McCreevy is the real-life Gordon Gekko of Europe

Posted by Bronwen Maher on October 06, 2010 at 12:33 PM

Payments should be suspended pending outcome of investigation into former Commissioner ´s latest directorship

As the new Wall Street movie hits our screens, it is clear that Charlie McCreevy is “the real-life Gordon Gekko", such is his appetite for lucrative jobs and Directorships since he left the European Commission only a matter of months ago, Nessa Childers MEP told the European Parliament plenary session in Brussels today.

She said: "The brand of light touch financial regulation presided over by Mr. McCreevy and the talent he has shown for collecting highly-paid jobs since his departure from the Commission shows how the Gekko catchphrase of "greed is good" suits McCreevy very well. Gekko was an icon of 1980s style casino capitalism, and McCreevy is the 21st century version.

"McCreevy´s new directorship with NBNK Investments is being investigated by the Commission as a result of concerns over a possible conflict of interest with his previous Commission role. This investment company is now attempting to buy up assets which must  be sold off by distressed banking institutions due to the financial crisis.

"McCreevy was one of the main cheerleaders for the light-touch regulation, Anglo-Saxon economic model here in Europe. He made no friends in Brussels lecturing others on the benefits of this model, which has now crashed around us, leaving thousands of Irish people out of work. Senior officials here in Brussels still remember how he missed important meetings because he preferred to be on the golf course. This is the proud record of our Irish Commissioner from Kildare.

"Until such time as the investigation has been concluded into new NBNK role, the golden parachute payments paid to Mr. McCreevy from the public purse should be suspended.

"The Commission's Code of Conduct on the post-EU employment of former Commissioners which dates back to 1967, must be reviewed urgently. "The Code needs to act more as a brake on the future activities of former Commissioners and not merely a set of guidelines routinely interpreted to ensure the best deal possible for former senior figures.”

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