Dermot Desmond's chicken comes home to roost

Apparently, billionaire businessman Dermot Desmond has lost a substantial amount of money because of the collapse in Bank of Ireland shares. He is not, at they say, a happy man and expressed his unhappiness (through a representative of course, Mr. Desmond doesn’t like to mix with the peasants) at the recent EGM in Dublin.

“Failures at all levels in the Irish financial system have resulted in the destruction in international and domestic confidence in Ireland. The global situation did not create the Irish property boom or subsequent bust.

There are far too many apologists from within the financial services sector who all too quick to that excuse – ‘We’re caught up in a global crisis not of our making’ – Such analysis is deeply erroneous.

In advance of any initiatives such as is proposed here today fundamental decisions on other matters must be taken, not least, how the bank is to be managed into the future.

It is difficult to understand the justification for allowing those who have caused the bank to be in this current mess to remain in situ and be trusted with getting it out of the mess.”

Not in my wildest dreams did I imagine that Mr. Desmond would become one of the victims of how things are done in our banana republic.

He was a very strong ‘financial supporter’ and friend of the corrupt Haughey making substantial payments to him when he was Taoiseach. At the Moriarty Tribunal Mr. Desmond was strongly critical of those who questioned his ‘generosity’ to Haughey.

And of course the destruction of international and domestic confidence in Ireland that Mr. Desmond speaks of is almost entirely down to the corrupt actions of Haughey and his cronies. He was one of the principal architects of the corruption that has infected every level of Irish society but in particular the financial sector.

Ah yes, here’s one chicken I’m only too delighted to see coming home to roost.