Criticism
Two reports of an investigation into the "wholly inappropriate sale of perpetual bonds" by Davy Stockbrokers to credit unions failed to involve any of the credit unions affected, leaving them "in the dark and powerless to add any value to the findings of this investigation”. The ISE, who have Davy as one of its largest shareholders, then declined to give them access to the reports. The Chairman of one the Credit Union's who suffered large losses told his members ‘‘The failure to publish the reports is to place the complaints process in a shroud of secrecy. Such a failure of openness, transparency and fairness can only serve to undermine confidence in the complaints process, forcing those with grievances into the courts. Such a course of action is not in the interest of any of the stakeholders.”
The number of equity companies quoted is dwindling as companies go broke, de-list or move overseas but their lucrative fund and debt securities listings could prove attractive to other exchanges, although a parliamentary committee in December 2009 was told that they do not intend to merge with a larger rival.
In April 2010, the chief executive of Financial Regulation at the Central Bank of Ireland told the same committee that "senior management of the exchange should step up to the plate" after failing to help charities, credit unions and rich individuals who received letters informing them that many investments made by stockbrokers over the past decade are now worthless.
It employs 92 people who are paid an average of €98,000 when pensions and employer contributions are taken into account.
The Central Bank began an unprecedented investigation into the entire stockbroking community in December 2011.
In September 2012 it was forced to issue a correction after it reported figures to the market that suggested a surge in trading in government bonds, in one case as much as 85pc of the year's volume of trades were reported to have gone through the system is a single day.
Read more about this topic: Irish Stock Exchange
Famous quotes containing the word criticism:
“However intense my experience, I am conscious of the presence and criticism of a part of me, which, as it were, is not a part of me, but a spectator, sharing no experience, but taking note of it, and that is no more I than it is you. When the play, it may be the tragedy, of life is over, the spectator goes his way. It was a kind of fiction, a work of the imagination only, so far as he was concerned.”
—Henry David Thoreau (1817–1862)
“To be just, that is to say, to justify its existence, criticism should be partial, passionate and political, that is to say, written from an exclusive point of view, but a point of view that opens up the widest horizons.”
—Charles Baudelaire (1821–1867)
“The critic lives at second hand. He writes about. The poem, the novel, or the play must be given to him; criticism exists by the grace of other men’s genius. By virtue of style, criticism can itself become literature. But usually this occurs only when the writer is acting as critic of his own work or as outrider to his own poetics, when the criticism of Coleridge is work in progress or that of T.S. Eliot propaganda.”
—George Steiner (b. 1929)