There’s all sorts of shite flying around at the moment. I’ve hear that McNamara has body guards and that he’s been advised by the police to leave the country and that he now spends most of his time in Spain. I also heard that another large developer was ‘ruffled up’ recently
Bankers summon developer to meeting to discuss current valuation of his portfolio. there are around 12 of them, top financial and legal team in the bank. They are expecting him to arrive armed with his own legal team and accountancy outfit but he arrives alone.
The bank spend 40 minutes outlining the banks projected valuation of his assetts and the severe predicament he finds himself in. When they’re finished they pause and await his response. He says nothing, opens his briefcase and produces a bunch of bananas handing one to everyone in the room, He peels his own and takes a bite out of it and remarks,
I think that it means that in the past the banks were the organ grinders who could dictate to the developers (monkeys). Now with loans secured against overvalued land, developers that can’t pay the interest on the loans and international money markets that are making the loans expensive and difficult for the banks to finance the banks have lost control. They are no longer the organ grinder, they are just another monkey.