IN MONEY · 12-03-2015 14:17:00 · 0 COMMENTS
The Espírito Santo case is the biggest example “anywhere in the world” of the bad functioning of the banking system, Marc Roche, the author of the book, ‘Banksters – A journey to the underworld of bankers’ said during its launch this week in Lisbon.
“I think Espírito Santo is the case that amplifies everything, even on an international level. It symbolises everything that is wrong
in the financial world and is the worst case because it is about a big bank in a small country”, the former journalist at titles such as Le Soir and Le Monde argued in the Portuguese capital.
In his book Banksters, he has dedicated an entire chapter to Banco Espírito Santo (BES).
Marc Roche highlights the strong connections the bank enjoyed with politics, saying it was a dynasty which was essentially above the law.
“This is the worst case I have ever seen and takes place in a country which is suffering because of austerity”, explains the researcher.
He further laments the fact “that all banks involved in scandals since 2008 have not lost a single cent. But citizens have lost as they were the ones who had to bear the burden of austerity to save the banks.”
The Belgian author also singles out Bank of Portugal Governor Carlos Costa, saying he is “immoral and arrogant”, saying he should have been fired or handed in his resignation for failing to ask his “friends” in the banking world the right questions when alarm bells first started ringing.
in the financial world and is the worst case because it is about a big bank in a small country”, the former journalist at titles such as Le Soir and Le Monde argued in the Portuguese capital.
In his book Banksters, he has dedicated an entire chapter to Banco Espírito Santo (BES).
Marc Roche highlights the strong connections the bank enjoyed with politics, saying it was a dynasty which was essentially above the law.
“This is the worst case I have ever seen and takes place in a country which is suffering because of austerity”, explains the researcher.
He further laments the fact “that all banks involved in scandals since 2008 have not lost a single cent. But citizens have lost as they were the ones who had to bear the burden of austerity to save the banks.”
The Belgian author also singles out Bank of Portugal Governor Carlos Costa, saying he is “immoral and arrogant”, saying he should have been fired or handed in his resignation for failing to ask his “friends” in the banking world the right questions when alarm bells first started ringing.
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