Broken bonds: As Bank of Ireland pays over €600m for Davy stockbrokers, is it right that those who caused the sale are reaping the rewards?
Brian McKiernan and other members of the Davy 16 are facing criticism again, this time over massive windfalls from the purchase of the troubled broker. But the former chief executive claims the sale has been misrepresented
Brian McKiernan ended last week around €70 million richer than he started it. But the former chief executive of Davy stockbrokers is keeping his head down about it.
McKiernan hasn’t spoken publicly since March when Davy was fined a record €4.1 million by the Central Bank after the regulator found that the firm had been in breach of market rules over a now notorious bond deal from 2014.
In that deal, 16 of Davy’s employees, ...