Quote:
Originally Posted by sebastian_dangerfield
Silly Ty... Because bondholders are special people who've made special investments that can never, ever be wiped out.
I understand the difference between bondholders in nations and bondholders in businesses, but I'm really hard pressed to see why bondholders in anything are accorded this special, elevated status we've given them. Fuck them. Investment's investment. It's all a risk, and when you invest in a shit bubble as obvious as Ireland or GM via bond, equity, whatever, tough shit when it fails. Caveat emptor. Cool your pain with a good scotch and shut the fuck up about how aggrieved you think you are. You took a risk, a dumb one. You got burnt. Think next time before you risk you money on an obvious house of cards.
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Maybe the taxpayers are viewed as equityholders, junior to the bondholders. Maybe the bondholders were securitized, with a right upon default to, say, possession of County Clare or the Blarney Stone.
