Download Breakfast with Anglo eBook Ú 240 pages

text Breakfast with Anglo

Download Breakfast with Anglo eBook Ú 240 pages Ô [Read] ➳ Breakfast with Anglo ➻ Simon Kelly – Horticulturetrader.co.uk Simon Kelly's involvement in property development began when as a computer mad child in the 1980s he started making spreadsheets for his father the developer Paddy Kelly By 2008 when the IrishPerty bubbleUntil now the story of Ireland's property boom and bust has been told only by people on the outside The bankers and the developers have kept uiet Now Simon Kelly breaks the silence with this vivid and unsparing account of how it all worked and why it went sour He brings us to the muddy fields humble cafés and grand dining rooms where the deals were made; he explains how it was that debt always begat debt; and he takes us through the hitherto opaue portals of Anglo Irish Bank the Kellys' main lenderIn an account packed with Simon Kelly started in property development as a teenager crunching the numbers for his father Paddy Kelly one of Ireland’s best known developers He uickly progressed to become his father’s right hand man and eventual partner specializing in the financial and legal side of the business In Breakfast with Anglo he tells the story of the Irish property boom from the developers’ perspective providing a reasonably frank account of how the property development game worked focusing especially on the finance side of things and the relationship between developers and the banks especially Anglo Irish BankBreakfast in Anglo is a curious read Kelly has produced a candid seemingly open and engaging narrative Whilst many elements of the story will rile many readers Kelly has clearly been on a journey of self reflexivity and he’s able to step back a pace and set out the ins and outs of the business his role in it and to acknowledge his culpability and express remorse for the ensuing disaster of the collapse of the Celtic Tiger That’s not to say that Kelly is full of regrets though he has a few or that is he rounds on his former colleagues and partners or is apologetic for his lifestyle or the fact that he knows how to work the system and does including walking away or sheltering from massive liabilities Indeed it’s clear that even now he has a soft spot for Anglo Irish Bank and many of the staff who worked there and he’s generous in his praise of those he worked with However by wearing his heart on his sleeve and being straight the result is a book which as much as one would like to hate it and as much as the story annoys and riles and for all its faults and silences one has to admit was a pretty good read That’s not to say that there aren’t issues with the story being told but that the writing craft and narrative was solidAs for the story Breakfast with Anglo principally tells the financial and deal making side of the building of the Kelly’s property empire In particular it focuses on the relationship between the Kellys and Anglo Irish Bank how they built a complex web of partnerships with other developers and financiers to make different deals work and how the nature of development changed throughout the boom years Told from Kelly’s personal perspective it also reveals how he changed as the business grew and became increasingly disillusioned by the life he was living but ultimately was unable to extract himself from itWhere the book is strongest is in its insight into the way in Anglo the other banks and the deal making side of development worked Anglo built relationships that extended beyond simply servicing business It cultivated its clients gave them royal treatment bent over backwards to help them out and make financing as easy as possible but in return demanded loyalty They became the bank of choice for developers because they actively facilitated them by building a relationship cutting through red tape and were reactive to their needs They also didn’t impose ‘silly rules and restrictions’ as Kelly puts it by which he means sensible and prudent rules and restrictionsWhere the book is almost completely silent is with respect to politics vested interests and planning Not one single politician makes an appearance in the story The much talked about cabal in the media is developer banker politician Either the Kelly’s had nothing to do with the politicians or political donations or political lobbying or this is conveniently dropped from the narrative And whilst Simon Kelly might not have been actively and directly involved in this one would find it hard to believe that he wouldn’t have known what other elements of the firm were up to given the level of interaction and f

Simon Kelly ï Breakfast with Anglo ePub

Telling and indiscreet detail Simon Kelly makes no excuses for ending up bust He simply shows how it happened to him to other developers to the banks and to the country In doing so he courageously breaks ranks with the insiders who created this disaster and who would prefer to blame 'international forces' bad luck or one another Breakfast with Anglo is a landmark in our national accounting of the present crisis an essential read for anyone who wants to know how we got into this mess and how we might begin to think about getting out of i Good lessons well writtenFor a property guy Simon has a great talent for writing He clearly shows how being caught up in a bubble makes one blind to the pins that are ever present; waiting on the sidelines to prick them This is a great read than eual to The Big Short Read it and learn from it especially if you’re just a lowly home owner like me Learn how cycles can be avoided and hold fast to your integrity Well done Simon You could make a career as an author

ePub Ï Breakfast with Anglo ï Simon Kelly

Breakfast with AngloSimon Kelly's involvement in property development began when as a computer mad child in the 1980s he started making spreadsheets for his father the developer Paddy Kelly By 2008 when the Irish property market crashed Simon and Paddy owed their creditors nearly a billion euro In 2009 they were the first big developers to admit they were bust and they encouraged their fellow developers to face reality in the same way In 2010 in the pages of a national newspaper Simon Kelly apologized for his part in the long term damage created by the pro I give this 25 stars The book is written okay and could be better in part'sThe book tells the story of on one developer's relation with a failed Irish Bank called Anglo which in turn led to the Ireland needing a bail outIf you have an interest in the banking crisis in Ireland then it worth a readAfter reading the book there was only going to be one out come of the construction boom in Ireland The reason been the returns they making on investments of 100% in a year just don't stack up in the long term If someone told me I give you a 100% return on an investment I just would think it a scam he mentions reading Warren Buffet in the book so he should of know that it was never sustainable at those return's Also bank giving 100% to buy and develop sites could never work out in the long term In my opinion 100% loans is a form of gambling From this book it would appear the banks were driving the market loaning money to a lot of people to pitch against each other for site’s and developer’s having to push up the price of the houseapartment to make the number’s work after buying the site for the high priceAfter reading think book regardless of what state the construction market is in very strict guidelines are need for loaning money and tax incentives need to be strictly reviewed as would seem hotels were built just to write tax off against and not to worry about guest staying in them But you can bet in Ireland we won’t learn from this and we be back to 100% loans to buy and develop site’s personal guarantees that are worthless and the government dishing out large tax incentives to get properties built