Wednesday 26 November 2014

Lewis taken aback by timing of investor's BoI stake sale

Published 12/06/2014 | 02:30

Author Michael Lewis
Author Michael Lewis

Author and former Wall Street trader Michael Lewis, right, said he was surprised by the timing of Wilbur Ross's sale of his Bank of Ireland stake.

"I'm not surprised he bought, but I'm surprised that he sold so quickly," he told David McWilliams in a radio interview.

"I would have thought there would have been more upside." Mr Lewis, the author of books like 'Moneyball', 'The Blind Side' and more recently 'Flash Boys: A Wall Street Revolt', described our reaction to the crisis as "acting instinctively in a position of weakness".

He said our response to the economic meltdown was "spectacular" as we "willingly absorbed more (financial pain) than anyone else". "You would have been just fine walking away from those debts," he added stating that once debt is eliminated, a country's credit rating improves.

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