It has to be said, and now it has been said: Shareholders were to blame for the banking collapse. (Read the article here)
"Tom O’Connell, assistant director general of the bank and the Financial Services Authority of Ireland, said investors got what was coming to them for not keeping bank chiefs in check." Bang on!
While our selfless politicians and public servants were struggling mightily to rein in the excesses, arrogance and financial idiocy of the banks during the so-called Celtic Tiger period, stupid, stupid people on the ground thwarted them at every step.
We need more people like Mr. O'Connell in Ireland — and we need them in the public sector. NOW!
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