Vanity Fair contributing editor Michael Lewis shows how Merrill Lynch and two troubled Irish banks convinced Ireland’s finance minister, Brian Lenihan, to sign off on having his country’s taxpayers foot the bill for an estimated €106 billion in property-related losses. Lenihan and the Irish government approved the measures to make foreign owners of Irish bank bonds—including Goldman Sachs and German and French banks—whole again. As Lewis writes, “These private bondholders didn’t even expect to be made whole by the Irish government People who had made a private bet that went bad, and didn’t expect to be repaid in full, were handed their money back—from the Irish taxpayer.” What was Merrill Lynch’s role in this? Months before Anglo Irish, Bank of Ireland, and Allied Irish Bank, Ireland’s three biggest banks, went bust, Phil Ingram, a research analyst for Merrill Lynch in London, published...
- 2/1/2011
- Vanity Fair
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