J
Finally, on the same program he stated that there is nothing in the law to say depositors and senior bondholders rank equally. When asked by Rachel why the Attorney General had ruled that they were in law equal he said that the political elite, including the regulator, the AG and international bondholders were in a conspiracy to maintain the status quo.
You are not going to be able to convince large multi-nationals to invest into public finances of a country, especially Ireland due to the mess it is in.
These companies have shareholders too who won't be pleased and would want investment back into the company itself or even extra dividends rather than into a country. It makes no sense to me.
McW is an Economist, an Entertainer and a Chancer. He is NOT a lawyer. There is abundant case law that all creditors rank equally unless contractually they are subordinated (subbies) or by statute they are superior (Revenue). I sense that you are prepared to back McW the EEC against one of the most senior legal persons in the land on this very basic legal question.Never mind what "McW the Entertaining Economist" said - what's the legal position, regardless of the AG's take on it - he's not the Supreme Court - surely there is case law and precedent?
ONQ.
This does add up for me either. It is well known that multinationals here repatriate their profits abroad. McWilliams is no fool and it sounds to me like he was misquoted.
I have read that maccers is a very clever economist. Therefore I assume he knows these ideas and others are total looney tunes. The fact is maccers is now in the entertainment business. He is the lead act in a four days economics fest to be held next month in Kilkenny.
McW is an Economist, an Entertainer and a Chancer. He is NOT a lawyer. There is abundant case law that all creditors rank equally unless contractually they are subordinated (subbies) or by statute they are superior (Revenue). I sense that you are prepared to back McW the EEC against one of the most senior legal persons in the land on this very basic legal question.
Whilst we're on the subject a couple more McW classics:
1) "We should let Anglo go and refuse to honour its debts to our Central Bank. Jayz, doesn't he know that is welching on the taxpayer.
2) We should leave the euro and immediately devalue. Besides the fact that almost all commentators now accept that leaving the euro is not practicable, the reality is that what he is proposing would make our debt crisis far worse as our external liabilities would remain in euro, dollars, sterling etc. but the tax collection powers of the government would be reduced by the devaluation.
Such as deposit protection scheme that was in place during Sept 2008, covering up to €100k per person?On the same program he said we should let Anglo simply go. Okay lots of sympathy I'm sure with that idea. When Rachel English asked what would happen depositors he replied that we could take care of them with an insurance policy.I kid you not.
Complainer, sorry but that is a silly comment. The DPS is a self funded scheme to meet the hopefully remote possibility of a call on its funds. DMcW has in mind that we precipitate a default on Anglo's deposits and then get an insurance company to cover it. Let's say the depositor shortfall on wind up would be 10bn, what do you think the insurance premium would be to cover that event? McW is on record as saying an insurance company would bite the Minister's hand off to get that volume of business. I suppose they would, the premium would be 10.5bn.Such as deposit protection scheme that was in place during Sept 2008, covering up to €100k per person?
Well said.People need to wise up - there is NO pot of gold. It is going to take time and pain to get us out of this hole. There is nothing out there to save us but our own graft.
McW is an Economist, an Entertainer and a Chancer. He is NOT a lawyer. There is abundant case law that all creditors rank equally unless contractually they are subordinated (subbies) or by statute they are superior (Revenue). I sense that you are prepared to back McW the EEC against one of the most senior legal persons in the land on this very basic legal question.
Also this idea by McWilliams is like a lot of other ideas I see bandied about (increase VAT on events, tax lottery winnings, sell the ESB) - all these ideas have one thing in common - they believe there is some magic pot of gold out there that is going to save the day. People need to wise up - there is NO pot of gold. It is going to take time and pain to get us out of this hole. There is nothing out there to save us but our own graft.
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