Nama has worked as it was intended. I would expect it to be closed down within the next five years, job done.
I would expect it to be closed down - given the very serious sense of irregularity and lack of openness around it.
(But I’m sure it won’t be).
NAMA has set the bench mark in excess of 75% since 2007.
The one thing that everyone is overlooking is that perhaps this chap did actually pay the market value of the property.
Where would that leave the rest of those Lucan sellers?
…and their votes?
I’d hazard a guess that this is only very small-time compared to other dodgy deals emanating from NAMA but that this guy was dumb enough not to do it at arm’s length via a company or solicitors etc. He probably blabbed/boasted about it in front of the wrong person too.
Isn’t the other question, was this lad involved in valuing any of the developer’s properties for NAMA, before or after the purchase? He was a NAMA valuer after all. I’m sure he is whiter than white, but it might give a semblance of impropriety if he was involved in valuing the guy’s properties and then scooped one up for a “competitive” valuation.
No matter what way you look at it if this was the stock market it would be insider trading. This is the kind of swindling people should be jailed for.
Classic honey trap though, isnt it?
If you want to destroy NAMA, find some insider mug whos egotistical enough to fall for this and approach him.
Cultivate the source, give them the big prize and then you got the whole organisation by the short n’ curlies.
You pay a small price, get a massive public reaction and stand back as the whole edifice begins to crumble.
Well played, those builders.
What massive public reaction? A dozen people discussing it on a small discussion board isn’t what I would call a massive public reaction.
There have been so many tales of theft, swindling, lying and other nefarious activities come to light, with all the protagonists (with the exception of S Quinn jr, who is in jail for contempt of court, not his crimes) walking around with their ill-gotten gains and nobody gives a sh*t. Massive public reaction
Slightly OT, but does anyone think there is maybe a connexion between NAMA’s desire for secrecy (which has been defended by two successive Government administrations) and the ridiculous delays in bringing the property transaction database to release?
It would seem that if you had full information on property transactions, you could at some point work out a lot of what NAMA did by mashing that data up with some other sources.
99 posts Col Max and you have become paranoid. It took me 237 posts to develop that level of paranoia
This is what deeply concerns me - the lack of concern about this “insider” deal.
As far as I’m concerned all work in NAMA should cease until a detailed independent report lands on Enda Kenny’s desk.
And why have we no culture of investigative journalism in this country?
Not just with journalists but I’ve always thought the national anthem should be “Don’t rock the boat”
IMO a lot of people keep their mouth shut where their “betters” ransack the country. Keep your mouth shut and one day you might get a seat at the top table too seems to be the mentality
The emasculation of the centre for public inquiry should be most instructive as to what happens when you get too near the power brokers in this country. For example the establishment has decided to throw Sean Quinn under the bus and we get a lot of information in the media (remember the video from Ukraine). There was also the move against Declan Ganley after the first no vote in the Lisbon treaty (RTE getting to travel around Europe looking for dirt). When the Catholic hierarchy lost their grip on power it became open season on them, in particular the cover up for child sex abusers was revealed. Journalists are sitting on quite a few scandals in this country that will never be printed unless the power structure falls, in the meantime they can only bide their time until the people involved have their "“krysha” broken.
Who is actively pursing Michael Fingleton for his activities while at the helm of Irish Nationwide? The reports are on the ministers desk and they are using the fiction that INBS was a society as the excuse to not investigate.
Why despite all the objections did Kevin Cardiff get promoted to Brussels?
Don’t forget journalist Gavin Sheridans efforts to open up NAMA.
In fairness, NAMA have appealed to the High Court and we are awaiting judgment.
In relation to investigative journalism, I agree that bar for some exceptional shows and journalists, a culture of investigative journalism has been lacking. Hopefully we can address it in the coming years.
This, from the previous post.
The elder Quinn did not play the game right, had he put his hands up at the start, he’d probably have been declared bankrupt and that would have been it for him with maybe a jail sentence suspended after a few months served. He decided to be contrary and as a result they are throwing the book at him and his family, and quite correctly too. You contrast that with FitzPatrick, who is more pragmatic, he knows he’s caught, he plays along with them, no real hassle and he is still playing golf while the proceedings are being dragged out as long as possible. It must be galling for him to see all the yes men who surrounded him during the boom who slapped his back and said you 'da man, now pretend not to know him all the while drawing their salaries from NAMA and IBRC. Then you wonder about Michael Fingleton, Denis Casey (no one interested so he went make a statement to the Gardai on his own), Eugene Sheehy and all the others who sat on the board of directors during the boom, surely these guys have questions to answer as do regulators such as Liam O’Reilly and John Hurley and the secretaries of the department of finance. But as long as the Quinn saga drags on, the public is kept distracted and the people who would have been burned had the guarantee not been put in place, raise a toast to memory of saint Lendahand.
All forgotten and swept under the carpet now?
Disappointing but we do live in Ireland.