Shareholders who lost their life savings in the Irish banking collapse shoulder blame for their own financial ruin, the country’s Central Bank has said.
Tom O’Connell, assistant director general of the Central Bank and Financial Services Authority of Ireland, claimed investors got what was coming to them for not keeping bank chiefs in check.
Mr O’Connell you are definitely not firing on all six cylinders whatever you are smoking is not doing you any good and if I were an international investor I would be heading for the Hills when I hear you talking like this!
This is like the Captain of the Titanic blaming the passengers for the ships sinking!
I bought allied Irish share early this year (at approx .35 cents each about 100)
I did this to be able to go to the AIB EGM and AGM
I clearly saw with my own eyes all of the ordinary shareholders present calling for the resignations of the entire board and I took some video footage as well
The entire room was full of people (Ordinary share holders calling for the ousting of the entire board of Directors including the Government nominated ones as well,
Did this happen? NO why? Because the chairman of the board had all the time proxies of all the large instatustions backing him and his board and there was nothing any of the ordinary shareholders could do about it we were told to get put up or shut up.
Your comments trying to shift the blame on to the ordinary shareholders is nothing more than an attempt to hide the incompetence of the department you are currently chairing
You know full well that ordinary shareholders have no say what so ever in decisions taken at any AGM or for that matter EGM they are only staged to give to the ordinary shareholders the illusion that they have something to say. Nothing More!
The senior figure in Ireland’s banking watchdog admitted it did not shout loud enough about reckless lending to property developers during the bubble, but insisted ordinary shareholders were also responsible.”If the banks don’t reform adequately, it’s the shareholders who should be there to discipline them,” he said. “If they don’t do that, they take a hit, and they have taken a massive hit here.”
I think it is beholding on you Mister O’Connell to resign from your overpaid job and try to live on the dole for a while that might bring you back to reality!