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MR Pridiyathorn's explanation of the financial crisis is very useful but also disappointing.

He blames the US sub-prime property mortgage bubble, but fails to name and shame the irresponsible lenders and financiers who happily led unsophisticated or uncreditworthy borrowers into debt they could not repay. He also fails to mention the abject failure of US regulators to ensure huge financial conglomerates were understanding and managing their risks, or to ensure that all parts of these financial giants were even properly regulated at all.

More importantly, as a former Bank of Thailand governor, can he advise us if Thailand's financial markets are properly managed and regulated or do we have similar risks - for example, from the myriad upcountry "leasing" companies operating in the sub-prime segment here?

These companies are completely unregulated and occasionally involved in illegal, property-backed lending, but almost all of them fund their business by bank borrowing. An accident waiting to happen, perhaps?

Befuddled Banker

Bangkok

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Filipino journalists decry murder of Thai counterparts

It was with great dismay that we, journalists in the Philippines, learned this week of the senseless murder of Matichon reporter Jaruek Rangcharoen. This was the second barbaric killing of a Thai journalist in less than two months. On August 1, another Matichon reporter, Athiwat Chaiyanurat, was shot and murdered in his own home in Nakhon Si Thammarat.

The Thai Journalists' Association has said that the murders were most likely linked to their work as journalists. It is believed that some powerful personalities were none too pleased with their respective focus on politics, corruption and ineptitude in their respective communities.

The Freedom Fund for Filipino Journalists sympathises with the families of the slain reporters, and we join the TJA in condemning these barbarous acts. We join press freedom advocates worldwide in demanding that the people behind these murders be swiftly brought to justice.

All Thais - and not just Thai journalists - should realise that the situation can rapidly turn desperate unless their officials act quickly and effectively. We share this painful insight from our own tragic experience in the Philippines.

To be sure, these two killings in Thailand cannot yet be compared with what is happening in the Philippines. In our country, 37 journalists have been killed in the line of duty since 2001. It is precisely for this reason, however - that the body count in Thailand is still low - that the FFFJ stresses the importance of prompt action on the part of Thai authorities. Solving and serving justice in these two cases will ensure that future cases will not too easily follow.

On the other hand, allowing the killing of Athiwat and Jaruek to go unpunished will likely encourage further killings. Take it from us: the failure to prosecute and punish the killers of journalists is at the heart of the culture of impunity that, in the Philippines (as in Russia, Colombia, Algeria and Bosnia), has encouraged attacks on even more journalists, and on press freedom and free expression itself.

To prevent this culture of impunity from taking root in Thailand, authorities must immediately act to identify and arrest the killers of the two journalists. They must also be resolute in apprehending the masterminds.

The TJA notes that it has been nearly two months since the murder of Athiwat. To date, no arrests have been made in connection with this heinous crime. Thailand's authorities must be aggressive in setting the proper precedent on how such cases will be dealt with. Hopefully, such action will send a powerful message. At the same time, we would hope that Thailand can also present an example that will compel Philippine authorities to do what they can to counter the culture of impunity that has allowed so many Philippine cases to go unsolved.

Freedom Fund for Filipino Journalists

MANILA

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Eight years of American buffoonery is enough

Re: "Vice presidential candidate gives cause for concern", Letters, September 30.

Like Eric Bahrt, what worries me about the American election is that it is entirely possible that a right-wing religious fanatic and an intellectual buffoon, George W Bush, could possibly be replaced by another right-wing religious fanatic and intellectual buffoon, John McCain. Eight years of ignorance and bluster is enough for any nation.

AW

Bangkok

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