Monday 22 January 2018

German media outraged by latest revelations

tom molloy and sarah mccabe

German newspapers reacted with a mixture of shock, anger and indignation at the revelations from the Irish Independent's Inside Anglo recordings. And the usually-sedate newspaper 'Frankfurter Allgemeine Zeitung' led the outrage.


"Take a bag and put this in it: First, the management of the former Anglo Irish Bank, and those employees who appear in the newly published audiotapes and behave like arrogant brats," it read.

"Second, money managers of all kinds such as shareholders, bondholders and depositors from home and abroad who have entrusted money to this so-called bank after the crisis broke.

"Third, officials in the then Dublin government, regulators and the central bank who have been watching the goings-on for far too long – regardless of whether they did not see, or could not see, the debacle.

"Fourth, the authorities in European institutions, who watched passively as the Irish State allowed its banks to rise and then allowed the European Central Bank to act in a way that is more than just bordering on monetary financing.

"When the bag is filled with these people, take a stick and beat until the wailing is unbearable. Then take all the decision makers in Europe in hand and guarantee the citizens that a debacle like Anglo Irish Bank will never be allowed to happen again."


"The Irish Independent has released (recordings of) confidential calls, triggering an outcry in the country.

"No wonder, because it appears from the logs that a few days after the collapse of US bank Lehman Brothers, former Anglo Irish bankers were aware that their institution had similarly gambled and speculated."


"Tapes show how the head of Anglo Irish Bank, David Drumm, and one of his top managers were looking for German customers in autumn 2008. At that time, the Irish government had just issued a guarantee to protect the bank from bankruptcy.

"The managers knew, however, that the billion-euro aid would not be enough. That's why they swore about naive German savers... before singing the first verse of the song 'Deutschland, Deutschland uber alles'.


"The telephone recordings show the audacity of Irish bankers. Shortly before their bankruptcy they sang 'Deutschland, Deutschland uber alles' and laughed at the country that they cost billions..."


"Their bank was already on the brink but the top Irish bankers still cheerfully joked on the phone in the middle of the financial crisis in the autumn of 2008. .

"Bowe sarcastically sings using the first verse of the German anthem. Shortly afterwards, he and Drumm can barely stop themselves from laughing about how they have tricked German savers and the Irish State."

Irish Independent

Promoted Links

Business Newsletter

Read the leading stories from the world of Business.

Promoted Links

Also in Business