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Comment #4920750 by leartius

leartius Mar 27th 2016, 10:59 AM #

The vultures got to feed and when economic meltdown happens those who made the killing leave only scraps behind. If you believe the banking enquiry the Irish economy died of natural causes that no regulator could have saved. But those who did the postmortem had blood on their hands. Renters are stuck because banks can’t lend, homeowners are stuck because you can’t sell a property in negative equity. New mortgage holders are paying higher interest because those with tracker mortgages pay less thanwhat it costs to service their mortgage. Goverment changed laws to allow the vultures in but it was not the vultures that did the damage. The developers and bank officials all now work for NAMA who shared of prime meat cuts between themselves. Protected in the knowledge that the politicians had received settling in foreign bank accounts. Bankrupt builders building again after fooling the English legal system about where their assets were. The taxpayer left with a bill for billions while bankers touch up their suntans on foreign beaches while on bail waiting show trials. When the statue of limitations has already run out. It’s easier to blame the vultures than face the truth.

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Vulture funds pick and peck and they're not finished yet

Vulture funds pick and peck and they're not finished yet

The vultures arrived in Ireland after the crisis when they realised there was a lot of property up for grabs at knock down prices, writes Michael Byrne.