Anglo phone affair

EDITORIAL
THE Anglo Irish Bank telephone tapes affair goes way beyond GUBU, an acronym coined in the early 1980s with reference to incidents leading to the apprehension of a double-murderer in the house of the Attorney General.

 

Grotesque, unbelievable, bizarre and unprecedented and a great deal more. It’s totally new territory for Ireland to have a financial scandal of such proportions.

Leading figures in what was believed to be a trustworthy investment bank being heard making outlandish comments, laughing, singing and using foul language, as the country’s finances  went down the swanny back in 2008 is about as offensive as it gets.

The then Anglo chief, David Drumm and senior managers, John Bowe and Peter Fitzgerald, in a series of one-on-one calls, were glib in the way they spoke of millons of euro being moved about.  It was as if they were talking about Monopoly, where players play loose and don’t have to worry about real consequences.
It was nausiating to hear the exchanges, especially in light of the economic hardships people across the country have endured in recent years.

The series of transcripts published in The Irish Independent have ignited a media frenzy around the world and especially at EU level, where the Irish banks rescue deal of in excess of €60bn was approved.

Anglo Irish tapes reveal bank chief executive David Drumm joking with a senior executive about the haemorrhage of funds from the institution hours before the Government bank guarantee.

With Anglo on the brink of collapse, Mr Drumm laughs, “Another day, another billion”, a reference to a run on deposits in the region of €1bn a day before the bank guarantee scheme.

Taoiseach Enda Kenny is adamant that an Oireachtas inquiry can get to the truth of the running of Anglo Irish Bank, which received a €30bn bailout.

A proposed second referendum to give more power to politicans to conduct formal enquiries could well succeed in light of current events.

Inquiries will issue findings but there must be provisions in law to move on to instigate criminal proceedings, if necessary.

JFK’s legacy
THIS week marks the 50th anniversary of US President John Fitzgerald Kennedy’s visit to Ireland and it was on the morning of Saturday, June 29 at Shannon Airport that he bade farewell to the country of his forebears.

There has been much discussion about the reasons behind the president’s four-day visit to such a small country. Was it politically motivated or born out of a genuine interest in connecting with the country and his distant relatives? Most probably, it was a bit of both.

He was more than a president; he had the looks and charm of a Hollywood star. While here he displayed his full range of qualities, which really endeared him to the public, and he gave the Irish a sense of belonging to the US political system, with a foot into the White House.

Back in America, JFK’s visit to his family’s homeland provided a boost for Irish-American politicians’ growing influence as power brokers. There was a realisation that the Irish card could have a serious impact on election results, none more so than the presidential election.

Going back to the early years of the United States of America, many presidents were of Irish stock but JFK was the first to visit Ireland. He was in no hurry when he arrived. Everything was at a relaxed pace. As well as the homestead in Dunganstown, near New Ross, he visited the main cities. His delivered an inspiring address to the joint Houses of the Oireachtas, where Clare man, Paddy Hogan, was Ceann Comhairle,
Before boarding his departure flight at Shannon, he recited a beautiful poem by Sinéad bean de Valera. The president then said, “Well, I am going to come back and see old Shannon’s face again and I am taking, as I go back to America, all of you with me.”

There was to be no return, however, as President Kennedy was assassinated in Dallas, Texas on November 22. Hopes of another Kennedy making it to the White House were cruelly dashed when his bother, Bobby, was assassinated on June 5, 1968, while on the campaign trail.

Since then, many Irish/American politicians have proven to be great friends and allies of Ireland, among them, the late Ted Kennedy and Tip O’Neill, as well as John McCain, George Mitchell, Hillary Clinton and former President Bill Clinton. They all engaged in trying to bring resolution to the troubles in Northern Ireland and also in supporting immigration reform to help the undocumented Irish.

Another of JFK’s legacies is the fact that he paved the way for the visit to Ireland of another six US presidents: Richard Nixon in 1970; Vice-president George Bush in ’83; Ronald Reagan in ’84; Bill Clinton in ’95, ’98 and 2000; George W Bush in 2004 and Barack Obama two years ago. The message has gotten through – overlook Ireland at your peril.

The American connection has been a two-way street, with business heading in either direction. In the Mid-West alone, since the 1960s, there has been huge US investment, while Irish companies, especially in the science and IT sector, have made inroads across the Atlantic.

Some have expressed the view that the razzmatazz surrounding the Kennedy commemorations went completely over the top.

The series of events and visit of a large contingent of the extended Kennedy family has, however, enlightened a whole new generation about a man who was one of the most iconic and influential figures of the 20th century.

JFK has earned his place as an integral figure in Irish history.