Brendan O'Connor: Sometimes it's just not complicated
Published 06/11/2011 | 05:00
Do you remember before? When everything wasn't so complicated? When things were simple? And you could tell what was what? And if things were crap, you pretty much understood why they were crap.
The complications possibly date back to when they started making up those convoluted financial instruments. Suddenly money wasn't money anymore, just guys making up crazy bets and looking for other people to bet against them.
Now everything has about 10 sides to it. So Michael Noonan wanted to burn the bondholders, and he still does. The new Michael Noonan looks shamefaced and wistful when Stephen Donnelly reads out a speech from the old Michael Noonan in the Dail. But now, even though it is not part of any deal or agreement we have with anyone, the new Michael Noonan has to pay up loads of our money to unnamed bondholders, some guys who gambled that Ireland would be crazy enough to pay off the full amount of unse-cured debt on a dead bank.