“Paddy Power is beginning to look like a rehab clinic for bankers who lost other peoples’ shirts in the crash”
independent.ie/opinion/colum … 84430.html
Golden circle - the motherfucker went to bat for Fingers when Mr Burgess shouted stop! He suggested Seanie for head of BoI! Fuck Ross
He defended the platinum circle that Sur Tony [doff cap] had assembled an INM
Ross a shareholder in INM wrote in defense of the O’Reillys’ stewardship of the company and labeled Denis O’Brien as a “dissident shareholder” and accused him of launching a “a destabilisation strategy” due to the critical report into INM’s corporate governance. Ross even compared the family ties on the INM board with O’Brien’s appointment of his father Denis O’Brien Sr. to his companies - even though O’Brien’s companies have not been publicly listed. Ross also described the board’s critics as “human stooges”, lauded the share price performance under the O’Reillys, and looked forward to a “bright future”, since then the share price has collapsed to €0.05 .
Prior to the Irish financial crisis he was a persistent critic of the performance of Bank of Ireland, of which he was a shareholder. He contrasted the conservative performance of the “establishment” Bank of Ireland with other financial institutions, notably Irish Nationwide Building Society (INBS) and Anglo Irish Bank (Anglo) which he praised.
In his Sunday Independent column he described Michael Fingleton’s Irish Nationwide as publishing “a cracking set of figures… he even leaves superstar Sean Fitzpatrick’s Anglo Irish standing” " and in another column dismissed shareholder critics of Fingleton, notably Brendan Burgess and contrasted the small shareholder rebellions of Eircom, Smurfit and First Active with that of the INBS, whose CEO, he claimed “despite all his abrasiveness, was delivering small riches to them” , Ross dismissed the corporate governance concerns of Fingleton’s critics writing for all his faults, has delivered the only thing that matters in business: profit".
In his article on Pernod Ricard executive Richard Burrows’ appointment as the Governor of the Bank of Ireland Ross claimed it was mainly due to Burrows’ social status as a “toff” and criticized the bank for not even interviewing the “far too dynamic” Sean FitzPatrick, then CEO of Anglo Irish Bank. In 2007 Ross praised Sean Quinn’s purchase of a stake in “anti-establishment Anglo Irish Bank” and referred to Quinn as “this genius… [who] has combined being a champion of the customer with making a mint”, describing Quinn Direct as “the most successful insurance business in Ireland”.
Ross was clearly in cahoots with the Maple 10 and spinning on their behalf. I’m surprised he wasn’t investigated over this potential stock market manipulation
In April 2008 Ross revealed that a group of Anglo customers were planning to launch a leveraged fund to buy Anglo shares in order to “squeeze” the Anglo “short sellers” whom Ross blamed for the collapse in the Anglo share price. Ross had been briefed by a member of the group and quoted him saying * “We are going to teach the brokers and hedge funds that damaged the bank a salutary lesson… They will come out of this with their fingers burned”*, the episode became known as the Maple 10 and cost Anglo and ultimately the taxpayer €451 million. As leverage for the Anglo share purchase was provided by Anglo this coordinated action would have constituted market abuse.
then there was his bizarre column on Brian Lenihan
independent.ie/business/bree … 45168.html
Breeding and brains of Brian
Lenihan’s self-confidence is justified. His academic record is probably without parallel in Leinster House. A serial scholarship winner, educated at Belvedere, TCD and Cambridge, a barrister and a lecturer in law, Brian has brain power. The mandarins will hate that.
He will not need much briefing.
Not only was Brian able to argue the toss on finance on the airwaves, he was already pronouncing government policy; three times he used the ominous word “discipline”; he insisted that he would not be making any further changes in stamp duty; that current expenditure was in his sights. His fellow ministers must have shuddered as they saw their budgets under threat.
Lenihan not only has brains to burn. He has pedigree. He is both mentally and politically fit for the Finance portfolio. He is an egghead by accident and a politician by blood.
The Lenihans are a formidable political family. Brian’s grandfather, Paddy Lenihan, was a TD. His talented aunt, Mary O’Rourke, and his equally able brother Conor have both held high political office; but comparisons with his father, Brian Snr, a giant in Fianna Fail folklore, are inevitable.
en.wikipedia.org/wiki/Sunday_Ind … t_(Ireland
INM plc support and Denis O’Brien
The Independent group has often been accused of supporting the business interests of the O’Reilly family and in particular the parent group INM plc. Shane Ross, business editor and columnist, in particular has repeatedly praised the performance of Independent News and Media and its largest shareholder Tony O’Reilly and refrained from commenting on the subsequent collapse in the INM share-price and debt restructuring. Denis O’Brien in contrast has been the frequent subject of critical comment, in particular when his business activities conflicted with the O’Reilly family.
In the 2001 battle for control of Eircom with then largest shareholder Tony O’Reilly the Sunday Independent wrote of the inevitability of the sale to O’Brien, writing “The Employee Share Option Trust (ESOT) has made its position clear: better dead than Denis. If they stick to this line it will be almost impossible for him to secure the votes needed to capture Eircom. Deadlock looms. And what happens if Valentia then walks away, leaving Denis as the highest bidder? Not yet likely, but possible. Sir Anthony is not going to pay a silly price for Eircom.”
A 2002 article headlined as “tough questions for the INM board” Tony O’Reilly was referred to as the “noble Knight” by Shane Ross who reminded shareholders of historic share-price performance and “good dividend” while referring to the "well-publicised woes of the Irish Times " and refraining from comment on the €400m spent on “The Belfast Telegraph”. In 2006 he wrote glowingly of “success fuelled by global strategy” and referred reverentially to O’Reilly “global nature of INM’s earnings is surely its strength? Tony O’Reilly has exploited an enviable knack of targeting the right geographical zones with an uncanny anticipation of future trends.”
You forget the ‘public interest’ directorship that recommended taking Eircom private to the O’Reilly syndicate, a move that asset stripped the company. Some here:
mollox.blogspot.ie/2011/02/shane … -time.html
Nice hatchet job here:
itonlyencouragesthem.com/2013/03 … hane-ross/
I’m not a fan of Shane Ross either but it’s still a good article and full of irony.
Essentially, You and I are having to pay, now, for the reckless risk taking (bad gambling), of people who were very well remunerated whilst working in their former employment. These failed risk-takers are now being employed by / directors of, a company that is actually risk averse in its core business - gambling
Can we expect Paddy power coming to govt. buildings looking for a bailout in a few years? For the ‘good of the country’. Unbelievable, yeah it is, but what happened in the past decade is pretty damn unbelievable.