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Banks not to blame for crisis, Rabo CEOFriday 06 March 2009 The current financial crisis is not the fault of banks but is a good thing because it will be a good spring clean of the economy, Rabobank CEO Bert Heemskerk says in Friday’s Trouw. ‘Imagine that GDP goes down 3.5%, as forecast,’ he tells the paper. ‘That means that our wealth per head of the population… will be back at 2006 levels.' Even without the problems on the US mortgage market where the crisis started, things would have gone wrong sooner or later, Heemskerk says. The building fury in Dubai was also a risk factor. ‘The bubble would have burst somehow.’ But Heemskerk does not accept that bankers are to blame, even though he acknowledges that there are tens of thousand of billions of euros too much in circulation and that risky investments have been sold to pension funds and local councils. ‘But the crisis is due to a failure of supervision, wrong laws, bonuses and greed,’ he tells the paper. © DutchNews.nl Get the DutchNews.nl newsletter in your mailbox: Click here to subscribe
Nice one Bert. Next you'll be offering such pearls of wisdom like Santa Clause really does exist and the tooth fairy is alive and well! How much did you earn in bonuses Bert?? By Deep Throat | March 6, 2009 12:59 PM Calling the current global economic meltdown "a good spring clean of the economy" has got to be the understatement of the year. Just more evidence that this guy has a cavalier attitude and a misguided view of reality. I don't suppose folks who have lost their jobs and houses would appreciate his assessment of things. By Don Pratt | March 6, 2009 8:54 PM Isn't that just typical of the person at the top of an organisation? By Andy Maddox | March 8, 2009 12:09 PM Of course , banks are not to be blamed for the recent crisis, Banks are just the mirror which shows the fake economy,in where we lived during the last 10/15 years,,The total world production was way less than its declared value, We just spent what we do not own,,,Sooner or later , that dued to be discovered,The reasons are simple ,in addition to greed, the lack of production, People just become spoiled , to get more money for unreal effort,, It is not normal that a farmer is working all the year, and make a penny, and there were 10 more brokers in between and make fortune (from the thin air),,, easy comes easy goes,,we were taught that when we were children, By Mo | March 9, 2009 8:09 AM I agree with Bert. You cannot spend out of an empty pocket and if you try to, international investors will shun you, so bankrupt you will be. That's it I'm afraid. By kris | July 7, 2009 4:35 PM Place your comments: |
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I expect that Bert 'the Banker' Heemskerk has some serious qualifications to back his controversial theories. Like John Thain (ex-Merrill Lynch) Alan Hornby (ex-HBOS) Jeff Skilling (ex-Enron) and Fred 'the Shred' Goodwin (ex-RBS and -patriot if he's not careful) and others, perhaps Bert's got a coveted MBA costing $60,000 - $100,000 from Harvard University.
I submit that that men like that shouldn't have needed supervision and better laws to temper their greed. But I expect Bert knows best.
By Michael Dawkes | March 6, 2009 11:33 AM