Senator claims NAMA making sweetheart deals

Emmet Oliver trying to downplay the story…wonder why?

NAMA is akin to a minnow versus the relative obligations we have now with the nationalised banks, the public debt, the deficit and the IMF/EU bailout.

Small beer.

On Pat Kenny just now, a senator just made the accusation that NAMA was selling off properties in secret, below market value, to the indebted developers friends, without advertising that the property is for sale.

And this comes as a surprise to anyone?
The who you know brigade didn’t just go away… they just moved into NAMA.

My own belief is, that no matter how cheap they think they’re getting property for in these secret deals, they are still overpaying and will loose their shirt.

Discussion split from here:
viewtopic.php?p=472546#p472546

If anyone else made this claim I would take it seriously.

Not saying it isn’t true but these guys - especially during an election campaign - have all the credibility of, well, a bunch of politicians.

I thought the main point he was making was that NAMA was bound by law to use the same tendering/auction rules as other state agencies and that this would bring some transparency to the proceedings. I believe this law was discussed on namawinelake before christmas when the head of NAMA was talking about sales taking place in 2010/11. It looks like NAMA is flouting the law if it is disposing in secret, irrespective of the valuation issues…

In all honesty, if this were true, yes it would be a shock and surprise to me of massive proportions. This isn’t January 2006 or even January 2010. If they were still up to this crap in January 2011 then that *would *be truly shocking. Which is why I doubt it’s true.

On top of which, whilst the fact of NAMA is a disaster, I retain hope that at least on its own terms it is being run straight by Mr. McDonagh. If we were to find that he’s at the strokes too, that would be a surprise. Certainly in his pronouncements he doesn’t seem to be the type to want to give developers a break.

Yup! Correctomundo.

Emmet Oliver agreed that they either have to make it open, transparent and by auction or change the legislation.

What they are currently doing is illegal.

Emmet Oliver seemed to condone the secrecy on the grounds that all commercial property is sold by private treaty, not by auction.

Such reasoning makes no sense when large amounts of taxpayers money is at risk.

I doubt it is property they are selling, I imagine it is loans. Particularly those with personal guarantees. Particularly those with personal guarantees made by certain people’s families. The escape plan will only work if there is a family member left who is not a bankrupt. Does it make you wonder about security deposits (against loans) being used to pay off family member’s loans? Well, does it?
rte.ie/news/2010/0921/fitzpatricks.html

+1
I actually nearly find it shocking that anyone who has been watching the goings on in Ireland for the last years would believe that there was even a remote chance from the outset that NAMA would be ran in any way honestly. Why would it be? What incentive to honesty was there?

don’t believe there was too much of it in the relevant legislation anyway. AFAIR. Maybe I’m wrong.

I presume the good senator voted against the NAMA legislation?

Did he fuck.

Sure my father was telling me this last year and if he knew this … :unamused:

It was only a matter of time. A few good leaks form NAMA would sort all of this out.

useless without names being named

but this is what NAMA is really all about, even if thoise running it don’t know it

The podcast is up now

rte.ie/podcasts/2011/pc/pod- … tkenny.mp3

Jasus there is just no end to it in this country. I was told once that the reason Ireland was such a corrupt, backward fuck-up of a place was because of confession. It seems like you can go to confession once a month or whatever and wipe the slate clean. Hit the moral reset button if you will… off you go again, telling lies, robbing, cheating, being political in every way…Delusional Bananna Country with built in moral reset button for sale… perhaps the Mod’s would like to merge this comment in the “Whats it worth” thread… :-GC

And the name of this Senator is ?