Eugene Sheehy Pension

Samell

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So the architect of AIB's lending spree got a €900,000 handshake and now gets a €529,000 ANNUAL PENSION!
I had to take a step back when I read the pension figure and I started thinking about it, and here is my conclusion: GIVE IT TO ME.

No not all of it but if MoF Lenihan reads this then let me explain,
give me 1 years money ie. €529,000 and I will do the following

1 put it into a PTSB account, no taxpayer involvement,
2 draw an annual salary of €26,450 for 20 Years yes you read right 20 years!
3 I'd be off the live register.
4 No need for a medical card or free medication.
5 Taxable income of €2,200 per month.

€2200 per month after tax PRSI etc about €1500, good money to put back into the economy, VAT to the government from all that I buy, and a feeling of worth and self respect returned. This would take me up to nearly 70 years old so I would then qualify for a pension based on my contributions, in my home that I will have paid for without having to be bailed out, my personal debits cleared.

All this for 20 years for the price of 1 criminally stupid bankers, who put profit before prudence, annual pension.

Even Lendahand must see 20 for 1 is a good deal.
 


hammer

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Well he did turn a once great company worth €21 billion into a nationalised piggy bank :)

Some achievement.

Wiped out my nest egg and a lot more besides :(
 

captainwillard

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I read in Sunday Times that it was Michael Buckley who set up a unit dedicated to competing with Anglo on lending in 2003.

Extraordinary that AIB has been brought to its knees.
 

hammer

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Anything in common

Roddy Molloy
John Hurley
Eugene Sheehy
Patrick Neary
Michael Fingleton


All were paid off
 

anewbeginning

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I read in Sunday Times that it was Michael Buckley who set up a unit dedicated to competing with Anglo on lending in 2003.

Extraordinary that AIB has been brought to its knees.
A combination of deregulation and unfethered competition brought Irish banking to its knees.

If Anglo lent 100 million to someone without any security, AIB would lend 200 million to the next guy, just to get his business.

All the normal rules of caution in banking went out the window. And that's how FF wanted it.
 

HarshBuzz

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considering the bould Euge publically declared he'd 'rather die' than accept State funds for AIB, I'm surprised he's still around to collect his pension!
 

Oldira1

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considering the bould Euge publically declared he'd 'rather die' than accept State funds for AIB, I'm surprised he's still around to collect his pension!
Well I will gladly pay for the whiskey and the locked room if somebody else....well you know.
 

HarshBuzz

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Utopian Hermit Monk

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Watching Sheehy's performance at the Banking Inquiry this morning (he's still there!), I can't begin to understand how anyone could have decided that he was worth a salary of over €2 million per annum, and an annual pension of over half a million.

His most coherent statement this morning was a reluctant: "We were wrong about property". :?

The proverbial dogs in the street knew they were wrong about property.
Unfortunately, the dogs in the street weren't running the bank!
 

Analyzer

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Watching Sheehy's performance at the Banking Inquiry this morning (he's still there!), I can't begin to understand how anyone could have decided that he was worth a salary of over €2 million per annum, and an annual pension of over half a million.

His most coherent statement this morning was a reluctant: "We were wrong about property". :?

The proverbial dogs in the street knew they were wrong about property.
Unfortunately, the dogs in the street weren't running the bank!
The pensions in AIB should have been stopped the moment the bailout started.

Another FF/GP blunder.

Time for an extension to austerity.

Austerity needs to be applied to former AIB management.
 

Utopian Hermit Monk

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Sheehy told the Inquiry that he regrded the Regulator as very competent, capable and of the highest integrity.

This is the same Regulator who, according to the ("enjoy your community service") judge in the Anglo trial, misled poor Willie McAteer and Pat Whelan "into illegality"! :shock2:


Sheehy and Buckley remind me that a re-watch 'On Golden Pond' is overdue:

[video=youtube;5yTwD7U_XV4]https://www.youtube.com/watch?v=5yTwD7U_XV4[/video]

The loons! :cool:
 

HereWeGoAgain

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The pensions in AIB should have been stopped the moment the bailout started.

Another FF/GP blunder.

Time for an extension to austerity.

Austerity needs to be applied to former AIB management.
Correct.

There was absolutely no penalty attached to behaviours of those in executive roles which is why they acted so recklessly.
They took zero responsibility, morally or ethically. I doubt it even entered their minds to do so.
To them, I'm inclined to believe it was a 'game' along the lines of "Let's outsmart our competitors as there is zero regulation"
The two Fuppers most brilliant at it, Fingleton and Fitzpatrick are still living in their lofty mansions with their lavish lifestyle uninterrupted.

One wonders if either of those worked for a multinational and behaved so, where they would be spending their twilight years?
Certainly not on a 5-star golf course shooting the breeze.
 

Utopian Hermit Monk

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Sheehy to the Inquiry:

"I agree with a description offered by a colleague who reflecting on the crisis described our approach as a massive intellectual failure."

In other words: "We were stupid!"

Note that this conclusion was reached by a colleague.
Mr. Sheey hadn't the wherewithal to work this out by himself.
But they reckoned he was worth €2 million+ per annum! :?
 

Sister Mercedes

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Sheehy to the Inquiry:

"I agree with a description offered by a colleague who reflecting on the crisis described our approach as a massive intellectual failure."

In other words: "We were stupid!"

Note that this conclusion was reached by a colleague.
Mr. Sheey hadn't the wherewithal to work this out by himself.
But they reckoned he was worth €2 million+ per annum! :?
He realized something was up when he saw his colleague wearing this t-shirt.

 

HereWeGoAgain

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Sheehy to the Inquiry:

"I agree with a description offered by a colleague who reflecting on the crisis described our approach as a massive intellectual failure."

In other words: "We were stupid!"

Note that this conclusion was reached by a colleague.
Mr. Sheey hadn't the wherewithal to work this out by himself.
But they reckoned he was worth €2 million+ per annum! :?
That is little comfort to those who lost their homes, are in negative equity being pursued by Banks.
Sheehy continues to receive a pension of €250,000 a year, a lotto-type figure that most people, self included, can only dream of.
And he receives that despite his immense failings that lead to the State [you and I and all taxpayers] picking up the €20bn tab.
And we learn via article below he is now 'studying at Trinity'.... one wonders in what discipline.


The 58-year-old former banker, now studying at Trinity, has surrendered between €50,000 and €75,000 a year. This may be a drop in the ocean of our national debt, but it is a constructive gesture of self-denial, more eloquent than anything offered by other key players in the financial collapse.
It does not entitle him to a halo, of course. AIB had to be taken into state ownership with €20bn pumped into it, while a redundancy package led to 2,500 staff departures. So Mr Sheehy is lucky to get anything.
As are other bankers. Low profiles have been adopted in most cases by those who peered over the side of the crater they helped to cause before gulping and tiptoeing away.
By voluntarily accepting a reduced pension of €250,000 a year -- when legally he could not have been forced to waive the money -- Mr Sheehy acknowledges that collapse-era senior bankers have bloated and indefensible pensions. Even €250,000 remains bloated and indefensible.
Link:
Martina Devlin: No halo for banker Sheehy as he treks the lonely path to redemption - Independent.ie
 


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