Men overboard in NAMA brain drain … 93669.html

I think they may have been frustrated by the fact NAMA is there to simply sit on property, effectively taking it out of the market and therefore keeping some sort of floor under it. Selling off properties or flooding it with rentals would simply undermine the raison d’etre of NAMA - despite it being the sensible thing to do. If you were a high flyer thinking you could build a career as the one who bailed the country out of this mess, you’d soon be off once you realised the shackles your employers imposed on you.

There’s only so many hours you can spend playing minesweeper while waiting for LTEV to arrive.

I’m sure I heard earlier this week Matt Cooper and Brian Carey, Sunday Times discuss jobs in NAMA.

Seems to be a lucrative & secretive number for ex-employees of Anglo, INBS and various property companies, not to mention accountants, solicitors and estate agents.

8DD or XX ?

The word is that those at the top of NAMA had to work a lot harder than expected and have now been approached to take a pay cut to the Taoiseach’s salary. Basically they are confident that they can earn more than the Taoiseach elsewhere with less hassle and with the benefit of a functional organisation under them which is not subject to political interference or chronic fear of bad publicity. It will be interesting to see how other more high profile people will react to the requests for pay cuts.

It is hard to know if people of equal experience and ability will be available at the lower wages. Certainly the competence of those further down the food chain in NAMA has been questioned.

Wasn’t it Michael Soden who got the fck out of the NTMA when it was determined that it would be in charge of NAMA ?

My own theory is that the main honchos will leave once that it becomes obvious that significant losses are inevitable.

They came.
They got paid a bit.
They surveyed the disaster.
They weighed the brilliance of the tax inspector and the IT specialist.
They laughed and fucked off.

No it was Michael Somers → … 83013.html

Michael Soden is the ex BoI banker who had a lucky break when the people he outsourced spilled the beans on his of the internet for personal reasons and who now sits on the Irish central bank commission → … ssion.aspx

That’s putting it mildly about the next level down. Property and lending spoofers from Anglo/INBS/BOSI/Ulster Failed property co’s. Just bad business people basically.

All personally interviewed and selected by McDonagh.

I’d much prefer to have 1 ex Goldman Sachs guy (no matter how short his stint) than 15 ex Anglo/INBS/BOSI/Ulster guys.

Soden pops up as a banking pundit frequently, especially on NewsTalk 106. Some background information on this might be of interest. At the time of his demise he spun the story that that he had paid dearly from one moment of madness and that he was being punished for breaching rules he knew nothing off. The fact that he breached Internet usage policies he instigated, that 14 other people had been previously sacked for such breaches and that he was a serial abuser of these policies over a long interval seems to have skipped his attention.

People should remember what happen BoI’s share price when he was chief executive.

Bank of Ireland looked to recover the cost of his payoff - €5 million - from their then “technology partner” Hewlett Packard as the Bank alleges that it was HP staff (formerly Bank staff with a grudge at being outsourced serially and relocated to HP’s Clonskeagh’s offices from their former home in Cabinteely) that leaked the story and forced them to sack Soden.

Needless to say, HP resisted, saying that it could not be proven that their staff were involved. Also, it seems to have escaped the Bank’s attention that Soden was spending time is his office with his trousers around his ankles researching Las Vegas prosititutes he was intending to visit on a business trip, during Bank time and was breaching policies for which other staff had been sacked. … 05294.html … ommission/

In 2004 HP won a 7-year outsourcing deal with Bank of Ireland at a base price of €500 million (not including extras and changes during the life of the contract) The Bank re-tendered for this contract in advance of the current contract that ended in 2011. Their unhappiness with HP mainfested itself in HP not even making the short list of two companies: IBM and HCL (an Indian supplier).

The contract was awarded to IBM, HCL being just bid fodder to get IBM to keep their price sensible.

Most of the HP staff will tranfser (TUPE in outsourcing lingo) to IBM. That makes the fifth employer they have had in 10 years: Bank of Ireland, Perot Systems (remember that short-lived disaster), IT SIS (a Bank of Ireland holding company to which staff were transferred while the Bank looked to get rid of them again), HP and now IBM. How their mammy’s would have been disappointed when their recommended their offspring to get a safe and pensionable job with a bank. Or, there again, maybe not, given the planned redundancies in Bank of Ireland.

Soden is a dumb fuckwit. I heard him on marian overpaid a few times talking about the crash and his

**solution :bulb: **

was to recognise that property had become too big a part of the economny and the way forward was to stabilise it at 6/8% gdp going forward. And em, that was it.

You could almost hear the nodding of the other cretins in the studio as they briefly interrupted licking themselves while contemplating their amazingness and dreaming of bon mots as they bowed to the great Brian and this wonderfully insightful analysis and prescription.

So to briefly summarize, Bank of Ireland was run by a shower of cunts both in Soden’s time and thereafter.

Sorry, always get mixed up between the two names, hence I phrased it as a question :stuck_out_tongue:

Soden was recognised by brokers as a potential source of reputational risk to BoI because of his behaviour during meetings with institutional shareholders, long before he did his price comparison on Las Vegas prostitutes, hence the share sell-off and the reduction in share price that occurred during his time as Chief Executive.

Soden and his like from other banks were not the supermen they liked to see themselves as: they are just the fat turds that floated to the top, beating the other turds.

Like what for example?

Just look at the decrease that occurred in share price during his time in office and the increase after he left. Any more detail would be deemed to be potentially libellous. Feel free to ask me privately.

If it is libellous then I reckon you have already committed the libel.

Irish Times - “NTMA warned Noonan against €200,000 pay cap” … 25229.html

“THE NATIONAL Treasury Management Agency warned the Minister for Finance in a private letter that imposing a pay cap of €200,000 on its staff would impede its work and have “serious detrimental consequences” for the taxpayer…”