inquiry into 'insider' NAMA deal


#121

Namawinelake covers this:
namawinelake.wordpress.com/2012/ … a-property

The Indo and the IT both use the identically same phrase, “The information, it is claimed, includes a master spreadsheet of all loans acquired by NAMA and all properties acquired by NAMA as security for the loans specific asset disposal strategy in relation to certain NAMA debtors and other information acquired in confidence by NAMA.”

But the Irish Times goes on, “It is also alleged Mr Farrell, who now works for a global property investment firm, sent emails containing confidential information to other parties involved in property management and investment.”

From the Forum Partners website:

Hmph.


#122

according to Vinnies early view of tomorrows papers the Examiners front page head line is
*Nama leak puts billions at risk.
*


#123

This mornings front page from de Paper I have bolded one piece, why didnt he just tell her at home I presume the sheer size meant we had to go to spreadsheet

Nama leak puts billions of euro at risk

By Aodhán Ó Faoláin and Ray Managh

Thursday, September 13, 2012

irishexaminer.com/ireland/na … 07428.html


#124

So a former employee of the biggest property management company in the world has alledgedly taken all the commercially sensitive data available about the company’s interests in Ireland and abroad and is now working for others in the industry.
Is this the largest ever industrial espionage case?

Spanish public might not want to hear about this or they’ll revolt when El Nama is introduced.


#125

So as well as the banking mess, SCAMA we’ll also have to pay for a tribunal in years to come

Nice XX


#126

Something like this was bound to happen with over 200 people dealing with such sensitive data.

Not only did he use his inside knowledge to buy a nama property (albeit at market value), he also took the data with him when leaving. No doubt handy for his future dealings.

Funny how he now works for a Treasury Holdings linked company. Am I just being paranoid in thinking this could be how he got the job…


#127

Hi Stifster, which part is incorrect ?

Nama asks Deloitte for an independent expert opinion on the transaction after its leaked, Deloitte writes up a report that concludes

A -Nama was unaware that an employee purchased the property
B- Nama had sold the property at fair market value.

I dont beleive either conclusion, I would also want to know

  • where Mr Farrell got the funds / Mortgage to pay for the property ?
  • Was the lender aware that Nama who the vendor of the property? Did they not know that Mr Farrell worked for Nama while assessing his loa aplication.

Deloitte could have concluded that

  • The property was not sold @ market Value
  • The property was not sold on the open maket
  • That NAMA’S own processes failed when Nama “SOLD” the property to an employee
  • That the lender failed to notice the conflict of interest.

I bet the next indepedent report will be as about as independent and transparent as the last. These reports are desgined and commissionedtop do one thing only to deflect any blame away from NAMA. I wouldnt be surprised if the next independent report comes courtesy of E & Y or whoever his wifre worked for. Apparently they looked into the matter internally and found nothing, please spare me. I would not trust any big 4 report. I would trust a small partner owned audit firm report over and above the big 4 any day.


#128

#129

Enda Farrell, Nama and the auditors - From Broadsheet.ie


#130

#131

I wonder if the wife could be in as much, if not more trouble than poor Enda ?


#132

According to the IT its E&Y compliance she works for.

I am gobsmacked at this behaviour…having worked in public and private sector compliance/governance related areas I am stunned that more effective procedures/networks were not in place. I know that its hard to detect this stuff but Dublin is a tiny city - surely the birds on the trees knew what he was up to.

I know the public sector has a terrible reputation and is not entirely clean but compared to the morality free insiders that were recruited to NAMA surely it would have been better to use public sector staff with some property “experts” to advise.

I’m left thinking NAMA must be a cess pit of corruption.

The Irish Times - Thursday, September 13, 2012
Ex-Nama manager alleged to have sent wife sensitive emails
FORMER NAMA portfolio manager Enda Farrell allegedly sent more than 30 emails containing “highly confidential and commercially sensitive information” from the State agency to his wife, it emerged in the High Court yesterday.
Nama has reported his actions, uncovered during an audit of a property deal the couple did while he was still working for the State agency, to the Garda.
It said in a statement that it believed he may have committed a criminal offence under section 202 of the Act that established the agency.
His actions also sparked an investigation at professional services firm Ernst Young, which employs his wife, Alice Kramer. It is understood that the division for which she works advises on compliance. Ernst Young confirmed that it carried out the inquiry at Nama’s request and passed its findings on to the agency, but did not comment any further.


#133

Indeed. While they’re going through the corporate email archive, might they take a wider look at who’s sending what where?


#134

I think they’ll have to assume (a) that there have been other compromises, and they’ll have to do a full audit possibly with Garda oversight and (b) that the entire portfolio has now been irredeemably leaked, and they’ll have to discard the policy of using secrecy to maximise their returns.


#135

I’ve lost count of the number of companies, agencies, public and private who store their most sensitive information in an excel spreadsheet because that’s the only tool management executives are familiar with. If this chap hadn’t been greedy enough to want his own cut price property deal and plain downright stupid enough to email his wife the spreadsheet he never would have been caught. Certainly not in any kind of verifiable, we-have-evidence-you-took-it kind of way.

Seriously, when the information is worth billions, would it kill you to put it in a secure database and hire someone to write a front-end application to allow (authorised) personnel to view the data on an as needed basis? It can still be accessed and edited using MS Excel if that’s all you know how to use.

Never mind the information being leaked - what’s to stop our hero from having edited this “master” document to apply a more favourable reclaim strategy for certain debtors? I have visions of an internal email sent round the department “Please people, remember not to edit the document with “master” in the filename, make a copy in the same folder, add a date and your name to the filename and then edit that. We need to keep track of these changes somehow.”

Sadly, I’ve worked in these kinds of places but never again …


#136

To be fair it is all in excel because non-techie managers demand it that way.
SAP BI is all presented in Excel even though there is a massive dedicated OLAP system working behind where all the data is held.


#137

Doesn’t really make much sense. If he was authorised to export it to excel then he could have done what he did anyway. Data in a database is only as safe as the people who have access to it - just the same as a spreadsheet.

What indication is there that that is the case here? Just because the data ended up in a spreadsheet doesn’t imply that it is the only or primary repository.


#138

My point precisely. You can present the data in Excel but you should never store it there. All my company sales data is accessed by executives through excel but the data resides in a SQL server database. This is not exactly rocket-science level IT, it’s the basics. Mistakes even zero-experience graduate-level types shouldn’t make.


#139

Not an export. You can create a “live” link to a database in excel. It will only display the data that is in the database table or view. This wouldn’t even be the ideal way to do it but it could be done if use of Excel was some kind of hard requirement for accessing the data.

Your point about the data only being as safe as the people who access it is correct but at least using a database forces management to think about who should have access. It is also easy to setup audit controls for data changes and to track views. This can be automated (e.g. set an alarm if someone wants to view “all” loans, rather than as might be typical, the cases they are actively working on). None of this exists in a spreadsheet, hence it is a poor choice for storing data.

The reference to a “master” spreadsheet certainly implies it is the primary if not the only repository. Not suggesting this actually happened, just speculating that there appears to be very little by way of control in NAMA to prevent it from happening.


#140

I am left thinking that E&Y ( who lost a bank or two on their watch …thereby leading to NAMA) is a VERITABLE CESSPIT too.

The Times may have had the story today but it was in this THREAD 6 weeks back, see HERE!!!

How can a compliance ‘professional’ hoover up 30 emails sent out of NAMA, a body to which her company has a contractual obligation. She should have reported the first one to her boss, certainly the second. It was unethical at that point.

Alice Kramers Profile ( now deleted)

webcache.googleusercontent.com/s … =firefox-a

It strikes me that if E+Y got the audit gig for the Duty Free in Dublin Airport the first thing they would do was install a pipeline down to D2 so they could siphon off the gargle. :frowning: