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 Ministers refused to answer questions re links to Anglo Irish Bank

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PostSubject: Have government ministers got something to hide re Anglo Irish bailout?   Sat Feb 07, 2009 6:42 am

This is explosive. Ryle Dwyer in today's Irish Examiner:

http://www.examiner.ie/irishexaminer/pages/story.aspx-qqqg=opinion-qqqm=opinion-qqqa=general-qqqid=83921-qqqx=1.asp

Recently members of the cabinet were asked whether they had loans from Anglo Irish Bank. Six ministers refused to answer. Why? If Haughey had refused to answer such a question, the moral rectitude mob would be screaming in indignation.

The vast majority of people borrow money from a bank or finance company at some time — to purchase a home, pay for house renovations or buy car. Politicians are no different and there is nothing wrong with a politician borrowing from any bank for such purposes.

When a bank loans money to its directors, friendly politicians, or just the man in the street, for the sole purpose of buying shares in that bank, however, that smacks of share price manipulation. Those who were enticed into investing as a result of such price manipulation could possibly hold the public responsible, if those who were responsible are not held accountable.

The Irish people now own that bank since its nationalisation, and we should learn from past mistakes.

In the case of Guinness Peat Aviation (GPA), for instance, Bank of Ireland loaned Colm Barrington, one of the directors, $1.5m to buy shares in the company and it essentially accepted the shares as collateral. When GPA went belly up and its shares became virtually worthless, the bank had to go whistle because it could not compel GPA employees to find alternative ways to repay the loans, even in Barrington’s case when he had more than $454,000 in his bank account.

THE public must be assured that no minister got such loans. Some of them — Mary Coughlan, Mary Hanafin and Willie O’Dea — had no problem stating they had no dealings with Anglo Irish. Why are the six so secretive? There must be no suggestion of a conflict of interest in the nationalisation of the bank.

Rather than answering questions, ministers have been behaving like gurriers on television, talking over everyone and answering no one. It is not just unedifying, it is utterly insulting to the public.

Ministers who cannot attest they did not get such a loan are unfit for office. It is not enough they should be above suspicion; they must be seen to be above suspicion.

Of course, ministers are not supposed to invest in stocks and shares and they are supposed to divest themselves of the shares they hold at the time of their appointment. An exception was exposed in 1994 when Brian Cowen was minister in charge of mining. He had failed to dispose of investments in three different mining companies.

The problems we are facing are still only beginning to surface and there must be no question of any minister having a conflict of interest in relation to the nationalisation of Anglo Irish Bank.


Last edited by Aragon on Sat Feb 07, 2009 6:54 am; edited 1 time in total
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PostSubject: Re: Ministers refused to answer questions re links to Anglo Irish Bank   Sat Feb 07, 2009 6:44 am

Aside from the potential to bring down the government, what the hell does RD mean by 'the moral rectitude mob'? People who do not lie, cheat and steal to make a living? If so, does anyone have contact information for the mob because I'd like to sign up right now.
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PostSubject: Re: Ministers refused to answer questions re links to Anglo Irish Bank   Sat Feb 07, 2009 9:52 am

Which six which six which six refused to answer

bounce
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PostSubject: Ministers refused to answer questions re links to Anglo Irish Bank   Sat Feb 07, 2009 5:06 pm

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