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Lessons for Ireland – off with the Bankers

Simon Johnson argues that there is simply no way to restore confidence in the banking system but to fire the bankers and financiers that got us into the mess.  Ireland is no exception, indeed it may hold truer for a country that places so much store on ‘relationships’.  Here is his and James Kwak’s latest post in the New York Times that draws the parallels with the Asian crisis.

Off With the Bankers

Published: March 19, 2009
A.I.G. can hardly claim that its generous bonuses attract the best and the brightest. So instead, it defends the payments by arguing they’re needed to retain employees who are crucial for winding down transactions that are “difficult to understand and manage.” In other words, only the people who stuck the knife into the American International Group can neatly extract it for a decent burial. There is no reason to believe this.  Link to full article

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