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Sunday Independent Stupid Statement of the Week June 30, 2013

Posted by Garibaldy in Sunday Independent Stupid Statement of the Week.
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First up, Eilis O’Hanlon with a lesson in feminism for us all.

Fat is a feminist issue, went the famous slogan. Now apparently failure is too, as Julia Gillard is recast as a martyr to the cause after being ousted as prime minister of Australia. Where was the sisterhood when the same thing happened to Margaret Thatcher? On the sidelines, cheering, as she packed her bags, I seem to recall. All female leaders are equal, but, in feminist eyes, some are clearly more equal than others.

Eoghan Harris has decided now is the time to reveal who was to blame over the Anglo-Irish Bank debacle.

Let’s be clear about where it belonged. To blame the Anglo bankers for being greedy, grasping, deceitful and delinquent is like blaming vultures for feasting on human flesh. Those who handle big money need to be subject to constant scrutiny.

An old Chinese proverb sums up the difference between bankers and regulators with Confucian clarity: “We cannot stop the blackbirds of evil flying over our heads – but we can stop them making a nest in our hair.”

Breaking up the Anglo nests was the duty of the three sentries charged with standing guard on behalf of the State: the Financial Regulator, the Department of Finance and the Central Bank. Paul Drury in the Mail put his finger on a fundamental truth: that this first line of defence was defective.

Yep, the public sector.

Amazingly, that’s not the clear winner this week. Instead, we have the following, outstanding for its crassness and revealing a great deal about a certain type of mindset.

As National Indignation Week draws to a close following the Anglo Tapes revelations in the Irish Independent, it is time for a little perspective. Banks in their death throes worry only about liquidity and their time horizon foreshortens. Colourful language and nervous jocularity are not surprising. Nor is the complete absence of any alertness to the broader picture. The bad singing was the only real shock. Anglo Irish was a cooked goose in mid-September 2008 and the managers captured on tape must have known this in their bones.

Colm McCarthy. I’m so glad that the state turned to him in its hour of need. Not that there’s any such thing as a ruling class or establishment solidarity.

Comments»

1. 6to5against - June 30, 2013

Fascinating that OHanlon blames only the public sector. She could certainly have made an argument that the regulatory system was inadequate, but when she absolves banks of any responsibility and doesn’t even seem to consider that the political parties which she and her paper consistently supported might even share some blame, her thesis really is laid bare: the public sector is to blame for everything. Even when the private sector screws up.

On the same logic, a burglar is not to blame for his crime: the householder should have topped him.

Perhaps we should outsource the regulatory system. Only the private sector has the efficiency needed, after all. But where could we find somebody currently out of work with expertise in banking, and an indepth understanding of financial malpractice?

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doctorfive - June 30, 2013

Credit to Eddie Molloy on Marian this morning pinning the biggest private sector collapse in history on fas, siptu and politics corrupting business.

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WorldbyStorm - June 30, 2013

Great. Just great. And I’ll bet there was no push back from ‘hold the bell’ Marian.

Harris’s piece is telling, not a word about a political approach which deliberately emasculated the very concept of regulation or state intervention in the private sector.

And McCarthy? Shameless stuff when it’s absolutely clear in those tapes that those being taped explicitly looked to the state and the taxpayer to bail them out. No alertness to the broader picture? Like hell there wasn’t.

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Ciaran - June 30, 2013

Credit to you doctorfive for listening to that fiasco of a programme for that long. I just get as far as Marian spluttering out her list of ‘contributors’, and turn the radio off as soon as one of the old reliables (Molloy, McCarthy, Power, Hobbs, etc) is name-checked.

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2. CivisHibernius - July 1, 2013

Easily the most misleading headline of the year.

http://www.independent.ie/business/irish/sinn-fein-link-to-northern-trust-rogue-traders-scam-29383222.html

Seriously its actually sad that some subeditor would be that biased.

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3. Mary Mary - July 2, 2013

Eilish O’Hanlon’s comments reveal a nativity that is embarrassing to read. All prime ministers are NOT equal. Maybe we should pretend they are/were because they’re women after all. Sisters? Margaret Thatcher was never a sister of mine!

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