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Thread: J'accuse - Brian Lenihan

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    Politics.ie Member Malbekh's Avatar
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    Default J'accuse - Brian Lenihan

    On the 29th of September 2008, Brian Lenihan and Brian Cowen met with Brian Goggin and Richard Burrows of BoI and Dermot Gleeson and Eugene Sheehy of AIB. During this meeting, supported by officials from the Finance Ministry, Lenihan put forward his proposals for the bank guarantee scheme, a scheme that would guarantee all the liabilities in the banks, including the bonds of all the Irish banks.

    In January 15th, Brian Lenihan announced that Anglo-Irish Banks was of systemic importance to Ireland and nationalised it. There was no choice in doing this, because we as the taxpayer, would have had to reimburse the vast majority of liabilities in the bank owing to that guarantee.

    Today, Lenihan has announced that the expected bill for this nationalisation is a minimum of €22b. There can be no other conclusion that the decision to guarantee the liabilities in Anglo-Irish was the worst financial decision ever made in the (short) history of our country, likely never to be matched, and certainly never surpassed.

    I believe Brian Lenihan to be an honourable man, I believe that when he made the statement extolling the virtues and importance of Anglo Irish, he did so not as a fabrication or obsfucation, but because he was merely incompetent and negligent.

    Accordingly, and as a citizen of this State, because of this gross negligence and incompetence, I call on him to resign his position forthwith, and Brian Cowen, who backed his judgement and decisions, to allow this state and its citizens to pass judgement in a general election.
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    I read that Dermot gleeson is in deep financial trouble, having bought property at the peak. These men exercised poor judgment.

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    I second that motion.

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    Brian Lenihan is most certainly not an honourable man. And he will not be resigining his position. FF will hang in for 2.5 more years, so that up to 200,000 Irish citizens will do as 60,000 did last year - like my brother - and emigrate. When that many angry voters have gone, the defeat for FF will be more palatable, and more likely they will be back in office (never in power) in 2017, having opposed each and every policy of the contradictory FG/Lab coalition whose policies will appease neither the right nor left in this country.

    Twas ever thus. Sad to say it on this day of our nation's greatest betrayal.

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    In 2008, there was a danger that if Anglo went under, it might drag other banks with it, and collapse the international banking system.

    Then was then, and now is now. I can scarcely believe that an Irish Government is comitting the Irish taxpayer to this enormous burden. An burden built up by the improvidence of Sean Fitzpatrick and the tricksy politicians who thought they were ensuring eternal exercise of power for themselves.

    We need a general election desperately right now! Will some, any, backbencher vote for the good of people before party?

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    Quote Originally Posted by Corkoniense View Post
    Brian Lenihan is most certainly not an honourable man. And he will not be resigining his position. FF will hang in for 2.5 more years, so that up to 200,000 Irish citizens will do as 60,000 did last year - like my brother - and emigrate. When that many angry voters have gone, the defeat for FF will be more palatable, and more likely they will be back in office (never in power) in 2017, having opposed each and every policy of the contradictory FG/Lab coalition whose policies will appease neither the right nor left in this country.

    Twas ever thus. Sad to say it on this day of our nation's greatest betrayal.

    +1
    Originally Posted by hiding behind a poster It would be illegal, so it can't happen.

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    Yes, I agree, the decision to guarantee Anglo Irish was (is) a catastrophe. We're all paying for it now. Anglo should have been let go to the wall and wound up like any other failed company. I feel Cowen and Lenihan were bounced into it by the banks and did not have enough expertise to see the problems it would cause. It's not just you and me will be paying for it. I have two grandchildren and they'll be paying also. Probably the worst financial decision ever made by an Irish government.
    TiobradÁrann

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    Quote Originally Posted by Corkoniense View Post
    Brian Lenihan is most certainly not an honourable man. And he will not be resigining his position. FF will hang in for 2.5 more years, so that up to 200,000 Irish citizens will do as 60,000 did last year - like my brother - and emigrate. When that many angry voters have gone, the defeat for FF will be more palatable, and more likely they will be back in office (never in power) in 2017, having opposed each and every policy of the contradictory FG/Lab coalition whose policies will appease neither the right nor left in this country.

    Twas ever thus. Sad to say it on this day of our nation's greatest betrayal.
    +2

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    I was under the impression that it was Brian Cowen, and Cowen alone who extended the guarantee to Anglo, against the advice of the central banking members present at the meeting. I believe that the guarantee was effective to stablise the banking system at the time, but it was only needed because Cowen and the government knowingly ignored the problem and believed the crap being spewed by the banks in the previous 6 months. At the very least Anglo should not have been included, and that afaik was a decision made solely by Brian Cowen. I hope he will be remembered as a traitor to this country.
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    Quote Originally Posted by Corkoniense View Post
    Brian Lenihan is most certainly not an honourable man. And he will not be resigining his position. FF will hang in for 2.5 more years, so that up to 200,000 Irish citizens will do as 60,000 did last year - like my brother - and emigrate. When that many angry voters have gone, the defeat for FF will be more palatable, and more likely they will be back in office (never in power) in 2017, having opposed each and every policy of the contradictory FG/Lab coalition whose policies will appease neither the right nor left in this country.

    Twas ever thus. Sad to say it on this day of our nation's greatest betrayal.
    Dont put any money on Brian Lenihan not resigning as minster of no finance i do not think he will stay much longer and i do not blame him

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