Shane Ross hypocrisy on Fitzpatrick, Anglo, Corporate Governance

[mccafferty cat]

Senator Shane Ross was on Pat Kenny earlier speaking about the Fitzpatrick/Anglo scandal. He went on an extended rant about Fitzpatrick's appointment as Chairman, having previously served as CEO, which he said was seriously frowned on in the corporate governance world. (he is correct in saying so).

He went on for several minutes decrying this, saying that Fitzpatrick was "bedded in", "compromised", serving on the board with a load of pals, etc etc. and that all of this seriously compromised his independence as Chairman. He is 100% correct in saying this.

HOWEVER, the hypocrisy of all of his points is nauseating, given who he works for. Has Ross forgotten that the current CEO of Independent News and Media, Dr. AJF O'Reilly, served as Chairman AND Chief Executive of the company for several years, which happened to co-incide with a serious deterioration in the strength of the company, and a similar fall in shareholder worth?

Why does Ross never highlight this? And when will the media (RTE in particular) wake up to the fact that Ross is an attention-seeking hypocrite, who slams people and lectures us right left and centre, and keeps schtumm when it suits him?

[Christine Murray]

Question: Why do the same people keep getting multiple jobs and powerful positions?

[it's like a crazy merit badge system , with maybe 10-20 people rotating like mad in
different semi-states, banks, corporations. Is it that incestous?]

[goosebump]

Why does Ross never highlight this? And when will the media (RTE in particular) wake up to the fact that Ross is an attention-seeking hypocrite, who slams people and lectures us right left and centre, and keeps schtumm when it suits him?

You can go a long way in Ireland with a foreign accent.

[Ed Dantes]

Question: Why do the same people keep getting multiple jobs and powerful positions?

[it's like a crazy merit badge system , with maybe 10-20 people rotating like mad in
different semi-states, banks, corporations. Is it that incestous?]

"Excellent public servants", as Biffo called Rody Molloy, are in short supply!

[Christine Murray]

Cronyism it is then, did they all go to the same school ?

[Gimpanzee]

"Excellent public servants", as Biffo called Rody Molloy, are in short supply!

Roddy Molloy would probably still be an excellent public servant if it wasn't for Shane Ross.

[Christine Murray]

I do apologise for this; but I believe that the term Public Servant has somehow
lost its meaning, along with the idea that the function of Government is to look after
the best interests of people. It's awful to be so cynical about things but it is now
my tone.

[Digout]

Shane Ross is serving his own interests. I passed some information to him regarding a major waste of money by the goverment, he did not even reply.

[robet151410]

I think its great fun. I just love Shane Ross. And there is an important difference here. Tony owns a large minority of the company and has a strong interest in seeing it succeed.
Fitzpatrick was just stroking it for himself. What a conman. What a stroker. I bet FF is proud of him and rightly so.

[patslatt]

Senator Shane Ross was on Pat Kenny earlier speaking about the Fitzpatrick/Anglo scandal. He went on an extended rant about Fitzpatrick's appointment as Chairman, having previously served as CEO, which he said was seriously frowned on in the corporate governance world. (he is correct in saying so).

He went on for several minutes decrying this, saying that Fitzpatrick was "bedded in", "compromised", serving on the board with a load of pals, etc etc. and that all of this seriously compromised his independence as Chairman. He is 100% correct in saying this.

HOWEVER, the hypocrisy of all of his points is nauseating, given who he works for. Has Ross forgotten that the current CEO of Independent News and Media, Dr. AJF O'Reilly, served as Chairman AND Chief Executive of the company for several years, which happened to co-incide with a serious deterioration in the strength of the company, and a similar fall in shareholder worth?

Why does Ross never highlight this? And when will the media (RTE in particular) wake up to the fact that Ross is an attention-seeking hypocrite, who slams people and lectures us right left and centre, and keeps schtumm when it suits him?

Banks have a far greater need for good corporate governance than most businesses.
They have a tendency to become casinos late in strong expansionery business cycles. Their managements also have opportunities for self dealing and crony capitalist loans. Banking is very risky given that there are about €8 in loans for every €1 in shareholder capital,so if €1 in loans defaults,the bank may become insolvent.