Scathing piece by Michael Somers

Mar Tweedy

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Amazing piece by Michael Somers.

I'd ask why he didn't shout out louder at the time, but sure no one would have listened and he would have lost influence and been replaced by some friend of FF had he been more vociferous.

He makes it very clear who is to blame:

the 2007 FF/Green government for ignoring the coming banking crisis which was threatening from August 2007 and for the disastrous bank guarantee and NAMA

the 2002-2007 FF/PD government for ignoring the bank credit bubble which was growing at multiples of gdp growth

our central bank and crucially, the ECB, for ignoring the credit issues, which as Somers pointed out at the time certainly internally
“the text books would need to be rewritten or we could have a problem”.
Waking up to banking fiasco and reality of Nama debacle - The Irish Times - Sat, Nov 20, 2010

Hard to say what his own role in this - why didn't he shout louder? I've no doubt that if he had, he would have been gotten rid of, still, I wish he had.

Cowen is clearly the most culpable.
 


He3

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Too little too late. Blowing the whistle when the game is up.

[edit] It should be read even so.
 
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nicht besonders

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Like rats from a sinking ship...
 

TODevastated

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that piece is more than a little bit rich coming from the self styled genius of the public service to suggest that HE has no role or nothing to do with what has happened!!

this is the man who stood up year after year telling us how brilliant he was after hitting all of the targets that his office had set for themselves!!

i also seem to recall a rather pathetic performance from him in front of one of the dail committees at the time of the setting up of NAMA
 

seangos

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Still waiting for Mr Somers to tell us who he told when he realised Anglo was buggered in 2007 and stopped depositing NTMA money with them. If he knew they were screwed he must have told somebody, or somebody must have noticed surely? August 2007?? A full year before the guarantee
 

Boy M5

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He did a good job at NTMA, 2 months ago I had a question read out on air by La Finucane about how he'd felt about his life's work being destroyed. She rasped "my goodness, what a question" She then called an ad break, after which she changed the subject....
 

GreenIsGood

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This is the best article about the collapse I have read. Everyone citizen of this country should go through it line by line and make sure they understand what is being said. It is your duty to understand.

The apparent inactivity of the government since Aug 2007 up to the guarantee is a critical issue. What were they doing during this time when a simple analysis indicated a huge problem?

Somers also says that the extreme protection given to bondholders (especially in insolvent rogue banks) must be questioned. Who were they protecting, and why?

Finally, NAMA has created lots of jobs for jesuit-educated friends of FF. But it has done the opposite of what it was supposed to do i.e. smashed banks balanced sheets, drained cash from the economy and forced the ECBs hand.

The usual moaners will say Somers should have done more. Yes. I bet he thinks that. We all could have done more.

I told everyone who would listen that Irish banks were going to go bust in 2007. I told relatives and friends to sell property. Some did. So far nobody has said thank you.
 

Goodbody

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Like very many senior civil servants during that period, he has to answer why he didn't speak out publicly at the time? I asked that question of a former senior civil servant friend. He responded that it would have been a 1 day wonder in the press, and immediately forgotten about. Much as I hate to admit it, I think that's probably the case.
 

orbit

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Is it really as simple as this?
Banks are supposed to fund their lending from deposits, with recourse to the interbank markets to even out the peaks and troughs. What happened here was that when we joined the euro, Irish banks found themselves with access to unlimited credit on the interbank market at low rates and with no exchange risk.
F**king unbelievable. And to hear Harney say this was exclusively the fault of the regulator. What does she think government ministers job is? Clerical officers in the civil service. No disrespect to clerical officers, but does she think that unless a letter appears on her desk complaining about something, then there is no problem? This feckless government's days have to be numbered at this stage.
 

Dreaded_Estate

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Our banking policy has been a disaster from start to finish. And in the end it was the guarantee and NAMA that has ensured that the IMF has come in to sort out our mistakes.
 

MPB

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Amazing piece by Michael Somers.

I'd ask why he didn't shout out louder at the time, but sure no one would have listened and he would have lost influence and been replaced by some friend of FF had he been more vociferous.

He makes it very clear who is to blame:

the 2007 FF/Green government for ignoring the coming banking crisis which was threatening from August 2007 and for the disastrous bank guarantee and NAMA

the 2002-2007 FF/PD government for ignoring the bank credit bubble which was growing at multiples of gdp growth

our central bank and crucially, the ECB, for ignoring the credit issues, which as Somers pointed out at the time certainly internally

Waking up to banking fiasco and reality of Nama debacle - The Irish Times - Sat, Nov 20, 2010

Hard to say what his own role in this - why didn't he shout louder? I've no doubt that if he had, he would have been gotten rid of, still, I wish he had.

Cowen is clearly the most culpable.
Clever man Mr Somers.

But not as clever as some posters on here, who said all of this 2 years ago.

Amazing how the IMF have to actually, be in the building, before all these geniuses discover what the problems were.
 

wombat

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Clever man Mr Somers.

But not as clever as some posters on here, who said all of this 2 years ago.

Amazing how the IMF have to actually, be in the building, before all these geniuses discover what the problems were.
Consider the response of the media and establishment to those who warned of the coming wreck - they were attacked and advised to commit suicide. What makes anyone think that Somers would have been listened to if he had resigned - the Indo would have run a series from Willie O'Dea proving he was only a closet blueshirt.
 

DCon

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the way the service operates i very much doubt that he kept it to himself
would be interesting to know if he expressed his concerns to BIFFO.


Possible responses:

Grunt grunt grunt

Shut up. The lads are taking me for dinner.

I know, but Sean Quinn is my boss. What do you want me to do?
 

MPB

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Consider the response of the media and establishment to those who warned of the coming wreck - they were attacked and advised to commit suicide. What makes anyone think that Somers would have been listened to if he had resigned - the Indo would have run a series from Willie O'Dea proving he was only a closet blueshirt.
Yeh, much better to cry wolf now, from the comfort of a leather chair in the directors room at the AIB.

State sponsored of course, for services rendered.
 

wombat

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Yeh, much better to cry wolf now, from the comfort of a leather chair in the directors room at the AIB.

State sponsored of course, for services rendered.
Why not focus on the message rather than shoot the messenger. Whenever we hear something not to our liking, we attack the person rather than what they're saying, we need to change.
 

Anorakphobia

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Bit rich from Somers but he was a bloody good operator in a sea of incompetence.

Delighted to see him nail the Greens.
It's sickening to watch these vermin consistently play the "it was like that when we got here" card.
 

H

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Amazing piece by Michael Somers.

I'd ask why he didn't shout out louder at the time, but sure no one would have listened and he would have lost influence and been replaced by some friend of FF had he been more vociferous.

He makes it very clear who is to blame:

the 2007 FF/Green government for ignoring the coming banking crisis which was threatening from August 2007 and for the disastrous bank guarantee and NAMA

the 2002-2007 FF/PD government for ignoring the bank credit bubble which was growing at multiples of gdp growth

our central bank and crucially, the ECB, for ignoring the credit issues, which as Somers pointed out at the time certainly internally



Waking up to banking fiasco and reality of Nama debacle - The Irish Times - Sat, Nov 20, 2010

Hard to say what his own role in this - why didn't he shout louder? I've no doubt that if he had, he would have been gotten rid of, still, I wish he had.

Cowen is clearly the most culpable.
He makes some fair points but totally misses the complete and total acquiescence of the higher civil and public servants in various bodies especially the Department of Finance being complete and utter lackeys for the Green/FFer’s

An investigation needs to be set up along the lines of the CAB (not our guys they are potentially contaminated) into the role of the civil and public service followed by these Gov departments being restored to being an independant body that serves the people not the diktat of sleazy politicians like the Greens and FF.
 

ONQ

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Amazing piece by Michael Somers.
(snip)
Oh yes - utterly amazing.

"I got out several Central Bank reports one day to try to understand how this credit was being created. Finding what you want in these reports is, at least for me, quite difficult but I finally came to the conclusion that the Irish banks borrowed from abroad between €100 billion and €200 billion in respect of their Irish business. I was so astonished that I asked one of my colleagues to check this figure and he agreed that it appeared to be correct."


My bold.

I am now dazed with amazement th=o think this persons was given any position of responsibility dealing with money.

What was he the head of - NTMA?

And he found reading financial reports difficult?

And he's wondering why others didn't blow the fecking whistle?

Is this guy on a state pension too?

If we're looking to make cuts then all state pensions to senior office holders who were to any degree responsible during this debacle should be means tested.

If they have private pensions, they get nothing, if not, they need to be cut to €400 a week.

I know that's STILL too much, but you have to think of their familes.

I don't want to see them in prison - it costs too much to keep them there.

I want them costing us as little as possible.

In fact if you wanted to put them and the bankers whose lies has led to this in prison you could simply release all petty thiefs and fraudsters who are in there.

Noen of them have done as much damage to Ireland and the public good as the white collar criminals and incompetents we trusted to do their jobs and look after the ship of state.
 
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