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Thread: The Nyberg Report - Should be Seen and Not Herd (Report Linked Here)

  1. #31
    Join Date
    Mar 2010
    heart of Europe

    Default Re: The Nyberg Report - Should be Seen and Not Herd (Report Linked Here)

    Nothing new here, but shocking all the same

    An "endemic culture of rewarding failure" in Ireland has meant that not one person in the Department of Finance, the Central Bank or the Financial Regulator's office has been sacked for their role in the worst financial and economic crisis in history.

    While their former political masters in Fianna Fail were slaughtered at the polls in February, it has been confirmed to this newspaper this weekend that not a single official or adviser was laid off for their failure either to adequately prepare for the crash, or for their failure to deal swiftly with it when it happened.

    "Nobody in the Department of Finance has been fired since January 2008," a spokeswoman told the Sunday Independent.
    The present governor, Patrick Honohan, replaced John Hurley while Matthew Elderfield was brought in from Bermuda to replace the widely disgraced regulator Pat Neary. Both Mr Neary and Mr Hurley received substantial pay-offs to depart.

    Mr Neary, who retired in 2008, got a massive €630,000 pay-off. This was despite his office having knowledge about the secret directors' loans of up to €129m to ex-Anglo Irish Bank chairman Sean FitzPatrick for at least 11 months.

    Under the terms of his contract, Mr Neary will also receive a guaranteed public service pension of almost €143,000 a year, €2,750 per week, for the rest of his life.

    Last year, the Department of Finance's top official at the time of the bank guarantee received a pension top-up worth €725,000 in added years on his retirement earlier this year, the Sunday Independent can reveal.

    As a result, David Doyle, who stepped down at the age of 60 at the beginning of February 2010, walked away with an initial golden handshake worth almost €600,000 and has seen the value of his pension increased significantly.
    Politics is the gentle art of getting votes from the poor and campaign funds from the rich, by promising to protect each from the other. ~Oscar Ameringer

  2. #32
    Join Date
    Nov 2010
    in the national interest

    Default Re: The Nyberg Report - Should be Seen and Not Herd (Report Linked Here)

    Hush money

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