Governor of Bank of Portugal labelled “immoral and arrogant”

Belgian journalist Marc Roche was in Portugal this week to promote his latest book, Bankster – a journey into the bankers’ underworld, in which a chapter is reserved for the collapse of BES. Talking to TSF radio, he said Carlos Costa, the governor of the Bank of Portugal, had behaved in an immoral, arrogant way, and should have resigned or been sacked over his incorrect supervision of BES.

Instead, he added, the Portuguese government has “acted as if nothing had happened”.

Roche, who writes for French newspaper Le Monde, stressed Costa was not only immoral, in that he “did not ask questions to his friends who ran banks because he was too close to them”, he was also arrogant in his “refusal to resign”.

It is an arrogance which “all the actors in the financial crisis have in common”, Roche added – describing the collapse of BES as “worse than that of Lehmann Brothers, the Bank of Scotland and Landesbanken in Germany, because Portugal is a small country and this bank was very big for a small country”.

Urban dictionary online describes the word “Bankster” as a blend word derived from combining ‘banker and ‘gangster’.

Among 20 other related words are ‘douchebag’ and ‘fraud’.