Politicians, builders and banks: is there a missing link?

The Irish taxpayers, especially compliant and hard-pressed PAYE taxpayers, are being asked, ostensibly at least, to bail out the banks, but we are not being given the background information behind these bailout decisions, or who it is that is really being bailed out.

The politicians are making decisions on the basis of the philosophy that “I will run it as I see fit”, hardly the philosophy of Plato and Aristotle.

The information we taxpayers urgently need includes who will benefit from these bailouts, and especially who are the individuals and companies that will benefit by the taxpayers guaranteeing the banks for defaulting companies, especially developers? Most PAYE workers are not protected by limited company status, so we are obliged to repay any debts we owe. If not, we can be jailed for defaulting. Many companies who now default on bank loans will have their loans effectively paid for by the taxpayer, so they have been given an incentive or invitation to default.

The secrecy surrounding these bailout deals may have little to do with commercially sensitive information, but more to do with preventing exposure and limiting the liabilities of all those, including politicians, who may be linked to irresponsible investors and developers who turned the Irish property market into a giant pyramid scheme.

We need to know especially if any of the politicians who are making these decisions are in any way connected to the banks being bailed out, especially Anglo Irish Bank, or in any way financially connected to individuals and companies likely to be rescued by the bailout of the banks. If the taxpayer is to be asked to foot the bill for the stupidity and greed of our commercial and political leaders, then the least we are entitled to is full public disclosure of all financial and other interests that all the present cohort of politicians have with any of the financial institutions being assisted by the taxpayers, or with any of the defaulting developers or customers of these institutions.

We need to see an end to the culture of the Galway races tent, or smart alec responses such as “I won it on horse” or “I will run it (the country?) as I see fit”.

Edward Horgan

Newtown

Castletroy

Co Limerick