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January 5, 2010

Has Brian Lenihan completely lost the run of himself?  Paying more for an asset than it is currently worth.

Next time he goes to an art shop to buy a work-of-art, will he look on the sales ticket and then go up to the desk and enquire what the price will be in five year’s time? Will he hell?

Next time he goes to the car dealer to buy a car, will he tell the salesperson that he will only pay what the car is going to be worth in five years time?  Let’s all laugh together!

So where is the logic in paying a future value for a bank’s asset?

Ok, the banks need to be re-capitalised.  So re-capitalise them!  Give them the money as capital – ordinary shares, preference shares, A shares, B shares, call them what you like, but make sure you get a dividend on these shares and that you can sell them, or get them repaid at some time in the future.

Hey! Brian! By the way, I have this Accountancy Practice that I want to sell …

Maureen Golden

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