Fingleton & co. operated in plain sight then walked...and FF/GP charge us, not him

He3

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We sat back and watched Fingleton hijack Nationwide, and John McManus wonders why he is now left in peace while we pay the bills.

We sat back and watched Fingleton hijack Nationwide - The Irish Times - Mon, Apr 19, 2010

what little light has been shone on the inner workings of Irish Nationwide to date only confirms this picture, with Fingleton acting as a one-man credit committee and fast-tracking loans for politically connected clients, including Celia Larkin and Charlie McCreevy.

The truly baffling thing about what happened at Irish Nationwide was that it pretty much happened in plain sight. Fingleton blatantly paid little more than lip service to the rules governing mutual societies and nobody shouted stop.

Instead of being held to account, he was lauded as some sort of mischievous, but brilliant, rogue basking in that most dangerous of Irish sentiments, sneaking regard.
toxic avenger on p.ie has been trying to breathe life into one clear political manoeuvre nodded through the Oireachtas and solely benefitting Fingleton's operation here -

http://www.politics.ie/current-affairs/51507-noel-dempsey-hypocrite.html

Astonishingly, in 2006, changes were made to the building society legislation specifically tailored to allow Fingleton sell the building society at the time and in the manner of his choosing.
He now leads a happy retirement, with the government's blessing:

It is all the more bizarre, because of the extent to which Irish Nationwide was a one-man band makes Fingleton’s responsibility for the €2.5 billion mess to be unveiled shortly absolutely unequivocal by comparison with his peers at the other banks. They at least followed corporate governance norms. It did not save them, but it does spread the blame.

The Government has pretty much washed its hands of the issue and left matters to the Office of the Director of Corporate Enforcement and the Financial Regulator.

This provides a convenient fig leaf for inaction but, as of the beginning of this month, the Government took control of the society when it gave it the first €100 million of the €2.6 billion of taxpayers’ money that will be needed to fix the mess created by Fingleton.

It would be nice to think that a letter from the Minister accompanied the cheque instructing the society to pursue its former chief executive and his pension. If Brendan Murtagh’s creditors can do it, then surely so can Fingleton’s former employers.

But even this seems unlikely given that the Government plans to dismantle Irish Nationwide as soon as possible.
Just to be on the safe side, the government has crippled the office of the Director of Corporate Enforcement.

http://www.politics.ie/justice/45664-crippling-whitecollar-crimebusters-how-fianna-fail-did.html

This is Irish culture, so I am posting this in Culture and Community.
 
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MPB

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You can be guaranteed that the very top of business and politics in this country is riddled with fraudulant and criminal activity.

The current attempts at cover up and the blatant attempts to buy the silence of co conspirators with tax payers money via golden handshakes and massive pensions is evidence of this fact.
 

markeys

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FF/Greens will not go after anyone.

Once they got their secret bank inquiry up to protect the party hacks, its been plain sailing.
 

hammer

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Only the little people pay tax :) :)

€2,700 million for INBS is small change to bail out these developers. Small change.
 

rockofcashel

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If something can't be found on Fingleton to ensure he spends the rest of his days behind bars, then we may as well shut this country down. How IN could be in this state without some measure of serious fraud, beats me
 

turdsl

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And people still say that Michael McDowell was a good minister for justice,
 

locke

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Didn't there used to be someone who used to run at every AGM on an anti-Fingers platform? Share account holders would get a letter from the board pretty much calling him a mental case.
 

He3

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agora

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If something can't be found on Fingleton to ensure he spends the rest of his days behind bars, then we may as well shut this country down. How IN could be in this state without some measure of serious fraud, beats me
Don't hold your breath. We've seen here & in countries around the world as the financial clusterf*ck continues to unravel that because of the close links between bankers & politicians a good deal of the really damaging stuff was perfectly legal or not that serious a crime since financial regulation was written with the best interests of people like Fingleton in mind rather than the rest of us. He might have to pay a small fine or perhaps lose the right to hold a company directorship for a few years but that'll be it.
 

MPB

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Question we have to ask ourselves is, are we prepared to let the law written by the criminals be the rule of thumb in how we deal with this crime?

It was obviously written to protect those engaged in fraudulant activity.

Even now, they are engaged in a massive transfer of State Funds to, what can only be described, as well connected criminals.
 

He3

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That is a fair question.
 

powderfinger

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Mr. Fingleton's rogue bank could not have been constructed single-handed.It's toxicity was surely augmented by an internal corporate culture which promoted those who thrived under his house rules.I would wager that there are many of his yes men scattered throughout the Irish financial services landscape whose performance at INBS was critical to it's failure.
 

Gryire

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Don't hold your breath. We've seen here & in countries around the world as the financial clusterf*ck continues to unravel that because of the close links between bankers & politicians a good deal of the really damaging stuff was perfectly legal or not that serious a crime since financial regulation was written with the best interests of people like Fingleton in mind rather than the rest of us. He might have to pay a small fine or perhaps lose the right to hold a company directorship for a few years but that'll be it.
You have to ask who is running the bail out, the bankers or the governmnet.

Me thinks it is the former. I also disagree that it is a bailout for bankers and developers. This bailout is solely for the bankers and to protect their friends in government.
 

Outlander

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INBS to be wound up?

Nationwide wind-up under consideration | BreakingNews.ie
It has been confirmed that the winding up of Irish Nationwide is one of the options being considered in their new restructuring plan.
Will they give back the €2.6B they have already been given?

What about the NAMAification of their loans?

Will this wind-up wind-up the saviours of systemic banking?

<Mod - merged with existing thread>
 

stanley

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Fingers and Fingers Jnr., should be hauled in by the Garda immediate and some kind of Examination Order placed on both as is they were personally in Receivership.

An experienced accountant appointed to forensically examine both guy's personal financial affairs and track all funds, Fingers had some apalling habits and very well practised in dipping his beak.
 

MPB

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Facts are Michael Fingleton and Sean Fitzpatrick walked away from companies with massive pay offs for years of service running businesses that never made a profit.

Both companies are known to have engaged in fraudulant practice and both companies falsified accounts to hide this criminal act.

The size of the losses in both companies could only have occurred if there was criminal behaviour taking place within these Banks.

Lets call a spade a spade here. We are not dealing with a Banking collapse here, we are dealing with a massive crime in which the very top of Irish business, professional and political society are implicated.

Hence the attempted cover up and the purchasing of silence with tax payers money.
 

Gryire

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Facts are Michael Fingleton and Sean Fitzpatrick walked away from companies with massive pay offs for years of service running businesses that never made a profit.

Both companies are known to have engaged in fraudulant practice and both companies falsified accounts to hide this criminal act.

The size of the losses in both companies could only have occurred if there was criminal behaviour taking place within these Banks.

Lets call a spade a spade here. We are not dealing with a Banking collapse here, we are dealing with a massive crime in which the very top of Irish business, professional and political society are implicated.

Hence the attempted cover up and the purchasing of silence with tax payers money.
"Attempted" should read "Successful"
 


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