Comments on: Banking chief will face deep opposition to reform

By: machholz

machholz — Sat, 02 Jan 2010 14:37:58 +0000

The calling by the new central bank governor Mr. Paddy Honohan for a “nine eleven type commission investigation into the banking crisis” is totally unforgiveable and accordingly he should immediately stand down. His position is supposed to be politically neutral. This act by the governor is a sign as to how desperate the Central Bank’s position has become. As everyone knows the best form of defence is attack. If his ploy does not work he is finished.

Every astute financier knows that the responsibility for the disaster lies squarely in the court of the Central Bank. Their man ran the Financial Services Regulatory Authority. They allowed the Irish banks use the “originate to distribute” mortgage model (see article below: Note 1). They allowed Irish financial institutions to operate with no regard to realistic underlying property valuations. They allowed intra-banking loans, sometimes in the billions, to shift between golden directors without disclosure. This same “regulator” fines and closes down poor struggling insurance brokers, mortgage brokers and financial advisors for minor regulatory oversights. Mr. Honohan, a World Bank and Trinity College insider knows this and is thus no stranger to cynical hypocrisy.

you can read more on this at
http://www.thepressnet.com

By: brum mayo

brum mayo — Thu, 31 Dec 2009 23:41:44 +0000

A little bit angry maybe to those who have no need of conversion to see your opinion,still,some good points made,Do you have any idea where the money for the marshall plan came from considering the US was nigh bust by 1928/29 and elected Roosevelt to bring prosperity in 1932,spent a few dollars during ww2,was the main sponsor of the world bank at the time, was it QE or was it QE.
If it was`nt then my learned friends might suggest fraud!!!

By: wills

wills — Wed, 30 Dec 2009 19:21:54 +0000

machholz -

the slave system will collapse from the inside.

By: wills

wills — Wed, 30 Dec 2009 19:20:06 +0000

G -

Spot on. My social circles also say nearly word for word the rte neews room coverage of car crashes and medical stuff weird.

By: wills

wills — Wed, 30 Dec 2009 18:03:20 +0000

do not follow this link it is a stunt.

By: Fergal73

Fergal73 — Mon, 28 Dec 2009 01:04:43 +0000

Happy Christmas – and a non-bankrupt 2010.
My point is that corruption is tolerated. People moan and whinge and whine – but the simple truth is that the Irish people have elected people known to be corrupt. CJH, the Flynns, Bertie, Lowry are only the tip of the iceberg. Fitzpatrick is walking around with the extra million bonus still in his bank account. Bernie Madhoff was in jail 150 days after his corruption became known.
Our Taoiseach is saying “ah shure we’ll investigate later, now is not the time to shake confidence”. I’m no multinational CEO or VC advisor, but I won’t put my money or life back into Ireland until there is accountability – i.e. large fines and property seizures. Prison should remain an option.
Criminal investigations need to happen.
As long it’s hot air, talk and things on the long finger, Ireland will never be a place to invest in.

By: Tim

Tim — Sun, 27 Dec 2009 22:29:17 +0000

Folks, the Senior Civil Servants get a Christmas (“news-dump”) Present, of having certain pay-cuts reversed, while we lower-orders take the full-brunt of our cuts.

Karl Whelan explains:

http://www.irisheconomy.ie/index.php/2009/12/24/a-christmas-present-for-senior-civil-servants/

By: G

Sun, 27 Dec 2009 19:12:03 +0000

FF don’t want FG and Labour snopping around the files/asking the hard questions, the door will remain shut for fear that more info that will damage FF would emerge, we need an election, not a national government which would be yet another betrayal.

By: Tim

Tim — Sun, 27 Dec 2009 19:01:03 +0000

Folks, this just in from John McGuirk:

http://www.mcguirk.eu/?p=353

I hope that this prompts one of two (not unrelated) options:

1) George Lee now does what he should have done last June, if he really wants to “change government policy” as he stated and cross the floor of Dail Eireann to become the Minister for Finance;

2) The Dail Forms a National Government, with the support of all parties and none.

The odds in this game have changed – the striker is ham-strung.

By: G

Sun, 27 Dec 2009 18:40:14 +0000

well, yes, if it was ‘organised’, in the sense of pursing ruinous policies by people who should have known/paid to know better for short term benefit/gain, again by the few, which is standard practice in democratic despotsic regimes (the true principles of a Republic having long been since dropped). The subsequent transference of taxpayers money via NAMA and government bailouts is the greatest theft of public money in the short history of the Irish Republic (the failure/unwillingness by the government to attach serious strings to this money is, in my opinion, the greatest betrayal of the Irish electorate).

A 1st year student could have warned of the Ireland’s over-exposed ‘open economy’, substantial government revenue derived from the construction industry with assocaiated lobbying from same and kind deposits in FF’s current account for future election purposes (not to mind Ministers of Finance with ‘property interests’ – no conflict of interest there I hear the obsequious say). The easy transition from central politics to the head of the lobby for that ‘industry’ was exempilfied by Tom McParlon while others chose to have their houses painted or extended, the grubbiness of which speaks for itself.

Cowen, according to today’s Sunday Independent, has slam dunked an enquiry with the usual ‘not in the interests of the Irish economy/do nothing to inspire confidence’ you can fill in the rest yourself.

I hope some of the intelligent and passionate posters here and elsewhere will be agents of change in 2010, lest we too become a footnote in some forgotten history book.

Latest NC lecture in ‘realpolitik’ – happy Christmas (not Xmas) for what it is worth.
http://www.youtube.com/watch?v=NKwJI9axblQ

I for one have grown tired of talk and analysis.