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Financial Crisis Caused By Too Many Bankers Taking Cocaine


YouKnowWhatIMeanLike

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Forget subprime, forget the euro currency the reason for the financial crisis has a simple and obvious explanation. Too many bankers take cocaine which turns them into reckless banksters in financial whorehouses.

Prof David Nutt is no stranger to controversial claims about drug abuse and the Telegraph no stranger to biased sensationalist broadsheet journalism if you can call it that. But there is more than a grain of truth to the story. Is Ireland's drug scene alive and well thanks to illegal substance abuse in and around Liechtenstein on the Liffey?
 

Mad as Fish

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Forget subprime, forget the euro currency the reason for the financial crisis has a simple and obvious explanation. Too many bankers take cocaine which turns them into reckless banksters in financial whorehouses.

Prof David Nutt is no stranger to controversial claims about drug abuse and the Telegraph no stranger to biased sensationalist broadsheet journalism if you can call it that. But there is more than a grain of truth to the story. Is Ireland's drug scene alive and well thanks to illegal substance abuse in and around Liechtenstein on the Liffey?
Nothing really new here,I have seen it suggested several times over the years but drugs'n'crime and stuff is supposedly such a feature of the lower orders that nice people just don't want to associate it with other 'nice' people even when it's tearing the heart out of the economy.
 

Ribeye

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Total rubbish,

That's like saying that the horsemeat scandal was caused by drunk butchers,

The financial crisis was caused by the central banks, fiat currencies, and fractional reserve banking,
 

Nemesiscorporation

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Forget subprime, forget the euro currency the reason for the financial crisis has a simple and obvious explanation. Too many bankers take cocaine which turns them into reckless banksters in financial whorehouses.

Prof David Nutt is no stranger to controversial claims about drug abuse and the Telegraph no stranger to biased sensationalist broadsheet journalism if you can call it that. But there is more than a grain of truth to the story. Is Ireland's drug scene alive and well thanks to illegal substance abuse in and around Liechtenstein on the Liffey?
I think it is a multitude of factors, not just cocaine abuse.

A couple of years ago a psychologist did tests of traders and was horrified to find that the majority would meet the definition of a psychopath if they had a single criminal conviction in his testing. The only think missing for full diagnosis was a criminal conviction. That has led to a debate to change the diagnosis of classic psychopathology.

On top of that there is an ideology forming in the banks of greed is right, regardless of consequences.

Also you have the drive to achieve profit regardless of consequences.

Then there is the mainly male testesterone fueled culture.

Add in the relaxation of banking and finance rules worldwide, the culture of no responsibility that the relaxation of those rules created and the construction of strong links to politicians and senior civil servants who control government purse strings.

Drop cocaine in the mix and regular champagne parties.

What sort of person do you think is going to thrive in that sort of environment?

It won't be a very nice or caring person.
 

Mad as Fish

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Total rubbish,

That's like saying that the horsemeat scandal was caused by drunk butchers,

The financial crisis was caused by the central banks, fiat currencies, and fractional reserve banking
,
Yes, but who was playing amongst all these wonderful constructs?
 

richie268

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Enda summed it all up last week with one word "HINDSIGHT" what a leader.
 

Mad as Fish

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Enda summed it all up last week with one word "HINDSIGHT" what a leader.
Perhaps he should take a snort or two just to provoke within his head the thought that there may be other visions than simply looking backwards all the time.
 

zakalwe1

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I think it is a multitude of factors, not just cocaine abuse.

A couple of years ago a psychologist did tests of traders and was horrified to find that the majority would meet the definition of a psychopath if they had a single criminal conviction in his testing. The only think missing for full diagnosis was a criminal conviction. That has led to a debate to change the diagnosis of classic psychopathology.

On top of that there is an ideology forming in the banks of greed is right, regardless of consequences.

Also you have the drive to achieve profit regardless of consequences.

Then there is the mainly male testesterone fueled culture.

Add in the relaxation of banking and finance rules worldwide, the culture of no responsibility that the relaxation of those rules created and the construction of strong links to politicians and senior civil servants who control government purse strings.

Drop cocaine in the mix and regular champagne parties.

What sort of person do you think is going to thrive in that sort of environment?

It won't be a very nice or caring person.
i believe that study was on CEO's, not Traders.
 
D

Deleted member 17573

Total rubbish,

That's like saying that the horsemeat scandal was caused by drunk butchers,

The financial crisis was caused by the central banks, fiat currencies, and fractional reserve banking,
That's a bit like saying that crime is caused by the legal system and the police, not the criminals.
 

Analyzer

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Forget subprime, forget the euro currency the reason for the financial crisis has a simple and obvious explanation. Too many bankers take cocaine which turns them into reckless banksters in financial whorehouses.

Prof David Nutt is no stranger to controversial claims about drug abuse and the Telegraph no stranger to biased sensationalist broadsheet journalism if you can call it that. But there is more than a grain of truth to the story. Is Ireland's drug scene alive and well thanks to illegal substance abuse in and around Liechtenstein on the Liffey?
Lichtenstein is not a bankrupt, corrupt, superficial, narcistic, ugly, hellhole.

Don't slur Lichtenstein by associating it with the gombeenism prevalent in Dublin.

Dublin is much more like Las Vegas on the Liffey.

Vegas and Dublin are both run by mafias, and riddled with drugs.
 
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Nemesiscorporation

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i believe that study was on CEO's, not Traders.
There was multiple studies on various groups in finance, after the first one, due to the suprising results, including a repeat study to confirm the findings. There was a documentary on it here at the start of the year going over it all.
 

friendlyfire

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zakalwe1

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as for this story....
i've no doubt that traders do, ahem, indulge in coke, and this may influence their decisions....
but it wasn't coke fueled traders who lent billions to developers or ran anglo/irish nationwide, it wasn't coke fueled traders who were in branches around the country pushing huge loans and debt onto people who would struggle to afford them on 2006 paylevels and 2006 interest rates.

it may have been coke fueled traders who started shorting banks when they realised that most banks across europe were in trouble and most loans were based on overvalued property i.e. banks hadn't a hope of recovering the moneys advanced
 

Ribeye

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That's a bit like saying that crime is caused by the legal system and the police, not the criminals.
No it isn't,
 

Nemesiscorporation

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TiredOfBeingTired

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In his book "Anglo Republic - Inside the Bank That Broke Ireland", Simon Carswell said that there was a drinking culture at Anglo Irish.
Half pints or bottles were not tolerated - Anglo was a pints bank.

There could easily have been a cocaine culture on top of that.
 
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YouKnowWhatIMeanLike

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Lichtenstein is not a bankrupt, corrupt, superficial, narcistic, ugly, hellhole.

Don't slur Lichtenstein by associating it with the gombeenism prevalent in Dublin.

Dublin is much more like Las Vegas on the Liffey.

Vegas and Dublin are both run by mafias, and riddled with drugs.
How easy is it to buy cocaine in Ireland? Or more specifically how easy would it be for a banker to get the stuff in the IFSC?
 

Ribeye

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In his book "Anglo Irish - The Bank That Broke Ireland", Simon Carswell said that there was a drinking culture at Anglo Irish.
Half pints or bottles were not tolerated - Anglo was a pints bank.

There could easily have been a cocaine culture on top of that.
That would be Simon Carswell, the journalist,

Right?
 

Ribeye

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Seem a report that a kilo of cocaine costs $1500 a kilo in Colombia and then it is sold on the streets of America for as much as $66,000 a kilo.The most lucrative business in the world.... even the *ankers could not make that profit.


Special Reports - Do The Math - Why The Illegal Business Is Thriving | Drug Wars | FRONTLINE | PBS
A little simplistic there FF,

That's like sayin that a chicken only costs €2, but KFC charge a €20 for a family feast bucket,

Overheads my boy,
 
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