Irish eyes aren't smilin': IRA lost its war chest in Wall Street disaster
One group that lost big was the Irish Republican Army. After the IRA signed a ceasefire in 1997, it followed the advice of its financial advisors, investing its war chest into the U.S. property market. It subsequently moved its funds into high-dividend deposit accounts in the U.S. According to some reports, the recent Wall Street meltdown may have cost the former terrorist group as much as $274 million.
Like many American investors, the IRA is currently "in a state of panic" over the loss of its investments. On the other hand, unlike most Americans, the IRA also has a history of armed revolt and a demonstrated willingness to handle its grudges at gunpoint. Right now, I'm really glad that I don't work for AIG!
Bruce Watson is a freelance writer, blogger, and all-around cheapskate. Right now, he's wondering if Peru's "Shining Path" or Germany's "Baader Meinhof" was heavily invested in the market.