Banks recapitalisation: Good time to bury bad news?

It’s no accident that AIB raised its mortgage rates on the eve of the recapitalisation of the banks, the biggest fraud perpetrated against Irish citizens since the foundation of the state.

But it seems that AIB is not the only organisation taking advantage of this opportunity to minimise or hide the effects of bad news.

Just hours before the Irish people are to be officially screwed by the banks and the government the Financial Regulator has announced that two administrators are to be appointed to Quinn Insurance Ltd and that an investigation has commenced

into certain matters within Quinn Insurance Ltd that have very recently come to light.

I wonder would those certain matters have anything to do with the dodgy dealings that went on between Anglo Irish Bank and Quinn Insurance?

Another event that will be buried beneath the media storm surrounding the banking crisis will be a decision tomorrow by the Cabinet, based on the Farrell Grant Sparks report, on whether to initiate further investigations into the scandals involving the Dublin Docklands Development Authority.

This would be an ideal opportunity, from the government’s point of view, to quietly bury this potentially explosive matter.

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