inquiry into 'insider' NAMA deal


#141

Alice Kramer resigns from E&Y
irishtimes.com/newspaper/fin … 31056.html


#142

Anyone know if this is true? I thought I read on namawinelake that NAMA had sought to keep the proceedings in camera. Why would they be so eager to have the case heard in public, since it shows some fairly lax management? If it’s “pour encourager les autres”, wouldn’t they prefer to have the case heard in camera and control the news flow by leaking the bits they want made public?


#143

independent.ie/business/iris … 36554.html


#144

NAMA considers suing ex-worker for damages -Tim Healy -> independent.ie/business/iris … 53742.html


#145

Buried in today’s IT:

irishtimes.com/newspaper/fin … 59116.html

What. A. Crook.


#146

The final cost to the taxpayer of this leak could very easily run into billions.
And yet reporting of this story is very subdued.

Are the papers being told to lay off until after the courts have delivered judgement, or are financial journalists simply not understanding the full implications of the alleged theft ?


#147

I’m old enough to associate the name Farrell with the family that ran Irish Permanent (in much the same manner that ‘Fingers’ ran Irish Nationwide. Anyone know if this chap is a scion of that august family?


#148

It is not a leak. It is espionage.


#149

Couldn’t agree more.
The question is, does it border on treason ?


#150

**Who got the emails ? **

irishtimes.com/newspaper/finance/2012/1012/1224325186777.html


#151

Could this become the trigger for the inevitable NAMA tribunal? That cunt and his wife need to be jailed for decades.


#152

So the public are told we can’t be told anything about NAMA activities because they are commercially sensitive. Meanwhile the same sensitive information is being leaked to vested interests all over the planet. Yeah, sounds about right for this crazy country.


#153

I’ve mentioned this before, but this ‘leak’ has the potential to cost the state ***billions ***(and that’s no exaggeration by any means).

NAMA is the bastard child from a syphillic, dying government.
It needs to be wound up, with the bank bandholders taking the full hit - as they would have been anyway, under normal conditions.

How far down the rabbit hole will we be forced to venture ?


#154

I see his employers Forum Partners ditched him since the scandal broke and Ernst and Young got rid of the wife a week after I posted her Linkedin profile.

The sheer dishonesty of these two and the flagrant breaches of the NAMA act that they conspired together to effect is breathtaking. Mind you Dublin is full of so called ‘professionals’ feeding off the taxpayer and to whom the law does not apparently apply. :frowning:


#155

tbh I don’t agree with the judgements above.

Assuming it is sold on the open market, it is the market that decides what the asset is worth.

Perhaps he might use the defence to the emails now “everyone was doing it. Why isn’t there a full audit of all staff etc”
Perhaps he might go on affidavit on just how dysfunctional NAMA is.
Perhaps he might say he was just doing his job drumming up interest in assets.

Imagine the stuff he might say on affidavit. It appears he was involved in the due diligence of purchase of assets from the Participating Institutions. Might he have interesting things to say about the loan transfer prices, or who was misled.


#156

He wasn’t publishing this information in the newspaper or posting it to wikileaks, he was divvying it out to a select few people. The information disclosed included NAMA’s “acceptance price” which will obviously influence bidding.

That said, the impact of this would be considerably lessened if NAMA had adopted a policy of selling on the open market but there you go.


#157

I think I see the problem with your analysis of NAMA and its activities…


#158

…interesting the way things pan out…


#159

I get the impression the couple aren’t smart enough to come up with any cunning defense and Farrell’s initial excuses on clearance to buy the property sounded like a child pretending to one parent that the other parent had cleared a raid on the cookie jar.

They’ve presumably been persuaded to be as open as possible to avoid contempt of court/hiding evidence etc., and rely on the legal system being unable to pin them with something serious enough to justify jail time or large fines.

The bigger problem with NAMA will be the smarter employees.


#160

As far as I understand, he almost certainly only got caught because he bought property for himself using the information. Even if it wasn’t quite that clear, the fact that he’d do something so visible like that while simultaneously getting so deep into insider information trading is incredible and points to a profound lack of reasoning ability, and/or an astonishing arrogance and sense of invincibility and entitlement.

I’d wager that he feels agrieved rather than ashamed. And that his wife was involved too and didn’t talk him out of it, or at least get him to keep her out of the mess and give her deniability (preserve at least one job in the family!). I mean, how dumb do you need to be. She could be advising him and taking part, but preserving her ability to deny involvement would not have been too hard.

How do people not even create new email addresses for this sort of shenanigans? (maybe the ones who do are the ones we don’t hear about… selection bias means the first ones we hear about are probably the dumbest and most incompetent)