Sean Fitzpatrick's former sidekick aka the Pensions Regulator

jetsonx

In another sickening and unbelievable twist, the ex-Anglo director and failed businessman Tiernan O’Mahony is now the Pensions Regulator.

Tiernan O’Mahony was an Anglo director who left Anglo in 2005 after Drumm landed CEO position. He then went on to start a business which he pretentiously called the “International Securities Trading Corporation” (sounds very respectable… huh). The ISTC however was nothing more than a business sham that lost €820 million in only 2 years of trading and then promptly closed up shop.

Seeing that O’Mahony had such a midas-touch in business, Fianna Fail thought this was the ideal man to appoint as the Pensions Board regulator. (What is it that Fianna Fail have about putting failed business people in charge of state agencies?)

It is little wonder then that, just last week, Fitzpatrick, in his “bankrupt status” has taken the potentially illegal step of splitting the funding of his own pension with his wife protecting it from creditors now that his ex-Anglo sidekick is now the Pensions Regulator.

Laminations

https://www.youtube.com/watch?v=dEMHtoWGLW0

Nijmegen

Jobs for the boys.

jmayo

jetsonx wrote: »

In another sickening and unbelievable twist, the ex-Anglo director and failed businessman Tiernan O’Mahony is now the Pensions Regulator.

Tiernan O’Mahony was an Anglo director who left Anglo in 2005 after Drumm landed CEO position. He then went on to start a business which he pretentiously called the “International Securities Trading Corporation” (sounds very respectable… huh). The ISTC however was nothing more than a business sham that lost €820 million in only 2 years of trading and then promptly closed up shop.

Seeing that O’Mahony had such a midas-touch in business, Fianna Fail thought this was the ideal man to appoint as the Pensions Board regulator. (What is it that Fianna Fail have about putting failed business people in charge of state agencies?)

It is little wonder then that, just last week, Fitzpatrick, in his “bankrupt status” has taken the potentially illegal step of splitting the funding of his own pension with his wife protecting it from creditors now that his ex-Anglo sidekick is now the Pensions Regulator.

Please tell mne this is a joke ? :mad::mad:

He was one of guys shafted by fitzpatrick when he brought in david drumm as cheif executive which then kicked off their huge lending splurge.
Everyone had expected him or one of the other top guys to be annointed as the chosen one by fitzptraick, but instead the lesser unknown drumm was put in charge.
Some reckoned it was because drumm would be more amenable to fitzpatrick's shenanigans. :rolleyes:

So don't believe that he would be one of fitzpatrick's close allies.
That distinction fell to lar bradshaw, he also of the Nigerian oil well and DDDA.

Now saying that o’mahony did go onto to found and run an organisation that had collosal debts over a couple of years.
This guy is a failure and has historically too close a tie to the Anglo cesspit.

The whole thing just beggars believe.
Shure why don't they put ray burke in charge of An Bord Pleanála while they are it. :rolleyes:

flutered

what does one expect from pigs only grunts.

Orchard Rebel

Tiernan O'Mahoney left the Pensions Board back in April, to be replaced as the Minister's nominee by Jane Williams.

Even if he was still there, I doubt that he would have had sufficient power to block any investigation into Fitzpatrick's pension (assuming his pension was one regulated by the Pensions Board), as day to day decision-making falls to the Chief Executive and his staff, rather than to the Board.

Nijmegen

Orchard Rebel wrote: »

Tiernan O'Mahoney left the Pensions Board back in April, to be replaced as the Minister's nominee by Jane Williams.

Even if he was still there, I doubt that he would have had sufficient power to block any investigation into Fitzpatrick's pension (assuming his pension was one regulated by the Pensions Board), as day to day decision-making falls to the Chief Executive and his staff, rather than to the Board.

Appoint to positions of leadership those you consider best fit to lead.

Orchard Rebel

Nijmegen wrote: »

Appoint to positions of leadership those you consider best fit to lead.

Well that's another matter entirely, I agree. I'm just pointing out that O'Mahoney (whether a suitable candidate or not) probably couldn't have blocked a Board investigation, even if he'd wanted to.

Nijmegen

Orchard Rebel wrote: »

Well that's another matter entirely, I agree. I'm just pointing out that O'Mahoney (whether a suitable candidate or not) probably couldn't have blocked a Board investigation, even if he'd wanted to.

I'm not sure that's the issue.

Orchard Rebel

Nijmegen wrote: »

I'm not sure that's the issue.

What is the issue then - as you see it?

jmayo

Orchard Rebel wrote: »

...
... day to day decision-making falls to the Chief Executive and his staff, rather than to the Board.

That sounds a bit like the argument used by the board of Fás, who supposedly never had an inkling about how much moeny the organisation was wasting.

Orchard Rebel wrote: »

What is the issue then - as you see it?

My issue with this is it is a failed banker, who at one stage was a very high profile executive within one of the most ineptly, unethically run commerical organisations that state has ever had the misfortune to have had.

He was chief operations officer until 2005 and they had already embarked on a crazied lending to construction industry at this stage.
He was a member of the Anglo Risk and Compliance Committee and a member of the Strategic Management Board, both of which would have, or should have had, huge input into the direction in which the bank was heading.

Of course the lunacy got even worse after he left and drumm took over, but there were already very questionable goings on within that organisation whilst o'mahony was still a high profile executive.
One of these was actually the large director loans being moved into and out of the bank by the then chief executive.

Then subsequent to him leaving the Anglo cesspit, he manged to lose close to a billion over a couple of years.
Supposedly some of the big losers were:
seamus ross (a builder) who invested €10m
property developer johnny ronan who put in about €9m
businessmen lochlann quinn and peter sutherland who both invested about €4m
denis o’brien and bernie mcnamara who lost about €2m each

It couldn't have happened to a nicer bunch :rolleyes:

Yet here he was been rewarded with a statutory body position all courtesy of martin cullen.

Now if you don't find his positioning questionable, I believe you are either pretty gullible and unbelievably trusting or a part of the insider golden circle.

Lo and behold you also have another ffer dick "cock" roache writing letters to Wicklow Co Co on his behalf in his endeavour to redevelop his home in Enniskerry.

EDIT:
BTW there are 17 people on that board.
What the f*** are all these people doing ?
How much do they get for this gig ?

Orchard Rebel

jmayo wrote: »

That sounds a bit like the argument used by the board of Fás, who supposedly never had an inkling about how much moeny the organisation was wasting.

Slightly different situation. Fás was a semi-State body tasked with funding projects. The Pensions Board is the regulator of occupational pension schemes and PRSAs. The danger here isn't so much misappropriation of funds as ineffective regulation a la the Financial Regulator.

My issue with this is it is a failed banker, who at one stage was a very high profile executive within one of the most ineptly, unethically run commerical organisations that state has ever had the misfortune to have had.

He was chief operations officer until 2005 and they had already embarked on a crazied lending to construction industry at this stage.
He was a member of the Anglo Risk and Compliance Committee and a member of the Strategic Management Board, both of which would have, or should have had, huge input into the direction in which the bank was heading....Yet here he was been rewarded with a statutory body position all courtesy of martin cullen.

Couldn't agree more, except that I think he was appointed by Seamus Brennan rather than Martin Cullen. As far as the government of the day was concerned, he was a shining example of the "success" of FF/PD economic policy.

Now if you don't find his positioning questionable, I believe you are either pretty gullible and unbelievably trusting or a part of the insider golden circle.

Trust me, I'm very much a cynic when it comes to pensions matters. I agree that his appointment looks very much like political patronage but I don't think he could have saved Seanie from an investigation by the Board, as it would have required the collusion of all 17 members (including concumer and ICTU representatives) plus the Board's own staff.

BTW there are 17 people on that board.
What the f*** are all these people doing ?
How much do they get for this gig ?

I think I'm right in saying that they only get their expenses. However, given that the Pension Regulator in the UK manages to survive with a board of 12 (of whom only a minority are non-executive), I'd suggest that the Board here could function perfectly well with half its current number.