'Bankers' Cocaine Use Led To Financial Crisis'

The claim is made by David Nutt, the former drugs czar who was sacked for saying ecstasy is less dangerous than alcohol.

David Nutt claims cocaine is a 'more' drug perfect for dealers

A former Government drugs tsar has reportedly said the financial crisis was caused by too many bankers taking cocaine.

Professor David Nutt claimed bankers who took the drugs became "overconfident" and therefore "took more risks".

"Bankers use cocaine and got us into this terrible mess. It is a 'more' drug," he apparently said.

He is quoted by The Daily Telegraph as saying cocaine was perfect for the bankers' "culture of excitement and drive and more and more and more".

He also claimed the habit led to the collapse of Barings Bank in 1995.

Professor David Nutt has a history of making bold statements

It is the latest controversial comment by the professor, who was sacked from his job as Government adviser in 2009 after saying ecstasy and LSD are less dangerous than alcohol.

At the time, he also said the risks of taking ecstasy were no worse than riding a horse and attacked what he called the "artificial" separation of alcohol and tobacco from other, illegal, drugs.

Recently, Professor Nutt, of Imperial College, London, attacked the Government for what he said were "absurd" and "archaic" regulations restricting the use of illegal drugs in research.

He said his team has uncovered evidence that an hallucinogen found in "magic" mushrooms could treat depression, but trials have been held up.