Brendan Keenan: Political glue that holds nation together is dissolving
Most people believe the real reason for the lack of action over the disaster in our financial system is what others have termed Irish 'crony capitalism'
Published 08/08/2010 | 05:00
YOU may have missed the fate of the former finance chief of Northern Rock, the UK mortgage lender which had to be nationalised.
He was personally fined £325,000 by the Financial Services Authority and banned from working in the industry. His offence? He misrepresented the scale of arrears on mortgages in the run-up to nationalisation.
What a difference it would have made here, had any such punishment been meted out to anyone! In the UK, it is only one of several such cases. The fines on institutions run into millions. In Ireland, apart from Sean Quinn's insurance fines, there has been nothing. Indeed, hardly a cross word has been spoken.