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An Expert Speaks on the Irish Banking System: Nick Leeson Lets Fly April 25, 2010

Posted by Garibaldy in Capitalism, Economics, Fianna Fáil, Green Party, Ireland, Uncategorized.
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THE rogue trader who single handedly brought about the collapse of Barings Bank has said Ireland will be paying for the mistakes of its “incompetent” government and banks for another three decades.

Interesting interview in the Sunday Tribune with Nick Leeson, who went to gaol for his his fraudulent behaviour when a trader with Barings Bank. A man who knows all about the structural weaknesses of the international financial system, as well as the reckless greed that lies at its heart. So it’s worth listening to him when he speaks about the nature of the southern system.

“It looks to be far more irresponsible in Ireland than anywhere else in the world,” he told the Sunday Tribune. “The government, the Central Bank and the regulatory authority have been totally incompetent and anyone who says otherwise is lying.”

“I don’t think anything should alleviate the level of anger. Ireland is a net borrower; they are borrowing at a low rate but that is only going to go one way, up. So it is going to cost more and more to service these problems,” he said. “I would imagine that the Irish people are going to be paying for these mistakes for the next 25 to 30 years at least. That is the remainder of my lifetime. Why would the anger alleviate?”

“There is a façade that surrounds the world of finance. It’s like when you go to the doctor and you expect that they know what they are doing and you have complete faith and you hope they will cure you.
“It used to be the same with the banking system, that you put your money in there and you hope they deposit it for you but now, over the last 18 months or so, that façade has come crashing down and that is apparent to every man in the street.”

The man knows what he’s talking about, especially when it comes to a great deal of the financial system being based on nothing but collective delusion. He also knows what he’s talking about when it comes to gaoling people. No point talking about economic treason, and then paying the economic traitors to cover their mistakes and lies. I can think of a certain Sunday newspaper that could do worse than employ him as a columnist.

Comments»

1. DublinDilettante - April 25, 2010

Well, we know he has the ear of Michael D anyway (WBS won’t get that one. :D)

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2. Garibaldy - April 26, 2010

I’ll leave him in his ignorance then 🙂

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3. Pope Epopt - April 26, 2010

And there was I beginning to think that a future of debt slavery and penury was just another one of my paranoid delusions. Normative reality embraces me once more!

Thanks for that. It really cheered me up.

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4. Garibaldy - April 26, 2010

Glad to be of service Pope. This was an interview that should have taken place on prime time television in my view.

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