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Ex-banker fesses up

ex-banker | 01.04.2009 08:11 | G20 London Summit | Analysis

Indymedia Exclusive: A banker confesses to the real reason for the financial crisis.

Audio The reality behind Irrational Exuberance - mp3 2.3M


In its Financial Risk Outlook for 2009, the Financial Services Authority claimed that the financial crisis was caused by "irrational exuberance" in the markets. In this audio file released exclusively to Indymedia, an ex-banker confesses to what really happened. Apologies for the quality of the audio.

ex-banker

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April Fool (partly)

01.04.2009 11:16

The song isn't a confession of an ex-banker (though I did indeed once work in a bank), but a number from a forthcoming musical on direct action.

However, the FSA really did blame "irrational exuberance" for the financial crisis, and banks really did make loans to people who couldn't pay them back and then try to cover up by passing on these loans to dodgy offshore companies: see

 http://www.thecornerhouse.org.uk/pdf/document/WallMoneyOct08.pdf

A conference to look at practical alternatives to the failed financial system is being held at Conway Hall, London on Saturday 23rd May, with Paul Mason of BBC Newsnight as keynote speaker. The conference will be followed by a gig featuring Attila the Stockbroker, David Rovics and others to celebrate the 21st birthday of Radical Routes.

ex-banker
- Homepage: http://www.radicalroutes.org.uk