Fianna Fail – Protecting friends

Miriam O’Callaghan put it to the Minister for Finance, Brian Lenihan, on Prime Time that his actions regarding Anglo Irish Bank look like he’s just bailing out a lot of greedy developers and builders.

Lenihan replied:

“Developers and builders will be squeezed to the last cent for whatever money they owe the bank, that’s essential to protect the interests of the taxpayer.”

This is just a blatant lie casually slipped off the tongue by a mealy mouthed and irresponsible politician who is doing everything in his power to protect greedy developers at massive cost to Irish taxpayers.

It is already an established fact that developers will default on loans from Anglo Irish Bank to the tune of billions. One commentator made the following estimate.

“At the end of September Anglo had gross assets of €101bn and a total loan book of €72bn.
By nationalising Anglo the Government has nationalised Anglo’s assets and liabilities also. If most of Anglo’s loans turn sour then the national debt, currently €50bn, could almost triple.”

This burden will be a major factor in the destruction of our economy and it is apparently being imposed to protect friends of Fianna Fail.