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Former Anglo exec said he saw banker "crying" over investment in Lehman Brothers
Summary
During a trial at the Dublin Circuit Criminal Court, former Anglo Irish Bank executive Declan Quilligan testified that he witnessed a banker crying at a foreign investment meeting in Amsterdam in September 2008 after Lehman Brothers collapsed. Quilligan, who was present at the meeting, described the banker's distress as a result of having invested in Lehman Brothers a few days earlier, leading to a "corporate run" on Anglo. He also explained that Anglo's funding initiatives had fallen away and that the market had worsened due to Lehman's demise, causing the bank's balance sheet to appear weaker at year‑end. Quilligan agreed with the defense that Anglo had been a successful bank up to 2007 and that actions taken during the credit crisis could be misinterpreted. He further discussed the bank's interactions with Irish Life & Permanent and the Central Bank's role in the crisis.
Who, what, where, when and why
What: Report matter: Former Anglo exec said he saw banker "crying" over investment in Lehman Brothers. Procedural stage: trial
When:
- September 2008 Hearing Or Sentence
- December 3, 2008 Other
- March 2008 Other
- December 2007 Other
- 2018-03-21 Publication
Why: Credit: Collins) A former senior employee at Anglo Irish Bank said he saw a banker at a foreign investment meeting crying because he had invested in Lehman Brothers and "now there was just nothing". CNI source report
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