You cannot put people in jail for stupidity….

So says Antoin Murphy, associate professor of economics at TCD, in last week’s Prime Time Special on the Anglo tapes. The tapes, which were leaked to the Irish Independent newspaper and published last week, detail conversations between senior bank officials at Anglo Irish Bank during its collapse in 2008.

The tapes give a small window into the mentality of the men, whose reckless lending of billions of euro to property developers and total lack of regard for regulatory issues has ended up costing the government over €30 billion so far – that’s €6,500 for every person in the country. Continue Reading →