I don't get something here.
In 1999 Kyran McLaughlin resigned over this Liechtenstein thing
MILLIONAIRE Kyran McLaughlin last night dramatically quit as joint chief executive of Davy Stockbrokers and resigned from the board over leaked family tax trust files.
www.independent.ie
But then
he apparently seems to have been allowed retain his shareholding in the stockbroking firm. Why, since he was no longer working there and thus not entitled to share in the
future growth of the firm, didn't Davy's other shareholders simply buy McLaughlin out ? That is what usually happens in most private companies.
Then when Bank of Ireland sold its 90% stake in J & E Davy back to the broker's management in 2006, we see that McLaughlin re-emerges as an even bigger shareholder and senior executive in the brokerage which he shamed but a few years before . . .
Leading broker worth ?300m in the surprise MBO deal
www.independent.ie
It all looks like McLaughlin's resignation from Davy in 1999 was just a very temporary thing in his own mind; and seemingly in the mind of the other seniors at Davy too. It is almost like politics in a way: a grand gesture resignation, a decent interval to spend more time with the family - and for the wider public to lose focus on the past event - and then a triumphant return to the saddle.
Davy is not just another old broker in the Dublin Stock Exchange.
Davy is not just another old market-making broker either.
Davy is the bond broker to the Irish State - the broker who represents us citizens.
A firm employing people who abuse the public trust should have no part in the investment or trading of public funds.
It looks like the CB report on this matter is about as far as this matter will go as regards censure or punishment.
But in my personal opinion, the O'Connell Consortium or whatever they are called should all do hard time in jail for what they have done to the public trust in financial markets in this country.
And the crying need to reform regulatory practices in Irish financial markets has to be addressed.