Problem with colleague and competence

I am searching for some assistance with you in how to progress the matter as the problem is more of a organization problem.

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I am Senior Network Engineer working for a smaller bank with alot of high volume transaction traffic, in our department it's me and another person responsible for the network.

I have CCIE and about 15 years experience from Telcos etc and only been working or 1 year at current company, i noticed early on that my colleague lacked competence and basis network knowledge in serveral areas and it's me who has taken all responsibility and lead in projects as he lacks competence and I can't trust him.

He has also caused several incidents that had a large impact on the network, bringing down the firewalls where important things like Bloomberg, Reuters etc have their DMZs.

I have mentioned this to the managers and it got to one point we didn't talk to each others because he didn't like i talked to the manager about these problems.

Anyway after some meetings and HR involved we had peace and we started to talk to each other again so we would communicate at least, however the problem with his incompetence is the real problem, i can't trust him and i've told the manager which is not a former network guy but some former project manager.

I've told all these problems with the manager but he somehow defends him and does not agree with me on that he lacks competence, this is really frustating for me because he tries to defend him.

Yesterday there was a major incident and the whole network brought down, he called me like crazy and i called him back and he was struggling like nuts and nearly started to cry of anxiety.

The incident is solved now but how should i progress this towards the manager?

I am looking at leaving this place ASAP but have not landed a new contract yet, shall i lay low until i get a new contract and resign and not mention anything more?

In my right mind i want to bring it up with the managers again but i know from previous meetings what their opinion is about the whole situation as i don't get any support.

What bothers me is how he have managed to get all previous jobs with his incompetence or he is just a good talker.

Any input please...........