Anglo Tapes: Cowen Government ignored advice that bank was a 'basket case'

Fresh revelations in the Anglo-tapes scandal show that Brian Cowen's administration refused to shut down Anglo Irish Bank despite warnings from the Government's own external advisers, Merrill Lynch.

In the latest batch of tapes published by the Irish Independent today, former CEO David Drumm is heard telling colleague John Bowe in reference to the government and Merril Lynch - "They're knifing us", before telling him how he had prepared a plan to burn bondholders.