Sunday, October 12, 2008

A financial kneecapping

A forgotten victim of the credit crunch is... the Provisional IRA, according to the Irish Sunday Independent.*

Sources say that in recent years the IRA's financial bosses moved large amounts of money through front companies into a number of Wall Street financial institutions that were offering high dividends, but which have been devastated by the sub-prime market collapse. One source put the amount invested in the US institutions at €200m. They said most of this was made through the sale of commercial properties mainly here in the Republic.

*NB: not a reliable source when it comes to the Provos. But this is one of the stories that really ought to be true.

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