Thought a place where we could collate all these togetehr may be useful. First off the mark, as usual, is Constantin Gurdgiev :
trueeconomics.blogspot.com/2009/ … ation.html
A search of PDF document reveals that:
The word ‘taxpayer’ appears in the entire legislation only once. Despite the taxpayers being the sole payee for the scheme;
Words ‘Taxpayers representation’ do not appear in the document at all;
Words ‘Taxpayers interest’ do not appear in the document at all;
Words ‘stop-loss’ do not appear in the document at all;
Word ‘loss’ appears in the legislation only in the areas of:
Giving NAMA power to issue complex derivative instruments to hedge against "the risk of loss arising from changes in interest rates, currency exchange rates or other factors of a similar nature, to eliminate or reduce the costs of raising funds or borrowing or the cost
of other transactions carried out in the ordinary course of business, or increasing return on investment. No stop-loss rules on these derivatives are envisioned, as if they are risk free;
In making sure that “participating institutions to indemnify NAMA. 111.—(1) If NAMA or a NAMA group entity so directs, a participating institution shall indemnify NAMA or the NAMA group entity and its officers against any liability or loss…” In other words, the Government employees and NAMA will be protected from any loss claims, but not the taxpayers. Minister Leniham did his job of shielding his cronies well.
*6. “30.—(1) As soon as practicable after the establishment day, the Board shall establish 3 committees, and appoint members to them, as follows: (a) an audit committee; (b) a credit committee; (c) a risk committee.” *There is no independent committee membership requirements, with all, save two members of each committee appointable by the Board of NAMA, and the remaining two - by the Minister.
Actually, worse that that:
“(5) The members of the credit committee and the risk committee shall be members of the Board or officers of NAMA. At least 2 members of each of those committees shall be members of the Board.” Thus, there will be no independent oversight over risk and credit decisions by NAMA. Not even in theory.
“31.—(1) The Board may establish such advisory committees as it considers necessary or desirable to advise it in the performance of its functions. …(4) The Board shall determine the terms of reference and procedures of an advisory committee.” There will be no statutory requirement for independent oversight of NAMA - cronies run cronies’ loans.
So he can use the “find” function in Micro$hit… Well worth the megabucks in Trinners that man!
Adobe actually. So more like clay than $hit.
erm… topic is back that way folks…
indeed. And the point is that (although a mod changed the title from columnists to academia) we need somewhere to collate the volume of material that will be in the media over the weekend . Snapshots reactions tho they may be they will be interesting.
NAMA has gotten its own board on the pin. As such, one thread to take all information from a weekend would be inappropriate. Try to go with adding information to threads based on the information pertaining to the topic of the thread. Don’t try to make a thread all encompassing as the existance of the board takes care of that.