Pity the Bankers Whose Bonuses Are on Hold

How does a bailed out bank, Allied Irish Bank, wind up with the second-largest market value in Europe. 

One of the great freak shows playing out in the global capital markets is the incredible growth in Allied Irish Banks Plc's stock-market value. At 69.3 billion euros ($93.6 billion), the Dublin-based lender is now the second-most valuable bank in Europe, at least on paper, according to data compiled by Bloomberg. (For a brief moment last fall it was Europe's most valuable bank.) Its market capitalization ranks No. 11 globally, four places behind Citigroup Inc. And the beautiful part about all of this is it's a total crock.

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