I am seriously pissed off with all this bullshit about Anglo.
The situation as I understand it is this –
A privately owned bank went bust because of criminal actions on the part of its board.
Rather than let the bank sink along with all its debts, the gubmint at the behest of the EU stepped in and agreed that the debts would be paid off by the people of Ireland.
Because that bank was at this stage giving Irish banking a bad name, they made the staggeringly brilliant move of renaming it. “Anglo Irish Bank” became the “Irish Bank Resolution Corporation Formerly Known as Anglo Irish Bank”. Leastwise, that is the name used by every reporter, politician and pundit ever since.
The latest in this long saga is that the gubmint has finally wound up the bank. As this should have been done five years ago, it hardly comes as a surprise, yet the gubmint is making a massive deal about the affair, as if it is some kind of brilliant idea that they have just come up with.
Normally when a company goes to the wall, it ceases trading and all debtors and creditors line up to pick over the bones. Not in this case though. The gubmint has formally bought out those debts so we now have to pay them. They are also making a big deal of the fact that instead of us, our children and our grandchildren having to pay them, they have arranged long term debts so now the debt belongs to us, our children, our grandchildren, our great-grandchildren and possibly our great-great-grandchildren.
How am I doing so far?
Today, all we are going to hear is how well the gubmint have dealt with this affair. We are going to hear how our debt burden is considerably lightened. They will conveniently overlook the fact that the debt wasn’t ours to start with and we shouldn’t be paying any of it. They will overlook the fact that the full debt will still be paid, just over a much longer period and at exorbitant interest rates. They will conveniently forget the fact that we are paying off this debt, not to honour the name of Irish banks but to save their precious Euro. They have already forgotten that the perpetrators of the criminal enterprise that caused all of this are still walking the streets and living a life of luxury.
The only good thing that possibly come out of this latest move is that we will no longer hear about the “Irish Bank Resolution Corporation Formerly Known as Anglo Irish Bank”.
It was a fucking stupid name to start with.