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In this audiobook, the author goes into the political, economic and financial regulatory history of the Republic of Ireland (the "Celtic Tiger" lauded in the 90s). You'll meet shady politicians, land developers, and more, some lineages stretching as far back as the 60s and 70s, and come away finding how deeply rooted and tacitly accepted these corrupt practices are.
One chapter goes into how all the big companies from America, Italy and around the globe domiciled themselves in Dublin to take advantage of tax loopholes so large, you could hide Bermuda in them. Admittedly, some of the reinsurance schemes and paper companies are a bit sophisticated to follow, but the despicable greed comes through loud and clear in the narration.
I may never trust another Irish bank again after learning all of this. I used to own shares of AIB but not anymore (fortunately I sold before the meltdown), and never again. The book will help you understand the financial reform and economic austerity that the Republic of Ireland has to go through today to pick-up the pieces of the wreckage described up through 2008 in the book, and why democratic though it may be, the electorate simply continue to accept these practices as long as their local politicians bring home the bacon.
The one detraction I felt from the audiobook were the quantity of numbers being thrown out there to the listener in the narrative (particularly in the earlier part of the book). The author moves arbitrarily from one year to another comparing numbers: GDPs, tax revenue, per capita income, real estate development measures, etc. This can be hard to follow, especially in the audio format.
Otherwise, it's a good listen for a deep and dark look into the underbelly of Irish politics and finance that the travel brochures and Michael Flatley won't give you.
3 of 3 people found this review helpful
With the default of Greece I thought it might be appropriate to read about some of the other troubled economies of the E.U. I saw this book by O’Toole and thought it might be interesting and I must say it sure was.
O’Toole is a commentator and columnist for the Irish Times and is an excellent writer. The book is written in a clear concise manner and is comprehensively researched. This is a serious book, it argues that financial power should be regulated, that crooks should be punished, that corruption should be exposed and not rewarded at the ballot box. O’Toole also outlines changes the Irish need to make to rebuild their country into a strong, financially viable country again.
O’Toole points out that the Irish boom came about from the outside not by changes, growth, and desire of the people. The government encouraged corporations to come to Ireland by offering little or no taxes, and lax regulations.
Wealthy land speculators had cornered urban markets, driving housing prices up 500 per cent in a decade. O’Toole points out that when the crash of 2008 came, the GDP shank, housing prices went into free fall, its banking system collapsed and gross indebtedness outstrips that of Japan. The author blames corrupt politicians, lax regulation, bankers complicit in fraud and tax evasion.
The pity of it O’Toole says is that the boom years were largely squandered. For a brief moment the county had the resources to improve its crumbling social facilities instead it blew it. Everyone should read about this subject and learn about the hazard of government debt before more and more countries follow in the wake of Greece. Roger Clark narrated the book.
4 of 5 people found this review helpful
Fintan presents a well balanced view of what went wrong in Ireland. We all want a simple story, the banks caused the crisis. But, he paints a picture of a crisis waiting to happen in a country the kept voting in openly corrupt politicians who allowed unregulated banks and financial institutions to run wild, and sqandered money through the boom times. Worse still the government just kept borrowing to keep it all going for the last 7 or 8 years.
It's a nicely narrated book that moves along quickly and kept me engaged. Tone of the book is conversational.
I really enjoyed it.
5 of 5 people found this review helpful
Very structured and informative and a book that I may actually buy to read. However, as I am Irish I find the inability of the narrator to properly pronounce Irish place and family names correctly must infuriating. To my mind this is an unnecessary frustration. Was it not possible to get an Irish person to narrate or for your chosen narrator to do some research / checking. Too lazy ? Unprofessional and, for me, spoils an otherwise excellent book.
3 of 3 people found this review helpful