It's not just me that thinks it's wrong.

Check out this op-ed column by Paul Krugman in today's New York Times. It is called Eating the Irish. Paul Krugman is no George Lee but he is professor of Economics and International Affairs at Princeton University as well as a columnist for The New York Times and won the Nobel Prize in Economics in 2008.


One commentator raised an interesting point: who are these bondholders/creditors (who should be taking the loss instead of the Irish people)?  Give us the names and amounts! And the interest paid to them to date.

€7.9bn to Anglo Irish Bank bondholders

I just read in the Irish Mail on Sunday that €7.9bn was paid to senior bondholders in Anglo Irish Bank. So half of the pain that the Irish people will have to endure over the next four years will go directly to those wealthy individuals who could afford to speculate on a small Irish bank.  These speculators knew that their funds were subordinate to the deposit holders in the event of a call on the bank, which is why they were getting a higher return.  They also knew that Anglo was earning profits considerably in excess of what a prudent bank of the same size would produce.  Since Anglo is effectively a failed entity, they should be entitled to their share of what is left after the deposit holders are paid off which is what a Cork friend of mine described as 'five eights of f--- all'.


Without getting involved in conspiracy theories, can anyone explain why this was covered by the Irish Mail on Sunday and I believe the Sunday Tribune, but not the Irish Independent, the Irish Times or RTE.