Sunday, January 31, 2010

Bank Enquiry Fluff

Justice must be done, and must be seen to be done. We the People are expected to accept - in good faith - the word of the Government, accept paycuts, levees, cutbacks and increased direct and indirect taxes to bail out bankers and developers who paid a lower rates than mid level earners at the height of the boom.
Thats all well and good - until the media (finally) start to ask questions.
Then answers are refused under the so-called freedom of information act.

A private enquiry is of no use, a tribunal is too expensive, what we need, and what we deserve is a DIRT style enquiry now. And dont think for a minute that it will be any different under FG
There are too many of them involved in speculation and land deals to be any less wary.
How much more of this do we have to put up with - seriously FF/FG are two cheeks of the one arse, and we need a change.
Voting for FG to replace FF is like turkeys voting for Christmas - it is not in our best interests.

One poster at boards found many Fine Gael politicians engaged in significant property development and the usual dynastic traits.
Sean Barrett FG - investigated by the Mahon Tribunal - with a portfolio of interests is registered in Jersey
Frank Feighan FG has properties in France, Bulgaria and dotted around Ireland.
Deirdre Clune FG - succeeded her father Peter Barry and Grandfather Anthony Barry as TD
Simon Coveney FG - succeeded his father Hugh Coveney as TD
Michael Creed FG - succeeded his father Donal Creed as TD

Now we learn that Herr Klaus Regling, a former IMF economist, has been appointed to investigate the crisis.
Mr Regling will publish a report on the crisis in tandem with Central Bank Governor Patrick Honohan.
Lets not forget that Mr. Honohan's central bank, with lack of oversight and regulation allowed us to sleepwalk into the current crisis, and people involved in the investigation may not want all details to come out.

The two preliminary inquiries are due to be completed by the end of May,
Neither report will be subject to a public hearing.

Already Herr Regling has said this timeframe is not likley without a 2nd assistant.

Only after the initial investigation will a Commission be established and asked to report by the end of the year.

Its terms of reference will be set by the Oireachtas but its proceedings will be conducted in private - which regardless of what Mr. Gormley says, is secret.
Yes, if we are to have an enquiry there must be terms of reference, but will this be a drawn out investigation to see FF - and other partys - through to the other side of a General Election?

A cause for concern is that people from inside a bureaucracy often do not ask the right questions, as the UK Iraq War inquiry is showing. Focus on procedure can stop questions on how decisions were actually made, and who made them.

This might also repeat the mantra that there is no alternative to NAMA, and a drawn out investigation into the past avoids debate into NAMA alternatives and how to deal with the future
I do not doubt Herr Regling's integrity but we need someone, outside the system, with a focus on dealing with corruption, not mechanism.

I would also like to see full and frank disclosure of Herr Reglings financial interest in Ireland in relation to his work managing funds.

And we need someone with no vested interests in the Irish financial or political systems - like Herr Regling and Mr Honohan

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