Dismantle NAMA - Peter Mathews

Interesting article in Sunday Indo by Peter Mathews:

independent.ie/opinion/analy … 80492.html

“So, what led our Government to adopt the flawed Nama proposal? The answer is twofold: first, a combination of crony-led, ignorant group-think, large egos and stubborn misplaced political pride; and second, the minister’s probable lack of financial understanding that at least €60bn of approximately €100bn property bubble loans will never be recovered.”

Thats about the sum of it unfortunately.
Medoicrities on huge wages believing they are worth it.

“The heaviest penalty for declining to rule is to be ruled by someone inferior to yourself.” - The Republic, Plato (380 BCE)

“But the most brilliant propagandist technique will yield no success unless one fundamental principle is borne in mind constantly and with unflagging attention. It must confine itself to a few points and repeat them over and over. Here, as so often in this world, persistence is the first and most important requirement for success.” - Mein Kampf, Adolf Hitler (1925)

Blue Horseshoe

Amazing the amount of misinformation /selective quoting that is done in support of the NAMA disaster.
No equivocation, its great.
Even though its going to cost billions of taxpayers money.

NAMA was “the only game in town”

:smiling_imp:

Pretty much my thoughts when I read this

How ever seeing as one of NAMA’s biggest fans (Frank Fahey) didn’t realise the NAMA bonds paid a coupon you can see the kind of skilful analysis that went into crock of shit

From Peter Mathews sent to thepin (and possibly others) on the 6th of August .

From Peter Mathews to thepin, 19.08.10

He personally sent it to The Pin ? :open_mouth:

yeah like

**Highly qualified, experienced, non-crony, non-political, non-compromised, non-vested interest, financial professionals, expert analysts, financiers and economists who are not afraid to recognise honestly and to properly measure the extent of the financial damage (loan losses) in our Banking Sector all agree with the assessment contained in the ANALYSIS article. **

i think that excludes the entire financial services sector in ireland

Here is the analysis from earlier in the month -> petermathews.files.wordpress.com … alysis.pdf

Unfortunately they don’t sell the examiner round here so I can’t facilitate scanning it.

Misleading Reporting and Mounting Loan Losses at the Irish Banks -> bankermathews.com/2010/08/23/mis … ish-banks/

Irish examiner article -> petermathews.files.wordpress.com … e-plan.pdf

I would question if AIB is still viable in its current form.

Given the reported discounts and the poor quality of the banks remaining loans, there must be a very good chance that Nama defaults on its own bonds eventually. When we read “Nama has paid Euro X X bn for loans of Euro YY bn” I presume that means Nama has issued a bond to the selling bank. I seem to recall it has a Euro 100m equity base and will issue govt guaranteed bonds which the banks can repo to the ECB to get liquidity. Does anyone know the cash coupon or the maturity on the bond ?

Interesting case on the micro level - but how on earth does a couple of that age earn that sort of money?
Surely they are an indication of virtually everything that is wrong in the setup here?

Looks like a mistake to me, as far as I know high flying accountants and solicitors make that kind of dosh for sure but in their 40s not their 30s. But who knows what the hell goes on, really?

I’m guessing he meant €175k combined. But even then, I think it highly, highly improbable accountants in their early 30’s are on €85k salaries. In fact, I doubt there are more than a handful of accountants in the whole country of any age or career level earning that amount (at least among those who are not partners).

I think it’s highly probable.
Most accountants I know in their late 30’s are on €100k or at least approaching it.
Recently let an apartment to a 27yo accountant who was on €50k.
I would have thought that was the norm.

Well I find that astonishing. According to salary surverys - which I know are not *that *accurate - €100k is a very senior salary in accountancy…CFO or Operations Manager level in financial services for example.

recruitireland.com/careercen … ingsurvey/
PDF ALERT>>>>> brightwater.ie/documents/BWS … eb_000.pdf
PDF ALERT>>>>> collinsmcnicholas.ie/files/S … 202010.pdf

If it makes any difference, the salary details were contained in the work reference I received.