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[Article] Fintan O'Toole on target again

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  • 23-11-2004 2:43pm
    #1
    Mr_Man
    Registered Users Posts: 638 ✭✭✭


    It is nice to see that Eircom's supplying Fintan with a bb connection has not dulled his appetite for exposing the shameful goings-on over the O'Reilly led take over of Eircom.

    In his column to-day which starts off talking about Bertie's growing reluctance over privatizing Aer Lingus highlight's the impact of the Eircom IPO, and subsequent move by Valentia to take it private, before refloating it again.

    Some key quotes
    Those who took over Eircom made gains of €950m

    and
    The Soros Fund, headed by colourful investor George Soros, made €177m, Tony O'Reilly made €35m, Providence Equity made a whopping €443m. In just two years, these people made a return of 141 percenton their investments Over the same period the company's four top executives were paid a mind blowing €29m between them

    No wonder Mr Mc Redmond looks so smug.
    What we're left with is not just half a million citizens nursing serious losses but a telecoms sector dominated by a debt ridden company that can't afford the capital investment that is crucial to Ireland's survival as a high tech hub

    Another great piece of work by this 'socialist' government

    M.


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