He really is a dog, isn’t he? A dog and a muppet. A muppet-dog.
They told Cowen a full nine months before the blanket bank guarantee that the two fake banks were screwed, but he did nothing until nine months later when the heads of the two biggest banks walked into his office and spun him a little bit of the truth mixed with a big heap of lies.
We’re screwed, Brian, and you have to dig us out or the country’s ruined.
How did he dig them out so the country wouldn’t be ruined? By ruining the country.
He issued a €440 billion guarantee, that nobody in the entire world believed Ireland could ever deliver on. It bailed out not just the depositors, and the senior bond-holders, but also the subordinate debt : the people who took a high risk in return for high returns. The finance gamblers who are used to getting burned. He bailed them all out.
Where were the media while all of this was going on?
What were they saying about Anglo-Irish Bank and Irish Nationwide?
Nothing, that’s what, because they were shit-scared to suggest that these banks were nothing more than pyramid schemes in case Fingers or Seánie slapped them with a lawsuit. Check the records and you will see that no newspaper, radio or TV station pointed out the truth of Anglo and Irish Nationwide. Instead, they all insisted on treating these two jokes as genuine retail banks.
Clearly, if Cowen was getting his information from the Financial Regulator Patrick Neary, a first-class idiot, the broadsheet newspapers and the national broadcaster, he had no reason to assume that the two fake banks were anything but genuine. He can hardly have been getting his information from the half-wits in the department of Finance, and he doesn’t possess any special expertise in economics or banking himself. In fact, to the best of my knowledge, Cowen possesses no expertise in anything.
This is our Prime Minister, who was in charge of Finance when everything went down the toilet.
Three days before the guarantee, Cowen and Lenihan were being advised by Merrill Lynch, hired for $7 million, not to bail out the subordinate bondholders and not to issue a blanket guarantee that would damage Ireland’s credit rating. They were being advised that Anglo and Irish Nationwide were nothing more than a couple of scams that could happily be allowed to collapse, but they included both of these Ponzi schemes in the bailout anyway.
Why? I think it’s because Fitzy and Fingers have so much dirt on people at the top of Fianna Fáil they had to be bailed out in case they’d start to reveal where all the bodies are buried. But that’s just my personal opinion. I think Cowen and Lenihan sacrificed Ireland to save Fianna Fáil, and I think that’s why Biffo reacted so badly when Eamonn Gilmore accused him of economic treason.
Gilmore hit a nerve.