Post new topic Reply to topic  [ 10 posts ] 
Author Message
 Post subject: McKinsey gets thousands a day for Anglo merger work
PostPosted: Sun Jul 31, 2011 11:30 am 
Offline
Nationalised
User avatar

Joined: Jul 26, 2009
Posts: 12609
McKinsey gets thousands a day for Anglo merger work - Laura Noonan -> http://www.independent.ie/business/iris ... 34739.html

Quote:
The Department of Finance is paying top-tier consultants McKinsey's thousands of euro a day to help with the merger of Anglo Irish Bank and Irish Nationwide and to "advise on a number of other system-wide issues".
But a department spokesman last night insisted that the State "continually works to ensure best value for money" and added that the banks involved would ultimately foot the consultancy bills.
The news comes after the Department of Finance's banking chief John Moran last week told the Public Accounts Committee that McKinsey had been retained to help with the Anglo/Nationwide merger.
Mr Moran didn't provide any guidance on the fees payable to McKinsey, but market sources confirmed daily rates range from more than €3,000 a day for "partner level resources" to over €500 a day for junior staff.

there is more

_________________
Where are we GOING and why am I in this HAND BASKET?


Top
 Profile  
 
 Post subject: Re: McKinsey gets thousands a day for Anglo merger work
PostPosted: Sun Jul 31, 2011 11:33 am 
Offline
Nationalised

Joined: Sep 13, 2007
Posts: 28573
Location: Tullamore
500 yoyos for graduates being trained by the work is crackers. At worst they should be zero cost, at best McKinsey should be paying the state for the experience on offer.

_________________
"It is impossible to design a system so perfect that no one needs to be good."

So long and thanks for all the fish.


Top
 Profile  
 
 Post subject: Re: McKinsey gets thousands a day for Anglo merger work
PostPosted: Sun Jul 31, 2011 11:49 am 
Offline
Too Big to Fail

Joined: Jun 21, 2010
Posts: 3052
It is as if they want to goad people.
Lar Bradshaw was the chairman of Anglo and the head of McKinsey in Ireland.

And now McKinsey are in integrating Anglo and INBS. :sick:

Here's the Jack Welsh plan for integrating businesses
1+1=1
If there are two people in the two banks doing the same job, you make one of them redundant and merge the roles.

That'll be 100,000 euro please.


Top
 Profile  
 
 Post subject: Re: McKinsey gets thousands a day for Anglo merger work
PostPosted: Sun Jul 31, 2011 3:25 pm 
Offline
Single Home Owner

Joined: Oct 11, 2008
Posts: 177
Was the work tendered for?

I dislike a just hire the market leader attitude.

Lots of Irish people/companies could surely have done this work.

_________________
"Puedes elegir cuando quieres vender tu piso o a qué precio venderlo, pero no las dos cosas"
(You can choose when to sell your house or at what price to sell your house but not both things.)
Jesús Encinar, cofounder and CEO, Idealista.com


Top
 Profile  
 
 Post subject: Re: McKinsey gets thousands a day for Anglo merger work
PostPosted: Sun Jul 31, 2011 8:37 pm 
Offline
Of Systemic Importance

Joined: Jun 9, 2008
Posts: 6004
If we dont pay for the best possible advice we may end up making unwise choices.

_________________
NB2HI4DTHIXS653XO4XHS33VOR2WEZJOMNXW2L3XMF2GG2B7OY6WGRDPGZGGO6LMONVGO


Top
 Profile  
 
 Post subject: Re: McKinsey gets thousands a day for Anglo merger work
PostPosted: Sun Jul 31, 2011 9:14 pm 
Offline
Holiday Home Owner

Joined: Jan 18, 2009
Posts: 349
JoseAntonioPP wrote:
Was the work tendered for?

I dislike a just hire the market leader attitude.

Lots of Irish people/companies could surely have done this work.


Know nothing about this area but "Lots of Irish people companies could surely have done this work? Eh-wasn't it "lots of Irish people/companies" who got us into this bleedin hole to begin with. Wouldn't be as quick as you to trust the shinola shovelling quality of Irish digging implements in this regard.


Top
 Profile  
 
 Post subject: Re: McKinsey gets thousands a day for Anglo merger work
PostPosted: Sun Jul 31, 2011 9:26 pm 
Offline
Property Magnate

Joined: May 24, 2011
Posts: 514
Location: Trapped in the family home
charmschooldropout wrote:
JoseAntonioPP wrote:
Was the work tendered for?

I dislike a just hire the market leader attitude.

Lots of Irish people/companies could surely have done this work.


Know nothing about this area but "Lots of Irish people companies could surely have done this work? Eh-wasn't it "lots of Irish people/companies" who got us into this bleedin hole to begin with. Wouldn't be as quick as you to trust the shinola shovelling quality of Irish digging implements in this regard.


McKinsey had their paw marks all over the banks in Ireland, plus the HSE. So yes it is :sick:


Top
 Profile  
 
 Post subject: Re: McKinsey gets thousands a day for Anglo merger work
PostPosted: Sun Jul 31, 2011 9:29 pm 
Offline
Under CAB Investigation

Joined: Nov 21, 2008
Posts: 1841
Combined with the Nama hire news it's clear they don't give a short sharp shit anymore for sheeple reaction


Top
 Profile  
 
 Post subject: Re: McKinsey gets thousands a day for Anglo merger work
PostPosted: Sun Jul 31, 2011 9:42 pm 
Offline
Too Big to Fail

Joined: Jun 21, 2010
Posts: 3052
grumpy wrote:
If we dont pay for the best possible advice we may end up making unwise choices.


If you thought they were worth it and not just Lar Bradshaw replicas you'd get them to report on whether NAMA was fit for purpose and whether leadership, structure and operations compared to blackstone etc.


Top
 Profile  
 
 Post subject: Re: McKinsey gets thousands a day for Anglo merger work
PostPosted: Sun Oct 23, 2011 4:49 pm 
Offline
Nationalised
User avatar

Joined: Jul 26, 2009
Posts: 12609
Firm being paid €90,000 per week to advise Government on banks -> http://www.independent.ie/business/iris ... 91278.html

Quote:
TOP-tier consultants McKinsey's are being paid close to €90,000 a week under a €2.75m contract to advise the Government on bank restructuring and mergers.
The sizable costs were revealed this week in an answer to a parliamentary question from Sinn Fein finance spokesman Pearse Doherty, who asked for details of McKinsey's pay and remit.
Finance Minister Michael Noonan revealed that the firm had agreed a "fixed fee, including expenses" of €2.75m for work between May 16 and December 31.

there is more

_________________
Where are we GOING and why am I in this HAND BASKET?


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 10 posts ] 


Who is online

Users browsing this forum: No registered users and 1 guest


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum

Jump to: