What’s going on here? independent.ie/national-news … 48115.html
collection of people including busted developers, failed banker, ex FF minister etc etc come together to create super secret plans for the new government.
Mike Soden, Philip Lynch and Ray MacSharry and others get together to describe how the country ought to be run.
Called Ireland First website irelandfirst.ie (not yet live)
I think the simple answer is that if you want a cross section of ruling class who the bank guarantee was suppose to bail out look no further. Think of it as the list of the guilty. A lot of the names mentioned in the article have been discussed here at length in the past. Starting with our old friend Mr Desmond. A man who has an uncanny ability to pop up wherever inexplicable events happen. Not only inexplicable but always very much to the financial benefit of Mr Desmond and his cronies. A man who thinks what Ireland needs is another Charles Haughey. Need I say more.
A motley crew if ever there was one. Financial chicanery well represented. And King’s Inn-esque chicanery with words and rationales is represented there too. To a man, they accumulated wealth by being close to engines of leverage (indeed, maybe it would be interesting to investigate their personal exposures to the unwindings of leveraged plays - purely on a suspicion that they didn’t just operate the levers, but also went in on those plays) and exploitation.
When it is obvious that what underlay this country’s man-made disaster was in the main political and institutional underpinnings (well represented by this assortment of characters), it will be interesting to see if the incumbent government take on a rescue plan designed overwhelmingly towards saving those political and institutional underpinnings.
To me their plan reads a bit like the evacuation of the Titanic with the upper crust snaffling all the lifeboat seats to save their own narcissistic little hides.
Kerins co-chairs the group with Philip Lynch who is currently in court to discuss a €25m debt that AIB claims is owed by him and his family. She is reported to earn more than 176K, making her the best paid head of any Irish disability group. independent.ie/health/latest … 52125.html
Michael Berkery, former chief executive of the Irish Farmers’ Association
Leslie Buckley (associate of Denis O’Brien)
Frank Flannery (associated with FG)
Seán O’Driscoll (Glen Dimplex)
Michael O’Flynn (developer)
Mike Soden BoI (!)
Peter Sutherland (BP, Goldman, Vatican, etc etc)
Brendan Tuohy (ex civil service sec gen)
It would seem from the above that registration / hosting of the website was done online using a Rehab credit card.
The Rehab Group website says it is a not-for-profit organisation, a limited company, with a registered charity number. Does that make it a charity? I don’t know.
But it’s difficult to see why Kerins would pay for such a service using the Rehab card instead of her own.
The cost would only have been 100 or so euro, small beer to Kerins on a salary of 176k - and surely the reason she’s on such money in the first place is because she’s so competent at managing the Rehab’s finances?
Why would wealthy people like Desmond and Bruton be trying to push such a paltry expense onto a hard-pressed charity instead of shelling out from their own pockets?
No doubt Kerins will tell RTE or the IT it was a simply an ‘administrative error’.
Oh, yes, the excuse will be perfectly plausible, it always is, but the above still reeks of Celtic Tiger carelessness - Kerins’ salary of 176 k is a lot of money whichever way you look at it - so if you don’t mind the charity being run on a ‘whatever’ basis, why not just get in some CEO on 30k??
"ONE51 INVESTMENT group chief executive Philip Lynch has told the Commercial Court he could “never, ever” have exposed himself, his wife or children to any liability for a €25 million loan advanced by AIB to buy development lands in Waterford.
It was intended Mr Lynch’s four children would, as a result of the Waterford deal and other gifts to them, get some €1.66 million each, the court heard yesterday.
The children were to get 20 per cent of the anticipated profit from the deal, expected to be €4.39 million before tax, while their parents were to get 80 per cent, or €21.9 million.
Mr Lynch said it “never crossed his mind” he would have to raise money for the transaction related to the lands at Kilbarry, Waterford, and regarded it as having “no risk” attached**, with the AIB loan secured on the land.
He said developer Gerry Conlan had offered in 2006 to cut him in on the deal. Mr Conlan was “very generous” and had said it was “payback” as a result of assistance provided by Mr Lynch to him, he said…"
Actually Inis Man, even if you DO object to a charitable organisation beinf run on a ‘whatever’ basis, why not get in some CEO on 30 K (or thereabouts). Nobody in Ireland today should be earing that amount in the context of widespread hardship and penury.