The price of truth
Published 23/07/2010 | 05:00
THOSE hoping to get to the bottom of the banking crisis may soon be required to wear breathing apparatuses, such are the murky depths now being trawled. Yesterday, thanks to the forthright testimony of the Department of Finance's secretary-general, Kevin Cardiff, to the Public Accounts Committee, we got an insight into just how muddy those waters are.
The Government, desperate to plot a course through the perfect financial storm, went to Anglo Irish Bank seeking clarity. What it got was the opposite, and every taxpayer is now seeing the enormity of the fallout.
Mr Cardiff bluntly explained how the bank was "extremely disingenuous" in several presentations to the Government about the strength of its loan book and its capital-raising powers right up until the roof caved in.