We need a new value system in politics

THE controversies over directors’ loans, the allegations of share price manipulation and the window-dressing of deposits at Anglo Irish Bank have created the international perception that Ireland is a dodgy place to do business.

This is being exacerbated by the Government’s weak excuse that naming the so-called Maple 10 will only further damage Ireland’s reputation.

The opposite is the case — international businessmen are now running a mile from Ireland for fear they could be dealing with the undisclosed businessmen. Allied to this is the failure of the Financial Regulator’s office, along with the Department of Finance and the Government, rigorously to police the sector while allowing those responsible to resign, receive unimaginably generous pay-offs and walk. The reaction of senior politicians to the financial scandals has been alarming, yet a more detailed analysis shows that our senior politicians are also pocketing hundreds of thousands in pensions while drawing some of the biggest political salaries and unvouched expenses in the world.