Aengus Fawning interviews Eugene Sheehy - Sindo

Hard-hitting it ain’t. In the middle of the biggest economic crisis for years the Sindo sends in an obseqious lickspittle to interview the head of AIB…

pretty awful stuff, imagine kerrigan and this idiot write for the same newspaper

Puppet interviews Muppet

Great smiley! please please can this one be made easily available?

Thats funny, Im learning all about it in college we are getting a special look into the great depression this semester because of current events.

Did I miss anything?

Hi, I’m Eugene Sheehy. Invest in AIB, the bank that lends people money but won’t look for it back.

Feb 2007 €23.95 Mkt Cap €21 billion
Feb 2009 € 0.68 Mkt Cap €600 million

Return -97.2% Expected Dividend €0.00

At AIB our motto is “As long as our borrowers are happy, then we’re happy” :slight_smile:

No write off too big
No payment holiday too long
No interest roll up too fanciful

So if you want to borrow lots of other peoples money against overpriced collateral, be - with AIB.

This muppet is interviewed in the Sunday Times also. He’s not showing any real awareness of either his own position or the position of his bank - he seems to think he can brazen the whole thing out. Good luck with that strategy.

Eugene has totally forgotten his sole responsibility is to his shareholders.

Fuck the economy, fuck small businesses, fuck family homes, fuck the whole lot of them Euguene - you don’t work for them. You work for your shareholders you fuckin clown :imp:

ah he forgot it long before this interview and long before the bank guarantee. Otherwise the bank wouldnt have been included in it! What gets me about this is how these guys take the taxpayers money for granted.

That’s pretty harsh.

I presume his shareholders have ultimate control of the company through AGMs. If this bothers them, they can replace him at the next AGM. I presume they can also call for an EGM is they really want to oust him quicker. Otherwise, they are showing their lack of disapproval or laziness. I’m talking about any 50.1% grouping of shareholders than can get together to oust him. Not a percent lower.

If a shareholder disapproves and can’t get 50.1% of shareholders to vote against the man, then they can either try more/sell their shares/be quiet.

Wrong. Since 30 September, AIB and the rest of the Irish banks have been wholly dependent on the State Guarantee which has mortgaged the economic future of this State. The €3.5Bn. recap is just the next step in a series of moves which will see the Irish people saddled with the debts which AIB and the other banks generated without restraint in recent years.

Without this State support, the game would be up for the shareholders, the Board and senior management.

Let’s hope this interview is not picked up by the international media. It is a classic of cozy capitalism, Irish-style. On the other hand, students of the media would be well advised to study this closely as an outstanding exemplar of hegemonic media (the Editor of the Sunday Indo sucks up to the Chief Exec. of AIB :stuck_out_tongue: )

The opening sentences are classic. The cool, all-knowing CEO rises about the mob:

Who dares question his integrity!

No, he is one of us and born to lead us, son of an Irish capitalist hero who

If only there were other scions of great Irish warrior capitalists who might lead us now…

Now, let’s get to the Q&A. The principle is simple, the questions are merely an introduction to the Great One’s pearls of wisdom. No follow-through questions!{046DC1BD-6905-4DFC-A90D-2B68F19F5D03}

Go upfront with any crumbs the Great Leader offers the masses, or at least those who do business with AIB.

And make a great virtue of legal necessity:

In times of prosperity, capitalists will claim all credit for “growing the economy”. In times of crisis…

translation: now it’s Government’s problem.

And if this was to subtle for his readers, Aengus had a particular governmental scapegoat to hand

Yeah, why didn’t they keep the credit flowing, the party was in full swing!

So how come ignorant souls are blaming the banks, Eugene?

And the unsustainable construction boom - who caused that, Eugene?

You see, “we” were to blame all along :open_mouth:

But who can save us from this catastrophe?

Holy cow, Batm…Eugene, is there any hope?

But who will save us?

Praise be the forces of international capitalism!

Now, Eugene, I hate to mention this but…but…ah… some people think we need change, er, at the top, I mean…ah…

Oh, Saviour, how shall we know that our day of salvation is at hand?

But what about the scandals in other Irish banks?

Of course, AIB is not involved in any of this:

**THE BIG LIE **- remember DIRT, Rusnak, in fact how did you get the big job Eugene?

But Eugene know this is a real issue. Forget the serfs, there are international investors who want an answer: why should they trust any Irish bank after what we learned last week?

A big claim, Eugene, and maybe some Pinster can trace the source for the Minister’s quotation. I can’t find it on the Oireachtas website. Lenihan did say at that press conference for the recap. that

There’s a long way between that comment ie. our best efforts could not find a smoking gun. and saying the Big Two are “spotless”. If Sheehy is misquoting the Minister, no doubt Merrion St. will set the media straight :wink:

AIB had their arm twisted on repossessions and the courts were not playing ball, so now he makes a virtue of it but he has a warning

Of course, if you go after the unemployed, that means AIB will be hunting down the millions which the developers have salted away, no? Ah, well that’s not how capitalism works 'cos in the bad times that’s when you really need your rich friends

OK, let’s finish on an upbeat note. Let’s imagine we have money again :laughing: What would you advise, Eugene? (because AIB did such a great job advising us in the past :angry: )

Laugh of desperation, methinks.

For all those who jumped into the property pyramid, Eugene has a parting gem:

A quick canter around some fancy banking chatter, and our hero is free, scot-free.

**But you still thought it a good idea to invest your banks future and your shareholders equity in the property pyramid. **

This says it all . Makes the whole interview very worthwhile.
So Eugene thought property was a bad/dodgy bet . so tell us Eugene why did you think it a good idea to invest your banks future and your shareholders equity in the property pyramid…pray tell
tis a pity you didnt give that pearl of wisdom to you own senior management, and your head of risk and various other entities in the bank.
Kept it secret to yourself all along, I bet shareholders will love to hear that, whilst you leverged your own bank to the hilt on property speculation deep in your own heart you never thought it a good investment.
Whilst your shareholders pensions were hung out to dry on some floodplain in the midlands you wouldnt have touched same with a barge pole. Wonderful.

Thanks Aengus thats a truly classic interview if only for that nugget.

You’re forgetting that the vast majority of shares are owned by that posse of arse licking, spineless, toothless, gravy train riding corporate lapdogs - otherwise known as pension fund managers.

This (like the *independent remuneration committee *entirely composed of fatcats from other large companies) ensures that no-one rocks the boat and it’s jobs for the boys, tallyho jolly hockeysticks for people like Eugene who have presided over the destruction of 97% of shareholder value. As punishment they get to keep their cushy jobs albeit for slightly fewer millions than their lordships are accustomed to while retaining ‘the full support of the board’.

Bingo. If AIB was in a nice strong position compared to the other banks, they would have said ‘thanks but no thanks’ to the government regarding the guarantee.

Overall the interview does not imbue me with any sense of confidence.

No, I’m not forgetting that at all. These hedge funds are shareholders too. If they control the majority of shares then they control the AGM. If they don’t want to vote the guy out then they don’t have to. If other shareholders don’t agree, then they can try to gain control/sell their shares/stay quiet.

A breakdown of AIB’s 81,062 shareholders from it’s last annual report.

In fine capitalist style

  • 80% of the shares are owned by 0.5% of the shareholders.
  • 88% of the shareholders own just 8% of the shares between them.

The 0.5% are a cosy coterie of arselicker pension fund managers whose main concerns are

  • extracting fees for themselves
  • preserving the status quo so they can continue to extract fees in the future
    so AIB’s top management can do whatever they like and no-one (that matters) will say boo to them.

The other 99.5% of shareholders are totally powerless. Even if all 80,639 of them turned up to the AGM looking for Eugene’s head on a stick they only have 20% of the votes.

And of course Eugene knows all this only too well, so he doesn’t give a fuck about his shareholders, as evidenced by this interview.

Yeah, that’s the point of shares. You can buy as much shares as you can afford. Each share gets one vote and not each shareholder.

Small shareholders take a gamble if they buy a companies shares where there is a small minority who own a majority of the shares. They gamble that the company will do what they would like the company to do for them. That’s not what the company can be forced to do though. Only a majority of shareholders can force the company to do what they want it to do.