AIB announces new managing director is to be:
a) appointed from within despite a search for an outside candidate that apparently found nobody suitable for the job
b) to be paid more than the €500,000 per annum cap Minister Lenihan put on bakers salaries.
There is uproar on the airwaves and in the Dail. “Bankers are back to being bankers after they get their bail-out”, and so forth.
Today, it is announced that Colm Doherty will wear his €500,000 salary cap and assume the role of ‘managing director’ of the bank, taking over from Chief Executive Eugene Sheehy. Crisis averted, pandemonium over. Then there’s this from the Irish Times:
The bank plans to appoint current chairman Dan O’Connor as executive chairman encompassing the two roles of chairman and chief executive to run the bank alongside Mr Doherty in the lower-ranking role of managing director.
So, the fuss over the salary thing has fudged the issue. Firstly that the appointments are coming from within, so it’s more of the same. The people who were part of fucking up the banks are being asked to change their habits completely and clean things up? Unlikely. It’s like this government trying to clean up the mess it has made when it is clearly unable to do so – it’s like asking a lion to stop eating gazelles and antelopes. That is what they do. And are we really supposed to believe not one external candidate was good enough?
Then there’s the dual role of Chairman and Chief Executive:
The Labour Spokesperson pointed to the Grant Thornton report on corporate governance, commissioned by the Irish Stock Exchange and published earlier this year, which recommended that one individual should not be allowed to be both Chair and Chief Executive of any company.
Speaking at the time of the report’s publication Paul Raleigh, managing partner in Grant Thornton, referred specifically to the records of Anglo Irish Bank and DCC, companies where one individual had held both positions.
So despite the Grant Thornton report all good advice has been ignored and the banks can carry on doing what they’ve always been doing. A system which was flawed and therefore abused has not been changed and will therefore be abused. Maybe I’m too cynical or maybe there’s something I’m missing. I’m sure there are more financially astute and knowledgable people reading who can shed some light on it if I am.
Bottom line though, nobody’s talking about those things. Only the salary issue.
But at least the chappy is only earning €500,000. That’s a win for us, right?
The banks must have a load of shit on the head honchos in FF. I’d say they in it balls deep.
“Grant Thornton report on corporate governance, commissioned by the Irish Stock Exchange and published earlier this year, which recommended that one individual should not be allowed to be both Chair and Chief Executive of any company.”
Don’t know what all the fuss is about, Sean Fitzpatrick was the Chair & Chief Exec of Anglo & got on fine in the roles !!!!!
He capped bakers’ salaries too? The miserable bastard, what have bakers done to fuck us up
I was watching Oireactas Report last night. Mary Coughlan looked like an extra from Planet of the Apes. Brian Lenehin looked fucked. They look like they’ve thrown in the towel. And then happy green dude on the radio this a.m. said “this government will not be bounced into anything by the banks”. Too late pal; you were already bounced in last september with the deposit guarantee. One thing these FF cunts don’t seem to get is that bankers, since the medici days, are moneylenders. Bankers have no morals and will resort to all means at their disposal to get their way. Ever see a man on the street beat a bank in a court of law?
I wish FF and Green party would leave office ASAP, with their department of finace employees who are fucking useless; it’s all getting very depressing.
When the bankers salary cap came in I assumed it meant that everyone in the banks had their salary capped at half a million… silly me… only the chairman has a salary cap… the rest of the board can continue earning 630000+…
I suppose in Ireland having 1 person per bank have a salary cap makes sense when you’re trying to save tax payers money and be contrite… sorry, when your trying to pretend to care about tax payers money and to look like you’re contrite…
What a surprise.
I know we’re a lethargic people, but sooner or later they’ll push their luck too much, surely.
Maybe. Or maybe we’ll just go for a pint.
I wonder what it would take to push us to revolt.
Take away our pints
Maybe. Or maybe we’ll just go for a pint.
and then vote them in again.
You might take my freedom but you’ll never take my wife……… beater.
That’s the thing that infuriates the most. There are so many muppets and party-voters out there who will vote FF again in the next election, just because “Ah sure this family always votes FF” or because they got a road built up the way, or something similarly narrow-minded.
Maybe I’m too cynical or maybe there’s something I’m missing.
Is it really possible in the present climate to be too cynical? I doubt it. Problem is, that’s all we’ve got.
cyn·i·cism (sn-szm)
n.
1. An attitude of scornful or jaded negativity, especially a general distrust of the integrity or professed motives of others.
2. A scornfully or jadedly negative comment or act.
3. Cynicism – for Ireland = inertia on the part of the populace.
I love being annoyed.
Banks have been designed to fuck people and that’s why they’re run by pricks. It’s what they do and they’re good at it. They will never stop. So — drop your draws, bend over and grab your ankles. You’re getting fucked. Again and again.
Yummy! Swipe your card between my cheeks, letyee!
YES – AIB Have pulled a fast one.
AIB knew they wouldn’t get away with the Salary over €500K but they put it forward to distract from the fact that they haven’t appointed an outsider for the job.
Brian Lenihan gets to puff his chest and be seen to be tough on the banks and yet the more important issue of an inside appointment is let slide.
Nothing has changed folks.
It’s time to rob a bank all I need is a 2 partners,2 sawed offs a car and a driver….Any takers? oh yeah – a plan would come in handy too….
Buncha shitcunts
500,000 euro cap,me bollix .expences will make up the difference. just the same cunts.
Same fella being put in charge that was around when all the gambling and slight of hand were happening..nothing changes..
Bankers are bankers
But the Politicians
are wankers.
The idiot Irish get fooled again!
The Gov’t are major Bank-shareholders and, despite what they say, could probably quite easily put a stop to all these shenanigans, if they gave even the minutest of fucks about all this
The fact that they pretend they can’t tells you all you really need to kknow about who’s really in chrage around here.
Now with that miserable cheated-defeat in France tonight, the media will have an easy time distracting all the idiots from ever actually paying attention to the economic-arse-raping they’re in the process of receiving.
The fact that a few short weeks ago the Irish Gov’t decided to appoint as Financial Regulator the guy that used to ‘regulate’ the financial affairs of the tax-haven and probable money-laundering nation of Bermuda, is just another example of their complete aquiesance to the every whim and desire of International Capital, no matter how destructive it may be for the financial health and reputation of Ireland Plc.
That decision alone sends out the signal to money-launderers and financial-crooks that the nation of Ireland is ready and willing to bend over to facilitate any and all financial jiggery-pokery
Colm Doherty was the head of AIB Capital Markets whose stockbroking wing Goodbodys purposefully & illegally traded in its own AIB shares through companies based in the Caribbean and South Sea islands as per the evidence given by Eugene McErlean (Former group Internal Auditor) to an Oireachtas Committee on Economic Regulatory Affairs hearing earlier this year.
This was the second time in recent years that a former AIB staff member had noted that AIB had traded its own shares through suspect territories such as Nevis and Vanuatu.
It is worth noting that while Vanuatu is a tax haven and dealings with it are frowned upon, Nevis is strictly on the banned list, it is completely black listed & the only reason anyone would trade through there would be to cover up illegality.
I’m not saying Doherty was involved but he was there & these are the types of dealings that have put this Country in the fucking mess we’re in.
Now instead of worrying about what AIB were going to pay this guy, Lenihan should have been saying No fucking way to his appointment, he says they couldn’t find an outsider so they had to appoint from within. Not from within the dodgiest department / wing of their business they didn’t.
Again the banks whistle and FF wags its tail, the difference in his salary will be made up in perks & bonuses.
Im gonna get raped for this ..but anyhoo.
*Tired*
Nobody gives a fuck? Right. The govt are just going to keep on fucking us over. We cant do anything.. were just going to take it up up the arse one more time… yet the minute.. the very second public sector workers go on strike ..cos they dont like get fucked over by this almighty UBERCUNT goverment THEY, not the CUNTING govt, are the bad guys. ‘ They should shut the fuck up and be glad they have jobs’ quoth Jo Public.
anyone? no? enjoy the arsefucking. Bring olive oil.
oh and PS
dont dare try and stand up these fucking cunts whatever you do. Cos they love it when you do nothing.
All this shite was so that Lenihan could look good by sticking to his guns and not allow it. But the cheesy cunt fucked that up not stopping the two jobs of Chairman and CEO going to the same shitehawk who has been on the board of AIB since they caused this current mess.
How much Fianna Fail hidden wealth is tied up in the failed banks? There are several FF ministers who have not disclosed the amount of hidden money that they have invested in the banks and therefore needed the government guarantee.
And who the fuck would believe that you could not get someone to take a job at €500,000 a year. Any decent administrator from a large-ish company could do the job. Their lack of familiarity with current banking practice could only benefit the people who are paying for the banks at the moment – the taxpayers.
I’m tired and jaded… its like we’ve been over every barrel in town, and the gov is just laughing and wiping itself in our own dignity…
What can we do, its beginnig to look so hopeless…