Business Irish

Sunday 21 September 2014

Moneyball author Michael Lewis: “I’m surprised Wilbur Ross sold his shares so quickly”

Lewis surprised that Ross didn't hold onto Bank of Ireland shares for longer considering "upside"

Ailish O’Hora

Published 11/06/2014 | 13:58

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In his latest book, 'Flash Boys: A Wall Street Revolt' author Michael Lewis trains his guns on" high-frequency training"
In his latest book, 'Flash Boys: A Wall Street Revolt' author Michael Lewis trains his guns on" high-frequency training"
Brad Pitt was in South Korea promoting his film Moneyball

BEST selling author and former Wall Street trader Michael Lewis today said he was surprised that US billionaire investor Wilbur Ross sold his shares in Bank of Ireland so quickly.

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“I’m not surprised he bought but I’m surprised that he sold so quickly,” he told economist David McWilliams in an interview on Newtalk.

“I would have thought there would have been more upside.”

Mr Ross bagged €477m after selling a stake in Bank of Ireland this week.

The disposal was in addition to €345m he made from a sale of 1.1 billion shares back in March.

He first invested in the bank back in 2011 through a fundraising.

Mr Lewis, the author of books like Moneyball, Liar’s Poker, The Blind Side and more recently Flash Boys: A Wall Street Revolt, described our reaction to the crisis like pumping €60bn into the banks and paying bondholders as “acting instinctively in a position of weakness” when we could have played another hand, like Iceland.

Mr Lewis, who also wrote a series of about the financial crisis in Europe, including Ireland, for Vanity Fair magazine,  said our response to the economic meltdown was “spectacular” as we “willingly absorbed more (financial pain) than anyone else.”

He added that he couldn’t understand our obligation to creditors.

“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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