NAMA- only in ireland

Do you ever get fed up of being right? Having insight into the irish mindset is really a curse. The latest from NAMA chief Daly is that they want to sell their portfilios back to the developers (at a loss of course). Many saw this coming when NAMA was set up, although we were assured that this wouldn’t happen.

If Daly and associated freeloaders can’t do their job by finding a buyer for the property loans that the taxpayer “bought” from the banks, payed for by the taxpayer, to somebody other than the developer, then they should be fired and NAMA portfolios handed over to a receiver to be sold on the open market. But no, NAMA are hamstrung and at a market disadvantage 'cos they can’t sell back to the developers. What sort of sh*t is this.

It doesn’t appear to concern Daly that if a developer can buy back their loans even at a knock down price, they have money and can afford to service these loans for the present.

What a useless bunch of parasitic tossers.

Normally, no.

In this case, it sickens me - viewtopic.php?f=50&t=27290

Never mind the big developers, it is the protected who will benefit most from this. They get their fat pension losses discounted and continue to pig it over the rest of us.

The number of developers that did not give personal guarantees is small.

If any assets associated with these developers is put up for sale, I can see no reason why they shouldn’t be allowed to buy them back.

They have after all met all there legal obligations to the bank.

Memo to Daly. Nama’s main disadvantages are

  • failure in design
  • failure in execution
  • failure in staff selection. The place is stuffed full of property and lending spoofers.
  • failure in corporate governance from dysfunctional board
  • failure in leadership from CEO and chairman who don’t understand difference between “process” and outcome, or the difference between efficiency and effectiveness

dont expect RTE to hold this gov to account over this. They are in dire financial straits themselves and will be doing everything to keep its financial sugardaddies in the establishment happy.

There are no failures in NAMA. There are choices and they are working out quite nicely. As we say where I work - WAD - working as designed…

another lenny legacy, u got to hand it to him he must be smiling from the grave and how well its wprked 8-

I think they are flying a little blind on this. You can’t get away with blatant thievery like this.

Well, you can for a while. But things are not, are most certainly not, going to stay as sunny in this country as they are now. I would not trade places with any of these pricks. There are paper trails to them, and chaos is closer than any of them would like to suspect.

Why has this news not infuriated you folks?
Why are there so few responses to this thread?

Down with this sort of thing

I know of small developers who went bust and have been in & out of court the last few years.
Wouldnt you be the lucky developer to have been able to get into NAMA?

Or am I wrong? I remember cases of developers fighting to avoid being taken into NAMA too.

Regardless, any outcome should be geared towards the benefit of the taxpayer.

Why don’t they rent them out on the taxpayers behalf?

I guess!!

Really? REALLY?
What country are you posting from?

Okay, firstly, I must admit I was benefiting from the effects of a late dinner, if you know what I mean.
And secondly, I meant the next line. You can get away with it, but not for ever. There was a quote on someone’s sig for a long time, “if something can’t go on forever, then it has to stop” or something like that, and this is what I mean.
The thievery was less blatant before, this is just ridiculous. They are doing it publicly, now, and that means they will be easier to find later.

It might be a while, and it won’t be nice, but they will be held accountable.

Ok ok ok… right ok… so say they get their goodies back in 5 years?

Let me put it another way, whats use is a spade on a sinking ship?

Sorry to disappoint you Gwavin but history shows us that ,in this country, this type of thievery, public or not, is know but not prosecuted.
There is huge conflict of interest such that those who would be doing the enfocements are right up to their neck in it themselves.
It’s been corrupted from the get go.
Like I’ve mentioned before the writing or the legislation, huges legislation like this must have meant that big senior civil servants were at the core of the motives to get this written up and passed very pronto, along with the banking guarnatee, it’s been a big planned event.
The boys are all in a big boys club. Went to same shcools and same colleges. Partners in crime.

They *bailed *onto the lifeboat !

bailed onto the lifeboat !

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