Builder Joe O'Reilly friend of FF frolics in the sun

Pretty quiet news day on here so far (since S Times started charging for their site).

Quit the high life, Nama tells developers - Ian Guider → … evelopers/

Really amateur photoshopage in that, think they could do with WGU’s consultancy services.

No developer should be earning an income from NAMA.

What part of that is hard to understand?

Does no one get this is exactly why NAMA was set up? To support well-connected rich people who, through their own avarice and incompetence, ran their “businesses” into the ground. You don’t really expect them to become poor, do you?

They where always poor. They could never hack it and still can’t. Poverty of heart and soul. Dark thinkers.

To go against the grain here, who says every developer going into NAMA is insolvent?

I know of one large builder/developer who is going in who is under no pressure whatsoever and whos only debt outstanding is related to income producing assets, some of which are property and some which are not.

Might I rekindle the old flam,e. NAMA was not a Bad bank it was a Side step bank for The Good the Bad and the Ugly.
None of it ever made sense. Its still doesn’t. Its just a word. A game of charades.

Makes no difference who you are there i no justification for a NAMA based income.
If the puppy is dead. Its dead. Let the other dogs look after themselves.

I imagine this develop above would not be too pleased to think he is subsidising the competition?

I would guess not. I would imagine they will just be pushing him to refinance out of there as soon as possible. Im not sure he is financing the opposition though, he wont have to repay more than he owes.

He may pay his bills in full. Others won’t. The result will be they will get debt forgiveness and he will not. He, in common with the rest of the taxpayers, is subsidising them.

This is real silly season stuff.

Stomach churning stuff I would call it.400k for a birthday party and now I am helping to pay their debts.