You Can Bank On It
Ireland is a small country, so nothing much interesting happens. One day, some years ago, however, our banks collapsed, sending the national economy tail-spinning into a horrendous depression. The government tried to stop the flow by pumping money into Irish banks and issuing guarantees and so on, but it didn’t really work.
Today, some tapes surfaced of some phone conversations between some executives of Anglo Irish Bank. Here’s a clip of the transcript, printed in The Irish Times today, involving John Bowe, former head of capital markets, Peter Fitzgerald, former head of retail banking, and David Drumm, former Anglo-Irish CEO.
Bowe: This is seven billion bridging.
Bowe: So it is bridged until we can pay you back. Which is never.
Bowe: (laughing) That’s right.
On today’s Six One news show, they played a tape of David Drumm talking to John Bowe where he referred to the German intervention as “fucking ridiculous”, whereupon Bowe began singing Deutschland Uber Alles and they both started laughing. A little while later, Drumm tells Bowe to “jack up the rates”, anything as long as he gets “the fucking money in.”
I am not making any of this up. These guys were recorded saying these things on tape. If I wrote this as a satirical comedy, no one would accept it.