Joe Higgins (Dublin West, Socialist Party)
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On page 2 of Professor Kane's presentation he says, "the problem is that, in good times and in bad, regulatory and banking cultures continue to encourage their country's largest banks to take on too high a risk of ruin, i.e., too much tail risk." On page 1 of his presentation he says, "then, in times of deep trouble, supervisors extend the safety net to promote the needs of distressed institutions and their creditors - even foreign ones - over the welfare of ordinary citizens." Does he know of any banking crisis where this was turned on its head and the welfare of ordinary citizens and taxpayers was put before the needs of the banks, bondholders, etc?