The Irish Government, starting with the Prime Minister Brian Cowen, is obliged to resign immediately. A call for a general election should follow.
The handling of the Anglo-Irish Bank case is a clear demonstration that the Irish Government is not fit or equipped to lead the country in a time of crisis.
Further, the government’s barely concealed contempt for the Irish taxpayer is evident as they dodge and weave in an attempt to avoid dealing with the charges of providing misinformation, hiding deceptive practices by banks and bankers, and outright refusing to provide information at all as to the 10 persons of interest in the Anglo-Irish case. That the government has been reactive in its investigation, as opposed to proactive, reeks of nepotism and favoritism to their colleagues in the banking industry. This must end right away.
New blood is needed in the seat of government in the form of an across-the-board coalition from all political parties. Independents, Labor, The Green Party, Sinn Fein, along with a mix of capable remnants from the two main parties should work together to put the needs of the Irish people first and foremost. It may not be an easy marriage but it will ensure overall balance and fairness.
A grand coalition would force representation from every sector of society and ensure that the golden circles of Irish business are no longer afforded exclusive protection and absolution by the government. Ireland can afford no less; its future depends on it.
The cost of the losses of the current crisis to Irish banks, the Irish taxpayer and the European Union (in backing these entities) goes way beyond finance. These series of incidents have put the country in a very negative standing in international finance and does little to persuade international business to reinvest in Ireland. Irish bankers have been caught red-handed with their collective hands in the cookie jar. Their bluster, preening and defensive posturing does little to deflect attention to their alleged misdoings. The public can see quite well what has happened; they're not as stupid as these men of finance think.
As such here has to be a consequence and a tough one at that to dissuade further corruptive practices. While a thief who steals clothes from a store goes to jail, there is no downside to Irish white collar crime. No arrests have been made. No charges even hinted at. The head of the office of the Financial Regulator who should have spotted these problems long ago, Patrick Neary, was forced out of office for mishandling the oversight of Anglo-Irish. His reward for his incompetence? Eight months pay and a check for E428,000. Provided by the Irish taxpayer of course.
As ButlerReport continues to expound, the European Union should be invited to take part in the investigation of the Irish banking industry. The country is in need of 3rd party oversight at this crucial time to ensure that justice for the country and the Irish taxpayer. There is, unfortunately, no other way forward as this potential problem seems to permeate the entire Irish financial industry and, as such, justice can never been guaranteed if handled internally.
Ireland must be seen by the international community as being strong enough to make tough decisions and demonstrate that it is a force to be reckoned with. Some pain now will guarantee, one hopes, a corruption-free future. Start with getting rid of the sitting Government and the country will earn the respect due to it.
Perception is, after all, reality.
Reference
Anglo-Irish Bank/Irish Government media file
http://www.butlerreport.com/News/BRNews_media.html
