Friday 23 February 2018

Tapes unleashed fury that only a thorough probe can really satisfy

WHAT do we know now, after the Anglo Tapes revelations, that we did not know before they were made public? The nation, and much of the international community supporting the nation, is shocked by the Irish Independent's revelations of the culture of swagger and dishonesty top bankers in Anglo Irish Bank displayed before, during, and after the blanket guarantee of their liabilities, which saved them and helped bankrupt the State.

But what does that really change?

No one likes bankers – now. In 2006 and 2007, they were our best friends, lauded as wealth-creating geniuses. Now, not so much. Irish people have realised, to their great cost, that banking is inherently unstable. The writer Steve Waldmann says it best: "A banking system is a superposition of fraud and genius that interposes itself between investors and entrepreneurs."

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