Hedge funds move in for the kill at our expense

WE face a seismic choice as to whether we allow private or public equity to refinance our (and I stress our) banks.

It is my understanding, and I may be wrong, that the hedge funds now circling the carcases of our banking institutions were largely responsible for the start of the present crisis.

Our ministers are now proposing that these same interests be allowed, and indeed encouraged, to buy up vast tracts of shares in our banks at knockdown prices guaranteed by us. This smells of eircom all over again.