Financial tsunamis that hurt star
Published 28/10/2011 | 05:00
LAST year Gay Byrne revealed how he returned to work at age 76 because his bank shares had been wiped out by the recession.
Back in the 1980s, the RTE star entrusted his life savings to accountant Russell Murphy. However, after Murphy's death in 1986 Byrne discovered that he had cheated him out of more than €200,000.
Devastated Byrne spent the next 20 years attempting to create a nest egg for himself and his wife Kathleen to retire on. However, the 2008 banking collapse resulted in his pension funds disappearing overnight.
A third tsunami hit Byrne when, as one of several high-profile clients of Derek Quinlan, the former tax adviser who is now heavily indebted to NAMA, he bought into properties and schemes now worth a fraction of their original value.
Now 77, he is back on TV and radio as much as ever to try to make up his losses.