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What's the point of this thread exactly?
What's your point?Originally Posted by hammer
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Did you honestly expect him to have a point ?
Talk about don't bite the hand that feeds you...
"No one rules if no one obeys" - Tao
Here is a point for this thread:
The present head of the ESRI, Frances Ruane, should not be in office:
Former Irish Depfa directors may be sued by parent group - The Irish Times - Sat, Jan 02, 2010
“GERMAN LAWYERS investigating the near-collapse of the Hypo Real Estate (HRE) group are considering legal action against former board members of its Dublin-based subsidiary, Depfa plc.
Former directors of Depfa include ex-Central Bank head Maurice O’Connell and Frances Ruane, director of the Economic and Social Research Institute…”
“…We are examining compensation suits against the entire boards of Depfa and of Hypo Real Estate,” Detlef Bauer of Gleiss Lutz, legal counsel to HRE, told The Irish Times.
“Many of the risky activities carried out by the Dublin-based bank that brought HRE and Germany’s financial system to the brink of ruin last year took place when several prominent Irish businesspeople sat on the Depfa board.
O’Connell, who served for five years until 2007, could not be reached for comment; Ruane, a director for four years until 2006, declined to comment….
….But more general information about Depfa’s dealings in Dublin, and its role in the 2008 near-collapse, could come to light if Irish Depfa board members are quizzed during the HRE-Funke trial this year.
The picture that has emerged of Depfa in Germany in the last months is of a badly run institution that pursued risky business practices by exploiting weak supervision in Ireland and, in Germany, fragmented supervision and perfectly legal loopholes.
A parliamentary inquiry in Berlin threw some light on the frantic rescue of September 2008.
Perhaps the most enlightening description of Depfa came from Jochen Sanio, head of German regulator BaFin. He described it as a “pigsty” and HRE as “the root of all evil”.
Even without the benefit of hindsight, he said that Depfa’s juggling of short- and long-term liquidity and pocketing the difference in interest rates was less a business model than a “liquidity trap”.
Deutsche Bank chief Josef Ackermann, closely involved in the September 2008 rescue package, told the inquiry politely that Depfa “experienced liquidity problems that a well-run bank would never experience”.
DEPFA is Europe's Lehmans. Frances Ruane’s position is completely untenable.
Hammer, there is a comprehensive interview with John Fitzgerald of the ESRI in today's Star. Read it before making any of your usual ill-informed comments. He has a few interesting things to say on, among other things, the banking inquiry, bankers, the bail-out, the current property market, the ESRI's own mistakes, wage cuts and the minimum wage.
No link so I guess the intellectual snobs on P.ie are going to have to hold their noses and go out an buy The Star.
Many of the board of the ESRI should also resign:
David Begg, General Secretary, Irish Congress of Trade Unions. Was on the board of the Central Bank when the banking system collapsed. Still there as is the board.
John Hurley, former Governor, Central Bank and Financial Services Authority. Was the governor
of the Central Bank when the banking system collapsed.
David Doyle, Secretary General, Department of Finance,
when our economy and banking system imploded.
Laurence Crowley, former governor of bank of Ireland, who appointed Brian Goggin and was in office in BOI until mid 2005.
http://www.irishtimes.com/newspaper/...660093208.html
Mary Finan, Chairman, Wilson Hartnell Public Relations Limited (Chairman)
“Ms Finan is currently Chairperson of Wilson Hartnell Public Relations and Chair of the Economic and Social Research Institute. She is a director of Canada Life, the AA and the Gate Theatre, as well as being a Council Member of the Dublin Docklands Authority and the ESRI.
She was the first woman president of the Dublin Chamber of Commerce”.
Read this:
Wheels within wheels within Dublin's dockland authority - Business, Frontpage - Independent.ie
And remember the DDDA is so bad
http://www.independent.ie/national-n...r-1988284.html
people want an enquiry into it:
Lack of inquiry helping no one - Editorial, Opinion - Independent.ie
The ESRI is the Lehmans of Europe’s Public Research Institutes.
http://www.esri.ie/about_us/the_inst...nance/council/
Mt belief was always that the ESRI were impartial. I wasn`t aware of their funding sources. I googled it. How can they be totally impartial when their funding comes mainly from the Department of Finance.
If there was no grant from DOF would there be an ESRI ?
Are there any communications from DOF to ESRI prior to reports being published, or would that be unethical ?
This is why Politics.ie is a source of information to most people including myself.
Who funded the Financial Regulator ?
Who funded the Central Bank ?
And the point you seem to be struggling to make here is that the ESRI isn't impartial and their their research is skewed by the source of their funding, would that be correct?
If that's the case you'll need to be backing it up with specifics. While you're doing that perhaps you could explain your understanding of the role of the ESRI as well, just to demonstrate to us all that you know what you're talking about.
If you have no specifics and can't accurately describe the ESRI's purpose then I think we would all appreciate if you accepted that rather than entering into consecutive rounds where you try to obfusticate the fact that you're talking through your hole.
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