Oireachtas Joint and Select Committees

Thursday, 7 May 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Pat McArdle:

Okay. Round about 2009, '10, I was very uncomfortable with the way things were done here, in that you had ... an awful lot of people were talking down the Irish market. This included a range of people who were trying to make money out of it such as hedge funds, and they had advisers here in Ireland as well. And, for example, there was one character in theFinancial Times, he was a former economist of the IMF, Simon something, and another ... there were two of them writing articles on Ireland, very, very negative articles. I remember reading one of these and looking up the name of the second guy and I discovered he was a hedge fund manager. I sent a note to the Irish ... to theFinancial Times, so it was the Financial Times, to say, "Do you realise this guy is a hedge fund manager? He's probably talking his book in the parlance and was making money out of this", and he never appeared again. So, if I said that on "Prime Time. It would be the same with the Joe Duffy show, for example, which Brian Lenihan rang up Joe Duffy to complain about, when he was advising people to take their money out.

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