Bond holders in the Bank of Ireland who got a mouthwatering 13.75% for years complain about haircuts!

Even had these creditors of the Bank of Ireland received a more normal return on their investment, I wouldn’t have given a hoot if their entire investment had been wiped out. That’s free markets for you. Or it used to be: nowadays, the rich aren’t allowed to lose money. The latter is a privilege reserved for the poor or those with less good political connections.

Hat tip to Mark Wadsworth.

.