Lenihan comes last in FT Survey 2009(2nd last 2008!)

November 20, 2009


“by Charlie Taylor:

..French finance minister Christine Legarde came out first of the 19 ministers ranked by the Financial Times in terms of their political skills and the performance of their economies.

Judges described Ms Lagarde as “a star among world financial policy-makers” and said no other finance minister had came through such a testing year in such good form.

…Under the heading ‘Desperate in Dublin’,  the newspaper  says Mr Lenihan’s “drive to bring the economy back from the brink of catastrophe is an almighty test”.

Earlier this year Mr Lenihan met with the editorial board of the Financial Times as part of a visit to European capitals as part of an effort to restore Ireland’s reputation among foreign investors. The meeting came after the newspaper had been highly critical of the Government’s economic policies.

Some of the European’s smallest countries were left out of the FT’s rankings, leaving a total of 19 ministers to be judged.

Mr Lenihan was ranked 19th in the overall ratings and also came last in the individual economic category. However, he came in at 14th place in the political category and in 16th in the credibility poll. He came second last in the 2008 rankings.

Germany’s finance minister until the recent election, Peer Steinbruck, was voted second, with Belgium’s Didier Reynders in third.  Anders Borg of Sweden came fourth, followed by Giulio Tremonti of Italy.

Britain’s Alistair Darling  came seventh.

The judging panel members were: Marco Annunziata chief economist, UniCredit; Robert Bergqvist, chief economist, SEB; Jacques Delpla, member of the Conseil d’Analyse Economique, Paris; Michael Heise, chief economist, Allianz; Gilles Moec, European economist, Deutsche Bank; Erik Nielsen, chief European economist Goldman Sachs; and Peter Vanden Houte, chief eurozone economist at ING. ”

Meanwhile http://www.irishtimes.com/newspaper/ireland/2009/1119/1224259107832.html

“by Marie O’Halloran:

THE GOVERNMENT will accept the appointment of current AIB non-executive chairman Dan O’Connor as both chairman and chief executive “on a temporary basis” despite the recommendation by consultants on corporate governance that the same person should not fill both roles.

Taoiseach Brian Cowen also confirmed in the Dáil that internal AIB candidate Colm Doherty would take up the position of managing director with immediate effect and had agreed to accept the €500,000 salary limit for senior bankers.”

Instead of a removal of the entire board of AIB and a culling of senior management at the bank, Cowen and Lenihan are presiding over a damage limitation exercise to protect the interest of the bankers (not the taxpayer) as AIB bank  drifts towards eventual nationalisation, all this while on a raft of capitalisation and bank guarantee provided by the taxpayer.

http://www.rte.ie/news/2004/0531/aib.html AIB has already in the recent past been investigated for shady share dealings

“Monday, 31 May 2004 23:56

The Revenue Commissioners have begun an investigation into all tax matters arising from the recent disclosures by AIB of inappropriate share dealings and offshore tax evasion.

The investigation into the AIB group, its related businesses and individuals will be led by the Revenue’s Investigations and Prosecutions Division.

Two former senior executives at AIB have said they were connected to the Faldor offshore investment scheme.”

http://www.greenparty.ie/en/news/news_archive/detailed_public_investigation_of_aib_must_take_place Read this on Dan Boyle and learn how with such great ease the hypocrisy of the Green party in government has seen a metamorphosis of the Greens from Robin Hood to The Sheriff of Nottingham over NAMA and blind eyes to AIB.

This is a continuance of the NAMA policy of robbing Peter( the taxpayer ) to pay Paul( the banks ) that Fianna Fail have yet to reap the full political consequences for – while the social and economic consequences of this policy are already beginning to be felt.

The public, without a full blown inquiry into the role of the banks in the economic collapse, without outside appointments to vacant posts within the banks, with the bank’s old board still in place,  instead of renewal, see  further consolidation of the old regime.

What and whose decisions  led to the banking collapse still require detailed analysis and exposure. It’s not enough that this subject matter will be left to the theses of next generation economists and other investigators, this should take place now!

As with  Hamlet, Act 1, Sc 4, Marcellus: “There is something rotten in the state of Denmark”  all the above points to nefarious shenanigans at AIB that they would really not like outsiders or a new board to see?

I wonder what they could be?

AIB is flooded with smoking guns that point to overcharging, illegal share dealing, questionable relationships with the financial regulator that go back over the whole of the past decade and now total financial collapse through the property bubble. http://archives.tcm.ie/businesspost/2009/04/05/story40779.asp .

Illegal dealings, that were part of the property bubble, look like remaining hidden away by AIB,  NAMA  and Fianna Fail, from prying eyes.



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