Sir, – Your Cantillon column ("Ming's report on banks not so mighty", Business, December 19th) chastised the world's press, mentioning Newsweek, Mother Jones and Vanity Fair, for taking seriously a European Parliament report commissioned by Luke Ming Flanagan MEP on the banking crisis. Apart from having anonymous experts who "damned" its contents without saying why, Cantillon claims it raised a falsely worrying "glimmer of hope" to shareholders. Cantillion should also dismiss Wilbur Ross and the Department of Finance. Both read the report and took time to issue a rebuttal.
Another target is a large, reputable litigation firm in London that recently represented bank shareholders in a successful court action against a major UK bank for concealing losses. That firm concludes in an independent 30-page appraisal note addressed to class action funders that the non insider trading allegations in our report contain “significant merit” – good news for Bank of Ireland shareholders.
The Irish Times might also dismiss UK barristers George Bompas QC, and Martin Moore QC, who both agree that "prudence", the company law requirement to reveal all losses, remains paramount under EU law; and former UK chancellor of the Exchequer Nigel Lawson, who chaired a House of Lords inquiry on bank failure and who has repeatedly called for banks in the UK and Ireland to face the courts over the concealment of losses.
The Cantillon column concludes that while there was wrongdoing, Flanagan’s report suggesting corrective action must be ignored – music to the ears of bankers who continue to break the law. – Yours, etc,
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CORMAC BUTLER,
Co-author of European Parliament report,
Bedfordshire,
England.