In a move long overdue three Irish banks have announced
plans to burn junior bond holders, settling those debts
at 10% or 20% of the original value of those bonds.
It is a move that can really be welcomed for many reasons.
One of them being that those bigger fools who would never
even think of what they were doing and who part and parcel
of that mass madness learn it the hard way. Indulging in mass
madness, going along with popular delusions was never any
good and that's the least of punishments those in the financial
markets deserve to get.
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