Below is an Irish contrarian's point of view of the worth of banks like Goldman Sachs:
Where will we be without the bankers?Read the full article here
It's time to trust the banks after all they have done for this little country of ours, writes Gene Kerrigan
By Gene Kerrigan - Irish Independent
IT'S not all bad news. Sometimes, it's like the country is on a downward spiral into permanent stagnation. But, occasionally there's some really good news. For instance, have you heard that Goldman Sachs, the controversial cabal of international bankers, is pulling out of the International Financial Services Centre? Reliable sources say Goldman Sachs doesn't want to do business in this country anymore. Whoopee!
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During the Celtic Bubble, bankers had a free hand. They acted with disregard for anything except their own interests. That's not because they're bad people – though some of them had the morals of jackals and the brains of peat briquettes. It's because people who are paid massively, lauded as geniuses and given the run of the country will act accordingly.
Now, the pleas are mounting for lighter regulation and bigger salaries for bankers. And there's no sign that this Government strongly disagrees.
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The fact that Goldman Sachs and others are leaving the IFSC – well, an active, concerned government would have ministers fanning out across the globe, gleefully welcoming this news. Yell it from the pages of the Financial Times and the Wall Street Journal.Take a bunch of Reuters and AP reporters to dinner, send Michael Noonan into the Bloomberg TV studios with a big grin on his face."We're glad to see the back of those bastards," he would say.