A controversial former UK drugs adviser has claimed that cocaine use among bankers contributed to the global financial crisis. David Nutt told the Sunday Times that a 'culture of excitement and drive' fuelled by the drug led to reckless decision-making in the financial sector.
Nutt's comments echo observations from Dr Chris Luke, an A&E specialist at Cork University Hospital, who has studied cocaine's effects on bankers. Luke stated that 'prominent figures in financial and political circles made irrational decisions as a result of megalomania brought on by cocaine usage,' leading to 'insane decisions' that contributed to the economic chaos.
Reports suggest that cocaine was rife in the City and on Wall Street during the boom years. Former Bear Stearns CEO Jimmy Cayne was alleged to have carried cocaine in an anti-acid medication bottle, while Bernie Madoff's office was reportedly known as 'the North Pole' due to the large quantities of the drug found there.
However, some insiders claim that the culture is changing. Ex-colleagues still working in the Square Mile report that many City workers are now too scared to use cocaine, which could lead to a more restrained financial system.
