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Top Executives Of Defunct Irish Bank Caught Using The Term 'Moolah' As Recently As 2008

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John Mack isn't the world's only banker unafraid of a little salty language when dealing with a regulator.

In a transcript published by the Irish Independent on Thursday, Anglo's then-chief executive, David Drumm, and then-head of capital markets, John Bowe, discuss a forthcoming meeting with the central bank. Drumm says he will demand a big cash injection for Anglo.

"Get into the fucking simple speak - we need the moolah, you have it, so you're going to give it to us, and when would that be?" Drumm said, using a slang term for money.

"I'll be forcing the agenda. We'll go down there with our arms swinging," Drumm said on the recording….

The central bank said on Wednesday it will investigate whether the tapes of senior bankers laughing at regulators contain evidence rules were broken during the 2008 rescue.

Ireland's government offered a blanket guarantee to Anglo and other lenders in 2008 to keep them operating.

The rescue eventually cost taxpayers some 30 billion euros, almost one-fifth of annual output, forcing Dublin to take an 85 billion euro aid package in late 2010.

On a related note, the bailout of Ireland necessitated in part by Ireland's bailout of Anglo-Irish continues to do wonders for Eire's economy.

Ireland's economy contracted for the third straight quarter in the three months to March as economic weakness in the rest of the euro zone and the U.K. hit demand for its exports….

It also comes as a blow to euro-zone policy makers, who had looked to Ireland as a rare example of the successful application of strict austerity measures….

The figures showed that Ireland's GDP fell 0.6% in the first three months of the year compared with the final three months of last year, and was down 0.9% on the first quarter of 2012. Household spending fell by 3.0% during the quarter, while capital investment fell 7.4% and exports also declined.

But the CSO also revised its estimate for GDP in the final quarter of last year, and now thinks it fell by 0.2% from the third quarter. That meant that Ireland entered recession, which in Europe is commonly defined as six months of falling GDP.

Give us the moolah, Irish bankers demanded [Reuters]
Ireland's Economy Declines [WSJ]



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