daily alternative | alternative news - 'Get them to write a big check:' Irish banker pulls bailout figure from 'arse' in leaked tapes

‘Get them to write a big check:’ Irish banker pulls bailout figure from ‘arse’ in leaked tapes

Executives at the Anglo Irish Bank were recorded joking about how they lied to Dublin about the bank’s financial future in 2008, convincing lawmakers to invest in the failing bank with figures “picked out of my arse” – with no plans to pay them back.

John Bowe, the head of capital markets for Anglo Irish, was recorded laughing as he explained to Peter Fitzgerald, the former head of banking, how Anglo Irish had fleeced the Irish government into providing billions of euro to keep the bank solvent.

The 2008 conversation was captured by the bank’s internal recording system and published by the Irish Independent. Ireland still has yet to fully recover from the financial crisis, despite attempts to bring the country back to normalcy by way of a drastic austerity program set in motion in the four years since.

In the September 2008 conversation caught on the tape, Bowe admits he knew the €7 billion he initially asked for would not be enough to spare the bank, which was within mere days of a complete meltdown. When asked about the origin of that figure, Bowe referred to then-Anglo Irish CEO David Drumm.

 

daily alternative | alternative news – ‘Get them to write a big check:’ Irish banker pulls bailout figure from ‘arse’ in leaked tapes

via ‘Get them to write a big check:’ Irish banker pulls bailout figure from ‘arse’ in leaked tapes

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