Paddy Kelly is a happy man

The final act in protecting bankers and developers has now been taken with the transfer of €90 billion of toxic assets from the banks onto the shoulders of the taxpayer.

There remain now only a few loose ends to tidy up such as lifting the limit on bonuses and setting up yet another ‘regulator’ to protect the corrupt and greedy.

On January 22nd last I wrote about happy property developers living in a banana republic. The post concerned the property developer Paddy Kelly who candidly admitted that he owed hundreds of millions to the banks but wasn’t the least bit worried.

And now we know why he wasn’t worried, he knew well that his political friends would bail him and the bankers out.

“We’re going to need steady heads to sort our problems and we need to be decent to one another and to help one another and for me compassion is so central to how we live and how we are.”

The ‘we’ in this quote obviously meant fellow developers, bankers and political friends.