Page 1 of 5 123 ... LastLast
Results 1 to 15 of 72

Thread: Thank God David Drumm got the top job in Anglo-Update- Tiarnan O'Mahoney on trial

  1. #1
    Join Date
    Mar 2010
    Posts
    22,431

    Default Thank God David Drumm got the top job in Anglo-Update- Tiarnan O'Mahoney on trial

    Because this twit was in the running for the top job.
    Tiernan O'Mahoney was the former Anglo Irish Bank chief operations officer. When he lost out to David Drumm for the top job in 2005 he left Anglo to found a new company, called International Securities Trading Corporation (ISTC)
    His pitch:
    His pitch:
    “There is only one objective of International Securities Trading and that is to make money'‘, said O'Mahoney. “This is unashamed capitalism. There is no debating the issue. This is about making money.When John Teeling taught me in college he used to say, ‘make money'. I still live by that principle, We'll do €3 billion to €4 billion over the next few years.We're going to be a small player and that' swhere we want tobe. It will give us nimbleness and fluidity to pick and choose the deals we want,” he said.”
    O'Mahoney declined to reveal who the likely shareholders will be, other than to say that the chairman will be Ray French, the former chairman of Goodbody Stockbrokers.
    The shareholders are believed to be predominantly private investors although it is believed to include a couple of financial institutions. Market sources say that the bulk of investors have links to Anglo Irish, and are believed to include Anglo chairman Sean FitzPatrick, Anglo directors Gary McGann and Michael Jacob.

    Other well-known business people with links to the bank, including Derek Quinlan, Paddy Kelly and Denis O'Brien, may also be investors.These investors can trade their shares on a grey market operated by Goodbody Stockbrokers
    However, it didn't quite work out like that.
    Fast forward 3 years to 2008 and Tiernan has managed to rack up the largest losses in Irish corporate history(at least until Anglo)
    The cash lost in the investment disaster that is Dublin specialist lender International Securities Trading Corporation (ISTC) is unprecedented on an Irish scale - it's the largest ever Irish corporate cash loss.
    International banks, bondholders and investors have been left nursing losses of €820 million.
    One group of creditors - bank lenders and trade creditors, who had the voting power to decide on the company's future - agreed on Tuesday to a rescue plan in which they will write off €388.5 million so the firm can continue as a going concern.
    They clearly felt being paid 12 cent for every euro owed was better than the nine cent in the euro on offer in the event of the total collapse of the business.
    Now the company appears to have been saved, questions will be asked, particularly by the Irish Financial Services Regulatory Authority, on how 125 retail investors and about a dozen credit unions came to invest in International Securities Trading Corporation bonds and ended up next to the big boys of international banking on a list of losses topping €800 million.
    So at least we were lucky enough that this financial wizard didn't make it to be Anglo boss. So where is he now? Funny you should ask.
    He's the head of our Pensions Board. Nominated to the job by Martin Cullen in 2005 and still serving.
    http://www.irishtimes.com/newspaper/...843625457.html
    http://archives.tcm.ie/businesspost/.../story5157.asp
    Last edited by PaddyJoe; 30-06-2015 at 04:49 PM.

  2. #2
    Join Date
    Mar 2010
    Location
    Kaiserstrasse 29 Frankfurt am Main 60311
    Posts
    860

    Default Re: Thank God David Drumm got the top job in Anglo!

    yes

    FF rewards failure

    Tim got so angry that he didnt get the top job at Anglo that he set up his own wealth destruction vehicle

    when that failed FF rewarded him with the pensions board gig

    oh the Irony
    FF dont play the Irish public for fools, they know them to be.

  3. #3
    Join Date
    Mar 2010
    Location
    Kaiserstrasse 29 Frankfurt am Main 60311
    Posts
    860

    Default Re: Thank God David Drumm got the top job in Anglo!

    these Anglo lads always have money no matter how much they lose of other peoples money...

    Now O’Mahoney, a former senior executive with Anglo Irish Bank, wants to knock down his house in Enniskerry, Co Wicklow, and replace it with a 9,600-sq-ft property.

    His proposal has received the backing of Dick Roche, a Wicklow TD and minister for European Affairs, who has written to the local council asking for the proposal to be given “favourable consideration”.

    O’Mahoney, the current chairman of the Pensions Board, initially wanted to build a three-storey, 13,000-sq-ft property but was advised by the council to scale it down. The proposed house is in an area of special amenity, so it must “blend in” with the landscape.
    http://www.timesonline.co.uk/tol/new...cle5258216.ece
    FF dont play the Irish public for fools, they know them to be.

  4. #4
    Join Date
    Feb 2010
    Location
    Rockall
    Posts
    78,617

    Default Re: Thank God David Drumm got the top job in Anglo!

    Every Government Appointment to any Body whatsoever should be vacated and scrubbed down with a mop, bucket and Parozone, come the next election. Properly vetted appointments with public right of veto (a bit like the US) could then be put in place.
    “ We cannot withdraw our cards from the game. Were we as silent and mute as stones, our very passivity would be an act. ”
    — Jean-Paul Sartre

  5. #5
    Join Date
    Mar 2010
    Location
    heart of Europe
    Posts
    23,390

    Default Re: Thank God David Drumm got the top job in Anglo!

    All this really suggests there was something very very dodgy going on behind the scenes with Anglo and FF.

    Why else would an investment failure be put on the Pensions Board?
    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

  6. #6
    RighteousAnger Guest

    Default Re: Thank God David Drumm got the top job in Anglo!

    The shareholders are believed to be predominantly private investors although it is believed to include a couple of financial institutions. Market sources say that the bulk of investors have links to Anglo Irish, and are believed to include Anglo chairman Sean FitzPatrick, Anglo directors Gary McGann and Michael Jacob.

    Other well-known business people with links to the bank, including Derek Quinlan, Paddy Kelly and Denis O'Brien, may also be investors.These investors can trade their shares on a grey market operated by Goodbody Stockbrokers
    I know a retired dentist who lost €1m on ISTC. He had to come out of retirement and go back to work.

    Couldnt have happened to a nicer guy! hahahahaha!

  7. #7
    Join Date
    Mar 2010
    Location
    Kaiserstrasse 29 Frankfurt am Main 60311
    Posts
    860

    Default Re: Thank God David Drumm got the top job in Anglo!

    Quote Originally Posted by RighteousAnger View Post
    I know a retired dentist who lost €1m on ISTC.
    jaw dropping stuff //
    FF dont play the Irish public for fools, they know them to be.

  8. #8
    Join Date
    May 2010
    Posts
    1,062

    Angry Re: Thank God David Drumm got the top job in Anglo!

    Quote Originally Posted by PaddyJoe McGillycuddy View Post
    Because this twit was in the running for the top job.
    Tiernan O'Mahoney was the former Anglo Irish Bank chief operations officer. When he lost out to David Drumm for the top job in 2005 he left Anglo to found a new company, called International Securities Trading Corporation (ISTC)
    His pitch:


    However, it didn't quite work out like that.
    Fast forward 3 years to 2008 and Tiernan has managed to rack up the largest losses in Irish corporate history(at least until Anglo)


    So at least we were lucky enough that this financial wizard didn't make it to be Anglo boss. So where is he now? Funny you should ask.
    He's the head of our Pensions Board. Nominated to the job by Martin Cullen in 2005 and still serving.
    http://www.irishtimes.com/newspaper/...843625457.html
    http://archives.tcm.ie/businesspost/.../story5157.asp
    Jesus, have they left us anything at all!!!!??
    .................................
    "There are two ways to conquer and enslave a nation. One is by sword. The other is by debt." -- John Adams

  9. #9
    Join Date
    May 2010
    Posts
    1,062

    Default Re: Thank God David Drumm got the top job in Anglo!

    Quote Originally Posted by ZANU-FF View Post
    these Anglo lads always have money no matter how much they lose of other peoples money...



    http://www.timesonline.co.uk/tol/new...cle5258216.ece
    O’Mahoney and his family hope to “reside in comfort for many years”. Really hope life works out for him! **********, did you ever! A UK title I ran the story. A few big name losers here. From the article linked by Zanu..................

    "Among those who lost money after the meltdown of ISTC were Seamus Ross, a builder, who invested €10m; property developer John Ronan who put in about €9m; businessmen Lochlann Quinn and Peter Sutherland, who both invested about €4m; and Denis O’Brien and Bernard McNamara, who lost about €2m each. "
    Last edited by PaddyJoe; 15-10-2010 at 10:03 PM. Reason: removed a potentially defamatory remark
    "There are two ways to conquer and enslave a nation. One is by sword. The other is by debt." -- John Adams

  10. #10
    Join Date
    Mar 2010
    Posts
    173

    Default Re: Thank God David Drumm got the top job in Anglo!

    Quote Originally Posted by wickedfairy View Post
    Jesus, have they left us anything at all!!!!??
    .................................
    A trail of destruction and a harsh lesson for teh plebs.

  11. #11
    Join Date
    Feb 2010
    Location
    Rockall
    Posts
    78,617

    Default Re: Thank God David Drumm got the top job in Anglo!

    So many of them must have lost millions, but the cabal will see eachother all right. NAMA will be great for that.

    Weren't they looking at paying MacNamara half a million a year for looking after his wrecked property empire ?

  12. #12
    Join Date
    Apr 2010
    Posts
    4,836

    Default Re: Thank God David Drumm got the top job in Anglo!

    Yes i recalled this guy's name as he was mentioned in Shane Ross's book. He was supposed to be a ' financial' wizard. However the events at aftermath illustrates the illusion that he once had.

    Also i recall that Anglo Irish bank depended on him re certain financial transcations as well. After he left with a handshake,Anglo began to lose their way i think.

  13. #13
    Join Date
    Mar 2010
    Posts
    22,431

    Default Re: Thank God David Drumm got the top job in Anglo!

    Wonder whatever happened to Tiarnan?

  14. #14
    Join Date
    Mar 2010
    Posts
    22,431

    Default Re: Thank God David Drumm got the top job in Anglo!

    Update on Tiarnan O'Mahoney:
    ANGLO IRISH Bank is pursuing legal action against former chief operating officer Tiarnan O’Mahony for the repayment of a €3.9 million golden handshake that he received when he left the bank in the 2005 financial year.
    Anglo believes that the financial package given to Mr O’Mahony, who left the bank after missing on the top job to David Drumm, was not properly approved by shareholders at the time.
    Mr O’Mahony could not be reached for comment yesterday.
    But it is understood that he will counter that the payment was properly approved by Anglo’s shareholders.
    Anglo is also in dispute with Mr O’Mahony over his pension from the bank. The now nationalised bank is trying to stop Mr O’Mahony from transferring his pension out of the company scheme and into a personal fund.
    Proceedings relating to this matter were issued by Anglo in the High Court last October. Anglo had no comment to make yesterday.
    http://www.irishtimes.com/newspaper/...287577550.html

  15. #15
    Join Date
    Mar 2010
    Posts
    12,044

    Default Re: Thank God David Drumm got the top job in Anglo!

    Why has Anglo Irish Bank still got funds in a company pension scheme? Seeing as the sherbets in that organisation have been primarily responsible for the Irish pension fund reserve being destroyed shouldn't any money in that scheme now be owned by the taxpayer?

    Why hasn't it been seized?
    Think National. Act Local. Oh- and superstition is just the dark matter of human history.

Page 1 of 5 123 ... LastLast

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
Share us
Follow Us