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Posts tagged ‘Chief executive officer’


Goldman is doing the business in Ireland and is well placed within the Government as Peter Sutherland is the top advisor to Edna Kenny .Sutherland a former attorney general and EU commissioner, was also a board member at Royal Bank of Scotland (RBS) during the financial meltdown, is well placed within Fine Gael party and is Chief Executive of Goldman Sachs international.
What more can I say ..Democracy is dead in Ireland. The Banker dictatorship is in total control .It’s time for a second republic to replace the old corrupt one .

Euro-Irish Public Policy

So, Berlusconi was eventually removed, like Papendreou, by external forces in the ECB alongside European technocrats and anonymous bankers. The money markets decided that Italy must pay a premium on its bonds for having Berlusconi as head of government. Within days he was gone. We don’t know the fine details of the communication between ECB, international finance actors and domestic technocrats in Italy. But, we do know that it was not the millions of furious Italians that brought Berlusconi down. It was the political pressure of markets. Central to this nexus of political power is Goldman Sachs.

 What do Mario Monti (new Italian head of government), Lucas Papademos (new Greek head of government), Mario Draghi (new head of ECB) and Peter Sutherland (hugely influential in Irish public policy) have in common? They all worked for the American investment bank – Goldman Sachs. This is not a coincidence, there is a subtle takeover taking place in Europe, oriented around elite networks of business plutocrats…

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Now IMF Seeks Collective, World Bail-Out of Europe

IMF wants the world to save Europe … Christine Lagarde, the managing director of the IMF, said the escalating crisis now needed to be addressed as “collectively as possible” … The European financial crisis is “escalating” and is so serious that it is unlikely to be solved by eurozone countries alone, the head of the International Monetary Fund warned Thursday night. British taxpayers are now likely to be involved in an internationally co-ordinated bail-out led by the International Monetary Fund [IMF] for countries in the single currency. Christine Lagarde, the managing director of the IMF, said the escalating crisis now needed to be addressed as “collectively as possible”. Without action, the world faces the spectre of a 1930s-style depression, she said. – Montreal Gazette/UK Telegraph

full article at source:http://www.thedailybell.com/3356/Out-of-Chaos-Order-Now-IMF-Seeks-Collective-World-Bail-Out-of-Europe

Deutsche Bank Profit Rises on Record Consumer Bank Earnings

By Aaron Kirchfeld -Apr 28, 2011
Deutsche Bank CEO Josef Ackermann

Josef Ackermann, chief executive officer of Deutsche Bank AG. Photographer: Hannelore Foerster/Bloomberg

Deutsche Bank AG (DBK), Germany’s biggest bank, reported a 17 percent increase in first-quarter profit, exceeding analyst estimates on record earnings at the consumer- banking and asset-management units.

Deutsche Bank rose as much as 4.4 percent in Frankfurt trading after saying net income climbed to 2.1 billion euros ($3.1 billion), the second-highest quarterly result ever and more than the 1.8 billion-euro average estimate of 11 analysts surveyed by Bloomberg.

Chief Executive Officer Josef Ackermann is counting on acquisitions such as Deutsche Postbank AG (DPB) and gains at the investment bank to boost operating pretax profit to 10 billion euros this year. UBS AG (UBSN) and Credit Suisse Group AG, Switzerland’s largest banks, as well as Barclays Plc (BARC) of the U.K., had declines in net income as investment-banking revenue fell.

“Retail banking and asset management were very good, helped by the acquisitions,” said Christian Hamann, a Hamburg- based analyst at Hamburger Sparkasse, with a “hold” rating on the stock. “Now I can almost imagine that the full-year target is reachable if the environment remains relatively good.”

Pretax profit at the corporate and investment bank, led by Anshu Jain, decreased 12 percent to 2.3 billion euros, a smaller decline than analysts estimated. Sales and trading revenue slid 3 percent, compared with an average 20 percent drop at U.S. competitors Bank of America Corp. (BAC), JPMorgan Chase & Co. (JPM), Citigroup Inc., Goldman Sachs Group Inc. (GS) and Morgan Stanley (MS), according to Bloomberg data.

‘Successful Start’

Deutsche Bank gained 1.79 euros to 43.59 euros by 9:31 a.m., giving it a market value of about 40.5 billion euros. The Bloomberg Europe Banks and Financial Services Index of 48 stocks rose 0.5 percent today.

Ackermann bought Bonn-based consumer lender Postbank, private-wealth manager Sal. Oppenheim and ABN Amro Holding NV’s commercial-banking operations in the Netherlands in the last two years to reduce dependence on the securities unit. The goal is to cut earnings from corporate banking and securities to less than 60 percent of the total by 2013 from 71 percent in 2009.

“Deutsche Bank has made a successful start to the year,” Ackermann, 63, said in today’s statement. “We will continue to invest in our franchise and are confident that we will deliver on our ambitious target.”

Deutsche Bank’s pretax profit from the operating businesses totaled 3.5 billion euros in the quarter, providing more than a third of its full-year target, the bank said.

Sales and Trading

At the investment bank, sales and trading revenue from debt and other products fell 4 percent to 3.6 billion euros, while equity-trading revenue was unchanged at 943 million euros.

Jain, 48, who took over the corporate and investment bank in July, has been trying to boost cooperation between the finance, trading and transaction units and curb costs by eliminating overlaps. He set up new global and German executive committees for the division, and is expanding equities and commodities to cut reliance on fixed-income trading.

Transaction banking pretax profit more than doubled to 257 million euros in the quarter, helped by the acquisition of the ABN Amro units.

Earnings at the consumer banking unit rose more than fourfold to a record 788 million euros. The acquisition of Postbank last year, which doubled customers to about 29 million, contributed 221 million euros. Deutsche Bank also booked a gain of 236 million euros related to its stake in Huaxia Bank Co. of China.

Rising Revenue

Asset and wealth management, which was reorganized last year and bolstered by the purchase of Sal. Oppenheim, returned to profit, earning 190 million euros in the quarter.

Deutsche Bank’s net revenue climbed about 16 percent to 10.5 billion euros. Net revenue at the six largest U.S. lenders fell 13.3 percent in the first quarter from a year earlier, according to data compiled by Bloomberg.

The bank completed its biggest-ever share sale in October to buy the rest of Postbank and boost reserves ahead of tougher regulatory requirements. Deutsche Bank’s core Tier 1 capital ratio, a measure of financial strength that excludes certain hybrid instruments, rose to 9.6 percent at the end of March from 8.7 percent at the end of 2010.

Ninety European lenders will be expected to maintain a core Tier 1 capital ratio of at least 5 percent under the most adverse scenario in the current round of European Union banking stress tests. Results are scheduled to be published in June.

Provisions for bad loans rose 42 percent to 373 million euros in the quarter because of the Postbank acquisition. Non- interest expenses climbed 19 percent to 7.1 billion euros in the quarter related to acquisitions and higher compensation costs.

To contact the reporter on this story: Aaron Kirchfeld in Frankfurt at akirchfeld@bloomberg.net

To contact the editors responsible for this story: Frank Connelly at fconnelly@bloomberg.net; Edward Evans at eevans3@bloomberg.net


When you take away all the spin what you’re left with, is the real truth, Deutsche Bank are making the Irish Taxpayers pay for their gambling debts! They are no better than Anglo Irish Bank. But they have one thing that Anglo did not have and that is the protection of the German Government as they are perceived to be “Too Big to Fail”. They lent to corrupt Irish Banks and broke their own rules .Their rules for due diligence were tossed aside and the ran with the heard for the fast buck .When things went wrong they instigated the flight of capital from the Irish Banks and then convinced the Irish Government to take on these gambling bets effectively nationalizing  their bad debts, They blackmailed the weak Irish Government into taking out a lone(Irish Bailout) to pay back their private loans that they gave to the, by now, bankrupt Irish corrupt banks. So today they can report glowing first quarter results thanks to the gutless Irish Finance Minister, the stupid and compliant Irish taxpayers who have swallowed hook line and sinker the entire con job! Of course the Irish will eventually default and  Detusche Banks shares are being set up for another big fall

Suckers: one born every minute!   

The EU and IMF are ‘deeply unimpressed’ with Irish public sector pay levels

Sunday, March 27, 2011

The EU and the IMF are reported to be ‘deeply unimpressed’ at the disparity with counterparts elsewhere.

The salary structures at NTMA remained a deep and profound secret since it was established 21 years ago until details were disclosed to the Public Accounts Committee on 7 January 2011 – after exhaustive probing. No less than six secretaries-general of the Department of Finance tolerated this secrecy despite it conflicting with their own

Code of Practice for the Governance of State Bodies.”

These revealed that:

  1. The chief executive of NTMA is paid a basic salary €490,000, with provision for a bonus of up to 80% of salary, bringing potential annual remuneration to €882,000 (51 times the Irish minimum wage). The incumbent and his predecessor is the beneficiary of non-standard enhanced pension arrangements.
  2. The chief executive of NAMA is paid €430,000 with provision for a bonus of up to 60% of salary bringing potential annual remuneration to €688,000 – (40 times the Irish minimum wage).
  3. The chief executive of NDFA is paid €330,000 with provision for a bonus of up to 60% of salary bringing potential annual remuneration to €528,000 (30 times the Irish minimum wage).
  4. No less than 16 individuals are being paid more than the Taoiseach now earns – €200,000+
  5. 103 of the 305 staff in NTMA and its offshoots are paid salaries over €100,000 so, from the perspective of the economically disadvantaged, NTMA is a goldmine that can function with clandestine opacity, immune to overall Government policy on public sector remuneration and completely insulated from trends endured by the majority of citizens.

The grading and pay rates of the  Civil Service Regulations Act 1956 may not apply to NTMA but the National Treasury Management Act 1990 does not confer any privileges with respect to secrecy or derogations from the norms of public accountability.

The salaries of chief executives of counterpart major national debt agencies in 2009, who were trawling for funding from the same sources as Ireland when our authorities raised €35 billion, were as follows:
  • The Chief Executive of the Australian Office of Financial Management was paid €250,000 and no bonus to raise debt amounting to €39 billion in 2009 – (remuneration 11 times the minimum wage in Canberra).
  • The Commissioner of Public Debt in the United States Bureau of Debt oversees of staff of almost 2,000 people and a departmental budget of €125 million. He was paid less than €120,000 in 2009.
    The Commissioner’s remuneration was 9 times the annualised minimum wage in Washington DC. No US Federal employee earns more than President Obama – €290,000 per annum.
  • The Chief Executive of the UK Debt Management Office raised debt of €267 billion in 2009 – over 7 times the debt level raised for Ireland that year. He was paid €188,000, equivalent to 38% of the basic salary of his Irish counterpart. He did not receive a bonus. The Chief Executives remuneration was 14 times the British minimum wage.

The salaries of the chief officers of those institutions providing the resources to bailout Ireland are:

President of the IMF €320,275;

President of the EU Commission €293,064;

President of the ECB €367,863;

Permanent Secretary of HM Treasury €207,000.

Is it any wonder they are ‘deeply unimpressed’?

source: http://crimson-observer.blogspot.com/2011/03/eu-and-imf-are-deeply-unimpressed-with.html


 To All the Wicklow TD’s.

As a citizen of this state who keeps hearing from the political masters of our state we are broke and thus justify the savage cuts is public services .I am applaud  to finally get hold of these shocking figures., to think that we the taxpayers are footing the bill for these monstrous salaries is just the last straw .There is absolutely no justification to pay out these vast sums to what is in effect public servants ,this is a blatant display of plunder of the nations scarce financial resources and I am calling on you now to publicly support me is condemning these lottery salaries.

I am calling on you to demand an immediate review on these salaries and bring them back down to that of their counterparts in Europe al the very least.

I recently had to visit a hospital and I was shocked at the lack of beds available to patients who had the indignity of having to wait on trolleys along the corridors. One woman was waiting 37 hours if she was your mother you would be in a state I can assure you!

We the taxpayers demand that these jobs for the boys and the wholesale plunder of the states diminishing finances be halted and again I call on you to declare you intention to stop this gravy train in it s tracks.       

Thomas Clarke

The Bonus lottery continues

How does a €700,000 a year NAMA chief tell a developer to cap their salary at €200,000?
namawinelake | January 10, 2011 at 10:50 am | Categories: NAMA | URL: http://wp.me/pNlCf-Ve

Previously NAMA CEO, Brendan McDonagh’s salary has been reported to be €500,000 per annum. Yesterday, Ireland’s Sunday Business Post, without citing sources, claimed that his actual salary was €430,000 per annum and a bonus of up to 60% on top. The newspaper claims details of the salary will be published in the National Treasury Management Agency annual report later this year. Should the NAMA CEO be awarded a full 60% bonus, that would bring his salary to €688,000. Not bad for a 42-year old accountant with a quasi-civil service career history at the ESB and NTMA. On the other hand NAMA will have €90bn of loans (at par value) under management in the next couple of months and the last time I looked, the heads of comparable property funds held salaries in the €millions.
It would be very interesting to see the performance metrics used to determine the NAMA CEO’s 60%-max bonus. Profitability of the agency? Mightn’t that encourage hoarding of assets and the sale of low-lying fruit? Recovery of loans but by reference to what NAMA paid or the loan’s par value?
Whilst NAMA claims not to set individual developers salaries, there appear to be credible claims that in practice maximum developer salaries are implicitly being set in the €192-200,000 range. NAMA has asserted that it has cut developer “overheads” by 50% but it is for the developer to decide how to deliver a project within the overall allocation. Some developers have produced business plans which included more substantial salaries – €1.5m in one case, which according to NAMA chairman, Frank Daly “didn’t get past first base”. Of course sooner or later the salaries and rewards of NAMA developers will get into the public domain, perhaps through company reporting and we will then see the rewards on offer.
Developers waiting for sympathy from the public for their reduced circumstances will be waiting some time, such is the general outrage at the consequences of the financial crisis and the role of developers (as borrowers whose debts are now in trouble and necessitating bailouts for the banks from the pockets of the nation). €170,000-a-year part-timer, Frank Daly at NAMA has suggested that it might be patriotic for developers to work for nothing and others have suggested the minimum wage. That’s all very well but what moral high ground does NAMA occupy when it is paying its CEO a guaranteed €430,000 per annum and a bonus of up to 60% on top?
Of course NAMA didn’t cause the financial crisis and is tasked with addressing an element of the crisis. So that differentiates NAMA from its borrowers. On the other hand, some developers with non-recourse loans or ring-fenced corporate limited liability have the option of telling NAMA to get lost whilst they move onto other projects that might keep them in the lifestyle to which they were at one time accustomed. That’s the uneasy truth.
And because it’s very popular, I leave you with the latest version of the public sector salary league showing those whose salaries are more than the Taoiseach’s. The list isn’t exhaustive and I expect that several officers of quangos and indeed others like the Attorney General should be on here but alas their salaries appear not to be in the public domain.

source :http://namawinelake.wordpress.com/


Yesterdays Sunday Indo tells us that Fine Gail and labour are fighting over who gets the plumb job of Finance Minster in the next government but have you noticed that none of them have commented on these fat bonus and the possible outlawing such payments on top of what can only be described as outrageous payments to top servants of the people of Ireland especially when hospital beds are been closed and the minimum wage is been cut .This is just more proof that the established political parties will be looking after their own cronies all we will get after the next election if we vote in these self serving politicians from the established political parties will be more of the same gombeenisem.

Crash JP Morgan

Fight back against the bankers Stop market manipulation  by the big bankers

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