Tuesday, June 02, 2009

It's not often one feels like agreeing with Dev

But with any luck Friday next will be one occasion when it happens.

David McWilliams (2009)
There is no systemic interest in Anglo Irish Bank. It all smacks of banana republic stuff, with elites being saved simply because they are elites. This has not gone unnoticed in Germany. Last night, I spoke to someone who is very close to its government who said that the Germans were livid with the Irish.

They are angry with the Financial Regulator, which allowed delinquent bank Depfa to lend out trillions of dollars from its IFSC base without asking any questions. This bank, which was bought by another German bank, Hypo Real Estate, in 2007, nearly brought down the entire German financial system last October. Only a massive injection of cash from the German state kept the system afloat.

A Bundesbank auditors’ report, published last Thursday into the Depfa scandal, was damning of the Financial Regulator and, by extension, the whole operation of the IFSC.

Dermot Desmond (2004)
No other politician in Ireland would have built the IFSC but Charlie Haughey.

√Čamon De Valera (1970):
Haughey will ruin the party

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