Still waiting for law enforcement

Former AIB chief is fined $15,000

For a millisecond after reading this headline I thought;

‘Could it be that IFSRA, the so-called Irish Financial Regulator, had finally decided to actually regulate?’

Then I realised, the article was reporting on the work of a real regulator, the American Securities and Exchange Commission (SEC).

Since its establishment in May 2003, IFSRA has failed to bring a single person or organisation to account for fraudulent activity. And as many thousands of Irish citizens know to their cost; there’s no shortage of rip-offs out there.

Indeed, as far as I can ascertain, no financial regulator in the history of the State has ever taken effective action in response to the regular occurrences of criminal activity in the Irish financial sector.

Lori Addison, the AIB person fined by SEC, must be rueing the fact that she committed her fraud in a jurisdiction that actually enforces the law.

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