David Drumm conviction
Sir, – The welcome conviction of David Drumm has brought mixed emotions.
Relief that our justice system has succeeded in the prosecution of an individual whose actions were a catalyst to our financial collapse.
Frustration that it has taken so long, and that much resources were wasted, in getting Mr Drumm to answer these charges.
Regret that there has not been a significant effort to reform the regulation of speculative finance both here and internationally in the 10 years since the last crash, leaving the door open for a repeat.
The proposal of a modest tax on financial transactions was knocked back as financial institutions, bailed out by taxpayers around the globe, used their extant malign political influence to stymie any attempts to control the industry.
Even now attempts are being made in the US Congress to roll back on the Dodd-Frank Act, which made limited attempts to curb the excesses of Wall Street.
So while it is good to see accountability for illegal activity, it is what is still considered legal that should worry us.
In the years following the crash, inequality rose significantly as the austerity needed to pay for the excesses of a self-styled elite eroded the global social safety net. Nothing has changed which would suggest that this will not happen again. – Yours, etc,
Sir, – Credit is due to the Garda Síochána for its diligence in the unenviable task of gathering evidence in a highly complex and technical case. – Yours, etc,
Sir, – Now that the Drumm trial has ended after a long and complex hearing, perhaps some enterprising publisher would bring out a Ladybird version of the proceedings for the benefit of the general public. – Yours, etc,