Archive for October, 2008

Time for phase two, Minister

October 5, 2008

Ten years ago, while working in Moscow, I witnessed the collapse of the Russian banking system. I saw desperate people queuing outside main street banks. I witnessed investors losing all their wealth and I experienced what it was like to live in a society that was on the verge of psychological, as well as financial, collapse. We were a whisker away from that last week.


Lenihan’s masterstroke has bought us time to sort out our own problems

October 1, 2008

We are not out of the woods by any stretch of the imagination. Indeed, some Irish banks have been so recklessly managed they hardly deserve to be covered by the guarantee.