Saturday 27 December 2014

Video: Laughing all the way to the bank at taxpayers' expense

Published 25/01/2013 | 05:00

US billionaire David Tepper took on the State and won

IT'S the video that will drive hard-pressed Irish taxpayers crazy. It features US billionaire David Tepper bragging about beating the Irish Government's attempt to force his hedge fund to take a loss on investments in risky Bank of Ireland subordinated bonds back in 2011.

In a grinning, often light-hearted interview with Bloomberg TV he even claims credit for the bank's return to the bond markets.

It's the first time an investor who held some of the 'subordinated' Bank of Ireland bonds that the Government tried to "burn" has described a legal battle to force the bailed-out bank to pay out.

Details of the scrap with Michael Noonan's Department of Finance emerged during an interview that covered everything from Mr Tepper's take on the US debt situation to breaking into song with a verse of 'Bye Bye Birdie'.

"You wanna hear a great credit story, I got a great credit story," he tells the mainly US audience before launching into his Bank of Ireland anecdote. (skip to 15:00 in video)

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