Ian Fraser, a UK-based journalist who writes & comments for the Financial Times and the BBC - among others, recently wrote about my interview with Greece's Kathimerini (The IHT/New-York Times affiliate in Greece).
"In September 2007, a year before Ireland’s banks went belly up, Jonathan Sugarman, risk manager Unicredit Bank Ireland, alerted his bosses and regulators at the Central Bank of Ireland to the fact that Unicredit was in massive breach of liquidity requirements. The law was clear: liquidity cover was allowed to fall to 89 per cent but any lower and a report had to be filed with the regulator and the bank faced a fine. Sugarman identified that Unicredit was operating with cover of just 70 per cent, twenty times less than allowed. But his superiors at the bank and the regulators were intensely relaxed about the law-breaking. After six weeks of being stonewalled, Sugarman decided he had no choice other than to resign, as he did not wish to incriminate himself. Now a whistleblower, he has spent five years seeking to raise awareness of the failures of both the Irish central bank and Unicredit. He was interviewed by Kathimerini, the Greek affiliate of the New York Times."To read further, please visit Ian Fraser's blog at:
http://www.ianfraser.org/unicredit-and-irelands-dark-heart-of-finance/
Here is the first page of the article as it appeared in Greece:
https://docs.google.com/file/d/0B7sRHdMOz5GVX2ZFTFVheDc1cTA/edit?usp=sharing
