Anglo tapes prove we need proper inquiry into banking fiasco
Jim Sheridan @Jim_Sheridan
Great piece on the Anglo debacle RT @colettebrowne: Today's column is on the rage-inducing #anglotapes
http://www.irishexaminer.com/opinion/columnists/colette-browne/anglo-tapes-prove-we-need-proper-inquiry-into-banking-fiasco-235114.html …
We have all long suspected that bankers, whose incompetence and avarice cost us our national sovereignty, have been laughing at us.
The Anglo tapes — replete with chuckles, chortles, cackles and guffaws — confirm that suspicion in spades. The recordings, of phone calls between Anglo execs in late 2008, have done more to underscore the causes of our current penury than any article, speech, report or half-baked inquiry in the past five years.
The Government, the Central Bank and the financial regulator were duped. It didn’t take much.
A small cabal of bankers trouped into the regulator’s office late at night, gave the civil servants a scare at bedtime and walked back out with a €440bn guarantee under their belts. The Anglo lads could barely contain their glee. And who could blame them? Having chanced their arms by asking for €7bn, after plucking that figure out of their arses, the State instead wrote a blank cheque and signed it with the names of every single citizen in the country before gifting it to the entire rotten banking sector.
(More at the link.)
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