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Nama is a whole lot bigger but is it a new departure in extrodinary circumstances?

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  • 10-08-2009 5:10pm
    #1
    eamonnm79
    Closed Accounts Posts: 459 ✭✭


    http://www.irishtimes.com/letters/index.html#1224252307056

    Recalling Irish shipping liquidation.


    "It was also a fact that the government at that time rescued the AIB from the losses that could have resulted from the bank’s investment in the Insurance Corporation of Ireland."

    On reading this article it got me wondering
    a) is it true
    b) are there many examples in the past of the Irish government bailing out the banks?
    Its just that NAMA is being sold to us as a nessesary evil and that the last thing the government would want to do is interfere with the 'free market'.
    It would be interesting to know of any examples in the past of smaller but similar in charictor bailouts in our history.

    I think I remember one with regard to Insurance as well?

    Thanks!


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  • Options
    #2
    SLUSK
    Closed Accounts Posts: 1,156 ✭✭✭SLUSK


    Welcome to crony capitalism, a system where profits go into private pockets and losses are paid by the taxpayers. Taking money from the competent to bail out the incompetent is wrong. You prop up failing institutions and they get bigger, next crisis that hits get much worse. Better take the pain immediately and let them FAIL.


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