Friday, February 11, 2011

$1.4 Million Per Page: How Ireland Paid Merrill Lynch For 'Advice' That Bankrupted A Nation

The incompetence of central bankers and finance ministers over the past few years has been breath-taking, but Ireland's Minister for Finance, Brian Lenihan, takes the golden biscuit for sheer ineptitude.

From David McWilliams' recent book, Follow The Money: The Tale of the Merchant of Ennis, we learn that Lenihan, a lawyer by training, received his first lessons in banking and finance at McWilliams' kitchen table - on the 17th of September 2008.

Before that, McWilliams tells us, Lenihan had learned everything he knew about finance from a biography of Alan Greenspan(!) that he had picked up over the summer. We learn that Lenihan had no idea that Irish banks were in trouble until after the failure of Lehman Brothers just two days before.'


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