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Ferris: Government is being advised by the bond holders

28 October, 2010 - by Martin Ferris TD


The Sinn Féin Spokesperson on Workers Rights, Martin Ferris TD has claimed that the Government’s austerity programme is not only designed to pay for failed bondholders and speculators but is being advised by them. He referred to the fact that the Chairperson of Goldman Sachs Peter Sutherland whose Asset Management section holds Anglo Bonds has been advising the Government on the cuts.

Deputy Ferris said: “Apart from the economic and financial issues that we have discussed here for the past few days there is the whole moral and ethical aspect of the situation.

“All of the proposed misery is being planned to benefit failed speculators among whom are the Anglo bondholders. There are websites which have published the names of these companies and there are discussion groups on the internet about it. And yet no national newspaper here has regarded it as of sufficient importance.

“While most of the bondholders are European based there are Irish connections and no doubt some of our fine patriotic and charitable tax exiles have their noses in the trough.

“More importantly perhaps is the connection between all of this and the fact that representatives of these people are advising the Government on how best to make the rest of us pay for their mess.

“Take Peter Sutherland for example. He has held various high positions in this state and on behalf of this state abroad. His views are still given a lot of credence and he was recently widely quoted in claiming that this state had an obligation to protect the Anglo Irish bondholders.

“And of course he has been advising, in a totally disinterested way of course, the Government on how they should deal with the crisis. Among his proposals has been to sell state companies. And no doubt he probably knows chaps who might be interested in buying them at a fair price.

“How many of those who referred favourably to Sir Peter’s excellent advice also referred to his own possible self interest and the interest of his friends in all of this? He is, after all, Chairperson of Goldman Sachs whose Asset Management section is a key Anglo bondholder and which incidentally made profits of more than €13 billion last year.

“If our priority is to look after people like this, then the description given on one web site of Ireland as, ‘an international welfare state for super-rich bankers’ is all too accurate.” ENDS

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