BANK 'EM UP; US Finance Expert Says Evidence Can Jail Rogues

The Mirror (London, England), April 23, 2011 | Go to article overview

BANK 'EM UP; US Finance Expert Says Evidence Can Jail Rogues


Byline: PAT FLANAGAN

A TOP US investigator responsible for putting 1,000 financial crooks behind bars yesterday said rogue Irish bankers must go to jail.

Bill Black, who worked with the FBI on the US savings and loan scandals, said there is plenty of evidence to lock up crooked Irish financiers.

He added anyone who lied to the regulators committed a fraud and should be jailed.

And he rubbished claims in the Nyberg Report that the Irish people shared in the blame for the economic disaster.

He said: "That's not how the law works. How it works is if you commit fraud you go to jail.

"Whether or not a number of Irish people were greedy or whatever, that's irrelevant. You go to jail for your fraud. And it's not a situation where everyone was equally culpable.

"There were people who knew vastly more and they are called the people running the banks.

"And there's a reason the regulation is so bad and in large part it's the people running the banks because When they had enormous influence over the regulators and they also lie to regulator lied to the regulators. Indeed in your earlier reports documents there were extensive lies in those filings.

"When you lie to your regulator, that in itself is, in most nations, is a crime.

"I believe it will be found to be so in Ireland as well."

Mr Black told Newstalk's Breakfast show that the excuse of lax laws and lack of regulation cannot be used as a defence for fraud. …

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