Bank probe would drive investors away

January 02 2010 04:45 AM

REGRETTABLY, I have to agree with the Taoiseach's view that an independent investigation of the causes of our economic crash would damage our international reputation and lead to further economic hardship for the country.

Yes indeed, Taoiseach, you are right, the 'markets' would react very unfavourably to the exposure of the fact that the people who were responsible for the disaster are still in their positions of power within the banks, the Government, the Department of Finance and indeed, in many instances, the regulatory system.

What investor in his right mind would want to invest in a banana republic that bails out the bankers and fails to punish the incompetent, the negligent and even the corrupt at the higher echelons of its society? Instead, let us keep things 'hush, hush' and maybe the 'markets' won't notice and our problems will magically disappear.

Jimmy Finn

Claremorris, CO MAYO

BRIAN Cowen must have gotten a very large rug from Santa if he thinks no inquiry is necessary into the origins of the banking crisis.

Ideally, the cost of such an inquiry should be borne by the banking industry and not the taxpayer.

International investors will avoid us unless we have evidence that the industry can change.

While criminal trials, convictions and civil tort actions are certainly warranted, they won't tackle systemic problems.

Many experts say an abundance of testosterone at the top contributed to reckless behaviour and more women in positions of authority is the best way to ensure prudent actions in future.

S Lydon

Wilton, Co Cork

THE well-deserved bad press about defunct task forces and overpaid CEOs reminds me of Gordon Gecko's philosophy in 'Wall Street'.

According to him, modern capitalism promoted the "survival of the unfittest", in that company boards had too many managers.

After spending many hours trying to fathom the functions of financial institutions' managers, Gecko still could not understand what exactly they did.

Sounds familiar, doesn't it? "Too many chiefs. . . ''

Dr Florence Craven

Maynooth, Co Kildare