Ex-Financial Regulator: "Everybody to blame"... and at least we don't have coups

oceanclub

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Bizarre speech here:

Everybody to blame for crisis, says ex-regulator - Irish, Business - Independent.ie

FORMER Financial Regulator Brian Patterson has hit out at the media for being overly gloomy in a speech which saw him blame "everybody" for the country's economic woes.

Mr Patterson -- who led the regulator at a time when banks such as Anglo Irish and Allied Irish Banks were recklessly lending billions to builders -- made no reference to the role the failure of regulation had in the collapse of the economy.

He instead suggested that people who had bought houses or shares during that period were somehow responsible for what has happened.

"We were all responsible," he said several times in a speech that also extolled "our wonderful health system" and a democracy that allows a change of government without military coups.

[...]

He reserved particular criticism for UCD academic Morgan Kelly, who correctly predicted the collapse in house prices and, more recently, predicted that the number of people defaulting on mortgage payments will jump.
The sheer nerve of this man is jaw-dropping; he didn't do his job properly, failed to see a bubble, and now blames those who _did_ see the bubble coming.

As for his reference to the fact that we haven't had a military coup being something to praise Ireland about, it's like something out of a Peter Cook comedy.

P.
 


hammer

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I recommend that everybody switches from Vodafone his current employers.

The man is a joke.
 

oceanclub

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Actually, I did switch from Vodafone to Three a few months ago, after being a customer since they set up here (1997?), since they're so expensive (their iPhone 4 pricings were ridiculous).

No doubt Mr Patterson thinks I'm just being negative.

P.
 

Holy Cow

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Solid evidence that we need a coup.

Get out in the streets for budget day.
 

stonethrower

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A lot of people such as Patterson got away with murder since he was supposed to be overseeing the work of the Financial Regulator as Chairman of the Board.

Surprised to see him criticising the Irish Times as they always seemed to avoid mentioning him during the crisis when he was still on board.

I just realised that Liam O'Reilly is still on the board of PTSB. How is this possible? This guy set the tone of "light touch regulation" before handing over to Neary in 2006.

Interesting piece here about his post FR work.

The Crimson Observer: Liam O'Reilly the first Irish Financial Regulator is a busy man
 

ellie08

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He and Mr. Lenihan are trying out the tried and trusted method of keeping the Irish people in their place. Guilt and shame - it worked for the RCC for centuries. We're all guilty, of what we are not quite sure, but by God we better repent.
 

hammer

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Can someone post a picture of the twit.

I might have a few choice words for him next time I see him :) :)
 

Holy Cow

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The gimp on the left, Neary in the middle.

 

retep

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Does this guy get a pension from his former role? I wonder would he be as smug if he was stripped of his benefits and prosecuted for incomptency and fraud.
 

Legacy

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My God the man is positively insane. I think I might just contact Vodafone and express my displeasure with what the Chair of their organisation is saying about the people of our nation.....
 

Fraggle

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I was considering leaving Perlico due to their crappy BB service. This has made up my mind for me.
 

slx

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Yeah it was those people (none of whom were financial experts) who had no choice but to pay insane prices so that they weren't homeless!

Does he really think people were delighted with the prospect of paying huge prices for houses in remote places? Or, that they loved 2 hour commutes?? They did it because they didn't have a choice. It was that or not be employable as they couldn't reach work or they would be forced emigrate to a sensibly priced housing market in another country.

These guys speculated with a vital commodity i.e. housing. It's every bit as bad as speculating on basic food prices or energy. People have no choice but to pay up or they are either on the street, starve or have no ability to heat themselves.

What the banks and speculators did was suck billions upon billions out of the economy and line their own greedy pockets.

The system was designed to benefit the developers (mostly the larger ones) and of course the banks.

Now instead of accepting that the banks made catestrophic errors, we are baling out the system. Not only the Irish system but also the greedy idiots who invested their banks' money or their investors' money into Irish and other banks who were engaged in this kind of speculation on property.

The house of cards can't stay up forever and these people have to accept reality. They cannot expect the ordinary people who they have milked dry via overpriced housing to now pay for their gambling losses as the scam went wrong.

To me it's like the as if someone robbed you, then lost the money on a horse, and now wants you to cough up to pay for his gambling losses.

It's not just our regulators, but the whole system is just rotten to the core. Yet, it keeps trying to blame the very people who it already screwed over.
 
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W..R.H

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The first priority of the next governmen, whoever they may be, should be to bring culpable people such as Mr. Patterson and Mr. Neary before the courts on charges of floundering incompetence at the very least. If these people are allowed to retain jobs after overseeing the biggest economic meltdown ever seen, then there is something very wrong.

It is madness that men like him are allowed to still enjoy employment in such comfy positions and then from their high perch lecture the rest of us on how everybody else is to blame, while convenintly ignorning his hand in this mess. The arrogance of these people knows no bounds.. l

Let there be justice, the next election should have the opposition make a pledge, not a guarantee, a pledge, that those in positions of power who failed spectacularly in their job, should be stripped of their pension from the state and then brought before the courts, anything else is unacceptable.
 

harryshounds

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he is a ff hack just like all the 7'th floor in the central bank. up there with their massive ps wages and pensions none of this will effect em. they blame the working class for this mess and expect us to pick up the bill,all the while the earn hundreds of thousands of public money and live an untouched life of privilage. the have their lunch served to them by waitreess on silver platters and throw steak dinners for themselves with wine and beer,all cooked by pro chefs and served by silver service. if there is a coup the 7'th floor central bank should be hit straight after leinster house and before rte.
 

Mushroom

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Interesting to note that Patterson's professional CV omits to mention his time as Chairman of the Financial Regulator - it must be an oversight - just like 'Fingers' forgetting to mention his €7m pension in his statement of assets for the High Court!



Here's an extract from Shane Ross's The Bankers - just for background reading!
 

jamesbond000

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Yeah it was those people (none of whom were financial experts) who had no choice but to pay insane prices so that they weren't homeless!

Does he really think people were delighted with the prospect of paying huge prices for houses in remote places? Or, that they loved 2 hour commutes?? They did it because they didn't have a choice. It was that or not be employable as they couldn't reach work or they would be forced emigrate to a sensibly priced housing market in another country.
Okay, while not for a minute condoning the utterances of this muppet, the above is an equal load of bull. You could have rented. I did and I have four young kids and a very well paid job (not PS). We moved back from Germany in 2003 and thought prices were ridiculous then. Having come from a culture of renting in Germany it didn't bother us to do the same here. Granted everyone looked down their noses at us but we didn't care. Even had to pay full years rent up front to grasping landlords to get the pad we wanted. For us, the tiger era was a scary, uncaring time. I'm glad it's over and - forgive me - but I feel great about not following the herd and loading up with debt to "put a roof over my head". So don't say you had to buy. You didn't. You were one of the sheeple and now you must live with the consequences of your decision.

There's still a lot of growing up needs to be done in this country.
 

bkeith

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It is not Paddy’s fault: it is the banks for loaning him all that money.
Now Paddy, along with the banks, builders and developers, cannot pay back those loans because they borrowed too much for their properties, which were overvalued by their own speculation, and are now in negative equity. They borrowed money they could never realistically pay back, for properties that were worth less than they are. So now they and the banks are bust... or would be but for the bailout and the money the ECB has already pumped into them.
Granted, the Irish banks – who were better informed of the domestic economy than those in Berlin,Paris, & London – were only too happy to loan recklessly. But was Paddy complaining as he got the go-ahead for their latest interest-only loan? No, he thought he was on the pig’s back. Now that he has fallen off, everyone else is at fault. The games of denial and blame:lol:
 
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