It is all Patrick Nearys fault

hammer

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BIFFO said it last night.

Nothing to do with Government. Nothing to do with him. Nothing to do with Fianna FAIL.

It is all down to one individual. The guy that was paid off.

The INDEPENDENT Financial Regulator brought the country to an IMF bailout, wiped out €50 billion in shareholders funds in the Banks, ensured that we all had to "don the green jersey" and bailout Anglo & INBS to the tune of €39,500 million and AIB.BOI with €7 billion and another €25 billion just in case from the IMF.

How can he sleep :(

Why did he get a lump sum ? Why did he get a pension ?
 


eoghanacht

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Who appointed him?
 
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BIFFO said it last night.

Nothing to do with Government. Nothing to do with him. Nothing to do with Fianna FAIL.

It is all down to one individual. The guy that was paid off.
That's just an unbelievable abrogation of responsibility, and he knows bloody well, because he immediately denied that that was what he was doing. He went on with the usual independence of the financial regulator baloney as well - as if they (Dáil Eireann) wouldn't have been able to do anything about it, even if they wanted to. What utter crap.

Was it not his responsibility to appoint someone qualified for the job, rather than a time-server like Neary? And certainly, the blame doesn't lie solely with Neary. Eg, the former governor of the CB, another time server and (presumably) sharp political operative like Neary deserves part of the blame.

The buck stopped with Ahern and Cowen though. No amount of aggressive bluster from him is going to change that.
 

harryshounds

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neary and hurley were nowt but ff hacks. they are to blame but we couldnt expect anything else from ff's men in the bank.
neary got a massive hand shake to walk away and keep shut. hurley the slime ball also got a massive pension and was allowed to keep the banks audi for nothing, he also was told keep shut.
 

harryshounds

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the entire 7'th floor in the central bank is made up of ff people. no one has been sacked all still the same goons since before the crash,in fact some got promotions. neary was like puppet delibretly picked cos he was a weakling and a yes man. he did cowens the lenihans bidding, as well as seanies and co's.
 

flavirostris

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What a joke. If Neary had actually attempted to "regulate" in the proper sense of that word, Biffo and Ahern would have had him on extended gardening leave.

But you see FF shills like goosebump on here all the time, saying it was all down to Neary.
 

flavirostris

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I hope Neary spills a few home truths. Unlikley though, given the size of the payoff. His silence has surely been bought.
 

smitchy2

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Let the man disgrace himself more by trying to fight for his leadership.
It’s the most passionate thing that he has done since becoming Taoiseach.
 

hammer

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By Patricia McDonagh


Monday June 21 2010

THE Dail's spending watchdog is to probe a €60,700 payment given to controversial former Financial Regulator Patrick Neary after his resignation.

Mr Neary received compensation worth €47,550 from the regulatory authority for staff to gain access to him for three months after he stepped down.

In addition, he was paid €13,178 for annual leave he never took.

However, the Public Accounts Committee (PAC) is to examine if the payments are within Department of Finance guidelines. Its chairman, Fine Gael TD Bernard Allen, said night he was concerned about the money paid to Mr Neary.

<Mod> Please do not post copyright-protected material to the site. A link and a short extract are generally sufficient. </Mod>

- Patricia McDonagh

Irish Independent


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Odyessus

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Light Touch Regulation

The real culprit in the banking collapse worldwide is "light touch regulation".

The theory as expounded by Alan Greenspan, chairman of the Federal reserve was simple: There is no need to burden the banks with excessive bureaucratic regulation, since they will always act in their own best interest.

Why would a bank act in a manner so reckless as to destroy itself and lose billions of shareholders cash? Common sense would say they know their own business better than any government bureaucrat and can be relied upon to make loans and investments with their own interests in mind.

This philosophy was adopted in Ireland and other countries and saw banking profits and consequently government revenues, soar.

Neary was appointed under this philosophy. Any attempt by him to interfere with the workings of the banks would have been seen as hopeless bungling, although as far as I can see he had no wish to interfere, believing in the "light touch" philosophy as did most people, including me.

It is still a very interesting question to ask what was wrong with the "light touch theory".
 

ChickenBiryani

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Neary was a total failure, but he is almost certainly still a Patsy.

I suspect there are many careers he could bury if he wished (more than they have already buried themselves)
 

hammer

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Was he on the grassy knoll at anytime :)

Get BIFFO to explain the secret payment. Why cannot Mr Neary spill the beans :) HO HO HO
 

cul de sac

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For God's sake FF did as other countries did with regulation, they followed the best advice and were the first government in Europe to tackle the financial crisis as others would want them to. There's only one victim here and its you isn't it Brian...

Looking forward to your protracted period of somnambulant backbench years...
 

Social Conscience

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Well Patrick Neary, John Hurley, Lehmans, Fannie Mae, Freddie Mac, Northern Rock, Bear Stearns are of course all to blame but it has nothing to do with Bertie, Clowen or Lendahand.

Don't we all know they will be seen as legends & heroes when their history is written...........it won't matter that the author will be Eoghan Harris.
 


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