TRULY SHOCKING DESCRIPTION OF THE BANKING SYSTEM IN IRELAND.

David McWilliams describes the banking system in Ireland as "an aristocracy of incompetence, of spoofers and chancers, of people at the top who did not know what they were doing, including bankers, Department of Finance officials, Central Bank, Regulators, and economic advisers to these people". He continued "it is a conspiracy of incompetence by people at the very height of this economy who were given responsibility to run the country and the banks. Not only did they fail, they amplified the potential for failure and ignored warning signs to the extent that they ran out of feasible options".

In his damning account of how Ireland is run, he explained how the "system promoted incompetence, rewarded failure and failings of people who did not do their jobs properly, while punishing those who asked questions" He spoke about a "cosy arrangement where bankers played golf with, and drank with, Regulators and they imperiled the whole society".

These are the people that Sean Quinn and other investors trusted with their hard earned money. How amazing is it to think that not only did they bankrupt the country, they managed to fool a nation into blaming an innocent investor for their incompetence, gross misconduct and illegal actions.

They were not shy about boasting about what they were worth in monetary terms. "If you pay peanuts, you get monkeys, but the people of Ireland paid vast sums of money to these spoofers and we still got monkeys".

To watch David McWilliams interview on Prime Time on Thurs. 28th May, 2015, go to RTE Player.