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Ruckedtobits
Shane Jennings
Posts: 6085
Joined: April 10th, 2011, 10:23 am

Business stories

Post by Ruckedtobits »

Three business stories broke this morning, all worthy of some good investigative journalism and some names.

The AIB & Building Society fine by the Central Bank. Biggest fine in Irish business history. But not one mention of the key executives who made these policy decisions within either institution. And, because the Irish taxpayer owns a majority of AIB, the cost of the fines will largely be borne by way of reduced share price, by the tax payers.

Story number two has not had a mention on broadcast media. The Administrators of Quinn Insurance had sued the company's Auditors PWC for €900m for improper accounting leading to the bankruptcy of the Insurance Company. The Government in 2009 decided that a long-term levy on all non-life insurance policies would be required to meet the costs of the bankruptcy.

The case has been settled without going to Court. Legal fees to date have totalled €60m but PWC has paid a settlement amount, not disclosed but rumoured to be in the tens of millions of euro, but no names of the Audit partner or Audit Manager or any other executive have ever surfaced.

Who ended up suffering the biggest loss, the motor and house insured of Ireland who are still paying the levy on every policy.

Third story is more specialised. A subsidiary of huge US Pharma Johnson & Johnson have set aside €265m to meet claims against their subsidiary Jannsen, all associated with a drug for treating psychotic conditions and autism. Again, no executives named or blamed but maybe this will ultimately get some public Court time.

If the law is to be respected, it must be administered in public view, not behind closed doors where the guilty can hide whilst the tax-payer meets the costs.

Come on investigative journos of Ireland, get your asses in gear and expose the people behind each of these fiascos, which we, Joe & Jane Public, are paying for.
riocard911
Seán Cronin
Posts: 3647
Joined: July 27th, 2015, 10:42 pm

Re: A whiff of Cordite

Post by riocard911 »

Ruckedtobits wrote: June 23rd, 2022, 6:12 pm Three business stories broke this morning, all worthy of some good investigative journalism and some names.

The AIB & Building Society fine by the Central Bank. Biggest fine in Irish business history. But not one mention of the key executives who made these policy decisions within either institution. And, because the Irish taxpayer owns a majority of AIB, the cost of the fines will largely be borne by way of reduced share price, by the tax payers.

Story number two has not had a mention on broadcast media. The Administrators of Quinn Insurance had sued the company's Auditors PWC for €900m for improper accounting leading to the bankruptcy of the Insurance Company. The Government in 2009 decided that a long-term levy on all non-life insurance policies would be required to meet the costs of the bankruptcy.

The case has been settled without going to Court. Legal fees to date have totalled €60m but PWC has paid a settlement amount, not disclosed but rumoured to be in the tens of millions of euro, but no names of the Audit partner or Audit Manager or any other executive have ever surfaced.

Who ended up suffering the biggest loss, the motor and house insured of Ireland who are still paying the levy on every policy.

Third story is more specialised. A subsidiary of huge US Pharma Johnson & Johnson have set aside €265m to meet claims against their subsidiary Jannsen, all associated with a drug for treating psychotic conditions and autism. Again, no executives named or blamed but maybe this will ultimately get some public Court time.

If the law is to be respected, it must be administered in public view, not behind closed doors where the guilty can hide whilst the tax-payer meets the costs.

Come on investigative journos of Ireland, get your asses in gear and expose the people behind each of these fiascos, which we, Joe & Jane Public, are paying for.
+1
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hugonaut
Shane Jennings
Posts: 6128
Joined: May 5th, 2009, 7:44 pm

Re: A whiff of Cordite

Post by hugonaut »

riocard911 wrote: June 23rd, 2022, 6:57 pm
Ruckedtobits wrote: June 23rd, 2022, 6:12 pm Three business stories broke this morning, all worthy of some good investigative journalism and some names.

The AIB & Building Society fine by the Central Bank. Biggest fine in Irish business history. But not one mention of the key executives who made these policy decisions within either institution. And, because the Irish taxpayer owns a majority of AIB, the cost of the fines will largely be borne by way of reduced share price, by the tax payers.

Story number two has not had a mention on broadcast media. The Administrators of Quinn Insurance had sued the company's Auditors PWC for €900m for improper accounting leading to the bankruptcy of the Insurance Company. The Government in 2009 decided that a long-term levy on all non-life insurance policies would be required to meet the costs of the bankruptcy.

The case has been settled without going to Court. Legal fees to date have totalled €60m but PWC has paid a settlement amount, not disclosed but rumoured to be in the tens of millions of euro, but no names of the Audit partner or Audit Manager or any other executive have ever surfaced.

Who ended up suffering the biggest loss, the motor and house insured of Ireland who are still paying the levy on every policy.

Third story is more specialised. A subsidiary of huge US Pharma Johnson & Johnson have set aside €265m to meet claims against their subsidiary Jannsen, all associated with a drug for treating psychotic conditions and autism. Again, no executives named or blamed but maybe this will ultimately get some public Court time.

If the law is to be respected, it must be administered in public view, not behind closed doors where the guilty can hide whilst the tax-payer meets the costs.

Come on investigative journos of Ireland, get your asses in gear and expose the people behind each of these fiascos, which we, Joe & Jane Public, are paying for.
+1
+2

I'd say Tommy Lyons and The Currency will cover those stories well, but few others will do the hard work.
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paddyor
Shane Horgan
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Joined: November 16th, 2012, 11:48 pm

Re: A whiff of Cordite

Post by paddyor »

hugonaut wrote: June 23rd, 2022, 8:22 pm
riocard911 wrote: June 23rd, 2022, 6:57 pm
Ruckedtobits wrote: June 23rd, 2022, 6:12 pm Three business stories broke this morning, all worthy of some good investigative journalism and some names.

The AIB & Building Society fine by the Central Bank. Biggest fine in Irish business history. But not one mention of the key executives who made these policy decisions within either institution. And, because the Irish taxpayer owns a majority of AIB, the cost of the fines will largely be borne by way of reduced share price, by the tax payers.

Story number two has not had a mention on broadcast media. The Administrators of Quinn Insurance had sued the company's Auditors PWC for €900m for improper accounting leading to the bankruptcy of the Insurance Company. The Government in 2009 decided that a long-term levy on all non-life insurance policies would be required to meet the costs of the bankruptcy.

The case has been settled without going to Court. Legal fees to date have totalled €60m but PWC has paid a settlement amount, not disclosed but rumoured to be in the tens of millions of euro, but no names of the Audit partner or Audit Manager or any other executive have ever surfaced.

Who ended up suffering the biggest loss, the motor and house insured of Ireland who are still paying the levy on every policy.

Third story is more specialised. A subsidiary of huge US Pharma Johnson & Johnson have set aside €265m to meet claims against their subsidiary Jannsen, all associated with a drug for treating psychotic conditions and autism. Again, no executives named or blamed but maybe this will ultimately get some public Court time.

If the law is to be respected, it must be administered in public view, not behind closed doors where the guilty can hide whilst the tax-payer meets the costs.

Come on investigative journos of Ireland, get your asses in gear and expose the people behind each of these fiascos, which we, Joe & Jane Public, are paying for.
+1
+2

I'd say Tommy Lyons and The Currency will cover those stories well, but few others will do the hard work.
+1
Well worth the sub. Their coverage of the siteserv investigation was brilliant. But and this is a thing that cuts both sides of the OP. I don't think spending money like we did on siteserv is really in anyones interest but if we had a bit more transparency we wouldn't need to. Deeply regret getting taken in by NAMAWinelake etc
Ruddock's tackle stats consistently too low for me to be taken seriously as a Six Nations blindside..... Ruddock's defensive stats don't stack up. - All Blacks Nil, Jan 15th, 2014
England A 8 - 14 Ireland A, 25th Jan 2014
Ruddock(c) 19/2 Tackles
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Oldschoolsocks
Seán Cronin
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Joined: January 4th, 2015, 10:36 am
Location: Stepping out of the Supernova

Re: A whiff of Cordite

Post by Oldschoolsocks »

Who be NAMAWinelake ?
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LeinsterLeader
Rhys Ruddock
Posts: 2544
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Re: A whiff of Cordite

Post by LeinsterLeader »

Oldschoolsocks wrote: June 24th, 2022, 8:10 am Who be NAMAWinelake ?
Showband from the 60's :shock:

Pretty sure "Tommy Lyons and The Currency" had a hit with "Chapel on the hill"
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paddyor
Shane Horgan
Posts: 4702
Joined: November 16th, 2012, 11:48 pm

Re: A whiff of Cordite

Post by paddyor »

Oldschoolsocks wrote: June 24th, 2022, 8:10 am Who be NAMAWinelake ?
An anonymous blog(remember those?) that sprang up post Celtic tiger to cover all stories related to NAMA and highlight it's "skullduggery". Generally doomcasted about it's prospects etc until he got called out by a developer and had to shut down. Blog is still there

https://namawinelake.wordpress.com/

Was still posting on twitter until a few years ago.
Ruddock's tackle stats consistently too low for me to be taken seriously as a Six Nations blindside..... Ruddock's defensive stats don't stack up. - All Blacks Nil, Jan 15th, 2014
England A 8 - 14 Ireland A, 25th Jan 2014
Ruddock(c) 19/2 Tackles
User avatar
Oldschoolsocks
Seán Cronin
Posts: 3496
Joined: January 4th, 2015, 10:36 am
Location: Stepping out of the Supernova

Re: A whiff of Cordite

Post by Oldschoolsocks »

paddyor wrote: June 24th, 2022, 4:59 pm
Oldschoolsocks wrote: June 24th, 2022, 8:10 am Who be NAMAWinelake ?
An anonymous blog(remember those?) that sprang up post Celtic tiger to cover all stories related to NAMA and highlight it's "skullduggery". Generally doomcasted about it's prospects etc until he got called out by a developer and had to shut down. Blog is still there

https://namawinelake.wordpress.com/

Was still posting on twitter until a few years ago.
Cheers Paddy, is it worth a read?
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paddyor
Shane Horgan
Posts: 4702
Joined: November 16th, 2012, 11:48 pm

Re: A whiff of Cordite

Post by paddyor »

Oldschoolsocks wrote: June 24th, 2022, 5:07 pm
paddyor wrote: June 24th, 2022, 4:59 pm
Oldschoolsocks wrote: June 24th, 2022, 8:10 am Who be NAMAWinelake ?
An anonymous blog(remember those?) that sprang up post Celtic tiger to cover all stories related to NAMA and highlight it's "skullduggery". Generally doomcasted about it's prospects etc until he got called out by a developer and had to shut down. Blog is still there

https://namawinelake.wordpress.com/

Was still posting on twitter until a few years ago.
Cheers Paddy, is it worth a read?
No IMO, but it's an interesting timecapsule especially the comments section.
Ruddock's tackle stats consistently too low for me to be taken seriously as a Six Nations blindside..... Ruddock's defensive stats don't stack up. - All Blacks Nil, Jan 15th, 2014
England A 8 - 14 Ireland A, 25th Jan 2014
Ruddock(c) 19/2 Tackles
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paddyor
Shane Horgan
Posts: 4702
Joined: November 16th, 2012, 11:48 pm

Re: Business stories

Post by paddyor »

Ian Kehoe in the Currency covering the AIB story.
Ruddock's tackle stats consistently too low for me to be taken seriously as a Six Nations blindside..... Ruddock's defensive stats don't stack up. - All Blacks Nil, Jan 15th, 2014
England A 8 - 14 Ireland A, 25th Jan 2014
Ruddock(c) 19/2 Tackles
berliner
Learner
Posts: 79
Joined: December 11th, 2020, 11:01 pm

Re: A whiff of Cordite

Post by berliner »

hugonaut wrote: June 23rd, 2022, 8:22 pm
riocard911 wrote: June 23rd, 2022, 6:57 pm
Ruckedtobits wrote: June 23rd, 2022, 6:12 pm Three business stories broke this morning, all worthy of some good investigative journalism and some names.

The AIB & Building Society fine by the Central Bank. Biggest fine in Irish business history. But not one mention of the key executives who made these policy decisions within either institution. And, because the Irish taxpayer owns a majority of AIB, the cost of the fines will largely be borne by way of reduced share price, by the tax payers.

Story number two has not had a mention on broadcast media. The Administrators of Quinn Insurance had sued the company's Auditors PWC for €900m for improper accounting leading to the bankruptcy of the Insurance Company. The Government in 2009 decided that a long-term levy on all non-life insurance policies would be required to meet the costs of the bankruptcy.

The case has been settled without going to Court. Legal fees to date have totalled €60m but PWC has paid a settlement amount, not disclosed but rumoured to be in the tens of millions of euro, but no names of the Audit partner or Audit Manager or any other executive have ever surfaced.

Who ended up suffering the biggest loss, the motor and house insured of Ireland who are still paying the levy on every policy.

Third story is more specialised. A subsidiary of huge US Pharma Johnson & Johnson have set aside €265m to meet claims against their subsidiary Jannsen, all associated with a drug for treating psychotic conditions and autism. Again, no executives named or blamed but maybe this will ultimately get some public Court time.

If the law is to be respected, it must be administered in public view, not behind closed doors where the guilty can hide whilst the tax-payer meets the costs.

Come on investigative journos of Ireland, get your asses in gear and expose the people behind each of these fiascos, which we, Joe & Jane Public, are paying for.
+1
+2

I'd say Tommy Lyons and The Currency will cover those stories well, but few others will do the hard work.
The Currency has done good work, but Tommy Lyons fell in my estimation when i saw him on the prime time program about the Mansfield family and Citywest back in February. Snr stank to high heaven, and Jnrs relationships with some of the countries most violent criminals are well documented, but the journalists seemed loathe to give up the narrative of Citywest as a feat of incredible entrepreneurialism...
Ruckedtobits
Shane Jennings
Posts: 6085
Joined: April 10th, 2011, 10:23 am

Re: A whiff of Cordite

Post by Ruckedtobits »

berliner wrote: June 27th, 2022, 6:35 pm
hugonaut wrote: June 23rd, 2022, 8:22 pm
riocard911 wrote: June 23rd, 2022, 6:57 pm

+1
+2

I'd say Tommy Lyons and The Currency will cover those stories well, but few others will do the hard work.
The Currency has done good work, but Tommy Lyons fell in my estimation when i saw him on the prime time program about the Mansfield family and Citywest back in February. Snr stank to high heaven, and Jnrs relationships with some of the countries most violent criminals are well documented, but the journalists seemed loathe to give up the narrative of Citywest as a feat of incredible entrepreneurialism...
If I'm not mistaken that closely involved another bunch of entrepreneurs..........step forward....the once senior figures in Davy Stockbrokers, not unknown for astute capitalism without strings attached in areas of minimal regulation.
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the spoofer
Seán Cronin
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Joined: February 17th, 2006, 5:35 pm
Location: Leinster West

Re: A whiff of Cordite

Post by the spoofer »

berliner wrote: June 27th, 2022, 6:35 pm
hugonaut wrote: June 23rd, 2022, 8:22 pm
riocard911 wrote: June 23rd, 2022, 6:57 pm

+1
+2

I'd say Tommy Lyons and The Currency will cover those stories well, but few others will do the hard work.
The Currency has done good work, but Tommy Lyons fell in my estimation when i saw him on the prime time program about the Mansfield family and Citywest back in February. Snr stank to high heaven, and Jnrs relationships with some of the countries most violent criminals are well documented, but the journalists seemed loathe to give up the narrative of Citywest as a feat of incredible entrepreneurialism...
The Mansfield situation was well known to anyone with even the smallest interest in what was going on in the country. Their ownership of Weston was always mentioned as a vital part in their financial success.
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