inquiry into 'insider' NAMA deal


As I understand it, Ernst & Young were on an approved list of email domains that could be sent attachments from NAMA. This is because Ernst & Young were doing work for NAMA.

So he couldn’t have sent it to, it needed to be his wife’s email address. Or some other accomplice at an approved email domain.


That’s interesting, and I didn’t know…

But then it got me thinking…
Seems clear that the big crime was when she forwarded the attachments out of E&Y (he only forwarded them to an inappropriate person in a trusted organisation, but that person was still bound by the ethics code etc., of E&Y and E&Y was a supplier to NAMA).

If he plays his cards right maybe he could get away free, and probably with a bonus divorce and a new lease on life. He should probably sue the wife for breach of faith, pain and suffering, reputational/professional damages, etc., at least to secure his ownership of that house they bought, other family assets too. He should also sue E&Y corporately for allowing this terrible situation to befall him through their slack controls, and for hiring the wife in the first place and putting her in position to do this.

He’ll need good legal representation to pull that off, of course…

Better Call Saul!! :smiley:


Jeepers, it’s a good thing you can’t cut’n’paste from excel into an email and preserve the formatting. Otherwise they’d all be at it…


I’d imagine if they’re checking attachments they’re also checking the main-body of emails.

I’d guess you’re giving them even less credit than they deserve.


They only caught him because they looked after he had bought the property.

The credit I’m not giving them is that they are checking up on people who have access to the information, not that it is not technically possible…


Which is not at odds with the information I provided.

As reported, the reason he had to send the information to an Ernst & Young address was because there were automated safe-guards to prevent sending email attachments to domains outside of a whitelist of companies allowed view NAMA data.

So, to avoid that, he sent the attachments to his wife in Ernst & Young.

[edit] I agree it’s a pretty token safety measure, if that’s what you mean.[/edit]


Seemingly data pissed out of the place by email attachment and the trawl of their mail logs has turned up stuff sent to the likes of Jones Lang and to government departments other than Finance…and that cannot be adequately explained.

However some of it may just have an unfortunate filename and stuff like TreasuryALL.xlsx could be a simple reconciliation of the Nama Treasury accounts and not a list of what Johnny Ronans liquidators will have to get their hand on. :smiley:

Namawinelake is onto something similar as is FF spokesman Michael McGrath. … oceedings/


(11) April 2012, Bobby Geraghty of estate agents King Associates in Dublin


Makes you wonder if he was randomly sending the data to his contacts or if there was some consideration in return.

If the leaked data included nama’s ‘minimum reserve’ as well as the cost of acquiring the loans I can’t see how that doesn’t put nama at a huge disadvantage - even if the asset is then sold on the open market. An analogy: I buy a house for 100k, I subsequently go to sell it, but market conditions are tough. I decide that I’ll let it go for 100k and tell the estate agent as much. The estate agent puts it on the market for 120k but someone in their office tells all the potential buyers that I’ll take 100k. Balls!


Could someone please spell out the potential value of the confidential information? Is it just to do with the reserve prices? I’d imagine that the cost of acquiring each loan is irrelevant to any future sale of said loan or collateral.


OK so it may be time to give these shenanigans a name?

What about Namascam, Namaleaks, or “You’ve got mail?”, maybe “The Importance of Being Ernst”?

Time for another piece of brilliance from What Goes Up methinks…


The culture of the place is what is jumping out at me.

Obviously this guy thought nothing of sending such a file via email to his wife. If he had the slightest idea that he might be on dodgy ground, he could just have copied the key details into a notebook or something. James Bond used to have one of these

Which leads me to wonder just what sort of cess pit is in there. I have images of old buddies high fiving in the office as they were ‘saved’ with a NAMA job. Then back to old tricks.


“Trading Places”


And nearly everyone (on a NAMA salary) has a smarthphone with camera that’ll email screengrabs to whereever you want, could even video the screen as you scrolled/paged through the document.

Or print it and bring it out of the building hardcopy (unless they have bag-searches…)

Comes back to YM’s sig I guess.

RE bag search, OT: Clifford Stoll wrote a great book about his real life experience of chasing a hacker in the 80s, Cuckoo’s Egg. In the course of his search, he got to meet guys in the security services (can’t remember if it was CIA or NSA), had a meeting at their offices. The agent he met was very amiable, and Clifford was fascinated that he had a whole selection of rubber security stamps (Top Secret, Eyes Only, Classified, etc.,), and the agent let him take a blank sheet of paper and stamp one of each on it as a souvenir.

Course, when he tried to leave the building and the door guys searched his bag he hit a snag. Security guys turning this “ultra” document over and over, but there’s nothing on it but the stamps… and they have this astronomer/sysadmin guy in his shorts trying to take it out in his backpack. Phone calls sorted it out, but he didn’t get to keep the document. Probably it had to get filed :smiley:

Back On Topic: I don’t think NAMA is like that, but then again, they don’t pay a price when the information leaks out, in fact there may be more lucrative upside to having a leaky organisation than a tight one. Plus it’s less effort, so we can have either the evil/malice or the laziness/incompetence edges of Hanlon’s razor… maybe there’s a corollary to be defined related to when it’s easy/low-effort/incompetent to do the wrong thing, probably links to the old saw about evil-triumph and good people doing nothing.

“when lazy people with limited skills and weak principles give each other plum jobs, sooner or later you’re fubared”


Minor enough point perhaps… but just wondering if he was with Savills or King at the time…

when were the emails sent - before or after Dec 2011?

Mr Farrell, a property portfolio analyst with Nama until he resigned in February 2012

Irish recipients of emailed information from Mr Farrell include Bobby Geraghty of estate agents King Associates in Dublin who received material last April.


Surely now there can be no justification for secrecy in NAMA. Information must be made publicly available.


I know one of the lads to whom information was sent.

Should I just point and laugh at the embarrasment of it or call him a traitor next time I see him??


Classy :smiley:


See if he’ll upload it to wikileaks and end this farce.


Tell the Garda fraud squad. When he is jail pop round and comfort his missus.