This will resonate with many on the pin.When I returned to Ireland after years in Germany,the bubble was pretty obvious to me.Obviously not to those living in the bubble,as we know now. They should have listened to the son.
**Developer’s son was the only one to voice any fears about ‘overheated’ land market **
So did I but it was another gobshite or at least the son of one. People who sign contracts should pay their debts and stop trying to push it on the Irish taxpayer. I don’t believe his fairy tale that the dog ate his homework…does anyone?
I don’t want to pay it back even though I have the means…I meant to get a non recourse loan but didn’t bother to check the documents…get the taxpayer to pay it back or maybe the PI policy of the lawyers I am suing…these banks are bust…there was no equity in the deal but it was still non recourse…
I can’t really judge on the basis of the evidence in the papers whether or not they really did think the loan was non recourse but christ almighty I can’t believe the sense of entitlement that they should have been even thinking that way. “If there’s a gain (and of course there will be) we’ll take it but if there’s a loss then the bank takes it”.
The way I’m reading it, the kids want the parents to take all the hit. As the daughter says: “they never wanted to burden their children with debts if the deal didn’t work out”.
Presumably this is on the basis that the parents are fooked anyway so there’s no point in them all going down with the same sinking ship. Works out best for the parents too, if they can get a dig out from the kids after the whole mess blows over.
I see on #vinb tonight that tomorrow’s IT carries a plan to save the country presented by 17 philosopher kings, first among which is a certain Philip Lynch. Could this be the same clown involved in this clusterfuck?
Doctors are a great example of this. Even chess players are not immune. A friend of mine was at a tournament years ago and several of the guys lost a lot (for them) in a poker game against a civilian. They could not believe he had the brains to beat them.