Continued emplyment of Aidan Doherty

  • Brabander
  • 15/10/08 31/05/09
  • unspecified
  • Offline
Posted: Sat, 20/06/2009 - 17:11

Some of the contributors to the DAG forum have been very dismissive of Aidan Doherty. I understand that this may be due to the personal assurances given by him to depositors in the run up to this fiasco.

I have, so far, seen no evidence that the bank was badly managed and it appears that the primary cause of its failure was therefore the deposit of a large proportion of its assets with KSFUK. We do not know the background to this arrangement and we are therefore unable to judge whether this was due a senior management failure at local level ie at local MD level. It is possible that the large deposit with the sister bank in the UK was mandated by KSF HQ (Iceland or UK?) or possibly by the FSC. We may never find out.

The current LP has continued to employ Aidan Doherty and this decision has been strongly attacked by some of the DAG contributors. Although I have questioned the independence of the LP I believe that he may have been correct in continuing to employ Aidan Doherty. For example, what positive input did Mr Doherty make with respect to the recent sale of shares?
I have abolutely no evidence that he contributed anything but I can only judge him by his past performance at KSFIOM which would appear to be good.
I believe that accountants such as PWC may not be good managers of the bank's loan book without input of an experienced banker. If the loan book is going to be run down in an orderly fashion this aspect has to be given serious consideration.

I attach a copy of a KPMG report regarding the IOM banking sector which demonstrates that KSFIOM would appear to have been sound until at least 2007 (if you can trust the accounts of any bank!).

I do not know Aidan Doherty personally and have never met him but he is in the invidious position of not being able to defend himself.

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A. Doherty: Give me a break!

  • follow_the_tao
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Tue, 23/06/2009 - 19:01

He was the 'bag man' for Kaupthing hf. What else needs to be said?

In the light of all the losses has he offered to take a pay cut? His day must be jammed with decisions needing decisions under pressure and requiring his impressive experience as a guide. A man with a proven track record of crashing a bank. Perhaps we'll follow the American model of " We learn from our mistakes." But do we want to pay for his learning experiences? What a man of honour (the new breed, and by the way hasn't Eire done well, no doubt he can network for ideas).
From our point of view what has he done to inform us, allay our doubts, answer our questions, apologise for his deceit/ignorance/mistake?

And why did he just sell his second(third/fourth..) property? Just being cynical, result of a learning experience.

I find myself wondering just how difficult is it for a team of x at Kaupthing + PWC(.x) and 3 directors to manage a loan book of 400 million. More to the point I find myself wondering about the state of the books where the set-offs appear to have been unclear to all six months after the the bank stopped trading. How exactly can the position of the set-offs have been so unclear? Please enlighten me.

As for selling shares.. ... ... I wouldn't have touched things like jjb at the outset. Is he being employed as a banker or a trader? How many trades are going to be made... somebody want to work out the commission he's making if we relate his pay to the size of trade...

It's sweet that people are being so generous to the man, but at the end of the day he was the king with no clothes, and he doesn't appear to be getting dressed.

Wonder what his opinion was of the SoA (does he have a pension with KSFIoM?)

Perhaps you'd like to reply Aidan? Anonymously would still be OK.

employment of Doherty

  • banna
  • 15/10/08 01/03/10
  • a depositor
  • Offline
  • Sat, 20/06/2009 - 22:52

I am critical not of Doherty - because I am not able to judge his performance in the bank- but of Simpson for continuing to employ him without justifying it.
Simpson has had plenty of of chances in tel calls to explain why he still needs Doherty.
In addition I wrote to Simpson privately and asked for justification. I was given none.
Now, where is the difficulty in Simpson saying 'I need his knowledge to manage the loan book' or ' I need him to help me untangle this or that' ?

I cannot believe that a partner in a large international accounting practice needs help to understand or unravel the books after 9 months experience.

Empolment of Aidan Doherty

  • iomstony
  • 13/10/08 31/05/09
  • a depositor
  • Offline
  • Sun, 21/06/2009 - 16:04

As far as I'm concerned, he was directly or indirectly responsible for blocking and suspending my internet banking with KSFIOM during August, 2009, when i was trying to withdraw sufficient funds to buy a flat for my family.

That opportunity has obviously been lost in the name of preventing a run on the banks money. All my phone calls and e-mails over a 6-week period went unanswered, and i never got internet banking back on before the collapse.

It doesn't matter where the instructions to suspend internet banking came from .He is clealry implicated.

John Winter