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Penalties for bad central bankers
A former Thai central bank governor has been fined 186bn baht ($4.6bn;
£2.5bn) for his leading role in the country's 1997 financial crash. Rerngchai Marakanond spent that figure trying - and failing - to prop up the country's currency during the crisis. The Bangkok Civil Court has now ordered that Mr Marakanond must reimburse the Bank of Thailand within a month. Otherwise he will face the seizure of his personal assets. The case was brought by the Thai government.
Dan Drezner has the scoop. Cannot the guy testify that the fiscal authority was to blame? And will Thailand ever see a dirty float again?
Posted by Tyler Cowen on June 1, 2005 at 07:41 AM in Current Affairs | Permalink
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