The former Financial Regulator Patrick Neary has received a payment of approximately eight months salary totalling almost €200,000 for agreeing to retire early.
More from The Irish Times.
<Mod> This thread has been merged with "Herald: "it feels like we are all living in a madhouse"". </Mod>
Last edited by stringjack; 11th February 2009 at 07:23 PM. Reason: Merged thread.
the "independent" reported a different story
Bank watchdog gets €630,000 secret payoff - National News, Frontpage - Independent.ie
He should be facing a lawsuit for the return of his wages given he failed to see Sean Fitzpatrick's loans, or the IL&P money shuffle at Anglo, and failed to dampen down the preposterous lending practices of all the banks, in short failed to do the job he was paid for.
This is hush money for him to go away quietly to his luxury holiday home without causing a fuss for those huddles masses still clinging on inside the golden circle.
It's despicable.
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Maybe he did do his job, maybe he did tell Cowen and Lenihan.....Originally Posted by JCSkinner
Last night, however, Mr Lenihan revealed he had taken "independent legal advice" in relation to Mr Neary, who had two years left of his contract*
How can Lenihen do this ?
I thought all cabinet members had to ask the AG for any legal advice relating to Dept matters ?
* from the Irish Independent.
It's a bloody disgrace!
Cowen said otherwise in the Dail today.
Are you suggesting that Neary was paid off so that he would not contradict the Taoiseach on this issue? I'm not saying it couldn't have happened, but that's an extremely serious allegation to make without any proof.
I find it simpler to assume that Neary was an incompetent who utterly failed to do his job properly.
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This more FF waffle, i.e. put the blame on somebody else. We all know well that if ya duck up in your job, that you can be fired. Rewind back to the time of the guarantee. We were told that the regulator and the central bank were monitoring the liquidity situation of the banks on a daily basis and that the minister was kept in the loop.....so, either the regulator told Lenihan, or he did not. Either way, this 600k is money to stay quiet.
That a sackable offence, so there is no need to pay him off then. All I can say is IL+P have said they told the regulator.
This is the key question - Why would the regulator not tell Lenihan during the regular meetings they held at the time?
I agree with JC here..
what we are seeing is a massive spin designed to deflect attention from real debate, just as has been happening in a whole number of cases for the past few months..
It's classis PR, and the Irish people are falling for it, time after time, after time...
Under law, Neary is entitled to this payoff... it was negotiated and will be paid... the imprtant phrase there is... under law
So.. while we have a general wailing and gnashing of teeth for a week or two, with the usual suspects calling for the money to be taken back, Neary will disappear under the radar, and will continue to be paid his money... in a few months time, we'll all have forgeotten about this, and have moved onto the next story....
NOW HERE'S THE REAL SCANDAL!!!!!
While we are been taken in by the PR exercise and behaving in classic hang 'em and flog 'em mob/sheep mentality...
Nobody is asking why he was allowed resign.... without first coming before a Dáil committee in which he could be publicly questioned over his actions and his knowledge of what was going on in the banks, and whether or not he told those higher up the food chain in the Department of Finance... he was in front of the Finance committee already, but a whole lot more has come out since ... now that he is not employed by the Regulators office, he can refuse to participate ...
Just like Rody Molloy did when FÁS was due to come under the spotlight earlier in the year... he resigned with his big payoff 3 DAYS before he was due to answer questions... again removing his obligation to be accountable...
Just like Seanie Fitzpatrick was allowed resign from Anglo, before he had to stand in front of shareholders..
This is how the Golden Circle is defending itself... paying each other off but keeping their mouths shut
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