NEW YORK - Allied Irish, and Bank of Ireland's battled it out for decades for the title of King of Ireland but all along Paddy Power had the Ace of clubs up their sleeve. The online gambling site is now Ireland's largest financial institution and they didn't even have to play a hand as AIB and IRE put theirs into the muck.
IRE and AIB were once royalty but their royal flushes have now been reduced to pieces of cardboard. Paddy Power unlike its competitors has managed to make winning bets. Today, AIB and IRE are down over 15% in premarket trading. As the government announced plans to further nationalize the banks and the banks appear to be on the bubble.
The reports are that the government may take a 99.9% stake in AIB and over a 50% stake in IRE. The folklore of IRE is historic. The bank which used to be owned by parliament was taken back over by the people in 1803. Today parliament has reclaimed what was once theirs. Who will bust out next?
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