places part 6\" \/>\n<meta name=\"twitter:description\" content=\"Friends in the right places part 6 Friends in the right places\u00a0by Jimmy Connerly\u00a0(Part 2 from MR X) Scene\u00a0Six- INT - TROTTERS FLAT - LATER THAT EVENING\" \/>\n<meta name=\"twitter:image\" content=\"http:\/\/www.ofah.net\/images\/alan-parry.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@ofahnet\" \/>\n<meta name=\"twitter:site\" content=\"@ofahnet\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.ofah.net\/blog\/friends-in-the-right-places-part-6\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.ofah.net\/blog\/friends-in-the-right-places-part-6\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\/\/www.ofah.net\/blog\/#\/schema\/person\/6b387e74dbc5b2c3ecff7d00d2f80f61\"},\"headline\":\"Friends in the right places part 6\",\"datePublished\":\"2010-01-04T20:57:40+00:00\",\"dateModified\":\"2010-09-17T14:26:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.ofah.net\/blog\/friends-in-the-right-places-part-6\/\"},\"wordCount\":746,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.ofah.net\/blog\/friends-in-the-right-places-part-6\/#primaryimage\"},\"thumbnailUrl\":\"http:\/\/www.ofah.net\/images\/alan-parry.jpg\",\"articleSection\":[\"Scripts\"],\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.ofah.net\/blog\/friends-in-the-right-places-part-6\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.ofah.net\/blog\/friends-in-the-right-places-part-6\/\",\"url\":\"https:\/\/www.ofah.net\/blog\/friends-in-the-right-places-part-6\/\",\"name\":\"Friends in the right places part 6\",\"isPartOf\":{\"@id\":\"https:\/\/www.ofah.net\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.ofah.net\/blog\/friends-in-the-right-places-part-6\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.ofah.net\/blog\/friends-in-the-right-places-part-6\/#primaryimage\"},\"thumbnailUrl\":\"http:\/\/www.ofah.net\/images\/alan-parry.jpg\",\"datePublished\":\"2010-01-04T20:57:40+00:00\",\"dateModified\":\"2010-09-17T14:26:21+00:00\",\"author\":{\"@id\":\"https:\/\/www.ofah.net\/blog\/#\/schema\/person\/6b387e74dbc5b2c3ecff7d00d2f80f61\"},\"description\":\"Friends in the right places part 6 Friends in the right places\u00a0by Jimmy Connerly\u00a0(Part 2 from MR X) Scene\u00a0Six- INT - 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