Psychopath and Narcissist Survivors Support Group

In August 2002, I conducted on behalf of UPI an interview with an Austrian banker. Notice his arrogant and hubris-filled, responses as he mocks my concerns (which, alas, turned out to have been prophetic):

http://www.upi.com/Business_News/2002/0 ... 029774005/

http://samvak.tripod.com/pp169.html

"Q: Many Austrian banks have aggressively spread to Central Europe - notably the Czech Republic, Slovakia, Poland, Croatia, and Slovenia. Do you think it is a wise long term strategy? The region is in transition and its fortunes change daily. Poland has switched from prosperity to depression in less than 7 years. Aren't you concerned that Austrian banks are actually importing instability into their balance sheets?

A: The move by the Austrian banks into central and eastern Europe is a very good niche market growth strategy. Austrian banks lost a lot of money in the UK, the USA, and in other parts of the world - but were very risk-conscious in central and eastern Europe, where, today, they generate high margins. In the years to come, this will be a strongly growing region. Entering these markets was a very positive decision.

Q: Austria's banks are small by international standards. Do you foresee additional consolidation or purchases by foreign banks, possibly German?

A: I am convinced that there will be additional domestic consolidation coupled with some foreign purchases. The three big German banks - HVB, Bayerische Landesbank, and Deutsche Bank - are already present in Austria.

Q: In 1931, the collapse of Creditanstalt in Vienna triggered a global depression. The markets are again in turmoil, the global economy is stagnant, and trade protectionism is increasing. Can you compare the two periods?

A: Thank you or the honor of triggering a global recession, but Creditanstalt was too small to do so. In my view, you cannot compare the markets today and in 1931. Financial skills and organizations are much more developed today. Social systems are much more secure than in the 1930's."

Sam Vaknin