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| Workmen dismantling the sign on the former Anglo Irish Bank |
We happened to be walking past the former Anglo Irish Bank building on Stephen's Green yesterday as the sign was being slightly ceremoniously taken down. There was a small gaggle of photographers and a news crew and some official looking men (NA-men?) as well as the two men pictured who were performing the historic task. Our economic woes seem to have been somewhat forgotten with the impending bank holiday fever and a long stretch of summer like weather. It was an interesting sight to see.
Alex:
ReplyDeleteIt’s a sad day for Ireland and it didn’t have to be that way. The Irish people picked up the bill to the tune of billions of Euros to prop a lending institution that engaged in shoddy lending practices. The downturn in real estate prices was just part of their problem. The bank’s lending practices reminded me of a good ole boy country club, i.e. 100% of the deal, signature guarantees, insider privileges, and so on. The difference between the Anglo Irish Bank and any major bank in the US is that the US banks sold off most of their paper (subprime), but in the Anglo Irish case the deals were so convoluted that it was impossible for a corresponding institution to participate.
Rich
PS Really liked your Alpaca Jamboree!