Easy Mick, or you’ll give the game away…
The Fr Sean Healy of CIF!
Could he though - really? Is he sitting on that large a cash pile or would he need to sell undeveloped land banks? In which case, to whom and at what price? He might be closer to insolvency than he thinks if he had to repay everything in the morning.
Further, what’s the interest rate on a developer loan? Five percent, six percent - something like that? Will his margins sustain the interest roll-up by the time he finishes a project given the price of the asset he is developing is dropping so fast? It’s all very well saying you don’t want to put lads on the dole but it’s not much use if you go bankrupt in a year and everybody in your company is laid off. Plus, frankly, does he really think we need more apartments?
Unless of course he doesn’t actually intend to repay the loans in full, interest and all.
Clare Daly defends hiring Mick Wallace’s son as EU assistant
Since 2009, MEPs can no longer employ close relatives for parliamentary roles
I intended to post this in the Mick Wallace is a tax/debt dodging **** but the irony of this thread title is delicious
It’s a bit like the British Labour Party
Labour’s top tier has long battled accusations of nepotism — not least because Jeremy Corbyn’s son Seb works for shadow chancellor John McDonnell, John Prescott’s son David runs events for the leader’s office and Corbyn adviser Andrew Murray’s daughter Laura worked as “stakeholder manager” in the leader’s office.
I never expected anything less from these two