Internet helping to expose corruption
The level of information available over the internet and through social media is contributing to people being increasingly intolerant of corruption, one of the founders of Transparency International has said.
Frank Vogl, who is to speak in Dublin this evening at the launch of his book Waging War on Corruption, said the financial crisis in the West has also contributed to increasing intolerance of corruption.
People in the West now understand corruption can affect their lives and “wreck” the level of economic opportunity society can offer them, he said.
He said corruption played a key role in the creation of the financial crisis. He cited the role played by US company Countrywide Financial Corporation, which gave out 100 per cent mortgages at low initial interest rates to people often not in a position to repay them. The mortgages were “securitised” by banks who sold them to pension funds “that didn’t know what they were buying”.
He said there was a widespread belief among the general public that the financial sector was in “cahoots” with the political sector and that society is now paying the price.
Mr Vogl said he was “very excited” by the prominence the issue of corruption is receiving these days and said it contrasted with the situation almost 20 years ago when Transparency International was set up.