That was my general perspective too.. ie. that Anglo was the biggest source of the problem. So I was surprised to read this line:
"In October 2008, the Irish Independent published a list of the five biggest real-estate deals in each of the past three years. A.I.B. lent the money for 6 of the 15, Anglo Irish for just 1, as a co-lender with A.I.B."
Clearly the bank guarantee was a disastrous decision, and in hindsight could have been handled very differently. But at the time, as Lehman and AIG and Fannie and Freddie were in chaos, it didn't seem all that outrageous.
"In October 2008, the Irish Independent published a list of the five biggest real-estate deals in each of the past three years. A.I.B. lent the money for 6 of the 15, Anglo Irish for just 1, as a co-lender with A.I.B."
Clearly the bank guarantee was a disastrous decision, and in hindsight could have been handled very differently. But at the time, as Lehman and AIG and Fannie and Freddie were in chaos, it didn't seem all that outrageous.