Ian Guider: Bankers rarely pay for financial wrongdoing

A new bill gives the Central Bank greater powers to make individuals in the financial sector more accountable for bad practice, but will they be enough?

1st August, 2021
Ian Guider: Bankers rarely pay for financial wrongdoing
The Central Bank singled out the problems it had in the past. Under the old legislative regime, the regulator had to engage in enforcement action against firms before it could make any determination. Picture: RollingNews.ie

A myth has arisen in the last number of years following the financial crisis of 2008. The narrative is that the Americans sent dozens of bankers to jail, while in Ireland they walked away with full pensions, with some clutching lucrative consulting contracts with the vulture funds that picked over the banking assets.

The former is largely true, with the exception of the conviction of David Drumm, the former Anglo Irish Bank chief executive, for conspiracy...

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