Fingers gets his 27m pension

Seth Brundle

http://www.breakingnews.ie/text/business/eyauidgbmhcw/

Irish Nationwide chief to get €27m pension fund
28/04/2009 - 13:53:21

Michael Fingleton will have a pension fund of more than €27m when he retires from his post as chief executive of Irish Nationwide Building Society at the end of the week .

The figures are contained in the building society's annual report, which was published today.

The report shows that Mr Fingleton was paid a total of €2.47m last year, but this included a bonus of €1m which he later returned to the society.

The chief executive received €2.31m in pay and bonuses in 2007.

Today's report shows that Irish Nationwide recorded a pre-tax loss of €280m last year, compared to a post-tax profit of €309m in 2007.

The society's loan book fell by almost €2bn over the year to €10.47bn, with commercial property accounting for €8.2bn of its loans and residential property accounting for €2.3bn.

Am I surprised? No, not really!

Firetrap

I'm not shocked - this was well flagged. It does show the difference between us and them though. The small people (including the dreaded public servants who are apparently the cause of it all) don't get the colour of the pay-off that someone like this gets. It's a grand little country we live in :rolleyes:

lmimmfn

thats fantastic to hear, every single PAYE contributor in the country gives that guy on average 15Euro each from the new levy this year, great stuff.
Anyone else we can help out? bar the bankers, con arstists, friends of the politicians, developers, management agencies, politicians, state agencies etc. etc. etc.?

Maybe junior ministers that just got the chop should be given a million while were at it and theres plenty more to go around maybe to boost the economic conditions of our poor politicians, theyre starving the poor sods, they cant even concentrate on providing viable economic solutions currently, they need to be fed!!!!!

<- is just waiting to flip!!!!!!!!!!!!

peanuthead

kbannon wrote: »

this included a bonus of €1m which he later returned to the society.

Ah fair play to him.

dresden8

Didn't you know?

This guys pension is systemic! And therefor can't be allowed to fail.

captainspeckle

this country is a joke. we need an uprising. badly!

is_that_so

And what do we do once we've overthrown the government, had a few people shot, a lot of others horse-whipped and we're standing in the Dept of Finance trying to figure out where to get the money from and at the same trying to work out how to stop the riots that have got us there?

captainspeckle

your incredible wit and cynicism will solve all our problems

LoveDucati2

is_that_so wrote: »

And what do we do once we've overthrown the government, had a few people shot, a lot of others horse-whipped and we're standing in the Dept of Finance trying to figure out where to get the money from and at the same trying to work out how to stop the riots that have got us there?

Who cares, think of the fun we would have chasing these cants around the world to execute them. It would be like Mossad.

Fingers will be harmed. Some loon will take him out. The anger that is boiling up around the country will be brought on those who destroyed us.

serfboard

LoveDucati2 wrote: »

Who cares, think of the fun we would have chasing these cants around the world to execute them. It would be like Mossad.

Fingers will be harmed. Some loon will take him out. The anger that is boiling up around the country will be brought on those who destroyed us.

Indeed. I love this quote from an excellent article in The Atlantic magazine.

Squeezing the oligarchs, though, is seldom the strategy of choice among emerging-market governments. Quite the contrary: at the outset of the crisis, the oligarchs are usually among the first to get extra help from the government, such as preferential access to foreign currency, or maybe a nice tax break, or—here’s a classic Kremlin bailout technique—the assumption of private debt obligations by the government. Under duress, generosity toward old friends takes many innovative forms. Meanwhile, needing to squeeze someone, most emerging-market governments look first to ordinary working folk—at least until the riots grow too large.

SerialComplaint

See http://www.independent.ie/national-news/fingletons--fury-as-he-insists-im-no-gangster-1994733.html

Gangsters reject Fingleton slur

Leading Irish gangsters reacted angrily today to being associated with ex-Irish Nationwide boss Michael ‘Fingers’ Fingleton. The allegation was made by Fine Gael TD Paul Kehoe during the recent Dail debates on the NAMA legislation.

John Gilligan, speaking on a mobile phone from Portlaoise prison, said ‘We’re not in the same league as yer man at all. Sure I’ll have no pension to live on if I ever do get out of this place, and he walked away with €27 million and left the tax payer with his debts”.

Gerry “The Monk” Hutch was interviewed while taking a pair of Northsiders to their debs in his stretch Hummer limo. “It’s so uncomfortable having to wear a bally or the oul tights when you go out on a job. Maybe I should have worn a nice suit and a trilby hat, and I wouldn’t have ended up driving these scangers around to keep the wolf from the door.

Fingleton was not available for comment, as he was busy laughing all the way to the bank.

mike65

:pac:

Tipsy Mac

If it was still a 100% independent Building Society I would see nothing at all wrong with him getting €27 million of a pension. However as country now subsidises it's existance it's a disgrace, not a surprise though.

ei.sdraob

moral of the story everyone:

go and commit white collar crime

you wont be punished :cool:

Flamed Diving

The People's Front of Judea comes to mind as I read these responses.

ednwireland

ei.sdraob wrote: »

moral of the story everyone:

go and commit HUGE white collar crime

you wont be punished :cool:

fixed that for you

small white collar crime just gets you locked up for non payment of fines

simplistic

ei.sdraob wrote: »

moral of the story everyone:

go and commit white collar crime

you wont be punished :cool:

One of the BOYS should write a "white collar crime for dummies" book financed by the middle class of course.

ei.sdraob

simplistic wrote: »

One of the BOYS should write a "white collar crime for dummies" book financed by the middle class of course.

i nominate this guy

ejmaztec

SerialComplaint wrote: »

See http://www.independent.ie/national-news/fingletons--fury-as-he-insists-im-no-gangster-1994733.html

http://www.independent.ie/national-news/fingletons--fury-as-he-insists-im-no-gangster-1994733.html


"Mr Fingleton says under the Constitution he is "entitled to defend my good name" and he believes Ceann Comhairle Mr Kirk has an obligation to uphold such rights."


:pac:

zootroid

In the Dail debate, Mr Kehoe contrasted the treatment of a constituent in Wexford in danger of having his home repossessed with that of the senior bankers.

"At the same time, Messrs Fitzpatrick and Fingleton can walk away with golden handshakes, not at all worried about the people who are unable to pay their mortgages.

"I realise I am not talking about the NAMA Bill now, but I am saying what the layman on the street is saying about Fingleton and Fitzpatrick. These are two of the biggest gangsters ever involved in banking institutions and because of them we have to bring forward the NAMA legislation. There is one law for the rich and another for the poor. That is the only way I can describe this," the official Dail record shows he said.

Hard to disagree with anything he said there. Fingleton walks away with a bonus of a million and a huge pension even though Irish Nationwide needs a bailout from the state, means yes Fingleton, you are a gangster.

Ulysses Gaze

"entitled to defend my good name"

Lol. Fingers name was mud well before Kehoe called it as he saw it (and as it is/was).

old boy

how does fingers go about proving that he has a good name, oh i forgot he has a good name, yeah ted.

nesf

ei.sdraob wrote: »

moral of the story everyone:

go and commit white collar crime

you wont be punished :cool:

Do not under any circumstances accuse someone of committing a crime on this forum unless they have been sentenced by a court of having committed a crime.

ei.sdraob

nesf wrote: »

Do not under any circumstances accuse someone of committing a crime on this forum unless they have been sentenced by a court of having committed a crime.

the new dafamation act, i forgot

but anyways your right, innocent until proven guilty, and thats way to have it

bamboozle

not sure if Finger's has paid back the 1 million yet but i read recently in Matt Coopers book how Irish Nationwise had a pension pot of about 30 million euro for its 400 staff. at Finger's request 25m or so was moved into his private pension pot leaving about 5.9m for the other 399 staff.

another good article detailing the skullduggerry at Nationwide

http://www.independent.ie/business/irish/whistleblowers-partner-was-dismissed-by-irish-nationwide-2017437.html

kowloon

Flamed Diving wrote: »

The People's Front of Judea comes to mind as I read these responses.

I thought we were the popular front?