February 23, 2009

DDDA Directors & The Anglo Irish Bank's Banana

The Story of The DDDA Directors & The Anglo Irish Bank's Banana

The experiment involved five Dublin Developers Autocracy Directors, a cage, a banana, a ladder and, crucially, a water hose.

The 5 DDDA Directors would be locked in a cage, after which an Anglo Irish Bank banana was hung from the ceiling with, fortunately for the DDDA Directors (or so it seemed…), a ladder placed right underneath it.

Of course, immediately, one of the DDDA Directors would race towards the ladder, intending to climb it and grab the banana. However, as soon as he would start to climb, Seanie would spray the Director with ice-cold water. In addition, however, he would also spray the other four DDDA Directors…

When a second Director was about to climb the ladder, Seanie would, again, spray the Director with ice-cold water, and apply the same treatment to its four fellow inmates; likewise for the third climber and, if they were particularly persistent (or dumb), the fourth one. Then they would have learned their lesson: they were not going to climb the ladder again – banana or no banana.

In order to gain further pleasure or, I guess, prolong the experiment, Seanie outside the cage would then replace one of the DDDA Directors with a new one. As can be expected, the new guy would spot the banana, think “why don’t these idiots go get it?!” and start climbing the ladder. Then, however, it got interesting: the other four DDDA Directors, familiar with the cold-water treatment, would run towards the new guy – and beat him up. The new guy, blissfully unaware of the cold-water history, would get the message: no climbing up the ladder in this cage – banana or no banana.

When the beast outside the cage would replace a second Director with a new one, the events would repeat themselves – Director runs towards the ladder; other DDDA Directors beat him up; new Director does not attempt to climb again – with one notable detail: the first new Director, who had never received the cold-water treatment himself (and didn’t even know anything about it), would, with equal vigour and enthusiasm, join in the beating of the new guy on the block.

When the researcher replaced a third Director, the same thing happened; likewise for the fourth until, eventually, all the DDDA Directors had been replaced and none of the ones in the cage had any experience or knowledge of the cold-water treatment.

Then, a new Director was introduced into the cage. It ran toward the ladder only to get beaten up by the others. Yet, this Director turned around and asked “why do you beat me up when I try to get the banana?” The other four DDDA Directors stopped, looked at each other slightly puzzled and, finally, shrugged their shoulders: “Don’t know. But that’s the way we do things around here”…



Anonymous said...

DDDA is cross-directed by Anglo-Irish Bank, the global standard for integrity.

2007 - Anglo Audits:
Ms Heraty served on Anglo's audit committee until the end of April 2007.

Ms Heraty received €110,000 in fees from Anglo.

Irish Stock Exchange:
Ms Heraty resigned from the board of the Irish Stock Exchange.

Former Anglo director Heraty quits third board in one week

By John Mulligan

Thursday February 26 2009

FORMER Anglo Irish Bank non-executive director Anne Heraty stepped down from the boards of Forfas and Bord na Mona yesterday, bringing her tally of resignations this week to three.

The boss of recruitment firm CPL Resources said in a brief statement that she had resigned from the boards of the two state bodies with "sincere regret" and with immediate effect. Forfas is the national policy advisory board for enterprise and science.

On Monday, the Irish Independent revealed Ms Heraty and fellow former Anglo director Gary McGann were earning more than €44,000 by serving on state boards. The same day, Ms Heraty (48) resigned from the board of the Irish Stock Exchange. On Tuesday, Mr McGann stepped down as chairman of the Dublin Aviation Authority in light of the continuing fall-out over the now-nationalised financial institution.

Ms Heraty and Mr McGann were among five non-executive directors who resigned from the board of Anglo Irish Bank last month just before it was brought into public ownership by the Government. The other non-executive directors who resigned that day were Ned Sullivan, Michael Jacob and Noel Harwerth.

The Irish Independent has learned Mr Jacob will not be seeking re-election to the board of publicly listed food company Reox, the firm that was spun out of Dairygold. Mr Jacob could have sought re-election at the upcoming Reox AGM.

Another non-executive director at the bank, Lar Bradshaw, resigned before Christmas on the same day as former Anglo chairman Sean FitzPatrick, who admitted to having concealed over an eight-year period up to €120m of loans he received from the institution.

Mr Bradshaw is the former head of the Dublin Docklands Development Authority (DDDA), where Mr FitzPatrick was also a board member for many years. He had a joint loan with Mr FitzPatrick at Anglo Irish Bank, but has said he was unaware of Mr FitzPatrick's activities in relation to hiding loans.

Ms Heraty joined the Anglo Irish Bank board in 2006 and served on its audit committee until the end of April 2007. Last year, she received €110,000 in fees from Anglo. She was also in receipt of €14,000 in annual fees from both Bord na Mona and Forfas.

Between March 2007 and 2008, CPL Recruitment was paid €58,000 for services provided to Bord na Mona.

In 2007, CPL received €263,000 from Anglo Irish Bank for services in 2007, and a further €78,000 in 2008. One of Ireland's wealthiest people, Ms Heraty and her husband Paul Carroll made millions from CPL when it floated on the stock exchange in 1999.

It is believed that former Anglo Irish Bank non-executive director Ned Sullivan continues to enjoy the full support of the board of food group Greencore, where he's chairman.

The Irish Independent understands that building firm McInerney Holdings also continues to back Mr Sullivan in his role as chairman there.

It is understood his position as chairman at Eircom has not been raised as an issue since he stepped down from Anglo Irish Bank.

- John Mulligan


DublinSE said...

Developers Autocracy Gets New Improved Greenwashed Building Industry Chairman. From now on it's Green Bananas at the Autocracy.

The Building Industry's Pyramid Scheme wrecked Ireland and misdirected billions of national potential.

New chairman of Dublin Docklands authority named:


The founder of Century Homes Gerry McCaughey has been appointed the new chairman of Dublin Docklands Development Authority.

Mr McCaughey replaces Donal O’Connor, who stepped down from the DDDA following his appointment as chairman of Anglo Irish Bank.

The appointment was announced this afternoon by Minister for the Environment, Heritage and Local Government John Gormley.

Mr McCaughey is the former chief executive of Century Homes, the timber frame housing business, which was sold to building materials company Kingspan in 2005 for €100 million ($148.7 million). Mr McCaughey resigned as chief executive of Kingspan last January after his "earn-out" period ended.

Mr Gormley also appointed Yvonne Farrell of Grafton Architects to the executive board of the authority. She replaces Sheila O’Donnell, of O’Donnell and Toumey Architects, who resigned from the board last month.

Mr Gormley said Mr McCaughey has shown clear leadership in the past “on issues including regulatory reform, sustainable business practices and the environmental and energy agenda”.

He added: “He has the experience to lead the DDDA through this current period of uncertainty and to place it in a position where it can further develop the essential economic and social infrastructure to ensure a truly sustainable and prosperous future for our capital city.”

Anonymous said...

This sense of normality was reinforced by the group dynamic – familiar from all corrupt institutions – in which those who have already been blooded in crime put pressure on those who have not. One Brother told the commission of “an incident where his fellow Brothers had burst into applause when he entered a room where they were, as it had been learned that he had punished one of his pupils by punching him in the face – previously he had not dealt out such harsh punishment.” Another witness recalled a group beating in which every Brother in the room hit him: “The old men were teaching the young men.”

Saturday, May 23, 2009
Law of anarchy, cruelty of care

THE SYSTEM was so well developed that it had its own language. An electric jowler: a downwards blow on the face that felt like “getting an electric shock”, writes FINTAN O'TOOLE