AIB Directors pelted with eggs (1 Viewer)

[Anarcho Munk]

One of Ireland's top bankers was pelted with eggs on Wednesday as hundreds of angry shareholders attended a meeting.

Dermot Gleeson, chairman of Allied Irish, ducked to avoid the missiles after addressing an extraordinary general meeting at its Dublin HQ.
Pensioner Gary Keogh said he felt compelled to throw the eggs after Mr Gleeson tried to speak over another shareholder.
Mr Keogh, from Blackrock in south Dublin, was removed from the building.
He said he was extremely angry after losing his pension in the economic downturn.
"The whole board should be replaced by Mickey Mouse and Donald Duck," he added.
"I have no pension. My pension now is wiped out because of AIB. I cannot sell the shares because they are useless.
"If we didn't live in a tolerant society, the chairman and the rest of the board would be hanging by their necks with piano wire out on the road."

Meanwhile, inside, an unsettled Mr Gleeson stood in front of a blue AIB logo spattered with egg and continued to take questions from shareholders.
He apologised to shareholders for "the anxiety and distress" they had suffered from the collapsing share price and the cessation of dividends.
The bank had called the meeting to seek shareholder approval for a 3.5bn euro government recapitalisation plan. It received overwhelming backing.
In exchange for the capital injection from the taxpayer, the State will get an 8% annual dividend and a 25% share in the bank.
The investment was approved by the European Commission due to AIB's importance to the Irish economy.
The past 12 months have been disastrous for the bank, which has lost 91% of its share value amid the crisis in the financial system.
The bank's management had for months claimed it didn't need any government help, but they were forced into a humiliating climb-down in April when evidence mounted that in-house estimates for defaulting loans were hopelessly optimistic.
Mr Gleeson will stand down in July.

http://news.bbc.co.uk/2/hi/uk_news/northern_ireland/8047657.stm



Don't think he managed to hit any of them though...pity.

 

[SONYMEGADRIVE]

"why did you throw eggs at the chief executive"
"....because he likes chickens that's why"

way to go mr butt-in

 

[broken arm]

fair play to the guy.

it's a pity that is the only way he can express his anger though. there should be better protection for pension holder.

it's genuinely upsetting when people who were mostly honest and did what they felt was right have their savings/pensions taken away from them.

resigning isn't a sufficient punishment - there should be criminal proceedings.

 

[ann post]

what a god awful fuck up. its really shitty that folk are losing pensions.... however... shares?? thats essentially the same as getting a pension plan from paddy powers. typically shares rise lowly, but anyone who dont watch them hawk like is asking for troubles.

 

[7 - No tomorrow]

Fair play to Mr. Keogh, but you'd want to be some fucking eejit to put all of your retirement money into banking stock.
Or a greedy eejit.

Fair play though.

 

[Pedronimus]

It says Mr. Gleeson apologised to the shareholders. I wish people would leave him the fuck alone, he said he's fucking sorry.

 

[shitepipe]

when you put your money in a pension fund, you dont really have that much say in what they will invest in. i would imagine even the most conservative ones invested heavily in banks...

 

[ann post]

i'm no math/economics buff, but they are signing over 25% of the remaining 9% of the bank. about 2.25% of the original value. then they get that 8% every year, so if they make no money for three years, the govt will have a healthy 49% of whatever the fucks left of it. i cant rteally see people streaming in the door to invest for a few months, and when they do, if it recovers its initial value, the govt would be making a 1000% profit on this deal + dividends.

so who plays golf with who and why am i misguided and wrong?? and is that 8% tracked year to year or 8% of the current value??

and along with the 8% leather seats in the dail allowance, what kind of tax do banks pay??

 

[IFF]

what a god awful fuck up. its really shitty that folk are losing pensions.... however... shares?? thats essentially the same as getting a pension plan from paddy powers. typically shares rise lowly, but anyone who dont watch them hawk like is asking for troubles.

yeah it's ok for a guy like me to invest in shares, if the shares hit bottom value, i still have 50 years (when pension age goes to 75) for them to regain their value

it's an awfully risky way for people to fund their future if they are in their late 50's or 60's

 

[mr pharmacist!!!!1]

old people are thick.

 

[magicbastarder]

resigning isn't a sufficient punishment - there should be criminal proceedings.

the government must be loving the bankers for taking a lot of the ire.
it's the government's fault for being quite happy with a lax (let's say quite deficient) regulatory system, and the bankers were just capitalising in the short term because that's what the stock market expects.

 

[7 - No tomorrow]

when you put your money in a pension fund, you dont really have that much say in what they will invest in. i would imagine even the most conservative ones invested heavily in banks...

No, pension funds spread their risk across stocks, bonds, property etc.

This Keogh guy is a direct AIB shareholder, not through a fund. That's why he was at the meeting.

 

[nlgbbbblth]

quote from boards - good one

Moral of the story:

You lose your pension because greedy bankers punted stupid money to developers and lenders: egg the banker, vent fury on government.

Your house is skyrocketing in value because greedy bankers are punting stupid money to developers and lenders: play golf with banker, vote in government majority

_______

 

[D0njo]

old people are thick.

They sure are, but this is a pretty cool thing for a thick old person to say: "hanging by their necks with piano wire out on the road"

 

[CinnamonBoy]

Egg man lives in Blackrock. He can always sell his house if he needs a few bob, I'm sure it's no hovel.

Ridiculous way to carry on, if you ask me. What kind of an example does it set? I was hit by an egg while walking up to buy milk the other evening. This prick will only make things worse, here on the southside.

 

[Froog]

The AIB exec looked a bit shellshocked.

 

[Pedronimus]

The poor fella has been through enough. When will this madness end?

 

[David Kronenbourg]

i think this oul lad's mind was a bit scrambled

 

[Unicron]

The AIB exec looked a bit shellshocked.

i think this oul lad's mind was a bit scrambled

Those yolks are awful.

 

[maims bond]

Don't give him the oxygen of publicity, he's a mad yolk.