THE collapse of one of the world’s largest investment banks could be a good omen in the longer term, according to a finance industry spokesman.
Geoff Cook, chief executive of industry promoters Jersey Finance (pictured), believes that the crisis might actually solve problems in the financial system.
Reacting to yesterday’s news that US bank Lehman Brothers was insolvent, Mr Cook said that there was likely to be global volatility in the markets for some time to come.
‘In many ways it is a good thing,’ he said. ‘There are problems in the financial system and this will take the weaker players out, which is what is needed to free up the system.’
