'Our industry has totally f**king let the world down . . .'
It is October 2008 and the bank guarantee has just been put in place a day or two earlier. The fate of Ireland has now been locked irrevocably to its reckless banks. Anglo Irish Bank is seeking to use the bank guarantee to raise fresh funds in the market, but it needs help. John Bowe, Anglo's head of treasury, rings Matt Pass, a senior banker in Merrill Lynch, who advised Ireland on the bank guarantee. Bowe wants to know if Merrill Lynch, can now advise Anglo. First they chit-chat – the crisis has impacted upon their social life
Matt Pass: I don't know about you, but you know, you go to dinner parties and stuff, it is the first thing people want to know [about the financial crisis].
John Bowe: I don't get invited to dinner parties. [laughs]
MP: There was eight of us around a table, nine of us around the table. Me and Guy both work in the industry and we are having an argument around how serious this is. I am saying: "This is fucking serious and it is not nearly being sorted out!" He is saying: "Look, all they're going to do over the weekend is guarantee interbank deposits and we'll all be fine."