Archive for November, 2008

The sight of Ireland’s top bankers traipsing in to meet finance minister Brian Lenihan last Friday with their lawyers in tow indicates just how far we have come since the chest-thumping of a few weeks back, when the bankers said that they could go it alone.

Although I never thought I would say so, it would be preferable for us to nationalise our banking system than to allow a private equity consortium to own and control our major banks.

As the banks move to sort out their bad debts, it’s imperative that the state also tries to alleviate negative equity problem facing young workers.

8 PM ’til LATE
WEDNESDAY, DECEMBER 10TH
THE BUTTON FACTORY,
TEMPLE BAR, DUBLIN
At Next Wednesday’s edition of the hugely popular political cabaret show, the Red Adair of Irish economics, David McWilliams, will probe a panel including Ryanair CEO, Michael O’Leary, Green Party finance spokesman, Senator Dan Boyle; and Professor Mary Corcoran of NUI Maynooth as well as special…

We are now reaching the endgame. Few are in denial any more. The situation is dire and we need real leadership to get us out of this mess. Businesses across the country are going to the wall, unemployment is going through the roof and people who have been trading for years say this is much worse than the 1980s.

Every evening, there is a little ritual in our house. Our young children, having been settled by their mother, demand dad tells them a story ‘‘from your head’’ before bed. This lark involves all classes of adventures, heroes and implausible tales starring themselves as central characters.

Now the Government needs its own people in the banks … they must be independent, not some patsies

Considering they had neither the financial nous to foresee the global downturn, nor the courage to release accurate figures on the state of their institutions, how can the inept leaders of our banks now expect our trust?

Yesterday I spoke to a friend — let’s call him Mike — a hard working, non-greedy, frugal individual. This is not the sort of bloke who went out and splurged in the boom. He has a house, a car and, up until recently, a steady job. He lives for his children, his family and yet…

Banks are paying for the abuse of belief and trust with the loss of credibility in the fiduciary system.