I asked Karl Deeter, operations manager with Irish Mortgage Brokers, what he thought of the IPC’s idea and he said: “It’s about time somebody called out the State on this bullshit. So far they’ve made every pathetic attempt possible to evade responsibility [for the financial crisis].
“The regulator is supposed to regulate. He is paid to ensure an avoidance of systemic risk. He didn’t. We crashed. Banks failed. Basically, instead of inquests we need to start closing some of these banks down. They shouldn’t be in existence and we’re selling generations down the Swanee to support them. Look at NIB, not supported by the State, closing branches, cutting costs — they’ve had to lay off 30 per cent of their staff, and then look at the likes of AIB. They should never have received a bailout.
“It’s not even ‘crony capitalism — it’s ‘crony socialism’ and I’m glad that the IPC have had the balls to come out and say it as it is,” Deeter concluded emphatically.
Deeter’s right to be mad. It’s criminal that so many who have been responsible for the social chaos we face today have been able to walk away so handsomely rewarded for their recklessness.
Because, of course, it’s only the losses that have been socialised. There’s not a chance that all the banksters who made huge bonuses during the boom are about to start divvying up their dollars with the plebs they ripped off.
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