Ferdia2010's Weblog

Gerard's blog

Boom to Bust II /Operation “Bail out Fat Cats”.

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Just noticed some of the debates on the financial crisis on the t.v, RTE’s Prime time & Ireland Am. All seem to be of the view that we have to ” recapitalize the financial institutions ” with the money from the pension fund.

Many business are complaining of a credit crisis ( which is not uncommon during a recession) and expect the banks to be a lot more ready to dole out taxpayer’s money. On Ireland Am they had Jill Kirby saying that we couldn’t expect shareholders in banks to take the loss !! Now I remember once having a dabble in stocks & shares with a company called Eircom ok I invested the princely sum of £500 but I ended up really getting burned when Valenina compulsory purchased the shares. I got about £160 back of the £500 put in, there’s a man who will not be dabbling in stocks & shares in any hurry. Are former shareholders in eircom any different from bank shareholders ? Who do I send the writ to ? It should be possible to lend banks money but they would have to repay it with interest of course.  Don’t think financial institutions should expect to make record profits and everyone else to bail them out when they don’t.

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Written by ferdia2010

November 21, 2008 at 11:00 am

Posted in Ireland Economy

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