Bondholders starting to have names

Zynks

http://www.rte.ie/news/2010/1001/irishnationwide.html

Russian billionaire and Chelsea FC owner Roman Abramovich is one of the subordinated bondholders in INBS. Statement from his company:

[HTML]'We fail to see how we can 'significantly contribute' to the cost of
survival of the Irish Nationwide Building Society given that even if the
entire lower tier 2 debt is wiped out this would only save a meagre 2.3
percent of the total cost of (the) bailout of INBS.'[/HTML]

Ah, its ok, let's pay the guy because it is very little compared to the whole bailout cost. Afterall, we are responsible for his bad business decisions :rolleyes:

dunsandin

Zynks, do you not realise that we have a collective responsibility for all of these bondholders? They have invested their cash into a bunch of stuff-ups who would lose money on a one-horse race, and how dare anybody suggest that a commercial punt should be allowed to remain just that -a commercial punt. There are no Punts left in Ireland. Our esteemed leaders have seen to that. There are only sure things. And they sure dont look good for us joe soaps.:rolleyes:

Solair

Welcome to neofeudalism

The Raven.

And the following statement from Abramovich's investment vehicle Millhouse says it all:

'In the meantime, we are fully prepared to vigorously defend our position using all possible legal means.'

That is what this government is terrified of: being sued by foreign investors, especially those with enough money to do it.

'Mr Abramovich is Russia's fourth richest man with an estimated worth of $11.2bn.'

However, it is interesting that Millhouse says that making bondholders accept losses on their investments is 'possibly illegal'. They might find that it's not.

dunsandin

We need Bart to give Millhouse a wedgie.