Not illegal, but just plain wrong
The first thing to be said about our report today on the millions of dollars loaned to Irish luminaries so that they could buy apartments in New York is that the Anglo Irish Bank people did nothing legally wrong.
Who in their right mind would turn down an offer of such a gilt-edged investment? Owning a New York apartment is like having a lease on the crock of gold at the end of the rainbow. At least it was 18 months ago. Now it is just a crock.
The individuals who grabbed the opportunity offered by Anglo Irish Bank have seen the value of their property investments greatly diminished, but they still owe the money they borrowed.