To my mind, walking away from or defaulting on a mortgage in negative equity, makes perfect personal
economic sense. You survive. You learn. You live to fight another day without the millstone around your
neck. No longer would you have the crushing weight pounding and squeezing your head. Best of all, in the
event of your premature demise, your wife and children would not be saddled with the debt.
Now, imagine you are Ireland and you’re married to Brian Cowen. Brian insists on doing the “honourable”
thing and continues making payments on the Negative Equity Senior Bond ( NESBO). Unfortunately, for
you, Brian is getting a divorce in March and leaving you, Ireland his wife, and us his children, stuck with
this NESBO. Imagine your surprise when you find out that a Senior Bond holder, Goldman Sachs, uses
your Four billion euro payment to help fund it’s Ten billion euro Employee Bonus Plan. That’s right.
Goldman Sachs has used your money to help pay this outrageous bonus to it’s employees. GS is only
one Bondholder. Think of the good use the other Bondholders will put your childrens money to !!
There is no dishonour in defaulting on this Odious Debt. But how would a career politician with no life
experience or backbone know that?
Paul Maher, Roscrea, Co.Tipperary
I agree with you Paul on this one