| 17.8°C Dublin

A tale of the fortunes of two leading bankers

FORMER Bank of Ireland boss Brian Goggin must be bemused at the rough justice being handed out to his former rival Eugene Sheehy from AIB.

Mr Sheehy has endured a roasting over his pension and been forced to hand some of it back, while Mr Goggin has managed to hang on to all of his much larger €650,000 pension as well as finding the time to hold down a job as a director of a company that benefits from the collapse of the Irish economy. How ironic.

Nobody has ever really explained why Mr Goggin should enjoy such a large pension, but it is his role with IFSC-based Financial Credit Investments that really boggles the mind.

Financial Credit Investments is part of Wall Street private equity giant Apollo Global Management, the €42bn private equity giant which this week bought a portfolio of Irish property loans from Lloyds Bank, once valued at €1.8bn, for just 10 cents in the euro following a long-running auction.

Whatever one thinks about the rights and wrongs of Mr Goggin's pension and occupation these days, it is more than a little perplexing that the public is so exercised by Mr Sheehy's relatively small pension and return to university while remaining silent on Mr Goggin's much larger pension and his decision to act as a rainmaker for a company that is feasting on the corpse of the Celtic Tiger.

It is difficult to feel sorry for Eugene Sheehy when there are so many deserving causes but his demonisation when compared to Brian Goggin makes little sense.

Indo Business