Can Neary be stripped of his Pension?

Poly

"There is no evidence to suggest Anglo is insolvent on a going-concern basis. It is simply unable to continue on a current basis from a liquidity point of view," he told the Taoiseach.

http://www.independent.ie/national-news/neary-gave-anglo-green-light-on-eve-of-bailout-2260952.html


This man has been instrumental in the collapse of our economy, he completely failed to regulate or even understand what the role of his office was.
He should be stripped of his pension and golden handshake money. Just because you retire, doesn’t mean you cannot be held accountable for your professional failings.

Shea O'Meara

Poly wrote: »

"There is no evidence to suggest Anglo is insolvent on a going-concern basis. It is simply unable to continue on a current basis from a liquidity point of view," he told the Taoiseach.

http://www.independent.ie/national-news/neary-gave-anglo-green-light-on-eve-of-bailout-2260952.html


This man has been instrumental in the collapse of our economy, he completely failed to regulate or even understand what the role of his office was.
He should be stripped of his pension and golden handshake money. Just because you retire, doesn’t mean you cannot be held accountable for your professional failings.

As a private entity, I'd guess not. Contracts would need to be honoured legally.
However, I believe there may be a loophole. The private entity, technically went bankrupt, so as with Barings et al., one could argue 'all bets are off.'.... maybe our staunch protectors of the public pocket...FFail, (LO mother f***ing L) could wangle such a thing?:rolleyes:

Oooops, forgot the government would've okayed the golden handshake.

Colm R

Shea O'Meara wrote: »

Oooops, forgot the government would've okayed the golden handshake.

whilst the public, with those in negative equity and unemployed in particular, suffer the joy of a golden shower!!!

Nodin

Poly wrote: »

Just because you retire, doesn’t mean you cannot be held accountable for your professional failings.

Alas, unless theres a legal framework that lays out duties and the extent of liability, theres two chances. Its not even clear that people involved in certain banks can be charged at the moment.

Denalihighway

http://www.rte.ie/news/2010/0716/banks.html

see 2nd last paragraph:

"It is understood the documentation has been partially edited by the Department of Finance for reasons of Cabinet and commercial confidentiality."

I mean FFS, what's the point in even reading the documents so???

The article reads "Cabinet and commercial confidentiality". I read censorship. It's hardly surprising though. This shower are rotten, and this game is rotten.

Patrick Neary won't lose his pension because he's been paid to shut up and go away no matter how much he gets vilified in the papers etc. Its fairly clear at this stage he was asleep on the job but there's more to this than meets the eye.

JonathanAnon

I think he was like Homer Simpson in charge of safety at the nuclear power plant. It's simply NOT good enough to say that "oh, Patrick Neary wasnt the only one who is to blame".... as I heard someone saying on the news headlines at 12. Okay then, how about we find out everybody else who is also to blame as well. This man was on a HUGE amount of money to do his job and the worst thing that could possibly have happened in his job, (i.e. the banks failing) happened. Michael Somers wasnt even working in regulation (him of the NTMA), and he knew not to invest in Anglo.

Either one (or all) of
i)Anglo Board Of Directors,
ii)Underwriters, or
iii)Regulator
are guilty of incompetence (at the very least) and possibly fraud.. And I want to see someone punished...

bamboozle

Poly wrote: »

"There is no evidence to suggest Anglo is insolvent on a going-concern basis. It is simply unable to continue on a current basis from a liquidity point of view," he told the Taoiseach.

http://www.independent.ie/national-news/neary-gave-anglo-green-light-on-eve-of-bailout-2260952.html


This man has been instrumental in the collapse of our economy, he completely failed to regulate or even understand what the role of his office was.
He should be stripped of his pension and golden handshake money. Just because you retire, doesn’t mean you cannot be held accountable for your professional failings.

+1, i'd also note that the people responsible for signing off on his 'retirement' and pension need to be investigated and held accountable.

Denalihighway

JonathanAnon wrote: »

I think he was like Homer Simpson in charge of safety at the nuclear power plant. It's simply NOT good enough to say that "oh, Patrick Neary wasnt the only one who is to blame".... as I heard someone saying on the news headlines at 12. Okay then, how about we find out everybody else who is also to blame as well. This man was on a HUGE amount of money to do his job and the worst thing that could possibly have happened in his job, (i.e. the banks failing) happened. Michael Somers wasnt even working in regulation (him of the NTMA), and he knew not to invest in Anglo.

Either one (or all) of
i)Anglo Board Of Directors,
ii)Underwriters, or
iii)Regulator
are guilty of incompetence (at the very least) and possibly fraud.. And I want to see someone punished...

I agree with you. I just think the reason he'll never punished is because the people that were complicit in this whole mess have bought his silence, should he be tempted to go public on their involvement. I don't want to sound to conspiratorial here by the way, as if they were holding a knife to his throat for all that time...its clear they all lost the bleedin plot, they were all working on a mandate that was milking a fat cash cow while the housing boom was sustained. This didn't do their voter turn-out any harm either needless to say.

And the only people (i think...others may be able to educate me) who can put mechanisms in place to punish him are the very people who have bought him.

This is bog-standard cut-throat politics at work...which is why we're all so annoyed.

Ardent

Denalihighway wrote: »

Patrick Neary won't lose his pension because he's been paid to shut up and go away no matter how much he gets vilified in the papers etc. Its fairly clear at this stage he was asleep on the job but there's more to this than meets the eye.

Came in to say the above.

You won't hear boo from Neary - not unless he wants to lose his pension and golden handshake. Convenient scapegoat, the whole thing is so predictable at this stage.

Edit: The best we can hope for is a media campaign to rescind his pension and pay-off. If successful, he might then sing like a canary.

Poly

Ardent wrote: »

Edit: The best we can hope for is a media campaign to rescind his pension and pay-off. If successful, he might then sing like a canary.

That's a good angle, better again, let him keep his pension(not the handshake though)only if he rats out all the FF/banking scumlords.

henryporter

Did Ivor Callely have to give his expenses back or get prosecuted for fraud? No
Did Willie O'Dea get prosecuted for perjury? No
Think the pattern this week answers the question.