I was riveted to the live Anglo liquidation Dáil
debate last night, little has changed, Ulster still says NO. Who's side is Gerry Adams on anyway? Last time I saw him in
person, he was skipping lightly into First Class, having held up the New York flight.
As I'm glued to the radio and Draghi press conference from
Frankfurt today, I discover that the euro billions we're consigning to future
and Ireland's negotiations with ECB aren't really that different from the
humble restructuring with my mortgage bank, one that didn't feature in the bailout.
Unfortunately, no debt forgiveness there, just a more expensive future. The
cost of my restructuring is the equivalent of two third level years, or half a
year repayments, not to mention non-essentials like 10 holidays or a new car.
Why demonise door to door moneylenders when the banks have a licence to screw
us too?
While I grapple with radical micro-economic solutions, putting my
bonds (rooms) on the market, I understand that it is a trade, a service
provided for a financial return. If I, or the prospective tenant, don't do our
due diligence, one of us might lose out. I could have a money launderer, a
criminal (I'm not going to do Garda vetting) or they could find something falls
short of their expectations, and it's not value for their money. It's a risk.
No guarantees, our judgement must prevail, but nobody is making either of us do
it.
I've had some enquiries from staff at Paddy Power, the big news in
D.14 and a global gambling success story. Paddy Power understands risk, as I
suppose do their customers. The lucky bondholders at Anglo got to take risks
with their money and got a double whammy, a handsome return when it all went
south.
If Irish schools put bond trading on the curriculum we might
produce canny experts on this thorny subject and we can all play the markets,
but where would you find that other Ireland, a place with a kindly, bounteous
understanding when your risky bets go wrong?
A senior member of the new Anglo cohort tried to explain to me
that the promissory note was paid to ourselves, be that as it may, our financial
system was hogtied.
Let's hope they've done the right thing. And in the NAMA of
any god, hope those new age public servants up to the handover.
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