I really am absolutely puzzled by the Irish Times headline:
FitzPatrick is first high-profile Irish casualty of global crisis
How, exactly, is he a casualty of a global crisis?
What have toxic US CDOs got to do with the transfering €87 million in loans with Anglo to another bank before the group’s September 30th year end?
Or indeed, is it coincidental that the same pair of directors at Anglo who have resigned, Fitzpatrick and Lar Bradshaw, are also under “investigation” by the Irish Stock Exchange for insider trading?
Is it also coincidental that they chose to resign at 9pm on the Thursday that the Dail breaks up for Christmas?
I simply do not accept that the Anglo Irish house of cards was brought down by anything other than our bursting property bubble and nonsensical lending.
Blaming the international crisis for Fitzpatrick’s resignation also makes no sense.