Insider watchdog

I read in the Sunday Independent that former Financial Regulator CEO, Liam O’Reilly got a job as an insider watchdog with Merrill Lynch Capital Bank.

According to O’Reilly, Merrill Lynch needed someone to

“make sure that they were doing things right”.

He would

“be like a watchdog for them inside.”

The mind boggles at what these people were/are up to that they feel the need for an internal watchdog.

Nasty suggestions of a conflict of interest when a top civil servant moves across to work for a company he once regulated were quickly put to bed.

According to the Central Bank Act former chief executives of the Financial Regulator’s office may not disclose any matter arising in connection with the performance of the functions of the Central Bank/Financial Services Authority of Ireland or the exercise of its powers.

So there, all you doubters.

And to further reassure all those nasty sceptics out there, Sources have suggested that O’Reilly’s role at Merrill Lynch excludes any involvement in regulatory matters or for lobbying on its behalf.

O’Reilly was also recently appointed as the first chairman of the Chartered Accountants Regulatory Board (CARB), an organisation set up by accountants to, er, regulate accountants. I wonder does Merrill Lynch have accountants.