Has anyone else been disappointed by the deterioration of the NWL Twitter account? It’s degenerated into a random left-wing anti-austerity account. It seems to mainly harangue NAMA for disposing of assets quickly and allowing guarantees to be enforced. No real analysis any more, and a completely different slant on things.
I have to think that the 180-degree change implies there was a changing of the guard behind the account…
Re changing of the guard. I assumed the twitter account was someone impersonating NWL - I even went back to check the time lines (check the first posts on twitter and compared them with when the site ceased being updated).
Initially there was little twitter activity but that has changed and I’d agree with you that now its an ongoing stream of muck slinging with limited analysis and a lot of conspiracy stuff - the usual trying to tie things together and leaving open questions which are picked up by the conspiracy brigade. The website is still there though which is a great resource.
Edit: to clarify, having looked at the account and the timing I didn’t see any evidence to suggest there’s a change in publisher.
Completely agree. Complaining that things were sold in 2012 for less than they are worth today is completely futile and ignores the fact that transactions are required to rebuild activity and confidence
I’m not sure anyone thinks NWL is a shinner. I think people have noticed a material deterioration in standards.
The website was full of critical analysis on technical factors of the banking & NAMA sector.
However, recent tweets from NWL suggest a lack of knowledge or understanding on how finance works.
Quality has been replaced with quantity.
Usual neolibs defending Cerberus… jesus Cerberus of all people … they are such a shower of ******* , and I say that from close and (too) regular interactions
remember that when the mugs defend nama and its disposals, they will say “free market etc etc” - but they will keenly ignore that NAMA’s existence was a) not a free market exercise and b) enacted because the free market failed so spectacularly such ignorance/hypocrisy
I dont remember too many defending NAMA around here in 2009. At least not for very long. NAMA was a total custerfuck of an attempt at a political stroke. The original idea was to hide the multiple (very serious) financial fraud scandals of Anglo by co-mingling the Anglo loan book / liabilities with the other banks loan books. It was a cover up plain and simple. Nothing to do with the “failings of the free markets”. Just a business as usual for Irish crony capitalism. The Irish “Ansbacher Class” closing ranks.
There were three NAMA. The first one mooted, which was pure fantasy, had ECB bonds covering the whole shebang… The second version of NAMA that was outlined by the first proposed bill was was mostly fantasy. The final passed bill entity was a very different beast Whose first direct effect was to crystallize the losses of the whole Irish banking system and promptly collapse the whole edifice. This required the whole system to be taken into dejure government ownership which soon afterwards forced the country into an involuntary IMF bailout. So the 10/15B Anglo fraud became a 40B plus sovereign bankruptcy.
Of course NAMA should never have been set up. And Anglo let go under. And several dozen of the great and the good go to jail for a very long time. But then the Irish electorate , and the people they elect, would have had to face up to the fact that not only is actual and institutional corruption rife from top to bottom of Irish society, but the state has failed by every single criteria of a civic state since the Irish electorate were given their own sand pit to play in back in the 20’s.
But we could not have that. It would have destroyed too many cozy self delusions held dear by the Irish electorate. Anglo did not fail for the same reason Northern Rock failed. Or Leeman Brothers. Or RBOS. Anglo was a simple 19’th century style depositor flight added on top of outright financial fraud. And the attempted coverup of these multiple frauds started at the CB and worked its way down through all levels of the government.
So NAMA, and the subsequent bankrupting of the country was the inevitable result. Because that how Ireland works. At the behest of, and abetting by, the Irish electorate. FF may have been politically defenestrated at the next election but the only subsequent change in Irish electoral behavior is the rise of SF. Which is just the New, Improved, Re-branded FF. Some change.
Of course the NAMA assets have been bought by bottom feeders at a knock down price. Thats who usually buys assets from utterly corrupt and incompetent governments. We talked about that in detail here before the NAMA bill was passed. The fact that scumbag bottom feeder PE firms are making 40% plus on deals is small fry on the moral outrage scale. The only thing to be decided now is to see if the full cost of the Anglo Frauds / Bertie Bubble is fully paid off in thirty years or so when the next generation of Irish politicians collapse the economy yet again. Because that is one economic prediction one can make about the Irish economy with complete certainty. Once a generation it will be collapsed by idiot politicians pandering to just enough idiot voters to get them elected to government.
Given that we were still paying an insurance levy for the collapse of PMPA (a one man insurance company run by a man who thought the reserve fund was for him to play with) when we had to introduce another one for the collapse of Quinn (a one man insurance company run by a man who thought the reserve fund was for him to play with) I don’t see much hope on that front.
Right - the time for outrage was before NAMA, not now. NAMA was built in such a way that only PE would have the money to buy bulk assets from it - the banks were throughly busted by NAMA and no pretence. Even more than the guarantee, NAMA was a complete and utter clusterfuck and it was written up as such on here at the time. There were a few small time posters (low post counts) - the last of the FF blowhards - who turned up occasionally, but that was it and they were given pretty short shrift.
Danny-come-latelys with their “I wouldn’t have done that” can go cook themselves. They didn’t wear themselves out objecting at the time to no effect as the cozy classes patted each other on the back that St. Brian had saved them all again.
edit: all of which is a long way from NWL!
Personally, I think NWL took the wrong tack with NAMA - focusing on whether it was going to make money or not. It was designed to make money - buying at such a level that it could only do that. It failed one of the criteria of an asset bailout mechanism by forcibly buying everything from the banks and leaving them with huge holes. It could only make money, well, given financial uncertainty theory, because it bought everything at such a low price, but it did buy everything at such a low price.