In Friday’s reading, I mentioned Michael Lewis’s piece in Vanity Fair: When Irish Eyes Are Crying. It is your must read of the weekend.

The problems in Ireland makes the woes in Greece look merely like a bounced check. And Ireland’s eejit politicians, FOLLOWING THE ADVICE OF MERRILL LYNCH, turned the entire population of the Emerald Isle into indentured servants to bankers, guaranteeing all of their bad loans with taxpayer money.

Private gains, socialized losses indeed.

Here’s what makes this story so amazing. Merrill’s analyst warned about the Irish Bank problems in advance, he was fired for his troubles. The discussion about this is one of the more fascinating aspects of Lewis’ column. It reveals the firm as intellectually dishonest, spineless, toadies, wrapping their lips around the knob of every Irish banker regardless of consequence.

I read the next four paragraphs about Merrill Irish bank analyst Philip Ingram in sheer astonishment:

“The bank analyst who had been most prescient and interesting about the Irish banks worked for Merrill Lynch. His name was Philip Ingram. In his late 20s, and a bit quirky—at the University of Cambridge he had studied zoology—Ingram had done something original and useful: he’d shined a new light on the way Irish banks lent against commercial real estate.

The commercial-real-estate loan market is generally less transparent than the market for home loans. Deals between bankers and property developers are one-offs, on terms unknown to all but a few insiders. The parties to any loan always claim it is prudent: a bank analyst has little choice but to take them at their word. But Ingram was skeptical of the Irish banks. He had read Morgan Kelly’s newspaper articles and even paid Kelly a visit in his university office. To Ingram’s eyes, there undoubtedly appeared to be a vast difference between what the Irish banks were saying and what was really happening. To get at it he ignored what they were saying and went looking for knowledgeable insiders in the commercial-property market. He interviewed them, as a journalist might. On March 13, 2008, six months before the Irish real-estate Ponzi scheme collapsed, Ingram published a report, in which he simply quoted verbatim what British market insiders had told him about various banks’ lending to commercial real estate. The Irish banks were making far riskier loans in Ireland than they were in Britain, but even in Britain, the report revealed, they were the nuttiest lenders around: in that category, Anglo Irish, Bank of Ireland, and A.I.B. came, in that order, first, second, and third.

For a few hours the Merrill Lynch report was the hottest read in the London financial markets, until Merrill Lynch retracted it. Merrill had been a lead underwriter of Anglo Irish’s bonds and the corporate broker to A.I.B.: they’d earned huge sums of money off the growth of Irish banking. Moments after Phil Ingram hit the Send button on his report, the Irish banks called their Merrill Lynch bankers and threatened to take their business elsewhere. The same executive from Anglo Irish who had called to scream at Morgan Kelly called a Merrill research analyst to scream some more. Ingram’s superiors at Merrill Lynch hauled him into meetings with in-house lawyers, who toned down the report’s pointed language and purged it of its damning quotes from market insiders, including its many references to Irish banks. And from that moment everything Ingram wrote about Irish banks was edited, and bowdlerized by Merrill Lynch’s lawyers. At the end of 2008, Merrill fired him. One of Ingram’s colleagues, a fellow named Ed Allchin, was also made to apologize to Merrill’s investment bankers individually for the trouble he’d caused them by suggesting there was still money to be made on shorting Irish banks.

It would have been difficult for Merrill Lynch’s investment bankers not to know, at some level, that in a reckless market the Irish banks had acted with a recklessness all their own. But in the seven-page memo to Brian Lenihan—for which the Irish taxpayer forked over to Merrill Lynch seven million euros—they kept whatever reservations they may have had to themselves. “All of the Irish banks are profitable and well capitalised,” wrote the Merrill Lynch advisers, who then went on to suggest that the banks’ problem wasn’t at all the bad loans they had made but the panic in the market. The Merrill Lynch memo listed a number of possible responses the Irish government might have to any run on Irish banks. It refrained from explicitly recommending one course of action over another, but its analysis of the problem implied that the most sensible thing to do was guarantee the banks. After all, the banks were fundamentally sound. Promise to eat all losses, and markets would quickly settle down—and the Irish banks would go back to being in perfectly good shape. As there would be no losses, the promise would be free.”

So Merrill Lynch’s coverage of Irish banking, before the crisis, was dead on. And they threw their analyst under the bus to whore for more banking fees.

Cowards. Criminal toadies. Chickenshit pimps who would sell their mothers into forced prostitution for a buck. That is Merrill Lynch, and the fact that a single goddamned dollar of my tax money went to these spineless, money-grubbing parasites makes my stomach turn. If Goldman Sachs is a vampire squid, then Merrill Lynch is Escherichia coli of banking. Whatever they touch gets sick, and occasionally dies.

Think back to Merrill Lynch’s greatest hits: Bankrupting Orange County. The investment banking scandals in the 1990s. The Analyst scandals of the 2000s. The derivative disaster of CDOs. And now Ireland.

I’ve said this before, and I will repeat it here: If you are a Merrill Lynch client, and they lose you money, you have forfeited the right to complain to anyone — its your own damned fault. Anyone who gives money to these incompetent fools and weasels gets exactly what they deserve . . .


When Irish Eyes Are Crying
Michael Lewis
Vanity Fair, March 2011

Category: Analysts, Bailouts, Really, really bad calls

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

49 Responses to “Merrill Lynch’s Horrific Irish Bank Adventures”

  1. contrabandista13 says:

    Great post Barry….!

    “…. Think back to Merrill Lynch’s greatest hits: Bankrupting Orange County. The investment banking scandals o the 1990s. The Analyst scandals of the 2000s. The derivative disaster of CDOs. And now Ireland….”

    You forgot to mention Stan O’Neill backdating his stock options during the 9/11 downdraft….

    They are a sleazy bunch indeed….

    Best regards,


  2. chromex says:

    This is all of the “too big to fail”banks, Barry ( for that matter I used to work in a top business law firm and they were all routinely run in this fashion as well, from my observations of my own firm and talking to similarly positioned colleagues) and these are the firms benefitting from the “recovery”. There is still money to be made in the market but there is no recovery. Its predominately one vast swindle and the Merrill Lynch story is duplicated everywhere. What’s going on in this country now is analogous to a “turnaround expert” taking over a troubled company and milking the assets. I litigated enough of those cases to know what’s coming. Can’t say when but sooner than some here think.

  3. JimRino says:

    How do they elect Politicians over there in Ireland?
    Do they somehow devise a worse system then us?

    Or, with our Supreme Court “Citizen’s United” decision to kiss Wall Street’s bottom regions, is this Our Future?

  4. Lyle says:

    So really is anyone surprised, you don’t antagonize big customers its not good for business. Clearly the whole problem of analysts working for an organization that has the entities that they analyze as customers is a conflict of interest no more and no less than the rating agencies. No one wants to put out the message to trust no analyst which should be printed in bold type on the front of every report. Something like anything this report says may or may not be afflicted by a conflict of interest in that the organizations analyzed may or may not utilize other services of this organization. To get good analysis then becomes difficult, because without the links the analysts can’t get the big bucks they demand. Of course if you follow Boogle’s philosophy and buy index funds, analysts are not needed.
    So we have reinforced the meme that analysts and rating agencies are the financial equivalent of whores selling themselves to the highest bidder.

  5. Bill W says:

    It’s amazing that Ed Allchin was forced to apologize for giving an honest opinion. An opinion that turned out to be right. Will anyone at Merrill Lynch be man enough to apologize to Ed Allchin? I doubt it.

  6. rktbrkr says:

    If the current Irish administration hasn’t been feathering their nests through all of this then they are the dumbest guys in a mighty big room.

    ML didn’t just give them bad advice, they perverted their own study to give Ireland horrific advice and the facts are just dangling out there waiting to be pulled together for the mother of all lawsuits. How often does a “name” firm have the opportunity to abuse their expertise to bankrupt an entire nation? Firing Phil Ingram was the icing on their cake of stupidity – they have freed him to speak the truth (and write a book!)

    And sure as shit the Emerald Isle is headed to BK, no way they can handle their commitments now and they are 100% exposed to further RE declines. The government doubled down on their earlier bad bets on the bank guarantees when they accepted the Eurozone/WorldBank bailout and now it’s just a question of when they default – which will lead to another big air pocket in Irish RE prices.

    Merrill may turn out to be as bad for BAC as Countrywide has been, Ireland has access to bottomless pockets thanks to BAC’s TBTF status.

    The first round of the legal battle will be for home court advantage, the size of the damages is almost unfathomable and getting bigger all the time.

    Orange County settlement
    Merrill Lynch settled with Orange County, California, for a massive $400 million to settle accusations that it sold inappropriate and risky investments to former county treasurer Robert Citron. Citron lost $1.69 billion, which forced the county to file for bankruptcy in December 1994. The county sued a dozen or more securities companies, advisors and accountants, but Merrill settled without admitting liability in June 1998. The county was able to recover about $600 million in total, including the $400 million from Merrill.

  7. Sechel says:

    When the retail or institutional account gets a research report from their bank, there should be no doubt who is the customer and who is the product. The person reading that buy Merrill report is not the customer but the product. If there is any doubt, just consider the current banking model which is “originate and distribute”. It is the Irish bank looking to sell and package their loans that is the customer. Consider that negative research report put out by Merrill has a mistake and once they discovered it they retracted it, like any good marketer should (sarcasm).

    The banking model is “originate and distribute”

    Not sure where I saw this, perhaps on your blog, but most of these reports make much more sense, if followed by the phrase, “so give us your money“.

    Lastly, I agree with your closing comment that a client who loses money as the result of listening to Merrill has nobody to blame but themselves. Might I suggest that as a follow up to this piece, everyone read, Where are the customer’s yachts?

  8. wunsacon says:

    >> to know what’s coming. Can’t say when but sooner than some here think.

    So, chromex, are you buying hard assets, a bunker, or a plane ticket?

  9. rktbrkr says:

    Meanwhile there is a quiet run on Irish banks.In this situation there are bound to be more surprises and these will not be happy surprises.Why would anyone maintain balances in Irish banks, or any bank located in Ireland if they don’t have too? What happens when their Euro denominated balances are converted to Irish Lucky Charms – nothing good, thats for sure.

    The Irish central bank recently printed 51B euros to paper over the holes the deposit flight has created in the banks balance sheets. Hows that for prudent finances? (I’m picturing Ben Bernanke in a leprachuan outfit)

  10. franklin411 says:

    But but but but Paul Ryan says it was Ireland’s unwillingness to allow children to starve to death that ruined their economy:

    “Just take a look at what’s happening to Greece, Ireland, the United Kingdom and other nations in Europe. They didn’t act soon enough; and now their governments have been forced to impose painful austerity measures: large benefit cuts to seniors and huge tax increases on everybody.”

  11. louis says:

    Sounds like here, at least they have better pubs.

  12. louis says:

    Sorry BR forgot one thing- GO STEELERS

  13. DeDude says:

    I would go with crimial chickenshit pimps. They deliberately misled the Irish government in order to avoid the loses their company would suffer if those banks defaulted on their bonds. The thing that amaze me is that any government would listen to anything coming from a Wall Street bankster or anybody connected to them.

  14. the QOTD seems, somehow, apt..

    “I rarely think the market is right. I believe non dividend stocks aren’t much more than baseball cards. They are worth what you can convince someone to pay for it.” —Mark Cuban

    though, the ‘in-pixel-endated’ “outrage” seems stale, at this point..


    some have been on this for years..

    We keep waiting for the ‘Micheal Lewis’ version, to hit the Presses, How’s that been working out?

  15. b_thunder says:

    There’s an old saying that goes like this:

    Wall Street is the only place on Earth where people who ride to work in a Rolls Royce take advice from the people who ride to work on the subway.

    This could have been one of those rare occasions when the advice would have have been useful, but The Street itself smothered it. Chase that commission dollar, throw your clients under the bus…

    BTW, wasn’t Cramer pimpin’ BAC/ML/Countrywide conglomerate 2 nights ago?

  16. rip says:

    Great post.

    Why don’t you say how you feel.

    I keep reading. And I keep wondering what’s left of our social brains. Not much.

    Get it when and where you can. Get your escape pod, which they all have, and let the police and military deal with it. As in Egypt. Number 1 of many. Ireland? IMHO they get pretty angry before the bar closes. They are born angry. So, have they given up and chosen to eat it? I doubt it.

    Obama has at least one escape pod. Clinton probably has three or four just for safety’s sake. How’s the Haitian recovery coming along?

  17. MayorQuimby says:

    TBTF must end whatever the consequences be.

  18. [...] is the bank memo from Merrill Lynch mentioned by Michael Lewis in his Vanity Fair [...]

  19. tweetie_2011 says:

    I hate to attack Barry and defend ML, but this post misses the mark.

    This was not about ML giving bad advice to the Irish, but ML giving good advice and the being ignored. After the SHTF the politicians of course didn’t take the blame themselves, but blamed their advisers. This was the conclusion of the ML report:

    Merrill Lynch memo (page 7) to Irish government:

    The alternative to a SLS facility is to offer a complete State Guarantee to all depositors and senior creditors of the six primary regulated financial institutions. This should stem outflow and encourage inflows of deposits. However, the scale of such a guarantee could be over €500bn. This would almost certainly negatively impact the State’s sovereign credit rating and raises issues at to its credibility.”

    See and

    Even Barry misses the mark when he bases himself completely on Michael Lewis’article and its errors. Probably because that article states a long held belief. So the end conclusion should be exactly contrary: advice from ML should not be ignored……..


    BR: Fascinating that you stopped your Merrill memo quote where you did. I’ll include what you edited out (italics):

    The alternative to a SLS facility is to offer a complete State Guarantee to all depositors and senior creditors of the six primary regulated financial institutions. This should stem outflow and encourage inflows of deposits. However, the scale of such a guarantee could be over €500bn. This would almost certainly negatively impact the State’s sovereign credit rating and raises issues at to its credibility. The wider market will be aware that Ireland could not afford to cover the full amount if required. It might also be poorly perceived by other European states if they come under pressure to do the same as liquidity flows migrate. A coordinated response across Europe could make this option more viable. Comments in such regard have already been made by several the European Governments.

    I read that as not only suggesting a full bailout, but telling the Irish to go get the rest of Europe to kick in some money as well.

  20. I posted the Merrill article (mentioned in the Alea article) in the Think Tank.

    I was surprised to see it was redacted.

    But you are still missing the main point I was making:

    “Here’s what makes this story so amazing. Merrill’s analyst warned about the Irish Bank problems in advance, he was fired for his troubles. The discussion about this is one of the more fascinating aspects of Lewis’ column”

    I don’t see how anyone can ignore this grand act of cowardice by Merrill. I have lots of friends who work at Merrill, none of them defend this reprehensible behavior.

  21. tweetie_2011 says:

    Ah, but there were two ML reports:
    1) The report of ML analyst Philip Ingram that was later retracted
    2) The ML report prepared for the Irish government

    The ML handling of report 1 was reprehensible. Report 2 did seem to have the correct advice: Do NOT try to socialize the losses, they are too big. (Perhaps the rereads Ingrams report?)

    I’m not defending act #1, only your accusation for act #2.

    Yoy make a seamless switch in the article header from report #2 to report #1 after the “Ireland’s eejit politicians, FOLLOWING THE ADVICE OF MERRILL LYNCH”” No, not following, ignoring!

    So it’s two cases in one article, of people not wanting to hear unwelcome advice and facts. Only the Irish politicians who gave a blanket guarantee, will have a bigger effect on history.

  22. tweetie

    Ahhh, now I understand

    We are on the same page about Philip Ingram

    We disagree that Merrill gave cover to Ireland to nationalize all of the their banks losses.

  23. Matt SF says:


    Killer post! Extremely well said!

    But as a microbiologist, comparing ML to E. coli is a slam on a beneficial microbe. Most strains of E. coli are beneficial and provide a symbiotic relationship with the host. It’s the rogue strains — hemolytic E. coli O157:H7 for example — that are the exemption to the intestinal flora rule.

  24. Rondy says:

    “Okay, well, Proteus vulgaris would be a step up for the motherfuckers.”

  25. tweetie_2011 says:

    As far as the contents the ML report on how to fix the Irish crisis go, I was somewhat sloppy and copied straight from that website.

    Here are the actual report and a report of a preceding meeting

    It’s a rush job, apparently during a crisis people don’t write clear reports.

    But as I read it, Irelands MinFin Lenihan should have discussed any action with his Europeam collegues before doing anything.

    This is my summary of the ML conclusion:
    Dear Mr Lenihan (irish finance minster)
    We are in a crisis and quick and decisive action is need! You could do A…., but on the other hand B, if at least……….
    A few million for a report and you still don”t know what to do.

    Ok, and then Lenihan panicked, went solo and gave a blanket guarantee for everything, even for stuff like ABS, which there was no need to guarantee everything.

    But for me the whole ML tone says “do as much as is needed and as little as possible for the banks”.

  26. wngoju says:

    But wait. If you read Matt Taibbi’ book, you can s/Merrill/Goldman/g and have the same post.

    And, of course, etc.

    Let’s bring Spitzer back from Elba.

  27. profoundlogic says:

    Read the Vanity Fair piece; loved it. Amazing that the Irish people have essentially gobbed the knob of indentured servitude without so much as a whisper. You’d think they would have torched the whole fucking place in one mass riot, but no. Very sad indeed.
    As for Merrill, I believe BR is spot on with the critique of one scum-sucking corporate enterprise.

  28. rktbrkr says:

    So the Irish gov guaranteed all bank depositors (and bank bond investors) and now the depositors are fleeing regardless – so the Io recapitalize their banksrish gov prints 50 billion Euros to capitalize the banks. Too bad they didn’t print the Euros before selling their Irish population into indebted servitude.

    Great message for the Spanish and Portugese govs for when their turn in the barrel comes, just print Euros to recapitalize their banks and spread the burden over the entire Eurozone instead of committing financial hari kari on behalf of their citizens.

  29. Andy T says:

    C’mon Man!

    That’s what you came away with in all of that Michael Lewis Article?!? Going to back the “All bankers are stupid, evil, whores, blah, blah, blah…” well again?

    There were sooooo many other fascinating things in that longish, but generally good essay.

    These Irish banks were even crazier than our guys–at least we tried to sell our shit derivatives to other people. The Irish developers taking down billions of dollars in debt to build stuff where there was no demand?! The home building frenzy?!

    Then, the Irish government decides to backstop the whole the friggin’ thing and not DK the bondholders?!?

    And the Irish people are generally “ok” with the big backstop?


    Amazing stuff….

  30. CB says:

    I agree with your sentiments BR and question why this is STILL considered business as usual. MER was simply acting in it’s own best interest according to the incentives and lack of corporate responsibility built into (by?) the whole financial system. It comes down to how a society believes it’s financial system should function (and for who’s benefit.)
    Given the outcome of this recent experiment in corporate self-regulation maybe it should be more like a public utility than a government sanctioned lotto/ponzi game rationalized in the name of coporate profit maximization and global competitiveness? But the 1% would try to BS the other 99% that such an idea was socialism pure and evil.              

  31. mathman says:

    And now, the JUSTICE Department is getting in on the act (we’ll pretend it never happened before):

    When any and all parts of your government is for sale, you no longer live in the type of government you were taught to believe in school.

    Is anyone going to do anything about all this, or are we all going to just sit by and watch as we devolve into insanity.

  32. contrabandista13 says:

    Great article Barry…. Thanks for bringing it to my attention…….

    “What happened was that everyone in Ireland had the idea that somewhere in Ireland there was a little wise old man who was in charge of the money, and this was the first time they’d ever seen this little man,” says McCarthy. “And then they saw him and said, Who the fuck was that??? Is that the fucking guy who is in charge of the money??? That’s when everyone panicked.” …..”

    This is kinda how I feel about Big Ben…..

  33. Lyle says:

    Re mathman, so what else is new, what is taught in school is a fantasy. Money has always ruled politics, in the 19th century it was bribes, recall the Credit Moblier scandal of the Union Pacific in 1872, that state legislatures where the best money could buy, that you bought a judge (see Gould vs Vanderbilt), etc.,etc., etc. Today one has to be a bit more innovative in how one buys a politician cash in an envelope does not work that well, although one congressman was caught with a lot of cold cash (it was in a freezer). Nothing is new and the fiction continues to be taught in schools because thats what is wanted. Read History and you find its always the case that money gets its way. As another example war profiteering occured a lot in the Civil War as well as recently. Since our society works on the principle of whats in it for me before all others, then politicians must be expected to be no different than anyone else.
    The human race will always behave the same way human nature has not and will not change.

  34. contrabandista13 says:

    I would be remiss and intentionaly negligent if I didn’t add that I started my career @ Merrill in the mail room, part time, after school, in the mid 60s when I was 12 years old and they supported me throughout my high school and college years untill the mid 70s. The cultuaral change in the organization was just too much for me to handle, so I moved on. However, I must admit that I loved all the guys that I worked with at Merrill during my early years, everywhere I went in the world I had an uncle to look out for me…. That’s how it used to be, you can ask any lifer, if there was a Merrill Lynch office in a community, you always had a warm meal, a place to stay and front row tickets to any show or game you wanted to go to… It used to be a very special place for me both as a copy boy smelling of mimiograph fluid and as a VP. driving my Shellby down the East side heading to One Liberty….

    It brings tears to my eyes to see how that fine company degenerated… And I truly resent the men who brought it down….

    Best regards,



  35. ravenchris says:

    Endeavour to persevere, human nature is being corrupted by those who idolize money. We as a race have just begun our journey.

  36. DeDude says:

    With the knowledge that Marrill had any report that did not say: “Do not in any way shape or form get yourself into this sh!tpool – you will drown in it!!!” would be a fraud. They had already taken a look at this and knew perfectly well how it would all end. To suggest that the guarantees could be made if dadadada.. and covering your a$$ legally with fuzzy language is not good enough to pass the smell test. The claims that they in private conversations pimped the bailout and blew out of propotion the danger of not bailing out the banks is highly believable when you know how those banksters work.

  37. Lyle says:

    The issue is of course, that a lot of the Behaviors have occured for at least 2000 years, (looking at parts of the bible for example). The love of money is the root of all evil 1 Timothy 6:10 says that the problem has been with us since at least then, and likley before.
    In addition in the US we have a get rich quick culture, Jamestown had a bunch of younger sons come over to pick up the gold that was just laying around. Later we had whole states founded on get rich quick schemes especially ones in the west.
    In one sense its good to know we survived so far with this sort of behavior.
    I have found a quote from William Worthington Fowler (the whole book is at
    ) From Ten Years in Wall Street:
    “The moralist and philosopher look upon it as a gambling-den, a cage of unclean birds, an abomination where men drive a horrible trade, fattening and battening on the substance of their friends and neighbors- or perhaps as a kind of modern coliseum where gladiatorial contests are joined, and bulls, bears and other ferocious beasts gore and tear each other for public amusement.”

    So the this book was published in 1870 so the problems are not exactly new.

  38. Lyle says:

    I have found a book by William Worthington Farmer 10 years on Wall Street from 1870 that describes Wall Street just as it is today, (all be it take a bit more finesse to pull of schemes today, and more are perhaps in the fixed income side than equities). The full text has been digitized and is online. Look at page 19 and 20 and his description of Wall Street and a lot still fits today. “Young men!…who are about to “put up your money in the street” let me whisper a word in your ear. Before you venture on this perilous step, go to Cornele or Uncle Daniel and make the a free gift of all the money you are willing to risk (for into their strong boxes it will come at last)”
    For today just substitute the names of your favorite big banks such as Goldman, J.P. Morgan… for Vanderbilt and Dan Drew.
    So wall street has been this way for ever. Today because equities were cleaned up a lot in the 1930s most of the fun and games is in fixed incomes because the houses cut is so much larger.

  39. Lyle says:

    Oops changed the quote its page 37 of the book.

  40. Lyle says:

    Another typo make it Fowler not Farmer

  41. QevolveQ says:

    thank you Barry, spot on, really appreciate your coverage of this…why the rest of the world hasn’t woken up to the scumbag thievery of these jerkoffs is beyond me. keep up the great work sir.

  42. rktbrkr says:

    Looking forward to the Jan report on Irish bank deposits.

    If I had a deposit in an irish bank I’d certainly be looking to move it to a safer place,if Ireland drops out of the Euro god knows what will happen to those deposits.

    Looking a little farther down the road investments in Irish stocks would also take a big hit with a currency change, and the valuations of all those underwater RE investments currently denominated in Euros…

  43. bobthehorse says:

    I used to work with Ed Allchin – he’s a good bloke. You won’t be surprised to learn he doesn’t work at ML anymore.

  44. Sunny129 says:

    And NOT a single of these crooks are behind bars!

  45. CCH says:

    As an Irishman living in the US i have been watching this shit go down for the last three years, not believing it could get worse but it always did. however bad you think we have it here in the US its nowhere near as bad as Ireland, honest hardworking business owners throughout the country (who never got involved in the madness) are losing a lifetimes work, its sickening, yet when i try to get a reaction out of friends and family in Ireland its always a variation of “well it was like this in the 80′s so…”
    I dunno, i think the Irish government has managed to convince the people that we are destined to be economic arsehole of Europe

  46. jimfijq says:

    What are the names of the Merrill Lynch bankers who forced out Ingram? And of those who continued to paint a rosy picture of Irish banks?

  47. [...] Barry sets fire to the corpse of Merrill and then kicks it off a cliff.  (TBP) [...]