Tuesday 30 May 2017

What the banker and the broker said about economist Morgan Kelly

Senior Anglo banker: "If you were to believe Morgan Kelly in the Times this morning it would be better to incinerate the capital that the government is giving us than to . . ."

Stockbroker: "Incinerate Morgan Kelly! These guys, like it's just unbelievable, y'know."

Senior Anglo banker: "Yeah."

Stockbroker: "I mean the amount of inaccurate reporting and sabotage is just frightening, y'know."

Senior Anglo banker: "Well did you come across? I think it was in October he was sounding off, em, or maybe it was . . . let me see . . . when was it? I can't remember, maybe during the summer, and he wrote kind of a fairly explosive sort of article and a fella in Merrill Lynch sent him a note saying, 'eh could I have more detail on your research' and he emailed back to him and said, 'eh, I didn't really do any work behind it, I was just blabbing off'. So he emails back to this guy. This guy then circulated this right around the city. The Governor of the Central Bank gets a copy of it. Jaysus, it was unbelievable because here was a guy, who was, who was, using the Irish Times, using his platform as a professor in UCD, eh, to chip away confidence in the banking sector. And he hadn't done any research. He was just making wild pronouncements y'know."

Stockbroker: "It's frightening."

Senior Anglo banker: "It is. I don't know why he hasn't been told."

Stockbroker: "I mean in another 
jurisdiction you'd have fellows like him up for treason y'know."

Senior Anglo banker: "Ah you would. In France now, y'know, basically you'd have cars speeding up as he crossed the road y'know."

Stockbroker: "Yeah, you can do without that kind of, eh, sniping y'know."

Senior Anglo banker: "That's it, that's it."

Stockbroker: "But look as the fella says, you know, you've just got to keep on going. You've got to carry on regardless you know."

Sunday Independent

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