Once again this week we have seen the absolute futility and waste of time that is the Banking Inquiry. This Inquiry will achieve absolutely nothing. It has afforded a chance for bankers, politicians, regulators and others to come in, tell everyone that it was not their fault, and disappear again without any sanction. In fact most of those responsible for the misery heaped on the Irish people have walked away with huge pay offs and massive pensions. The evidence given by for Irish Nationwide boss Michael Fingleton this week was quite incredible. The man is in total denial about his part in the banking collapse and the fact the building society which he ran almost single handed cost the Irish taxpayer 5.4 billion Euro. He claimed that his pension arrangement amounting to 27 million Euro “only cost the building society 3 million Euro” and that he managed it himself to grow to ten times it’s original value. It is a pity he did not manage his building society as well as he managed his own pension if that is the case.
Is it any wonder that people are angry when they look at these arrogant, pompus individuals whose incompetence and greed caused so much misery walking away scot free. In any other normal democracy these people would be brought before the courts and asked to explain their actions. The Banking Inquiry has been a total failure and has only served to increase the anger of the ordinary people who have suffered so much over the past 8 years.