Time for the Financial Regulator to be fired

[cyberianpan]

The current financial regulator needs to be fired promptly in order that we can go about restoring confidence to the markets. For years I've know the chap isn't up to his job, no real balls, sticks to the letter of the law (avoids any common sense approach, always believes what he is told) , relies on external auditors...

The markets and others have now lost confidence in him:

IT
OPINION: IT IS clear from the share price of Anglo Irish Bank that no one - apart from its board, presumably - believes management when they say they the bad debts in its €73 billion loan book will amount to a manageable €879 million while the economy shrinks by up to 4 per cent next year, writes John McManus.


. It also follows that no one believes the Financial Regulator and PricewaterhouseCoopers (PwC), its adviser, who both say the banks are solvent and adequately capitalised to meet projected losses.

IT
Key financial regulator figures should quit - Boyle

GREEN PARTY chairman and finance spokesman Senator Dan Boyle believes key figures in the Irish Financial Services Regulatory Authority should consider resigning over their handling of the banking crisis.
Mr Boyle said that, in his opinion, Patrick Neary, chief executive of the financial regulator, had not done his job correctly.

IT

On the banking crisis Mr OLeary said if he was in charge he would "fire most of them". However, he said civil servants should not be put in charge of the banks, criticising in particular the job played by the financial regulator.

And also there'd long been questions marks over the private business dealings of the two Anglo directors who resigned tonight.

[adding in Saturday news stories here]

1) Irish Independent [SIZE=3]Pressure on watchdog to quit over €87m loan[/SIZE]

2) PA
Social and Family Affairs Minister Mary Hanafin said of the regulator: "I think there are questions about information he had over 11 months that wasn't acted upon or information that wasn't even given to the Minister for Finance until two days ago, particularly in the context of the past few weeks when there has been so much talk of recapitalisation of banks, of state guarantees and trying to protect the consumer. I think there are really serious questions and I don't know why that information wasn't given before now."

3) Irish Times

Joan Burton asked Financial Regulator Pat Neary to explain if he had told his own board about the FitzPatrick loans when they were finally unearthed in Irish Nationwide's accounts last January.

"Did he report his findings to his own board. If not, our system has totally failed," said Ms Burton.

Fine Gael finance spokesman Richard Bruton said the affair raised "big questions" about the regulator's performance. It was "strange" that top bank executives would "self-destruct" in the face of the imminent publication of information that had been known to the regulator since January.

4) Irish Times
INDEPENDENT SENATOR Shane Ross told the Seanad yesterday that financial regulation in the State was a joke, and the regulator was ultimately responsible for that.

5) Irish Times Editorial
The revelations about Mr FitzPatrick’s loans have already resulted in the resignation of David Drumm, the bank’s chief executive and Lar Bradshaw, one of the non-executive directors. But any attempt to draw a line at this point would be both wrong and facile.

There must be accountability both inside and outside the bank. The bank’s internal audit, external audit and corporate governance systems have all failed. Responsibility for this lies collectively with the board. The Financial Regulator must also account for how Mr FitzPatrick’s activities went undetected for seven years and his anaemic response to the matter when it was uncovered.

6) RTE
Meanwhile, John Gormley said the Financial Regulator needs to explain comprehensively what would appear to be his extraordinary complacency in the face of events at Anglo Irish Bank.

The Minister for the Environment said that to most ordinary people what occurred there was unacceptable and fills them with disgust.

7) Irish Independent The pressure on Mr Neary to resign even emanated from the Government parties.
Green Party chairman Senator Dan Boyle said the affair did beg questions about financial regulation in the banking system.
"I believe the regulatory body, as a collective organisation, needs to look at its position," he said.

8) Herald
Yesterday Michael Moynihan TD (FF), the chairman of the Oireachtas committee on economic and regulatory affairs, said if the regulator knew about hidden loans from January and did not tell Minister Lenihan, it was "extremely serious".

cYp

[markeys]

He shouldn't resign. He should be fired.

[Factorem]

What's that term used to describe the public displaying of prisoners again?

You know, when they drag dreary-looking, high-profile individuals across a public stage in hand-cuffs, etc.?

[rhonda15]

What's that term used to describe the public displaying of prisoners again?

You know, when they drag dreary-looking, high-profile individuals across a public stage in hand-cuffs, etc.?

"perp walk" ?!
I'd love to see some of that - needs to happen.

[atlantic]

They must be doing something ,I got a letter this morning that I,m on a list of people been contacted by Boilerroom scammers.Now how did they get this list and my contact details?
I decided to ring them up on an 1890 no to inform them of said companies no one in the office.

[Squire Allworthy]

What's that term used to describe the public displaying of prisoners again?

You know, when they drag dreary-looking, high-profile individuals across a public stage in hand-cuffs, etc.?

I do hope that there is a systematic and ruthless cleaning up of the whole financial and political sectors. What you are seeing is probably only the tip of the iceberg.

[Digout]

The only way to get rid of this regulator is if we, the people, get ourselves up to the office, take the people outside, burn the office down and stick all the staff on a boat to the other side of the world. Zanu-FF will do nothing about this.

[yehbut_nobut]

This goes further than the regulator surely? According the the Pat Kenny show, Neary knew all about this in back in JANUARY. He knew while the he was advising the minister for finance on tha bank bailout. So did Lenihan know, to?

FFS, Neary knew about this WHILE COWEN WAS MINISTER FOR FINANCE. Did Cowen know too? It seems impossible to beleive they did not. And yet they still aggreed to bail out a toxic cess pit.

Sorry for allcaps but I feel like shouting!!! This goes much further...

[Digout]

Sorry for allcaps but I feel like shouting!!! This goes much further...

Correct, Cowen and Lenihan must resign now.

[Gimpanzee]

Correct, Cowen and Lenihan must resign now.

Digout, if you spilt your cereal you'd be calling for someone to resign.

Lenihan was minister for Justice when this was first brought to the attention of the regulator. The buck stops squarely with the regulator on this one - long past time that he was given the boot.