Results 10,081-10,100 of 21,440 for speaker:Mary Lou McDonald

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: We know they exited. Did the head of the legal division report to any regulatory authority at that time or subsequently that PIMCO had attempted to sidestep its regulatory and legal duties in the way Mr. Soffe contends happened, by seeking his acquiescence and so on? Was that reported anywhere?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: I assume NAMA is in contact with various authorities now in respect of other investigations. Have Mr. Soffe and Mr. McEnery made this information known in respect of PIMCO? Did they make a complaint or share that information with any of the investigating authorities?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: I am asking about the witnesses' assertions around PIMCO.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: I am sorry. The witnesses have, in fact.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: This is my last point, which should not be missed. The witnesses have not just said that. They said that PIMCO connived to stay within the process and that it sought their acquiescence in that regard. That is their position on it. I am a little astonished because the seriousness of asserting that seems to have gone over their heads. I would imagine the head of the legal division of PIMCO...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: It is the same thing.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: Mr. McEnery has made that point and he is not moving from that position.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: I am sorry, it is more serious than that. They approached board members because they knew that a success fee could not go to Mr. Cushnahan or anybody else associated with it.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: They brought this to Mr. McEnery's attention and it is now his contention that they said, "But listen, whatever about that, how do we hang on in?". That is a most serious charge against any organisation and its compliance and legal division. I am surprised at that.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: To try and break the law.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: The conversations were with its legal and compliance unit, not with some office junior who thought it might be a bright idea to hang in. The witnesses are asserting, and they have asserted multiple times, that the person charged with legal compliance sought to sidestep or undermine legal compliance in that regard. That is an astonishing claim for them to make and I am sure we will have...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: They sought the acquiescence of the witnesses.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: It was not of concern to Mr. McEnery.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: Why does Mr. McEnery think the legal and compliance unit of PIMCO was in touch? There was a issue of legality, compliance and regulation and that is why they called him.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: Mr. Soffe is trying to dance around my central point but his assertion is recorded on the record of the committee.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: I will be concise and I thank the witnesses for their patience. The sequence of events was the NAMA board had met on 11 March and 13 March to hear the shocking news about PIMCO and fixer fees. Whatever the precise chain of events, PIMCO exited and then there was no meeting for about three weeks. Then the board came together again on 3 April. This meeting was for the purpose, on the...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: I am sorry to contradict Mr. Ellingham, but the minutes state the board then considered the-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: Pardon me, it is on page 121 of the Comptroller and Auditor General's report. It states, "The board then considered the AR paper. It was noted that the paper contained a very clear recommendation in favour of Cerberus".

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: But I did not say that.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: I am conversant with that fact. I am also conversant with the fact it was the head of asset recovery who brought forward this paper. Not alone was the board asked to clear that, but it was then given news that, guess what, Cerberus had a fee-sharing arrangement with Brown Rudnick and Tughans. The board only became aware of this on the 3rd, but it is clear from the minutes that the chief...