Consigned to penury by bank guarantee
Published 03/04/2010 | 05:00
Emmet Oliver asks why the Government cannot explain its reasons for keeping Anglo Irish Bank alive by pumping billions of our money into that utterly corrupt and toxic company (Irish Independent, April 1).
But we know why! The reason is that the Cowen-Lenihan regime on September 30, 2008, took the most ruinous, devastating and foolish action in the history of the State by giving to the world and his brother a blanket, open-ended guarantee that we, the Irish taxpayer, would cover and repay any and all losses incurred by the Irish banking sector in their 10-year splurge in the global property and derivatives casinos.
It is as simple as that.