Sins of the Father (36 page)

  
15
   The Financial Crisis Inquiry Commission,
The Financial Crisis Inquiry Report: Final Report of the National Committee on the Causes of the Financial and Economic Crisis in the United States
(Washington DC: 2011), p.xvii.

  
16
   
Financial Crisis
, p.xvi.

  
17
   
Ibid.
, p.xx.

  
18
   
Ibid.
, p.33.

  
19
   
Ibid.
, p.xvi.

  
20
   
Ibid.
, p.29.

  
21
   R. Alton Gilbert, ‘Requiem for Regulation Q: what it did and why it passed away’,
Federal Reserve Bank of St Louis Review
, Vol.68, No.2 (February 1986), p.22.

  
22
   ‘Requiem’, p.23.

  
23
   
Financial Crisis
, p.29.

  
24
   
Ibid.
, p.30.

  
25
   
Ibid.
, p.32.

  
26
   
Ibid.
, p.446.

  
27
   
Congressional Record
, V.146, Pt.18, 15 December 2000, pp271-77.

  
28
   
Financial Crisis
, p.48.

  
29
   
Ibid.
, p.xxiv.

  
30
   ‘Back to Basics’,
The Irish Times
, 12 May 2008.

  
31
   René M. Stulz, ‘Should we fear derivatives?’,
Journal of Economic Perspectives
, Vol.18, No.3 (Summer, 2004), p.177.

  
32
   Henry C.K. Liu, ‘The dangers of derivatives’,
Asia Times Online
, 23 May 2002,
http://www.atimes.com/global-econ/DE23Dj01.html
(Accessed 6 February 2011). All subsequent quotes from Liu are from this source.

  
33
   Jan Toporowski,
Why the World Needs a Financial Crash and Other Critical Essays on Finance and Financial Economics
(London, 2010), p.31.

  
34
   Fisher Black & Myron Scholes, ‘The pricing of options and corporate liabilities’,
Journal of Political Economy
, Vol.81, No.3 (May-June, 1973), p.641.

  
35
   Robert C. Merton, ‘Theory of rational option pricing’,
The Bell Journal of Economics and Management Science
, Vol.4, No.1 (Spring, 1973), pp141-183.

  
36
   René M. Stulz, ‘Should We Fear Derivatives?’,
Journal of Economic Perspectives
, Vol.18, No.3 (Summer, 2004), p.177.

  
37
   Henry C.K. Liu, ‘Derivative Market Reform Part 1: The Folly of Deregulation’,
Asia Times Online
, 3 December 2009,
http://atimes.com/atimes/Global_Economy/KL03Dj02.html
(Accessed 7 February 2011).

  
38
   
The New York Times
, 8 October 2008.

  
39
   
Financial Crisis
, p.46.

  
40
   Chelsea Wald, ‘Crazy Money’,
Science
, 12 December 2008.

  
41
   Henry C.K. Liu, ‘The dangers of derivatives’,
Asia Times Online
, 23 May 2002. All subsequent quotes from Liu are from this source.

  
42
   
Financial Crisis
, p.45.

  
43
   
The New York Times
, 8 October 2008.

  
44
   
Ibid.

  
45
   
Ibid.

  
46
   
Financial Crisis
, p.47.

  
47
   Andrew Glyn,
Capitalism Unleashed: Finance, Globalization and Welfare
(Oxford, 2007), p.71.

  
48
   
Financial Crisis
, p.xxiv.

  
49
   
Ibid
., p.xxiii.

  
50
   
The Irish Times
, 21 September 2007.

  
51
   
The Irish Times
, 9 February 2007.

  
52
   
Ibid.
, 17 March 2007.

  
53
   
The New York Times
, 18 December 2007.

  
54
   
The Irish Times
, 15 March 2008.

  
55
   
Ibid
.

  
56
   
Irish Independent
, 16 September 2008.

  
57
   
The Irish Times
, 16 September 2008. All subsequent quotes from Casey in this paragraph are from this source.

  
58
   
Financial Crisis
, p.xvi.

  
59
   
Irish Independent
, 30 September 2008.

  
60
   
Ibid
.

  
61
   
The Irish Times
, 30 September 2008. All subsequent quotes are taken from this article.

  
62
   
Ibid
, 29 April 2008.

  
63
   
Irish Independent
, 1 October 2008.

  
64
   Shane Ross,
The Bankers: How the Banks Brought Ireland to its Knees
(London: Penguin, 2009), p.193.

  
65
   
Ibid
.

  
66
   Department of the Taoiseach, ‘Government Decision to Safeguard Irish Banking System’, 30 September 2008,
http://www.taoiseach.gov.ie/eng/Government_Press_Office/Government_Press_Releases_2008/Government_Decision_to_Safeguard_Irish_Banking_System.html
(Accessed 13 February 2011).

  
67
   
The Irish Times
, 1 October 2008.

  
68
   
Ibid
.

  
69
   
Sunday Independent
, 5 October 2008.

  
70
   
The Irish Times
, 1 October 2008.

  
71
   
Ibid
.

  
72
   
Irish Independent
, 2 October 2008.

  
73
   
The Irish Times
, 1 October 2008.

  
74
   
Irish Independent
, 1 October 2008.

  
75
   
The Irish Times
, 1 October 2008.

  
76
   
Ibid
.

  
77
   
Ibid
.

  
78
   
Irish Independent
, 1 October 2008.

  
79
   
The Irish Times
, 1 October 2008.

  
80
   
Irish Independent
, 2 October 2008.

  
81
   
The Irish Times
, 2 October 2008.

  
82
   
Dáil Debates
, 30 September 2008, Vol.662, No.1, paragraph 22.

  
83
   
Dáil Debates
, 30 September 2008, Vol.662, No.1, paragraph 44.

  
84
   
Sunday Independent
, 5 October 2008.

  
85
   
The Irish Times
, 2 October 2008. All subsequent quotes from this article are from this source.

  
86
   
The Irish Times
, 4 October 2008.

  
87
   
Ibid
., 15 October 2008.

  
88
   
Announcement in Relation to Covered Institutions, Department of Finance
press release, 28 November 2008,
http://finance.gov.ie/viewdoc.asp?DocID=5553&CatID=1&StartDate=01+January+2008
(Accessed 14 February 2008).

  
89
   
The Irish Times
, 24 October 2008.

  
90
   
Statement by the Government on the Recapitalisation of Credit Institutions
, Department of Finance press release, 14 December 2008,
http://www.finance.gov.ie/viewdoc.asp?DocID=5604
(Accessed 13 February 2011).

  
91
   
Ibid
.

  
92
   
The Irish Times
, 15 December 2008.

  
93
   
The Bankers
, p.207.

  
94
   
The Irish Times
, 27 December 2008.

  
95
   
Ibid
.

  
96
   
Dáil Debates
, 4 November 2009, Vol.693, No.2, paragraph 619.

  
97
   
Irish Independent
, 5 November 2009.

  
98
   
The Irish Times
, 20 January 2009.

  
99
   
Ibid.
, 6 February 2009.

100
   
Ibid.
, 19 February 2009.

101
   
Ibid.
, 20 February 2009.

102
   
Recapitalisation of Allied Irish Bank and Bank of Ireland
, Department of Finance press release, 11 February 2009,
http://www.finance.gov.ie/viewdoc.asp?DocID=5669&CatID=1&StartDate=01+January+2009
(Accessed 17 February 2011).

103
   
The Irish Times
, 10 March 2009.

104
   
Ibid
., 9 April 2009.

105
   
Ibid
.

106
   
Ibid
., 17 April 2009. All subsequent quotes from this article are from this source. The twenty signatories were: Karl Whelan, professor of economics, Department of Economics, UCD; John Cotter, associate professor of finance, Smurfit School, UCD; Don Bredin, senior lecturer in finance, Smurfit School, UCD; Elaine Hutson, lecturer in finance, UCD; Cal Muckley, lecturer in finance, Smurfit School, UCD; Shane Whelan, senior lecturer in actuarial studies, School of Mathematics, UCD; Kevin O’Rourke, professor of economics, TCD; Frank Barry, professor of international business and development, School of Business, TCD; Pearse Colbert, professor of accounting, School of Business, TCD; Brian Lucey, associate professor of finance, School of Business, TCD; Patrick McCabe, senior lecturer in accounting, School of Business, TCD; Alex Savic, lecturer in finance, School of Business, TCD; Constantin Gurdgiev, lecturer in finance, School of Business, TCD; Valerio Poti, lecturer in finance, DCU Business School; Jennifer Berrill, lecturer in finance, DCU Business School; Ciarán Mac an Bhaird, lecturer in finance, Fiontar, DCU; Gregory Connor, professor of finance, Department of Economics, Finance and Accounting, NUI Maynooth; Rowena Pecchenino, professor of economics, Dept of Economics, Finance and Accounting, NUI Maynooth; James Deegan, professor of economics, Kemmy School of Business, Limerick; Cormac Ó Gráda, professor of economics, UCD.

107
   
Dáil Debates
, 16 June 2009, Vol.684, No.5, paragraph 800.

108
   
Nama: Frequently Asked Questions
, Annex I, Supplementary Budget, April 2009,
http://www.budget.gov.ie/Budgets/2009Supp/2009Supp.aspx
(Accessed 19 February 2011).

109
   
NAMA Indicative Term Sheet – Proposed Asset Management Company
, Annex H, Supplementary Budget, April 2009,
http://www.budget.gov.ie/Budgets/2009Supp/2009Supp.aspx
(Accessed 19 February 2011).

110
   
Annex
2
: Methological Paper for Eurostat on Classification of NAMA and SPV
, Eurostat advice provided, 2009,
http://epp.eurostat.ec.europa.eu/portal/page/portal/government_finance_statistics/documents/Annex%202_Methodological%20paper%20for%20Eurostat%20on%20classificat.pdf
(Accessed 20 February 2011).

111
   
Preliminary view on the ESA
95
accounting treatment of the National Asset Management Agency (NAMA) and related majority privately owned SPV
, Eurostat advice provided, 2009,
http://epp.eurostat.ec.europa.eu/portal/page/portal/government_finance_statistics/documents/Irish_letter_19_10_2009.pdf
(Accessed 20 February 2011).

112
   
Eurostat Preliminary View on the Operations of the National Asset Management Agency in the National Accounts
, Deparment of Finance press release, 20 October 2009,
http://www.finance.gov.ie/viewdoc.asp?DocID=6025&CatID=1&StartDate=01+January+2009
(Accessed 20 February 2011).

113
   ‘Eurostat Number-crunching Fails to Impress Fitch’,
Sunday Tribune
, 25 October 2009.

114
   ‘Impact of TASC budget proposals’,
Progressive Economy
, 15 October 2009, Comment No.8,
http://www.progressive-economy.ie/2010/10/impact-of-tasc-budget-proposals.html?showComment=1287226868232#c8610633249622185368
(Accessed 20 February 2011).

115
   
The Irish Times
, 15 October 2008. Subsequent quotes from the minister’s speech are taken from this source.

116
   
Ibid
., 8 March 2010. The twenty-eight signatories were: Prof. Terrence McDonough, Department of Economics, NUI Galway; Prof. Ray Kinsella, Smurfit Business School, UCD; Prof. David Jacobson, Dublin City University Business School; Prof. Paul Teague, School of Management and Economics, Queen’s University Belfast; Prof. Peadar Kirby, Department of Politics and Public Administration, University of Limerick; Prof. Rob Kitchin, National Institute for Regional and Spatial Analysis, NUI Maynooth; Prof. James Wickham, Department of Sociology, Trinity College Dublin (TCD); Prof. Seán Ó Riain, Department of Sociology, NUI Maynooth; Prof. Mark Boyle, Department of Geography, NUI Maynooth; Dr Jim Stewart, senior lecturer in finance, School of Business, TCD; Dr Joe Wallace, Kemmy School of Business, University of Limerick; Dr Michelle OSullivan, Kemmy School of Business, University of Limerick; Dr Daryl D’Art, Dublin City University Business School; Dr Roland Erne, UCD School of Business; Dr Proinnsias Breathnach, Department of Geography, NUI Maynooth; Dr Mary Murphy, Department of Sociology, NUI Maynooth; Dr Colm O’Doherty, Department of Applied Social Studies, Tralee Institute of Technology; Paul Sweeney, economic adviser, the Irish Congress of Trade Unions; Sinéad Pentony, head of policy, TASC; Dr Nat O’Connor, TASC; Tom O’Connor, lecturer in economics, Cork Institute of Technology; Rory O’Farrell, European Trade Union Institute (Brussels); John Corcoran, lecturer in economics, Limerick Institute of Technology; Michael Burke, economic consultant (London); Peter Connell, TCD; Patrick Kinsella, DIT, and Tony Moriarty and Michael Taft, Unite Trade Union.