Seanad debates
Thursday, 29 April 2010
Order of Business.
10:30 am
David Norris (Independent)
Yesterday, some of my colleagues joined me in the calls I have consistently made for the past six to eight months for some kind of questioning of the international ratings agencies. I congratulate "Morning Ireland" on catching up. It has started to raise this issue a mere six to eight months later. I am happy to provide ideas to the media. It is a very serious issue. These ratings agencies have deliberately, systematically, corruptly and dishonestly rated things like the toxic bundles. They were wrong about Iceland and Ireland and we are still allowing them to get away with it. Sometimes they are right, although almost by accident. Most of the time they are wrong, whether through stupidity or dishonesty, and they are never challenged. Even if they are right, they are just as dangerous because of the method they use to release this information and its timing. They have done this in Greece, with the help of Goldman Sachs, and they are now targeting Spain. Ireland will be next.
Let the international community stand together. I call for an international commission of inquiry into the origin, background and practices of all the ratings agencies and the establishment of a truly independent agency under the United Nations so that the matter can be settled. I issue a challenge to The Irish Times which does wonderful work. Sometimes it takes up little ideas and develops them. Let it unleash Fintan O'Toole or some other writer to do a report for the people to establish where these people come from and what they are up to. In regard to the Anglo Irish Bank situation, it is a vindication of the views of Peter Mathews and I repeat my call that he should appear before the Oireachtas Joint Committee on Finance and the Public Service.
I call for a debate on Chad where the situation is very serious. We have a large number of troops there who are at the point of being precipitately withdrawn. If they are withdrawn, 500,000 men, women and children will be left defenceless in the face of marauding armed groups, the Janjaweed, bandits and so on.
I wish to end on a positive note. I am sure the Cathaoirleach and all my colleagues have noticed the fantastic and beautiful display of flowers at the entrance to Leinster House. The Office of Public Works should be publicly congratulated on them as well as on the work it does in other parks such as St. Stephen's Green and Merrion Square.
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