Tuesday, September 30, 2008

Tell him in October

Not that the Irish finance minister makes saying it makes it any more or less true, but he's right about this --

Mr [Brian] Lenihan said that that much of the current crisis followed on from the collapse of Lehman Brothers.

"My personal view is that the United States authorities were mistaken in permitting that bank to go to the wall. It has led to very serious consequences for the world financial system, and it illustrates the dangers of permitting banks to become insolvent through the process of private liquidation."

And the decision to let Lehman go was US Treasury Secretary Hank Paulson's call. Next month many of the world's finance ministers will be in Washington for international financial institution meetings. They should tell Paulson to join Lehman in the scrapheap.

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