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ireland / britain |
economy |
news report
Friday January 30, 2009 20:19 by James O'Brien - WSM (personal capacity)
Is the government trying to go bankrupt? The Irish government has called in as financial adviser Henrietta Baldock of the remarkable loss making machine that is Merrill Lynch The Irish Times has reported that the government has taken on two outside advisers, Pádraig Ó Ríordáin of Arthur Cox solicitors and Henrietta Baldock of Merrill Lynch. Arthur Cox are one of Ireland’s premier firms of corporate lawyers. Merrill Lynch, formerly one of the big five Wall Street investment banks, is a much bigger fish. In 2008, however, they became a global laughing stock due to their regular quarterly announcements of billions of euros in loses.
Their net loss for 2007 was $7.8 billion 1. John A. Thain, chairman and chief executive officer, was quoted as saying that although the results were “unacceptable”, he looked forward in 2008 to “…delivering growth and increased profitability for our shareholders and employees”. 2
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