Business stories

[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]

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

[hugonaut]

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.

[paddyor]

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

[Oldschoolsocks]

Who be NAMAWinelake ?

[LeinsterLeader]

Who be NAMAWinelake ?

Showband from the 60's

Pretty sure "Tommy Lyons and The Currency" had a hit with "Chapel on the hill"

[paddyor]

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.

[Oldschoolsocks]

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?

[paddyor]

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.

[paddyor]

Ian Kehoe in the Currency covering the AIB story.

[berliner]

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]

+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.

[the spoofer]

+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.