Did cocaine use by bankers cause the global financial crisis?
Coked-up bankers caused the credit crunch, according to the former drug tsar David Nutt. One former City worker can well believe it
“Wall Street got drunk” was George W Bush’s typically incisive take on the main cause of the emerging financial crisis in July 2008. Two years later the governor of the Bank of England, Mervyn King, explained in his Mansion House speech that “the role of a central bank in monetary policy is to take the punch bowl away just as the party gets going” (something that he admitted had not occurred). But perhaps the wrong intoxicant was being blamed. The controversial former drug tsar David Nutt told the Sunday Times this weekend that cocaine-using bankers with their “culture of excitement and drive and more and more and more … got us into this terrible mess”.