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Financial Regulator gets 600K payoff.

JonathanAnon · 2009-02-11 10:13:12

Just listening to Pat Kenny there. Has Shane Ross on with him at the moment. Turns out that the Financial Regulator Pat Neary got 200K payoff to step down, and additional 600K golden handshake, with a pension of 140K every year for the rest of his life. Is there no end to this lunacy, does the government realise that…

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#62 12-02-2009 9:39pm
SeanW

Registered Users Posts: 8,784 ✭✭✭

Join Date: April 2005

Posts: 8544

PeakOutput wrote: »

and your qualified to judge that how exactly?

Assuming it's the government's place to regulate the private financial markets in the firstplace, (and even more so pad the monetary system with excess cash, lower interest rates, that screws up decision making, but that's another question) then his job was to "regulate" the banks, and stop them from doing stupid and underhanded things that would eventually leave them all broke ... and he didn't do that. He knew for example of all the dodgy (interbank) dealings with Anglo Irish, the loans that were bounced around from Anglo to National Irish bank, the €4 billion (1/3 to 1/4 of that banks total deposits) that IL&P deposited to Anglo Irish just before it's financial statements then withdrawn immediately after ...

He screwed up, and if you screw up you're supposed to get fired. Instead he gets a massive a payoff+pension that will likely be the equal of a small road project ...

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