Top bankers and politicians both tend to have big egos, prior to the commencement of the credit crunch in August 2007 politicians were mainly in awe of the much better paid bankers who had become the "Masters of the Universe." We now know that the awe that bankers were held in was total unjustified and in many ways their conduct and performance has been even worse than that of the politicians. The recent release of Bankers at Anglo Irish discussing how they were getting €7 billion out of the Irish government as a "starter" so that further bailouts would follow, shows just how easily the bankers have been milking the taxpayers - the eventual bailout cost of the Anglo Irish bank was in act a mind boggling €30 billion of over €10,000 for each person in Ireland.
Mr Bowe a former executive suggests that the Anglo Irish management team knew that €7billion would be insufficient to save the bank,“Yeah, and that number is seven, but the reality is that actually we need more than that,” he then adds “But you know the strategy here is you pull them in, you get them to write a big cheque and they have to keep, they have to support their money, you know.”
Here is the BBC link
Well I think the tape reveals just how easily politicians have been hoodwinked by the banks. When a bank needs taxpayers support it is clear that politicians need to be much tougher, taking a significant equity stake and then sacking the chief execs who through poor management got the bank into trouble.
Mr Bowe a former executive suggests that the Anglo Irish management team knew that €7billion would be insufficient to save the bank,“Yeah, and that number is seven, but the reality is that actually we need more than that,” he then adds “But you know the strategy here is you pull them in, you get them to write a big cheque and they have to keep, they have to support their money, you know.”
Here is the BBC link
Well I think the tape reveals just how easily politicians have been hoodwinked by the banks. When a bank needs taxpayers support it is clear that politicians need to be much tougher, taking a significant equity stake and then sacking the chief execs who through poor management got the bank into trouble.
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